Core Viewpoint - The article highlights the life and contributions of Guan Jingsheng, the founder of Wanguo Securities, emphasizing his role in the early development of China's capital markets and the lessons learned from his experiences, particularly regarding the importance of regulatory frameworks in financial markets [1][4]. Group 1: Historical Context - Guan Jingsheng led the establishment of Wanguo Securities in 1988, marking it as Shanghai's first securities company and China's first joint-stock securities firm [1][2]. - The late 1980s in China was a period of economic transformation, where market-oriented reforms began to take shape, providing both opportunities and challenges for emerging financial institutions [1][2]. Group 2: Achievements and Innovations - Wanguo Securities grew rapidly, expanding from initial capital of several million to an asset scale of tens of billions within a few years, and it pioneered several initiatives in the Chinese securities market [2][3]. - The firm was the first to establish an investment banking department and to create a large investment banking system, setting a precedent for the industry [2][3]. Group 3: Challenges and Lessons - The "327 National Debt Incident" in 1995, where Wanguo Securities attempted to exploit market rules, led to significant consequences, including Guan's resignation and the eventual merger of Wanguo with Shenyin Securities [3][4]. - This incident underscored the necessity for robust regulatory frameworks in financial markets, highlighting that personal rationality must be guided by sound institutional structures [3][4]. Group 4: Regulatory Impact - The aftermath of the "327 Incident" prompted a shift towards stricter regulatory measures in the securities market, emphasizing the need for improved risk control and transaction norms [4]. - Guan's experiences serve as a reminder of the importance of institutional integrity in fostering a healthy market environment, reinforcing the idea that market development must be accompanied by legal and regulatory advancements [4].

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 Points - The announcement of the passing of Guan Jingsheng, the actual controller and executive director of Jiusong Fund, highlights his significant contributions to the Chinese securities industry and his role as a pioneer in financial innovation [1][2] - Guan founded Wanguo Securities in 1988, which quickly grew to become a major player in the Chinese securities market, achieving an asset scale of several billion yuan [2] - His involvement in the establishment of the Shanghai Stock Exchange and the development of trading rules and infrastructure was crucial for the early growth of China's capital market [2] - The "327 bond incident" marked a turning point in Guan's career and had a lasting impact on the development of China's capital markets, leading to significant regulatory changes [3][5] - Following the incident, Wanguo Securities faced a liquidity crisis, leading to Guan's resignation and subsequent legal troubles, including a prison sentence for embezzlement [4][5] - After years away from the public eye, Guan returned to the capital market in 2016 as the chairman of Shanghai Jiusong Mountain River Fund Company [6] Company Overview - Jiusong Fund announced that Guan Jingsheng's death would not affect the company's operations, which continue to run smoothly [1] - The company is positioned to handle the aftermath of Guan's passing in accordance with relevant laws and regulations [1] Industry Impact - Guan's career and the events surrounding Wanguo Securities have been pivotal in shaping the regulatory landscape of China's capital markets, particularly following the "327 bond incident" [3][5] - The incident led to the establishment of the China Securities Regulatory Commission's authority over the capital market, influencing future regulatory practices [5]