《激荡三十年》里的“股市教父”，走了

Core Viewpoint - The article reflects on the life and legacy of Guan Jingsheng, known as the "father of Chinese securities," highlighting his significant contributions to the development of China's capital markets and the eventual downfall of his firm, Wangguo Securities, due to the infamous "327 incident" [9][28]. Group 1: Background and Achievements - Wangguo Securities was established in July 1988, becoming China's first joint-stock securities company, initially starting with just four employees and a small office [16][18]. - By 1989, Wangguo Securities became the largest brokerage in China, achieving an annual revenue of over 300 million yuan [18]. - Guan Jingsheng recognized the importance of securities issuance as a core competitive advantage and successfully led Wangguo to become the top firm in primary market issuance by 1993 [19][23]. - The firm expanded internationally, establishing a presence in Hong Kong and later in North America and Europe, making it a truly international securities company [24]. Group 2: The "327 Incident" - The "327 incident" was a significant event in 1995 when Guan Jingsheng made a risky bet against the 327 government bond futures, leading to massive losses for Wangguo Securities [31][33]. - On February 23, 1995, the bond futures prices rose unexpectedly, resulting in a catastrophic loss of 5.6 billion yuan for Wangguo after the Shanghai Stock Exchange invalidated trades made in the last minutes of trading [38]. - The aftermath of the incident led to a crackdown on market manipulation and significant regulatory changes in China's capital markets [42]. Group 3: Legacy and Impact - Guan Jingsheng's life story is intertwined with the evolution of China's financial markets, representing both the potential for growth and the risks of unregulated expansion [44]. - His contributions to the establishment of trading rules and the development of the Shanghai Stock Exchange were pivotal in shaping the modern Chinese capital market [24][26]. - Despite his later downfall and imprisonment, Guan's influence on the market and the lessons learned from his experiences continue to resonate in discussions about China's financial landscape [49][50].