Core Viewpoint - The article discusses the passing of Guan Jinsheng, a pioneer in the Chinese securities industry, highlighting his contributions to the development and innovation of the financial sector in China [2][10]. Group 1: Contributions to the Industry - Guan Jinsheng founded Wangguo Securities in 1988, which was the first securities company in Shanghai, and he played a crucial role in establishing the Chinese securities market [2][4]. - He was instrumental in designing the trading rules and systems for the Shanghai Stock Exchange, which was established in 1990, and promoted paperless trading [5][6]. - Under his leadership, Wangguo Securities became a dominant player, handling over 70% of A-shares and 60% of underwriting business in China during its peak [6][7]. Group 2: Personal Background and Education - Guan Jinsheng was born in a poor family in Jiangxi Province in 1947 and later excelled academically, earning degrees in law and business administration from universities in Belgium [3][4]. - His international education was rare in China during the early 1980s, which contributed to his forward-thinking approach in the financial industry [4]. Group 3: Challenges and Downfall - The "327 bond incident" in 1995 marked a significant downturn for Guan Jinsheng and Wangguo Securities, leading to substantial financial losses and his eventual resignation [8][9]. - Following the incident, Guan was convicted of embezzlement and served a prison sentence, which significantly impacted his career and reputation [10]. Group 4: Later Career and Legacy - After a period of absence from the public eye, Guan Jinsheng returned to the industry in 2016 by founding Shanghai Jiusu Mountain River Equity Investment Fund Management Co., focusing on private equity and technology innovation [10]. - His legacy includes not only his pioneering work in the securities industry but also the lessons learned from his failures, which he openly discussed in later years [10].