China Life AMP General Manager Change: Filter Shattered and Research Transformation
Source: Visual China
Blue Whale News, June 29 (Reporter Qi Hezhong) The general manager of insurance-backed fund company China Life AMP has been replaced.
On June 23, the company announced that general manager E Hua stepped down due to work arrangements, and Liu Zhongjiang took over as general manager. Liu Zhongjiang previously served as general manager of the direct investment department and general manager of the fixed-income investment department at the major shareholder China Life.
E Hua, who stepped down as general manager, had served in that role since January 2023, for over three years and five months. Before becoming general manager of China Life AMP, he was the general manager of China Life's equity investment department.
On the company's official website homepage, the promotional slogan is: "Adhering to the original intention for 12 years, repaying every trust." However, the company's actual operating performance over the past three years has been less than satisfactory. As of the end of the first quarter of this year, the company's non-money market fund scale was 181.8 billion yuan, ranking 30th in the industry. However, fund types are dominated by bond funds, with equity funds accounting for a very small portion. Among them, stock funds are about 10 billion yuan, and hybrid funds are about 5.6 billion yuan.
As the former general manager of China Life's equity department, E Hua's tenure of over three years and five months saw equity fund scale generally decline rather than rise. Among them, hybrid funds dropped by as much as 50%.
During E Hua's tenure, not only did the performance and scale of equity funds falter, but the company's internal controls also exposed significant loopholes.
In August 2025, according to an administrative penalty document from the Tianjin Securities Regulatory Bureau, fund manager Li Dan was penalized for a "rat trading" case.
Earlier, in December 2023, according to an administrative penalty document from the Beijing Securities Regulatory Bureau, Hu Wenbiao, general manager of the company's special account investment department, was penalized for illegal stock trading and market manipulation.
Despite these issues, they did not prevent E Hua from returning to the major shareholder and entering the leadership for further promotion. It is reported that daily work at China Life AMP suffers from severe formalism. In the company's assessment system, the requirement to make money for holders has not been placed in its proper position, which deviates significantly from the CSRC's requirements for high-quality development.
Over the past three years, the major shareholder of China Life AMP has sent many people to the company, occupying important positions, while the hard work mainly still comes from market recruitment. This has led to a significant reduction in marketization and serious inadequacies in research and sales capabilities.
Before 2023, China Life AMP was not like this; marketization was relatively high. The company's first general manager, Zuo Jiqing, was more willing to adhere to principles and uphold corporate governance.
China Life AMP was established in October 2013, founded by Zuo Jiqing, then general manager of the fixed-income department of China Life Asset Management Company, and Shen Mengyu, then deputy general manager (presiding) of risk management and compliance department, among others.
After its establishment, China Life AMP took 10 years to grow from nothing to a medium-sized fund company. By the end of 2022, the company's non-money market fund scale was 128.5 billion yuan, ranking 31st in the industry. Among them, stock funds were about 7.6 billion yuan, and hybrid funds were about 12.8 billion yuan.
At that time, the company had high demands for professionalism, and the management team was mainly selected from the market, with strong competitiveness.
However, after the company grew its assets, some within the major shareholder began to covet certain important positions at the company, requesting arrangements through appointments. Zuo Jiqing was unwilling to comply with such unreasonable demands and was under tremendous pressure.
In January 2023, general manager Zuo Jiqing, inspector Shen Mengyu, and fixed-income investment director Dong Ruiqian resigned for "personal reasons." After Changning State-owned Assets took over Chunhou Fund, Zuo Jiqing and Shen Mengyu became general manager and deputy general manager of Chunhou Fund in January 2026.
Over the past three years, the filter on China Life AMP has shattered. E Hua and others realized their butterfly dreams, while the founding generation like Zuo Jiqing and Shen Mengyu underwent a phoenix-like rebirth.
In the story of Zhuang Zhou dreaming of a butterfly, Zhuang Zhou dreamed he became a butterfly, enjoying himself immensely. Upon waking, he found himself plainly to be Zhuang Zhou. Zhuang Zhou became a great sage because he could clearly know he was Zhuang Zhou after waking, and the flying wings were borrowed from the butterfly.
In real life, some people cannot distinguish between dreams and reality. Some state-owned enterprise cadres, after working in enterprises for many years, still cannot transform into competent business operators, living long in a butterfly dream, wishing never to wake.
We sincerely hope that China Life AMP will seriously study and understand the essence of "development is the absolute principle," focus on company operations, speak with business performance, and not fall into the quagmire of formalism, with lazy bodies and busy mouths. The company should return to market-oriented and international development paths as soon as possible, abandon formalism, and not regress by deceiving superiors and subordinates, missing precious development opportunities. The management team should truly focus on work, ensuring the preservation and appreciation of state-owned capital invested by the major shareholder and helping holders achieve good returns.
