Kan Zhidong, immersed in work and shielding criticism

Those who know a little about the history of China's securities industry can't help but feel a little disappointed when they see the real face of Kan Zhidong for the first time. Godfather"? The reporter has watched from a distance on many occasions, and with the respect and curiosity of others watching and looking forward to it, Kan Zhidong always calmly chats with everyone about the venture capital business he is now involved in, and makes an earnest appeal for the development of the venture capital industry. . Now that he is in close contact, Kan Zhidong patiently waits for the photographer to prepare for the shooting, and earnestly answers the topics he has talked to the media countless times. When encountering new problems, he truthfully tells him that he "hasn't thought about it" and is reluctant to say more.

With more than 30 years of financial career, as a pioneer in China's securities industry and venture capital industry, Kan Zhidong has written 70% of the truth that he can tell in "Twenty Years of Honor and Disgrace". But also increasingly bearish. Fortune travels with the flow of time to wash the old traces, but it also allows the real brave people to continue to do things and act in the world. If one day he can't do anything, Kan Zhidong said, "I don't want to leave anything behind", and only hope that others will say that he "is an honest person." At this point, he is confident that he has always done it with a clear conscience.

"Two fatal blows"

In 1997, due to Shenyin Wanguo Securities Co. In the dispute between the Shanghai and Shenzhen securities markets, Kan Zhidong was forced to leave, and he was also removed from all positions related to the securities market, such as the company's legal representative and president; in 2006, more than two years after he voluntarily resigned as the president of Southern Securities Still implicated in "manipulating securities trading prices", he was detained in detention centers in Shanghai and Shenzhen for 21 days.

Kan Zhidong described these two pieces of history as "two fatal blows" in "Twenty Years of Honor and Disgrace" published in 2009, but three years later, he told reporters, "This is the setback you feel. , I don't feel it", and even "I never thought that such setbacks were anything." "What else can a man do if he has no patience?" In his opinion, these are all "coincidental" things, and he "catches up with both good things and the cusp of the storm".

In 1995, the thrilling "327 Treasury Bond Futures Incident" occurred in China's securities market, which not only thwarted the development of China's financial futures market, but also nearly led to the bankruptcy of Wanguo Securities, one of the three major securities companies in Shanghai. Its president Guan Jinsheng Sentenced to 17 years in prison. However, this also led to the first merger case in China's securities industry. Shenyin and Wanguo, two fiercely competitive rivals, merged into a securities company with the largest capital, the largest business network, and the largest business scale in China at that time. The head of Shenyin has turned to take the helm of this company, which is regarded by overseas as the most competitive company in China's securities market. He still thinks: "It also looks like a successful merger today."

At the time, the securities The gradual formation of the trading market in which Shenzhen is strong and Shanghai is weak has gradually escalated the battle between Shanghai and Shenzhen as the financial center. In 1996, the "Ninth Five-Year Plan" proposed to "actively and steadily develop bond and stock financing, and further improve and develop the securities market", so the stock market rose sharply. But at this time, China's securities market is still in the era of bookmakers, and state-owned enterprises and bank funds also enter the market to make stocks. Shenyin Wanguo, the aircraft carrier of China's securities industry, naturally shoulders the heavy responsibility of promoting the development of Shanghai's securities market.

In April 1996, China's stock market gradually recovered, and after October, it rose sharply. From April 1 to December 9, the Shanghai Composite Index rose by 120%, and the Shenzhen Composite Index rose by 340%. On December 16, People's Daily commented in the form of a commentator's article that the securities market was "obviously over-speculative in stock trading", causing the two cities to fall by the limit. At the same time, the joint investigation team of the State Council went to Shanghai and Shenzhen to investigate, and Shenyin Wanguo was investigated for manipulating Lujiazui stocks. In this case, Kan Zhidong also detailed the whole story and his role in it in the book.

Because he insisted that the matter was Shenyin Wanguo's own business operation, and expressed that he was willing to take all the responsibilities, Kan Zhidong paid the price for sticking to his promise, left Shenyin Wanguo, which was built by himself, and was banned from entering the company that used to be full of lofty dreams. stock market. He told reporters: "To create China's securities industry, the original dream was to make Shanghai a financial center like New York, London, and Tokyo." So far, what he misses most is the early Chinese securities market. You live and die, but everyone is doing it with passion."

The dream and passion for the securities market never faded, so Kan Zhidong returned to the securities industry in 2002 and took over the "tinderbox" Southern Securities. Returning to the securities industry was even seen by some people as "rehabilitated" by the relevant departments. "However, was it a bit too ideal at the time?" the reporter asked. "People of our age attach more importance to obeying the organization's arrangements." Kan Zhidong explained the decision at that time with reasons that young people can't understand today. In fact, he believed that Southern Securities at that time was "workable" because of its previous successful takeover of the similarly troubled World Securities. "I wasn't so naive that I thought I could save Nanfang Securities by myself." At that time, Kan Zhidong felt that as long as the policies, funds and personnel were in place, Nanfang Securities would have a way to survive. At that time, the leaders of the Shenzhen Municipal Government also gave him relevant promises, but they were not fulfilled in the end. Kan Zhidong could only "do not do" in Southern Securities.

