Core Viewpoint - The passing of Guan Jingsheng, a prominent figure in China's securities industry, marks the end of an era, highlighting his significant contributions to the development of the Chinese capital market and the establishment of key financial institutions [1][2]. Group 1: Contributions to the Industry - Guan Jingsheng was a pioneer in the Chinese securities industry, founding the first securities company in Shanghai, Wangguo Securities, and playing a crucial role in the early development of China's capital market [3]. - He introduced innovative concepts such as "shareholding system" and "separation of banking and securities," which transformed industry practices and led to the establishment of Wangguo Securities as the first shareholding brokerage [3]. - Under his leadership, Wangguo Securities achieved significant market dominance, handling 70% of A-share trading volume and 60% of underwriting business in its peak period [3]. Group 2: Key Events and Challenges - The "327 bond incident" in 1995 was a pivotal moment in Guan's career, resulting in substantial financial losses and legal repercussions due to a failed market manipulation attempt [4]. - Following the incident, Guan faced a 17-year prison sentence for bribery and embezzlement, which he later reflected on as a consequence of his pride and failure to communicate with regulators [4]. Group 3: Later Ventures - In 2016, at the age of 69, Guan founded the Shanghai Jiusu Mountain River Equity Investment Fund Management Co., continuing his involvement in the private equity sector [5]. - Jiusu Fund aims to create Sino-foreign cooperative parallel funds, representing Guan's ongoing commitment to innovate within the private equity landscape in China [5]. - Guan's career trajectory from Wangguo Securities to Jiusu Fund encapsulates the evolution of China's capital market from its nascent stages to a more mature industry [5].