China Life AMP GM Change: Filter Broken or Return to Marketization?

## China Life AMP General Manager Replacement: E Hua Leaves, Liu Zhongjiang Takes Over Blue Whale News, June 29 (Reporter Qi Hezhong) - The general manager of insurance-affiliated fund company China Life AMP has changed. On June 23, the company announced that General Manager E Hua resigned due to work arrangements, and Liu Zhongjiang succeeded him. Liu Zhongjiang previously served as General Manager of the Direct Investment Department and General Manager of the Fixed Income Investment Department of major shareholder China Life. E Hua, who stepped down, had served as general manager since January 2023, a total of just over three years and five months. Before becoming GM of China Life AMP, he was General Manager of China Life's Equity Investment Department. ## Performance in Recent Three Years Less Than Satisfactory: Equity Fund Size Declined On the company's homepage, the slogan reads: 'Upholding the original intention for 12 years, repaying every trust.' However, the company's actual operating performance over the past three-plus years is far from satisfactory. As of the end of Q1 this year, the company's non-money market fund scale was 181.8 billion yuan, ranking 30th in the industry. The fund composition is dominated by bond funds, with equity funds accounting for a small share: stock funds about 10 billion yuan, mixed funds about 5.6 billion yuan. As the former head of China Life's Equity Department, E Hua, during his three-year-plus tenure as GM, saw equity fund sizes overall not rise but decline. Among them, mixed funds dropped by as much as 50%. ## Equity Performance and Internal Control Loopholes: Regulatory Penalties Gradually Exposed During E Hua's tenure, China Life AMP's equity funds not only underperformed in performance and size, but the company's internal controls also revealed significant loopholes. In August 2025, according to an administrative penalty document from the Tianjin Securities Regulatory Bureau, fund manager Li Dan was fined for 'rat trading.' Earlier, in December 2023, according to a penalty from the Beijing Securities Regulatory Bureau, the head of the company's segregated account investment department, Hu Wenbiao, was fined for illegal stock trading and market manipulation. ## From 'Sending Personnel to Occupy Positions' to Insufficient Marketization: Investment Research and Sales Capacity Under Pressure Despite these issues, E Hua's return to the major shareholder's leadership for further promotion was not affected. It is reported that China Life AMP's daily work suffers from excessive meetings and paperwork. In the company's performance evaluation system, making money for holders has not been given due weight, deviating significantly from the CSRC's requirements for high-quality development. Over the past three-plus years, the major shareholder has sent many people to occupy key positions, while heavy and difficult work is mainly handled by market-recruited staff. This has led to a significant reduction in the company's marketization level, with severe deficiencies in investment research and sales capabilities. ## Looking Back at the Company's Early Days: After Ten Years, Marketization Was Stronger Before 2023, China Life AMP was not like this; it had a relatively high degree of marketization. The company's first general manager, Zuo Jiqing, was relatively principled and maintained corporate governance. China Life AMP was established in October 2013, co-founded by Zuo Jiqing (former GM of China Life Asset Management's Fixed Income Department) and Shen Mengyu (former deputy GM (presiding) of Risk Management and Compliance Department). After its founding, the company grew from scratch over ten years into a mid-sized fund company. By the end of 2022, its non-money fund scale was 128.5 billion yuan, ranking 31st in the industry. Among them, stock funds were about 7.6 billion yuan, and mixed funds about 12.8 billion yuan. At that time, the company had high requirements for professionalism, with management mainly selected from the market, possessing strong competitiveness. However, after the company achieved scale, some within the major shareholder began to covet key positions, requesting to appoint their own people. Zuo Jiqing was unwilling to comply with these unreasonable demands and faced significant 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 entered Chun Hou Fund, in January 2026, Zuo Jiqing and Shen Mengyu became General Manager and Deputy General Manager of Chun Hou Fund respectively. ## Conclusion: Hope for Return to Marketization and Internationalization Over the past three-plus years, China Life AMP's filter shattered, E Hua and others fulfilled their butterfly dreams, while Zuo Jiqing, Shen Mengyu, and other first-generation founders underwent a phoenix-like rebirth. The article borrows the metaphor of Zhuangzi dreaming of a butterfly, pointing out that in reality, some people cannot distinguish dream from reality: some state-owned enterprise cadres, after years of service, still cannot transform into competent business operators, living in a butterfly dream for a long time. We sincerely hope China Life AMP can earnestly study and understand the connotation and essence of 'development is the hard truth,' focus on company operations, speak with operating performance, and not fall into the quagmire of formalism – talking a lot but being lazy in action. The company should return to the track of marketization and internationalization as soon as possible, eliminate formalism, and not regress by deceiving superiors and subordinates, missing precious development opportunities. Company management should truly focus on work, ensuring the preservation and appreciation of state-owned capital invested by the major shareholder, and helping holders obtain good returns.