10月9日深夜，上海九颂山河股权投资基金发布公告，公司实际控制人、执行董事管金生因突发疾病抢 救无效，不幸于10月7日与世长辞。 在中国股市30多年的历史中，管金生是一个绕不开的名字。他曾经是上海滩上证券风云人物，一手创办 了新中国第一家证券公司——万国证券，却又因"327国债"事件一夜之间从巅峰跌落谷底。然而，经历 17年牢狱生涯后，管金生在古稀之年又再度创业，可谓是传奇人物。 1988年创办万国证券 管金生于1947年5月19日出生于江西省清江县（现樟树市），与原君安证券的张国庆、原申银证券的阚 治东，并称为中国证券市场的"中国证券巨头"。 1988年，管金生一手创办了万国证券，这是新中国第一家股份制证券公司。在他的带领下，万国证券迅 速崛起，成为当时中国证券市场上的巨擘。管金生凭借着卓越的领导才能和专业素养，让万国证券在短 短几年内就取得了令人瞩目的成就。鼎盛时期的万国证券，是真的"证券王国"：掌控70%以上的A股交 易量，几乎包揽所有B股业务，承销份额占全国60%。 管金生的人生也并非一帆风顺。1995年的"327国债期货事件"成为了他人生的转折点。这一事件不仅让 万国证券遭受了重创，也让管金生的命运 ...

Core Insights - The passing of Guan Jingsheng, known as the "Father of Chinese Securities," marks the end of an era in the financial industry [1][3] Group 1: Personal Background - Guan Jingsheng was born in 1947 in a poor village in Jiangxi and excelled academically, earning dual master's degrees in law and business administration from universities in Shanghai and Brussels [3] - He was instrumental in establishing the first securities company in Shanghai, Wangguo Securities, in 1988, which grew rapidly to become a major player in the industry [3] Group 2: Career Highlights - Under Guan's leadership, Wangguo Securities became a significant force in the Chinese securities market, contributing to the establishment of the Shanghai Stock Exchange [3] - His reputation as the "Father of Chinese Securities" was solidified during this period due to his pivotal role in shaping the industry [3] Group 3: Major Setbacks - The "327 Bond Incident" in 1995 led to a catastrophic loss for Wangguo Securities, resulting in Guan's resignation and subsequent imprisonment for 17 years due to financial misconduct [4] - The incident involved a massive sell-off of bond futures, amounting to 14.6 trillion yuan, which was nearly one-third of China's GDP in 1994 [4] Group 4: Later Years - After being released in 2003, Guan returned to the financial sector in 2016 by founding the Shanghai Jiusong Shanhe Equity Investment Fund Management Company, marking his third entrepreneurial venture [4] - His legacy continues to influence the Chinese securities market, with both his successes and failures serving as lessons for future generations [5]

Core Viewpoint - The announcement of the passing of Guan Jingsheng, the actual controller and executive director of Jiuzong Fund, highlights his significant contributions to the Chinese securities industry and the impact of his legacy on the company and the broader market [1][3][4]. Company Summary - Jiuzong Fund announced the death of Guan Jingsheng due to sudden illness on October 7, 2025, and expressed deep condolences to his family [1][3]. - The company emphasized that Guan's passing will not affect its normal operations, and all business activities are proceeding smoothly [3][4]. Industry Summary - Guan Jingsheng was a pioneer in the Chinese securities industry, founding the first securities company in New China, Wangguo Securities, in 1988, and was known as the "Father of Chinese Securities" [3][4][6]. - His career was marked by significant achievements and challenges, including the establishment of trading rules and training for the Shanghai Stock Exchange, as well as his involvement in the controversial "327 bond event" which led to his imprisonment [4][6][14]. - The "327 bond event" was a pivotal moment in Guan's career, resulting in substantial financial losses and regulatory changes in the securities market [14].

Core Viewpoint - The passing of Guan Jinsheng, a pioneer in the Chinese securities industry, is a significant loss for the financial sector, as he contributed greatly to the innovation and development of China's capital markets [1][2]. Group 1: Contributions to the Industry - Guan Jinsheng founded Wangguo Securities in 1988, which was the first securities company in Shanghai, and played a crucial role in establishing the Chinese securities market [3][4]. - Under his leadership, Wangguo Securities became a major player, handling over 60% of underwriting business in China and holding all domestic B-shares during its peak [4]. - He was instrumental in designing the trading rules and systems for the Shanghai Stock Exchange, promoting innovations such as paperless trading [3][4]. Group 2: Career Highlights - Guan Jinsheng's educational background included dual master's degrees in law and business administration, which was rare in China during the early 1980s [2][3]. - He emphasized hiring top talent from prestigious universities, with 90% of his team coming from institutions like Fudan University and Shanghai Jiao Tong University [3]. - His vision was to position Wangguo Securities as a Chinese equivalent of Merrill Lynch, aiming for international standards in the securities 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 arrest [5][6][7]. - Following the incident, Guan Jinsheng faced legal consequences, receiving a 17-year prison sentence, which significantly impacted his career and reputation [7]. - After his release, he returned to the industry by founding Shanghai Jiusu Mountain River Equity Investment Fund Management Co., Ltd. in 2016, focusing on private equity and technology innovation [1][7].

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].

Core Viewpoint - The announcement of the passing of Guan Jinsheng, the actual controller and executive director of Jiusong Fund, highlights his significant contributions to the Chinese securities industry and the impact of his leadership on the company and the broader market [1][3][4]. Company Overview - Jiusong Fund was founded by Guan Jinsheng in 2016, focusing on private equity investment and contributing to technological innovation and industrial upgrading [3][4]. - The company assures that Guan's death will not affect its normal operations, and all business activities are proceeding smoothly [3]. Industry Impact - 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 [4]. - His leadership played a crucial role in the establishment of trading rules and training for the Shanghai Stock Exchange when it was founded in 1990 [4]. - The "327 event" in 1995, which led to significant losses for Wangguo Securities, is a pivotal moment in the history of the Chinese securities market, showcasing the risks and challenges faced by financial institutions [4][12][13]. Legacy and Contributions - Guan's legacy includes nurturing talent in the financial sector and contributing to the standardization and internationalization of China's capital markets [3][4]. - His reflections on the "327 event" emphasize the importance of learning from past mistakes and adapting to new market conditions, particularly in the context of technological advancements in finance [10][11].

Core Viewpoint - The announcement of the passing of Guan Jinsheng, the actual controller and executive director of Jiusong Fund, highlights his significant contributions to the Chinese securities industry and the impact of his death on the company and the industry as a whole [1][3][4]. Company Summary - Jiusong Fund announced the death of its actual controller and executive director, Guan Jinsheng, due to a sudden illness on October 7, 2025 [1][3]. - Guan Jinsheng was a pioneer in the Chinese securities industry, founding the first securities company in New China, Wangguo Securities, in 1988, and was known as the "Father of Chinese Securities" [3][6]. - The company expressed deep respect and gratitude towards Guan Jinsheng for his contributions and stated that his passing would not affect the normal operations of the company, which would continue its business activities in an orderly manner [3][4]. Industry Summary - Guan Jinsheng's legacy includes significant contributions to the standardization and internationalization of the Chinese capital market, having trained many professionals in the industry [3][4]. - His establishment of Jiusong Fund in 2016 marked his third entrepreneurial venture, focusing on private equity and promoting technological innovation and industrial upgrades [3][7]. - The announcement reflects on Guan Jinsheng's historical significance in the A-share market, particularly his role in the establishment of trading rules and practices during the early days of the Shanghai Stock Exchange [4][6].