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].

Core Viewpoint - The passing of Guan Jingsheng, known as the "Father of Chinese Securities," marks a significant loss for the Chinese financial industry, given his pioneering contributions to the development and innovation of the securities market in China [1][3]. Group 1: Career Highlights - Guan Jingsheng was born in 1947 in a rural area of Jiangxi Province and later graduated from Shanghai International Studies University, majoring in French [3]. - In 1988, he founded the first securities company in Shanghai, Wangguo Securities, with a capital of 350 million yuan, establishing himself as a trailblazer in the Chinese securities industry [3][4]. - Under his leadership, Wangguo Securities played a crucial role in the establishment of the Shanghai Stock Exchange and was instrumental in implementing various trading innovations, including paperless trading [4]. Group 2: Major Events - The "327 National Debt Incident" in 1995 led to a dramatic downfall for Guan Jingsheng, where his firm faced significant losses after a failed short-selling strategy, resulting in a loss of 5.6 billion yuan [6][7]. - Following the incident, Guan resigned and was later convicted of embezzlement and misappropriation of funds, receiving a 17-year prison sentence [7]. - After his release in 2003, he gradually faded from public view until he founded Jiuzong Fund in 2016, returning to the private equity sector [7].

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].