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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 succeeded as General Manager. Liu previously served as General Manager of the Direct Investment Division and General Manager of the Fixed Income Investment Division of major shareholder China Life.
E Hua, who stepped down as general manager, had served since January 2023, a total of three years and five months. Before becoming general manager of China Life AMP, he was General Manager of China Life's Equity Investment Division.
On the company's official website homepage, the tagline reads: '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 far from satisfactory. As of the end of the first quarter, the company's non-money market fund scale was 181.8 billion yuan, ranking 30th in the industry. Fund types are dominated by bond funds, with a very small proportion of equity funds. Among them, stock-type funds were about 10 billion yuan, and hybrid-type funds were about 5.6 billion yuan.
As former General Manager of China Life's Equity Division, E Hua saw the scale of equity funds overall not rise but fall during his three-year-plus tenure, with hybrid fund scale dropping as much as 50%.
During E Hua's tenure, not only did equity fund performance and scale lag, but the company's internal controls also revealed significant loopholes.
In August 2025, an administrative penalty document from the Tianjin Securities Regulatory Bureau showed that fund manager Li Dan was penalized for 'rat trading.'
Earlier, in December 2023, a penalty from the Beijing Securities Regulatory Bureau showed that Hu Wenbiao, General Manager of the Special Account Investment Department, was penalized for illegal stock trading and market manipulation.
Despite these issues, it did not prevent E Hua from returning to the major shareholder and entering leadership for further promotion. It is reported that in the daily work of China Life AMP, excessive paperwork and meetings are relatively serious. In the company's assessment system, the requirement to earn returns for holders is not given its due place, deviating significantly from the CSRC's requirements for high-quality development.
Over the past three-plus years, the major shareholder of China Life AMP has sent many people to the company, occupying important positions, while the hard and tedious work remains mainly sourced from market recruitment. This has led to a significant reduction in market orientation, and severely insufficient investment research and sales capabilities.
Before 2023, China Life AMP was not like this; the company had a relatively high degree of market orientation. Its first general manager, Zuo Jiqing, was relatively courageous in insisting on principles and maintaining corporate governance.
China Life AMP was established in October 2013, co-founded by Zuo Jiqing, former General Manager of China Life Asset Management's Fixed Income Department, and Shen Mengyu, former Deputy General Manager (presiding) of the Risk Management and Compliance Department, among others.
After its establishment, China Life AMP used 10 years to grow from nothing into a mid-sized fund company. As of 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-type funds were about 7.6 billion yuan, and hybrid-type funds were about 12.8 billion yuan.
At that time, the company had relatively high requirements for professionalism, with the management layer mainly coming from market selection and having strong competitiveness.
However, after the company expanded its asset scale, some major shareholders began to covet certain important positions, demanding to arrange them through appointment. Left Jiqing was unwilling to cooperate with such unreasonable demands and once bore enormous pressure.
In January 2023, the company's general manager Zuo Jiqing, compliance officer Shen Mengyu, and fixed income investment director Dong Ruiqian resigned for 'personal reasons.' After Changning State-owned Capital entered Chunhou Fund, in January 2026, Zuo Jiqing and Shen Mengyu became general manager and deputy general manager of Chunhou Fund, respectively.
The article quotes the allegory of Zhuang Zhou dreaming of a butterfly, suggesting that some people in reality cannot distinguish dreams from reality, living in a 'butterfly dream' for a long time. It calls on China Life AMP to seriously study and understand the connotation and essence of 'development is the absolute principle,' focus on company operations, speak with performance, quickly return to market-oriented and international development tracks, eliminate formalism, avoid deceiving superiors and subordinates while regressing, and miss development opportunities. The management should truly focus on work, promote the preservation and appreciation of state-owned capital, and help holders obtain good returns.
