Remembering Guan Jinsheng: The Unfinished Business of a "Pioneer"

On October 7, 2025, Mr. Guan Jinsheng, a pioneer of China's capital market and known as the "Godfather of Securities," passed away due to illness at the age of 78, triggering a wave of reminiscence and emotion in the financial circle.

Just nine years ago, when he was approaching his seventies, he started his third entrepreneurial venture in Shanghai - founding Jiusong Shanhe Fund, focusing on equity investment and aspiring to "create wealth for the country."

On October 10, a reporter from NBD (National Business Daily) visited the office of Jiusong Shanhe founded by him. Although the interview was politely declined, the affectionate reminiscence of a financial professional from Pingxiang, Jiangxi, outlined a side view of this legendary figure in his later years - low - key, practical, concerned about his hometown, and supportive of the younger generation - as well as his unfulfilled ideal of using "new capital" to serve the "new economy."

Visiting Jiusong Shanhe in Shanghai: Employees Learned of the Death Only the Day Before

On the afternoon of October 10, a reporter from NBD came to the office of Shanghai Jiusong Shanhe in the Lujiazui area of Pudong, Shanghai. The four characters "Jiusong Shanhe" were prominently displayed on the front - wall of an office, and below them were three institutions side by side: Jiusong Kunxin, Yingu Asset, and Jiusong Law Firm.

Photo by a reporter from NBD

Among them, Jiusong Shanhe corresponds to Shanghai Jiusong Shanhe Equity Investment Fund Management Co., Ltd., of which Guan Jinsheng was the actual controller during his lifetime. Jiusong Kunxin corresponds to Shanghai Jiusong Kunxin Fund, Jiusong Law Firm corresponds to Shanghai Jiusong Law Firm, and Yingu Asset corresponds to Zhejiang Yingu Asset Management Co., Ltd. According to Tianyancha, Guan Jinsheng was not the actual controller of Jiusong Kunxin, Yingu Asset, or Jiusong Law Firm.

A staff member said that he learned of Guan Jinsheng's death only yesterday (October 9). However, the staff member politely declined the reporter's interview request, citing that the leader was not in the office that afternoon.

An insider told the reporter that Guan Jinsheng passed away in Shenzhen recently, and his memorial service will be held on the morning of October 12.

Chen Haiming of Zhuoyin Fund Remembers: He Was a Pioneer in the Capital Market

On the evening of October 9, the news of Guan Jinsheng's passing brought a lot of emotion to many industry insiders, including Chen Haiming, the general manager of Shanghai Zhuoyin Fund.

"When I heard the news of Mr. Guan's passing, I was both heart - broken and filled with endless nostalgia. He was not only a 'veteran' in China's capital market but also an example in the hearts of us Jiangxi folks," Chen Haiming, the general manager of Shanghai Zhuoyin Fund, said in an interview with the reporter this afternoon, recalling the moments he met Guan Jinsheng, the "Godfather of Chinese Securities," with words full of remembrance.

As a former chief industry analyst at Shenwan Research Institute and a financial professional from Pingxiang, Jiangxi, Chen Haiming got acquainted with Guan Jinsheng through "Ganjianghui" and received guidance from this senior during the critical period of his entrepreneurship.

Chen Haiming's interaction with Guan Jinsheng began with "Ganjianghui," an organization of Jiangxi - born financial professionals established around 2014. By then, Guan Jinsheng had emerged from the storm of the "327 Treasury Bond Incident" for many years (he regained his freedom on medical parole in 2003), but he still kept a low profile. Except for some activities related to Jiangxi associations, he rarely appeared in public. "There are many talented people in our Ganjianghui," Chen Haiming said. "Mr. Guan was respected as a 'veteran' not only because he was the former president of Wanguo Securities and an early pioneer in the capital market but also because he was approachable to the younger generation. He didn't talk much, but every piece of his guidance was practical. For example, he reminded us to be 'down - to - earth' in finance and pay more attention to the industrial investment opportunities in our hometown."

A Reassurance on the Entrepreneurial Road: Encouragement in the Market Downturn and Emphasis on Risk - Control Awareness

In the second half of 2015, the A - share market experienced a huge shock and adjustment period. Chen Haiming, then the chief analyst at Shenwan Securities, had the idea of starting a private equity fund and specifically sought advice from Mr. Guan. "I was in my forties at that time. Quitting a stable job to do private equity, I really had no confidence," Chen Haiming recalled. "When Mr. Guan learned that I was from Jiangxi and graduated from Shenwan (Wanguo Securities later merged with Shenyin Securities to form Shenyin Wanguo Securities), he felt particularly kind and said, 'You've been a researcher for many years and have a solid foundation. All you lack is market experience.'"

