Core Viewpoint - The "Baibaokun redemption crisis" has gained significant attention on social media, with users expressing concerns about the inability to redeem their purchased benefits for JD.com gift cards [1][4]. Company Overview - Baibaokun is a health service search engine under Baibao (Shanghai) Technology Co., Ltd., primarily focused on advertising and customer acquisition [1]. - The company has been operational for five years but has recently encountered serious issues [2]. Operational Issues - The original office location was vacated by September, indicating potential operational shutdown [3][5]. - Users in various online groups are reporting difficulties in redeeming their gift cards, with some claiming they have not received the full amount promised [4]. Business Model - Baibaokun's business model involves selling benefit products with high return rates in the form of JD.com gift cards, which has attracted users seeking financial incentives [7][8]. - For example, a product priced at 2,690 yuan offers a return of 500 yuan in gift cards for each of the six installments, effectively providing a free insurance policy along with additional value [7]. User Engagement and Incentives - The platform also offers a points system where users can earn points through purchases and referrals, further incentivizing engagement [10][11]. - Many users have accumulated significant numbers of gift cards, leading to concerns about the platform's ability to fulfill these promises [8]. Legal and Regulatory Concerns - Legal experts suggest that Baibaokun's operations may constitute illegal fundraising or investment fraud due to the characteristics of its business model, which resembles a Ponzi scheme [12]. - The platform's promise of high returns and the structure of its financial operations raise red flags regarding compliance with financial regulations [12]. Corporate Response - Zhong An Insurance, which initially backed Baibaokun, has reportedly transferred all shares of the operating company and claims to be a victim in this situation [14][15]. - The legal implications of this transfer and the responsibilities of Zhong An Insurance in relation to Baibaokun's operations are still under scrutiny [15].

百保君，是一款健康服务（保险）垂直搜索引擎。其官网介绍，百保君帮助消费者找到保障顾问，同时 帮助团队获客。该平台近期业务模式为销售权益产品并返还京东卡。 近段时间，关于"百保君兑付危机"的话题在社交媒体上持续发酵。不少用户在社交网站上称："之前购 买的权益，全都不返还京东卡了。" 《每日经济新闻》记者加入了一个200多人的"百保交流群"。在这个交流群内，不断有用户发问到底如 何领卡。比如，其中一位用户就表示："怎么办？只给发了8张卡，还有42张卡无法提取。" 这样的交流，不只在这一个群里出现。在另一个近百人的百保交流群中，有人回应说，平台9月底更换 了供应商，更换完供应商就会恢复正常领取节奏。但更多人的猜测是——"平台跑路了"。 11月14日，每经记者来到虹桥绿谷广场B座3A10室，发现此处空空荡荡。 每经记者 李玉雯 摄 原办公地9月已人去屋空 最近，在成立5年的时间节点上，百保君却遭遇舆论漩涡。"要么退款，要么发货。"最近，网友小李 （化名）在投诉平台上反映，其通过百保君购买"住家护理保障权益某某版"，平台承诺送"京东卡"。但 小李称："到期了没有送京东卡，我500多张京东卡到现在没有（收）到……" 今年 ...

近日，"百保君暴雷"相关话题在社交媒体热度不断。 据悉，百保君是百保（上海）科技有限公司（下称"百保科技"）旗下平台，是一款健康服务搜索引擎。 其官网信息显示，百保君是一家做广告、卖"流量"的公司，帮助消费者找到保障顾问，帮助团队获客。 百保君于2020年10月由众安在线财产保险股份有限公司（下称"众安保险"）全资子公司众安信息技术服 务有限公司（下称"众安科技"）孵化成立，自创始之初即定位于打造数据驱动的算法保险。 据智通财经了解，百保君通过"售卖权益+返还超额京东e卡+返可提现积分"的模式吸引用户参与。今年9 月起，多位用户反应百保君京东e卡不能按时兑付，这也是"暴雷"事件由来。 智通财经获悉，近期百保君曾公告承诺退款，并披露了明确的退款方案。根据百保君的退款方案，部分 用户历史收益将大幅打折。即便以此种方式计算，也仅有少数用户曾收到"毛毛雨"的退款。 有消息称，百保君法定代表人李雪峰已被警方带走调查，涉案金额或超亿元。智通财经就此向相关方求 证被告知，"目前该案件处于侦查阶段。" 公开信息显示，百保科技已获得火山石资本、青橙鹿资本等投资。天眼查显示，众安科技持有百保科技 24.6799%股份。此前，众安 ...

