管金生：于开荒中起势，于风暴中折戟

Core Viewpoint - The passing of Guan Jingsheng, known as the "Father of Chinese Securities," marks a significant loss for the Chinese financial industry, given his pioneering contributions to the development and innovation of the securities market in China [1][3]. Group 1: Career Highlights - Guan Jingsheng was born in 1947 in a rural area of Jiangxi Province and later graduated from Shanghai International Studies University, majoring in French [3]. - In 1988, he founded the first securities company in Shanghai, Wangguo Securities, with a capital of 350 million yuan, establishing himself as a trailblazer in the Chinese securities industry [3][4]. - Under his leadership, Wangguo Securities played a crucial role in the establishment of the Shanghai Stock Exchange and was instrumental in implementing various trading innovations, including paperless trading [4]. Group 2: Major Events - The "327 National Debt Incident" in 1995 led to a dramatic downfall for Guan Jingsheng, where his firm faced significant losses after a failed short-selling strategy, resulting in a loss of 5.6 billion yuan [6][7]. - Following the incident, Guan resigned and was later convicted of embezzlement and misappropriation of funds, receiving a 17-year prison sentence [7]. - After his release in 2003, he gradually faded from public view until he founded Jiuzong Fund in 2016, returning to the private equity sector [7].