国信证券往事：狼群消逝，大象无形

Core Viewpoint - The article chronicles the evolution of Guosen Securities, highlighting its survival and growth amidst the turbulent history of China's securities industry, contrasting its journey with that of other firms that have failed or been absorbed. Group 1: Historical Context - In the early 1990s, Shenzhen was a hub of financial opportunity, with numerous securities firms emerging, including notable ones like Tequ Securities and Bank of China Securities [1][2] - Guosen Securities, originally known as Shenzhen International Trust Investment Company, faced near bankruptcy in 1987 but was revived under the leadership of Li Nanfeng [2][4] - Unlike its contemporaries, Guosen managed to survive the industry's consolidation and became a significant player after the separation of trust and securities in 1994 [4][24] Group 2: Leadership and Strategy - The transformation of Guosen into a national securities firm was spearheaded by Hu Guanjin in 1996, who implemented cost-cutting and revenue-generating strategies [6][25] - Hu Guanjin introduced a performance-based culture, including a "last place elimination" policy, which linked employee compensation to performance [7][26] - Hu Jizhi, who succeeded Hu Guanjin in 2002, further revolutionized the firm by adopting a "quasi-entrepreneurial" model, allowing each department to operate as an independent profit center [8][27] Group 3: Performance and Growth - By leveraging its 68 branches, Guosen achieved a top-five trading volume nationally, despite having significantly fewer branches than competitors like Galaxy Securities [8][27] - The firm was also a pioneer in offering high salaries to attract top talent, with a notable advertisement in 2004 offering a chief analyst position at an annual salary of 500,000 yuan [9][29][30] - This high compensation strategy attracted many leading analysts, rapidly enhancing Guosen's research capabilities [9][31] Group 4: Challenges and Ethical Concerns - The aggressive incentive structure turned Guosen into a "settlement center," where employees focused solely on personal financial gain, often at the expense of long-term company loyalty [13][34] - Following the implementation of the sponsorship system in 2004, Guosen expanded its investment banking division significantly, but this growth also led to ethical issues and scandals [15][36] - The firm faced significant challenges, including the tragic suicide of its CEO Chen Hongqiao in 2015, which highlighted the pressures within the industry [16][37] Group 5: Current Status and Industry Reflection - Guosen Securities has evolved into a large, stable state-owned enterprise, contrasting sharply with the once vibrant and competitive landscape of the 1990s [17][38] - The firm’s survival amidst the collapse of many competitors reflects a broader narrative of the Chinese securities industry's transformation from chaotic growth to regulated stability [18][38]