又一位时代性大佬，走了！

Core Viewpoint - The article discusses the life and legacy 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 [4][48]. Group 1: Early Life and Career - Guan Jingsheng was born in 1947 in a poor farming family in Jiangxi and faced early hardships, including being sent away for foster care [11]. - His mother played a significant role in shaping his determination and work ethic, which led him to excel academically and eventually attend Shanghai Foreign Languages Institute [12]. - After the Cultural Revolution, he worked as a translator for nine years before returning to academia and obtaining dual master's degrees in law and business [14][16]. Group 2: Founding of Guanghua Securities - In 1988, Guan founded Guanghua Securities with an initial investment of 35 million yuan from ten shareholders, positioning it as a pioneer in China's securities market [18]. - Under his leadership, Guanghua Securities quickly became the largest brokerage in China, controlling 70% of A-shares and nearly all B-shares in the secondary market shortly after the establishment of the Shanghai Stock Exchange [18][19]. - Guan aimed to make Guanghua the "Merrill Lynch of China," expanding its international presence and collaborating with global financial giants [19]. Group 3: The 327 Bond Incident - The 327 bond incident was a significant event where Guan's aggressive short-selling strategy on government bonds led to massive losses for Guanghua Securities [25][27]. - On February 23, 1995, the Ministry of Finance announced a bond redemption price that contradicted Guan's expectations, resulting in a rapid price surge that caused Guanghua to face a potential loss of 6 billion yuan [29][30]. - Guan's desperate attempts to mitigate losses included a controversial last-minute sell-off that led to the cancellation of trades, resulting in widespread scrutiny and regulatory backlash [34][36]. Group 4: Aftermath and Legacy - Following the incident, Guanghua Securities was merged with another firm, and Guan was sentenced to 17 years in prison for economic crimes, marking a dramatic fall from grace [38][45]. - The 327 bond incident prompted significant regulatory changes in China's securities market, including the acceleration of the Securities Law and the establishment of a centralized regulatory framework [48]. - Guan's life story reflects the tumultuous evolution of China's capital markets, transitioning from a reliance on individual prowess to a more structured and regulated environment [48].