Core Viewpoint - The recent "Baibaojun high rebate incident" has led to significant developments for ZhongAn Insurance, including the transfer of all shares of Baibao Company, the operator of Baibaojun, by its subsidiary ZhongAn Technology [2][3]. Group 1: Company Actions - ZhongAn Insurance announced that it has transferred all shares of Baibao Company, which operates Baibaojun, following the high rebate incident [2]. - The company stated that it had not participated in the actual management of Baibao Company and had only invested through an intangible asset evaluation [2]. - ZhongAn Technology decided to exit Baibao Company in 2024 and signed a share transfer agreement in May 2025 [2]. Group 2: Incident Details - The Baibaojun platform utilized a model of "purchasing rights + excess return of JD.com gift cards + high reward points" to attract customers, but it is currently unable to fulfill promised returns [3]. - Reports suggest that the amount involved in the Baibaojun incident may exceed 100 million yuan, although this figure has not been independently verified [3]. - Baibao Company was established in April 2021, with a registered capital of approximately 12.16 million yuan and a paid-in capital of 6.92 million yuan [3].

Core Viewpoint - The article discusses the recent "high rebate" incident involving Baibaojun, which was incubated by Zhong'an Insurance, and highlights the company's response and the ongoing investigation into the matter [3][4]. Group 1: Company Response - Zhong'an Insurance announced that its subsidiary, Zhong'an Technology, has transferred all shares of Baibao Company, the operator of Baibaojun, following the incident [3]. - The company stated that it had not participated in the actual management of Baibao Company and had not received operational feedback since 2023 [3]. - Zhong'an Insurance claims to be a victim in this situation and is monitoring the investigation by law enforcement [3]. Group 2: Incident Details - The Baibaojun platform attracted customers through a model involving "purchase rights + excessive returns of JD.com gift cards + high reward points," but it has failed to deliver promised returns [4]. - Users reported that the total amount involved in the Baibaojun incident could exceed 100 million yuan, although this figure has not been independently verified [4]. - Baibao Company was established in April 2021, with a registered capital of approximately 12.16 million yuan and only eight insured individuals in 2024 [4]. Group 3: Industry Analysis - Industry insiders suggest that the platform may have initially operated on a revenue-sharing model with partners but later shifted to a high-rebate scheme resembling a Ponzi scheme [5].

Core Viewpoint - The incident involving the high rebate scheme of Baibaojun, incubated by ZhongAn Insurance, has led to significant financial implications and legal investigations, with ZhongAn Insurance confirming its exit from the operation of Baibaojun [1][2]. Group 1: Company Actions - ZhongAn Insurance announced that its subsidiary, ZhongAn Technology, has transferred all shares of Baibao Company, the operator of Baibaojun [1]. - The legal representative and actual controller of Baibao Company is Li Xuefeng, who previously served as the CTO of ZhongAn Technology [2]. - ZhongAn Insurance stated that it has not participated in the actual management of Baibao Company and has been a victim in this situation, monitoring the ongoing police investigation [1]. Group 2: Business Model and User Impact - Baibaojun attracted customers through a model of "purchasing rights + excessive return of JD.com gift cards + high points rewards," but is currently unable to fulfill promised returns [2]. - Users reported that the total amount involved in the Baibaojun incident may exceed 100 million yuan, although this figure has not been independently verified [2]. - The operational model of Baibaojun has been likened to a high-rebate Ponzi scheme, diverging from its initial profit-sharing model with partners [2].