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Jun 'an Incident-Background
1August 1992, then deputy director of the securities management department of Shenzhen People's Bank, founded Junan Securities in Shanghai, and served as chairman and general manager. At the beginning of its establishment, Junan Securities was invested by five state-owned enterprises, including military enterprises, with a registered capital of 50 million yuan. After Jun 'an was founded, the China stock market was bullish, and Zhang Guoqing rose rapidly with its mysterious background and powerful skills.

The glorious period of Jun 'an is the eve of the promulgation of Securities Law. Brokers are free to manipulate stock prices and play with the rules of the game. In Shenzhen, Zhang Guoqing is the most powerful predator in South China. During the period from 1993 to 1998, Jun 'an undertook the listing and rights issue of A shares and B shares for more than 100 enterprises, raising a total of nearly 30 billion RMB. Jun 'an has more than 60 securities business departments under the jurisdiction of the whole country, and its trading volume has been ranked first and second in Shenzhen Stock Exchange, and it is also the top six in Shanghai Stock Exchange, and the trading volume of government bonds is also among the top ten in China. By the end of 1997, Jun 'an's total assets reached1750,000 yuan and its profit was 7 10/00,000 yuan, ranking first in the country.

At this time, the monarch was in full swing, and the industry even called this period of China stock market "the era of monarch security". Zhang Guoqing, Guan Jinsheng of Wan Guo and Kan Zhidong of Shenyin Bank are also called the "three godfathers" of the stock market. At the peak of his career, Zhang Guoqing began to consider equity reform of Junan. He envisioned the internationally accepted MBO method to complete the transformation of Junan's equity, that is, the management bought the company's shares through repurchase, and finally realized the control of the enterprise. At this time, Zhang Guoqing is both the general manager and the chairman of the company, and has the dual roles of manager and capital representative, so it is naturally convenient to make rules and put his hand on the other side. However, at this time, Junan has suddenly become a big player, and the funds required for management repurchase are not small. Therefore, Zhang Guoqing and other Jun 'an executives showed dazzling "financial skills". By 1997, Junan increased its capital and shares to 700 million. After ingenious arrangement, Junan ESOP will become the actual controlling shareholder of Junan Securities, with a shareholding ratio of 77%, and the largest shares of other state-owned shareholders will be reduced to around 7%. The two major shareholders of Junan ESOP are "New Chang Ying" and "Taitung", which are two investment companies controlled by team Zhang Guoqing. In a year and a half, "Godfather Jun 'an" transformed the largest securities company in China into a private securities company with a large share. State-owned companies still own Jun 'an shares and get dividends, but their rights and interests have already been greatly diluted.