传奇人生落幕，「中国证券教父」管金生逝世

Core Viewpoint - The article highlights the life and contributions of Guan Jingsheng, a significant figure in the development of China's capital markets, detailing his achievements, challenges, and the impact of his work on the financial industry [4][5]. Group 1: Early Life and Career - Guan Jingsheng was born on May 19, 1947, in a poor farming family in Jiangxi Province and later graduated with a master's degree in French literature from Shanghai International Studies University [7]. - He began his career at Shanghai International Trust Investment Company before being appointed to establish China's first securities company, Wangguo Securities, in February 1988 [8]. Group 2: Achievements in Securities Industry - Under Guan's leadership, Wangguo Securities became a dominant player, capturing 70% of A-share trading volume and nearly all B-share trading volume in China [9]. - He played a crucial role in the establishment of the Shanghai Stock Exchange, contributing to the design of trading rules and the development of a comprehensive trading system [9]. Group 3: Challenges and Setbacks - The "327 bond incident" in February 1995 marked a turning point in Guan's career, leading to his resignation and subsequent imprisonment for 17 years due to the financial fallout [11][12]. - Following his release in 2003, Guan publicly reflected on his past mistakes, acknowledging the importance of humility and adaptability in the face of challenges [13]. Group 4: Later Career and Legacy - At the age of 69, Guan founded Jiusu Fund, positioning it as a parallel fund aimed at fostering Sino-foreign cooperation in the private equity sector [14]. - His contributions to technology innovation and industry upgrades were recognized by Jiusu Fund, which expressed deep respect and gratitude for his efforts following his passing on October 7, 2025 [14].