The ending this time left him "angry and humiliated". "I have been working for more than 30 years, from rural areas to various financial institutions, and I have won many honorary titles and are considered to have made great contributions. How did I become a prisoner in an instant? Where is my crime? Is it because some leaders are because of the South Do you want the public to explain the bankruptcy of securities and use me as a scapegoat again?" In March 2006, Kan Zhidong was arrested by Shenzhen police for manipulating Hafei stock prices.

Once again, for manipulating stock prices. Kan Zhidong wrote in the book: "I have noticed that many reports, although sympathetic to me, almost all believe that the prosecution's conviction is guilty. Does no one believe that I am not involved in any stock price manipulation by Southern Securities?"

Although he is hailed as having "extremely good feelings and unusual ideas about how to make money", he himself Almost never buy or sell stocks. "My friends and colleagues absolutely do not believe that I will make financial mistakes." Kan Zhidong emphasized to reporters. In the 1980s, he was in charge of industrial and commercial credit in Baoshan District at the Baoshan District Office of the Shanghai Branch of Industrial and Commercial Bank of China. "People who take the initiative to send benefits can't send them in." At that time, the salary was only a few dozen yuan, and one or two thousand yuan was a large sum. But he warned his subordinates: "Don't underestimate your worth today. Take the risk now, and in the future you will regret how you could fall for this little money." Similar words, he would say to his subordinates every time he went to a new company.

"The driving force is to do things"

Looking back on the development history of China's securities market, people can't help but sigh that "no one of the first-generation bosses of the top ten securities companies is spared." But he himself does not agree with the statement of being a "victim". "No one wants to sacrifice anyone, it may be a coincidence." Kan Zhidong always considers himself lucky to be able to accompany China's financial reform along the way.

Compared to the silence of other "old securities", Kan Zhidong is much more high-profile. "I don't think I have to be a person with my tail between my legs today, and no one will deprive me of the right to speak." Speaking of which, he had been speaking at a gentle pace and was slightly excited, "The older generation of securities investors has been affected to some extent, and from our point of view, it is very important It's normal. But the summary of future generations will really dampen the enthusiasm of a group of people for reform." Some media once observed that China's securities market is "a machine that destroys people": "In the securities market, perhaps nothing is done. It's better than doing it. Looking back, where are those securities companies that were once in the limelight? And those companies that are not well-known seem to be living well now."

"The whole society should encourage the brave and encourage them to move forward. Those who dare to take responsibility, rather than encourage those who shrink back." Kan Zhidong, who has always loved to forge ahead and is always proud of the spirit of "not admit defeat" in the Great Northern Wilderness, has become a leader in China's venture capital industry after leaving Shenyin Wanguo. Pioneer, and re-entered venture capital after resigning from Southern Securities, catching up with the good times of ChiNext in China's securities market.

Fate has always kept him entangled in the two cities of Shanghai and Shenzhen. Kan Zhidong himself said: "There seems to be a certainty in the dark. When I was working at Shenyin & Wanguo Securities, some people accused me of focusing my work on Shenzhen. As a result, in July 1999, my whole person moved to Shenzhen." In order to prepare for Shenzhen Innovation Investment Company, it also created a new model of government-run VC. At that time, it was said that only five people in China knew about venture capital, and Kan Zhidong was still a layman. "Banks use deposits to absorb funds, securities use stock issuance to absorb funds, and venture capital uses private placement to absorb funds. The way to absorb funds is different, and the principle is the same." He explained in a popular way.

Shenzhen Venture Capital has created the myth of China's local venture capital, and its wealth effect has driven the development of the domestic venture capital industry. With a high degree of market-oriented operation, Shenzhen Venture Capital earned more than 20 million yuan in the year of its establishment, and nearly 100 million yuan in profit the following year. He himself also described this working time as "surge of passion". "Everything seems to have returned to the early days of my business in the securities industry."

Leaving Southern Securities at the end of 2003, Kan Zhidong completely ended his part-time work within the system and started a "capitalist" business outside the system. "I don't need me inside the system, and I can do it well outside the system." Whenever Kan Zhidong is doing things, he always follows the creed of doing things well, and also to live up to his promises to friends. In 2005, Dongfang Modern Industrial Investment Management Co., Ltd. was established. The investment came from a circle of old friends such as Wei Wenyuan, the first general manager of the Shanghai Stock Exchange but had already gone to the sea. The first project invested by Sinovel will be the first high-priced stock in the future. Listed on the A-share main board.

In describing the story of Kan Zhidong's own business, there is an impressive scene: Shijiazhuang, a boss wearing a black mink hat and playing with the VERTU Gold Edition mobile phone sat diagonally opposite Kan, slightly drunk, he In the authentic Shijiazhuang dialect, he told Kan bluntly: "I have invested the money, and it is up to me to decide which project to invest in." "There is no problem, it can be discussed." During the three-hour fight, Kan Zhidong always kept a smile and a cigarette. Take one. It's hard to imagine the delicate Kan Zhidong's inner feelings when facing such a group of private bosses, but he said that he "sit facing north without any problem".

After transferring the management functions of Orient Modern to Orient Kingsway, Kan Zhidong wants to use the latter to play a bigger game of chess across the country, that is, under the management of Orient Kingsway, to establish regional venture capital funds in various cities , making it a "national venture capital firm". Kan Zhidong himself commented: "It is difficult to say whether this method is successful or not, and it does not seem to be a failure at the moment."