China Life AMP General Manager Change and Fund Performance Reflection: The Rose-Tinted Glasses Are Shattered

Blue Whale News, June 29 (Reporter Qi Hezhong) — The general manager of insurance-owned fund company China Life AMP has been replaced.

On June 23, the company announced that General Manager E Hua left due to work arrangements, and Liu Zhongjiang took over as general manager. Liu previously served as general manager of the direct investment department and fixed income investment department of the major shareholder, China Life.

E Hua, who stepped down as general manager, had held the position since January 2023, a tenure of about three years and five months. Before becoming general manager of China Life AMP, he was general manager of China Life's equity investment department.

On the company's homepage, the slogan reads: "Upholding our original aspiration 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 Q1 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 share. Among them, stock funds were about 10 billion yuan, and hybrid funds about 5.6 billion yuan.

As the former general manager of China Life's equity department, E Hua, during his three-year and five-month tenure as general manager of China Life AMP, saw the overall scale of equity funds not increase but decrease. In particular, the scale of hybrid funds dropped by 50%.

During E Hua's tenure, China Life AMP's equity funds not only underperformed in terms of performance and scale, but the company's internal controls also repeatedly exposed major 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 from the Beijing Securities Regulatory Bureau, Hu Wenbiao, general manager of the company's segregated account investment department, was penalized for illegal stock trading and market manipulation.

Despite these problems, this did not prevent E Hua from returning to the major shareholder and entering the leadership for further promotion. It is reported that in the daily work of China Life AMP, excessive paperwork and meetings are a serious issue. In the company's assessment system, the requirement to generate returns for fund holders has not been given the proper priority, which deviates significantly from the CSRC's requirements for high-quality development.

Over the past three years, the major shareholder has dispatched many people to the company, occupying key positions, while the heavy and tedious work has been mainly left to market hires. This has led to a significant reduction in the company's market orientation, resulting in severely insufficient investment research and sales capabilities.

Before 2023, China Life AMP was not like this; at that time, the company had a relatively high degree of market orientation. The company's first general manager, Zuo Jiqing, was more willing to uphold principles and maintain corporate governance.

China Life AMP was established in October 2013, founded and created by Zuo Jiqing, then general manager of the fixed income department of China Life Asset Management Company, and Shen Mengyu, deputy general manager (presiding) of the risk management and compliance department.

After its establishment, the company took 10 years to grow from scratch into a medium-sized fund company. By the end of 2022, its non-money market fund scale had reached 128.5 billion yuan, ranking 31st in the industry. Among them, stock funds were about 7.6 billion yuan, and hybrid funds about 12.8 billion yuan.

At that time, the company had high requirements for professionalism; the management team was mainly recruited from the market and possessed strong competitiveness.

However, after the company scaled up its asset size, some people among the major shareholders began to covet certain important positions and demanded arrangements through appointments. Unwilling to comply with such unreasonable demands, Zuo Jiqing came under tremendous pressure.

In January 2023, General Manager Zuo Jiqing, Chief Inspector Shen Mengyu, and Fixed Income Investment Director Dong Ruiqian resigned for "personal reasons." After Changning State-owned Capital took over Chunhou Fund, in January 2026, Zuo Jiqing and Shen Mengyu became general manager and deputy general manager of Chunhou Fund, respectively.

Over the past three years, the rose-tinted glasses of China Life AMP have been shattered. E Hua and others realized their butterfly dream, while the first-generation founders like Zuo Jiqing and Shen Mengyu underwent a phoenix nirvana.

In the story of Zhuang Zhou dreaming of a butterfly, Zhuang Zhou dreamed that he became a butterfly, feeling very carefree. Upon waking, he found himself clearly Zhuang Zhou again. The reason Zhuang Zhou could become a great thinker is that he could clearly know he was Zhuang Zhou after waking up; the wings flying in the dream were borrowed from the butterfly.

In real life, some people cannot distinguish dreams from reality. Some state-owned enterprise executives, after years of service in corporate positions, still cannot transform into competent business operators, living long in a butterfly dream, willing to stay drunk and never wake up.

We sincerely hope that China Life AMP can earnestly study and understand the essence of "development is the absolute principle," focus on business management, and let operating performance speak for itself, rather than falling into the quagmire of formalism. The company should quickly return to a market-oriented and international development track, eliminate formalism, and not reverse course while deceiving superiors and subordinates, thereby missing valuable development opportunities. The management should truly devote their minds to work, ensure the preservation and appreciation of state-owned capital invested by major shareholders, and help fund holders achieve good returns.