Although the market sentiment was low at that time, Mr. Guan gave him crucial confidence. He said, "China's capital market won't be in a slump forever. There will be great development space and opportunities in the future. You young people should be brave enough to venture and try slowly. There must be opportunities."

What impressed Chen Haiming even more was that Guan Jinsheng repeatedly emphasized "risk control." As a witness of the "327 Treasury Bond Futures Incident," he warned Chen Haiming, "In finance, you must think about risks in advance. It's better to be slower than to make mistakes." This advice became the core principle for Chen Haiming to operate Zhuoyin Fund (focusing on the secondary market) later.

Interestingly, Guan Jinsheng himself was preparing to set up a private equity fund (the later "Jiusong Shanhe Fund") at that time but never mentioned it to Chen Haiming. "He was very good at keeping secrets. We only talked about my entrepreneurial plan. I didn't know about Jiusong Shanhe until later," Chen Haiming said with a smile, adding that this "low - key" style was in line with Mr. Guan's consistent way of doing things.

Jiusong Shanhe's "Love for the Country and Hometown": From "Sending off the Red Army Ten Times" to the Sentiment for the Mountains and Rivers

When talking about the "Jiusong Shanhe Fund" founded by Guan Jinsheng, although Chen Haiming was not involved in its operation, he was deeply impressed by the origin of the fund's name. "According to my friend, he asked Mr. Guan why it was called 'Jiusong Shanhe.' Mr. Guan said, 'In the past, the people in the Jiangxi Soviet Area "sent off the Red Army ten times" for the liberation cause of China. Now that the country is stable, let's name our fund "Jiusong Shanhe."'"

Chen Haiming said that this name probably contained Mr. Guan's love for the country and hometown, which also echoed his concern for Jiangxi. Guan Jinsheng had established scholarship funds in universities such as Nanchang University and Jiangxi University of Finance and Economics. "He was a master's degree holder in the 1980s and knew the importance of education for children in Jiangxi. He always said that he wanted to help his hometown cultivate talents."

At the end of the interview, Chen Haiming mentioned that he had a copy of "The Power of Dreams: Oral History of Wanguo People" at home, in which Guan Jinsheng was a member of the editorial board. "Occasionally flipping through it, I can recall the way he talked to us," he said. Now, the financial circle's remembrance of Guan Jinsheng is more about his contribution as a "pioneer" in the capital market - from promoting the establishment of China's capital market to participating in the construction of the basic rules of the capital market. "He was a 'pioneer' in China's securities industry, and this legacy is more precious than anything else."

The Third Entrepreneurship: Launching a Parallel Fund - "Have Righteous Thoughts and Walk on the Right Path"

On June 6, 2016, on this day full of the number 6, 69 - year - old Guan Jinsheng participated in the unveiling ceremony of Shanghai Jiusong Shanhe Fund Company and returned to the historical stage as the chairman.

Guan Jinsheng said that this was his third entrepreneurial venture in Huangpu District, Shanghai. Jiusong Shanhe Fund was not established to grab a share of the private equity fund market. Setting up such an equity investment fund company was not a whim but "an important decision after long - term deliberation by myself, careful preparation by the team, and with the support of the government and society." It aimed to serve China's real economy and explore a new world in the private equity fund industry in the context of the era of mass entrepreneurship and innovation.

In his speech at the unveiling ceremony, Guan Jinsheng mainly talked about several aspects.

First, he believed that China's real economy was facing severe challenges at present. One of the reasons was the widespread penetration of the Internet into various industries, bringing about a disruptive impact.

Second, in the face of difficulties, he always advocated that "new thinking + new technology + new capital = new economy." In short, establishing new thinking, mastering new capital, and leading new technology could promote the transformation and upgrading of the real economy and shape China's new economy.

Guan Jinsheng emphasized that for the seamless connection between new capital and new technology, breakthrough exploration was needed in many aspects, such as the capital operation mode, cooperation model, and institutional construction, to open up the channel from a strong science and technology to a strong industry, a strong economy, and a strong country. To promote the transformation of the real economy, understanding and mastering new capital were particularly crucial. Private equity investment funds had broad development space and good policy opportunities. They were not only an important way to develop direct finance and serve the real economy but also a new force in the fund industry.

