又一位时代性大佬，走了

Core Viewpoint - The article chronicles the life and impact of Guan Jingsheng, known as the "Father of Chinese Securities," highlighting his contributions to the development of China's capital markets and the dramatic events surrounding the 327 bond incident that led to his downfall [5][6][62]. Group 1: Early Life and Career - Guan Jingsheng founded Wangguo Securities in 1988, pioneering several aspects of the Chinese securities market [6][21]. - He was recognized for his international perspective, having collaborated with Japan's Nomura Securities shortly after establishing his firm [9][10]. - Wangguo Securities played a crucial role in the establishment of the Shanghai Stock Exchange, contributing to regulatory frameworks and market training [12][13]. Group 2: Rise to Prominence - By the early 1990s, Wangguo Securities became the largest brokerage in China, controlling 70% of A-shares and nearly all B-shares in the secondary market [21][22]. - Guan aimed to position Wangguo as "China's Merrill Lynch," expanding into international markets and forming partnerships with global financial giants [22][23]. Group 3: The 327 Bond Incident - The 327 bond incident was a pivotal moment, where Guan's aggressive short-selling strategy on government bonds led to massive losses for Wangguo Securities [28][32]. - On February 23, 1995, the announcement of bond redemption prices triggered a market surge, resulting in a catastrophic financial situation for Wangguo, with potential losses estimated at 60 billion yuan against assets of only 14 billion yuan [34][35]. - Guan's desperate attempts to mitigate losses included a controversial last-minute sell-off that led to regulatory scrutiny and ultimately the invalidation of trades [41][42]. Group 4: Aftermath and Legacy - Following the incident, Wangguo Securities was merged with Shenyin & Wanguo, and Guan was sentenced to 17 years in prison for economic crimes [44][62]. - The 327 incident catalyzed significant regulatory reforms in China's securities market, leading to the establishment of the Securities Law and a more centralized regulatory framework [62][63]. - Guan's life story reflects the evolution of China's capital markets from a chaotic environment to a more structured and regulated system, marking the end of an era dominated by individual influence [64].