Core Viewpoint - The article discusses the legacy of Guan Jinsheng, the founder of Wanguo Securities, highlighting his significant contributions to the development of China's securities market and the challenges faced by the company during its early years [3][4][5]. Group 1: Guan Jinsheng's Legacy - Guan Jinsheng, known as the "father of Chinese securities," founded Wanguo Securities in 1988 after establishing Wanguo Securities in 1988, which played a pivotal role in China's capital market [3][4]. - His passing on October 7, 2025, marks the end of an era for the company and the industry, as he was instrumental in shaping the early development of China's securities market [3][4]. Group 2: Early Development of China's Securities Market - The initial phase of China's securities market was characterized by grassroots exploration rather than top-down design, with local enterprises pioneering stock issuance [5][6]. - The lack of professional intermediaries during the reform period led to significant irregularities in the restructuring of enterprises, reflecting the spontaneous nature of early stock market development [5][6]. Group 3: Establishment of Wanguo Securities - Wanguo Securities was established on July 18, 1988, as the first shareholding securities company in China without a banking background, with ten founding shareholders [10][15]. - The company faced numerous challenges, including a lack of formal personnel structure and recruitment authority, which hindered its early operations [20][21]. Group 4: Market Position and Growth - By 1989, Wanguo Securities had established itself as a significant player in the market, achieving a trading volume of 1.8 billion yuan in government bonds alone [25]. - The company adopted a strategy of recruiting highly educated talent and emphasized a performance-based culture, which contributed to its rapid growth and market presence [22][29]. Group 5: Challenges and Adaptations - Wanguo Securities encountered various operational challenges, including insufficient capital and high borrowing costs, which limited its ability to compete with bank-affiliated securities firms [26][27]. - The company adapted by establishing business agency points across the country and leveraging its unique position as a non-bank financial institution to navigate regulatory challenges [25][26]. Group 6: Vision and Aspirations - Wanguo Securities aimed to become "China's Merrill Lynch" and "China's Nomura," reflecting its ambition to compete on a global scale and establish a comprehensive investment banking system [30][32]. - The company focused on building a "big investment bank" system, integrating various departments to enhance its competitive edge in the market [42].