“证券教父”管金生去世！享年78岁，曾创办万国证券，死因太惋惜

Core Insights - The article discusses the life and legacy of Guan Jingsheng, a prominent figure in China's financial industry, who passed away at the age of 78, reflecting on his rise and fall in the securities market [1][4]. Early Life and Career - Guan Jingsheng was not formally trained in finance; he was a French major from a rural background in Jiangxi, who began his career at Shanghai International Trust Company [6]. - In the 1980s, he identified opportunities in the black market for treasury bonds and sought to bring these transactions into the formal market, leading to the establishment of Wanguo Securities in 1988 with just four employees [6][8]. Growth of Wanguo Securities - By 1989, Wanguo Securities had grown to become the largest brokerage in China, achieving an annual revenue of over 300 million yuan [10]. - Guan's strategic vision included shifting focus from short-term gains to core business in securities issuance, making Wanguo the top firm in primary market issuance by 1993 [11]. - He was also a pioneer in transforming the issuance department into an investment banking division, positioning Wanguo as one of China's earliest investment banks [11]. Major Achievements - Guan supported the opening of cross-market trading for Shenzhen stocks, leading to significant business volume and profits, with Wanguo capturing 80% of the trading volume in Shenzhen during a market rebound in 1991 [13]. - At its peak, Wanguo Securities accounted for 69% of A-share underwriting in the Shanghai market, showcasing its dominance [13]. Downfall - The downfall of Wanguo Securities occurred during the "327" treasury bond futures incident in 1995, where Guan's aggressive short-selling strategy led to massive losses when the market turned against him [15][19]. - On February 23, 1995, a last-minute sell-off attempt resulted in a loss of 5.6 billion yuan, equivalent to ten times the firm's net profit for the entire previous year [17][19]. Later Years - Following the collapse, Wanguo Securities was merged with another firm, and Guan faced legal repercussions, serving time in prison before re-emerging in 2015 [21]. - In 2016, he attempted to re-enter the financial sector by founding the Jiuzong Fund, focusing on healthcare and intelligent manufacturing sectors [23]. - Guan continued to engage in the investment landscape until his passing in 2022, having registered another venture in venture capital [24].