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].

专题：管金生突发疾病逝世！曾被称为"中国证券教父" 10月9日晚间，九颂基金公告，公司近日收到公司实际控制人、执行董事管金生家属的通知，管金生因 突发疾病抢救无效，不幸于2025年10月7日与世长辞。 根据公告，作为中国证券行业的先驱，管金生毕生致力于金融事业的创新与发展。1988年，他创办万国 证券，开创了中国证券市场的多个先河，被市场人士誉为"中国证券教父"。其深厚的专业素养与前瞻性 视野，为行业培养了大批人才，对中国资本市场的规范化、国际化进程作出了不可磨灭的贡献。2016 年，管金生创立九颂基金，继续投身于私募基金领域。 回望中国A股市场这三十余年，管金生是一个绕不开的名字。他曾一手创办了上海第一家证券公司—— 万国证券，却又因"327国债事件"一夜之间从巅峰跌落至谷底。 从"翻译岗"转投"金融圈" 1947年5月，管金生出生于江西省清江县的一个偏僻小山村，家境并不富裕。1965年，凭借优异的学习 成绩，管金生考入上海外国语学院，主修法语。 1990年11月26日，上交所成立。在筹办上交所的过程中，涉及到交易规则设计、交易设备处理、交易员 培训等场景，几乎都能看到万国证券的身影。此外，深沪两市的异地交 ...

Core Viewpoint - The announcement of the passing of Guan Jinsheng, the actual controller and executive director of Shanghai Jiusong Shanhe Equity Investment Fund Management Co., Ltd., highlights his significant contributions to the Chinese securities industry and the company's commitment to continue his legacy [1][3][5]. Company Summary - Shanghai Jiusong Shanhe Equity Investment Fund Management Co., Ltd. announced the death of its actual controller and executive director, Guan Jinsheng, due to sudden illness on October 7, 2025 [1][3]. - The company emphasized that Guan Jinsheng's passing will not affect its normal operations, and all business activities are proceeding in an orderly manner [3]. Industry Summary - Guan Jinsheng is recognized as a pioneer in the Chinese securities industry, having founded the first securities company in New China, Wangguo Securities, in 1988 [5]. - He played a crucial role in establishing trading rules for the Shanghai Stock Exchange and was involved in the development of its trading system [5]. - Despite facing significant challenges, including a prison sentence due to the "327 bond incident," Guan Jinsheng made a notable comeback by founding Shanghai Jiusong Shanhe Fund in 2016, focusing on private equity in technology and materials sectors [5].

Core Viewpoint - The announcement from Jiusong Fund regarding the passing of its actual controller and executive director, Guan Jinsheng, highlights his significant contributions to the Chinese securities industry and the company's commitment to continue his legacy [6]. Group 1: Company Announcement - Jiusong Fund announced the unfortunate passing of Guan Jinsheng due to sudden illness on October 7, 2025 [3][6]. - Guan Jinsheng was a pioneer in the Chinese securities industry, founding Wanguo Securities in 1988 and contributing to the development and internationalization of China's capital markets [6]. - The company expressed deep respect and gratitude towards Guan Jinsheng for his contributions and assured that his passing would not affect the normal operations of the company [6][8]. Group 2: Industry Impact - Guan Jinsheng's efforts in the financial sector have led to the cultivation of numerous talents and have had a lasting impact on the standardization and internationalization of the Chinese capital market [6]. - His establishment of Jiusong Fund in 2016 marked his continued dedication to private equity and support for technological innovation and industrial upgrading [6].