Third, the core positioning of Jiusong Shanhe Fund was to create a Sino - foreign parallel fund (Parallel Fund) and use it as a breakthrough to explore a new world in China's private equity fund industry.

According to his plan and preliminary idea, the sources of the fund's raised capital would consist of four parts from both domestic and overseas. First, government - guided funds, and overseas funds in the form of other foreign government investments, accounting for 10% - 20%; second, a collection of a small number of listed companies, accounting for 20% - 30%; third, high - quality LPs with similar concepts and goals, accounting for 50%; and finally, the investment part of the GP, accounting for about 5%. In terms of selecting investment targets, it would focus on the fields of new technologies and new materials globally, covering all aspects of the industrial chain, including design, R & D, production, application, and sales.

Fourth, he also put forward three visions for Jiusong Shanhe Fund. First, to make Huangpu District a benchmark and demonstration area for low - carbon energy conservation and environmental protection in Shanghai, adding a "green" touch to this "golden" area that shines with the historical light of the integration of Chinese and Western cultures in Shanghai; second, to make Huangpu District a global urban comprehensive display center and capital service platform in the fields of new technologies and new materials; third, to become the largest taxpayer among private financial institutions.

It can be seen that Guan Jinsheng was full of confidence in this third entrepreneurial venture. He set the rule for Jiusong Shanhe Fund as "have righteous thoughts and walk on the right path" and hoped to "create wealth for the country."

Investing in More Than 40 Funds: Focusing on Tracks Such as Biomedicine and High - End Manufacturing

The reporter found through Tianyancha that since its establishment, Jiusong Shanhe Fund has participated in the establishment of more than 40 funds, and nearly 30 of them are still in operation.

Among the existing funds, the largest in scale is Shanghai Jiusong Shanhe Investment Center (Limited Partnership), established in 2016. It was jointly funded by Shanghai Jiusong Shanhe Equity Investment Fund Management Co., Ltd. (contributing 275 million yuan and holding a 55% stake) and a natural person, Wang Jikang (contributing 225 million yuan and holding a 45% stake), with a total capital contribution of 500 million yuan.

In addition, Anhui Jinling Jiusong Venture Capital Partnership (Limited Partnership), established in September this year, with a capital contribution of 300 million yuan, is also one of the larger - scale products under Jiusong Shanhe Fund. It was jointly funded by Bengbu Hengyun Investment Management Co., Ltd., Changzhou Jinling Venture Capital Partnership (Limited Partnership), and Shanghai Jiusong Shanhe Equity Investment Fund Management Co., Ltd., and Jiusong Shanhe Fund serves as the executive partner.

According to the filing information of the Asset Management Association of China, Jiusong Shanhe Fund currently manages 23 funds, with a management scale ranging from 0 to 500 million yuan.

Besides participating in the establishment of funds, let's take a look at the investment ideas and project situations of Jiusong Shanhe Fund.

Based on data from ChinaVenture and public information, the reporter made an incomplete statistics of Jiusong Shanhe's investment situation. Generally speaking, this institution has a wide range of investment fields, mainly covering multiple fields such as healthcare, intelligent manufacturing, Internet technology, chemical new materials, and carbon neutrality. In the field of intelligent manufacturing, Jiusong Shanhe focuses on sub - fields such as advanced semiconductors, integrated circuits, new energy, robots, and intelligent equipment. Although the number of Jiusong Shanhe's investment cases in recent years is not large, there are some well - known companies among its cooperation partners.

For example, in September just passed, Xinghua Henghui announced the completion of its Series A+ financing, with Jiusong Shanhe as the investor. The company is a high - tech enterprise focusing on the R & D of infrared photodetectors, which is also an example of Jiusong Shanhe's focus on intelligent manufacturing and hardware equipment.

Another example is that in December last year, Kuitedi Bio completed its Series A financing, and Jiusong Shanhe was among the investing institutions. It is a high - tech company dedicated to the diagnosis of neurological diseases and the R & D of innovative drugs, specializing in providing integrated precision diagnosis and treatment solutions for refractory neurological diseases. In the middle of last year, Jiusong Shanhe had participated in Kuitedi Bio's Pre - Series A financing, indicating its continuous optimism about this company.

In addition, in November 2024, Bingo Intelligence, a developer of AI education robots, announced that it had received nearly 100 million yuan in Series B financing from Jiusong Shanhe Fund and Sanhe Capital. Bingo Intelligence's business scope covers intelligent teaching service robots, artificial intelligence curriculum systems designed for kindergartens, primary and secondary schools, and