China Life AMP GM Replacement: Review of Past Three Years' Operations and Compliance Controversies

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

On June 23, the company announced that due to work arrangements, GM E Hua resigned, and Liu Zhongjiang took over as GM. Liu previously served as the general manager of the Direct Investment Division and the Fixed Income Investment Division of the major shareholder China Life.

E Hua, who resigned as GM, had held the position since January 2023, a total of three years and over five months. Before becoming GM of China Life AMP, he was the general manager of China Life's Equity Investment Division.

On the company's official website homepage, the slogan 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 less than satisfactory. As of the end of the first quarter, the company's non-monetary fund scale was 181.8 billion yuan, ranking 30th in the industry. However, fund types are dominated by bond funds, with a very small share of equity funds. Among them, stock type is about 10 billion yuan, and hybrid type is about 5.6 billion yuan.

As the former GM of China Life's Equity Division, during E Hua's three years and over five months as GM, the scale of equity funds generally did not increase but instead declined. In particular, hybrid funds fell by up to 50%.

During E Hua's tenure, not only were the performance and scale of China Life AMP's equity funds poor, 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 'insider trading.'

Previously, in December 2023, according to an administrative penalty document from the Beijing Securities Regulatory Bureau, Hu Wenbiao, the general manager of the company's Special Account Investment Department, was penalized for illegal stock trading and market manipulation.

Despite these issues, this did not prevent E Hua from returning to the major shareholder and entering leadership for further promotion. It is reported that in China Life AMP's daily work, excessive meetings and documentation are severe. In the company's assessment system, the requirement to generate profits for fundholders has not been given due importance, deviating significantly from the China Securities Regulatory Commission'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 difficult and labor-intensive tasks are still mainly handled by market hires. This has led to a significant reduction in the company's market orientation, with severe deficiencies in research and sales capabilities.

Before 2023, China Life AMP was not like this; back then, the company had a relatively high degree of market orientation. The company's first GM, 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 (former GM of China Life Asset Management's Fixed Income Division), Shen Mengyu (former Deputy GM of Risk Management and Compliance Division (presiding)), and others.

After the company's establishment, China Life AMP took 10 years to grow from scratch into a mid-sized fund company. As of the end of 2022, the company's non-monetary 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 high requirements for professionalization, with the management layer mainly recruited from the market, possessing strong competitiveness.

However, after the company expanded its asset scale, some people from the major shareholder began to covet some important positions in the company, demanding to fill them through appointments. Zuo Jiqing was unwilling to comply with these unreasonable demands and endured tremendous pressure.

In January 2023, the company's GM 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, in January 2026, Zuo Jiqing and Shen Mengyu became GM and Deputy GM of Chunhou Fund, respectively.

Over the past three years, the filter of China Life AMP shattered completely. People like E Hua realized their butterfly dream, while the 'first generation' founders like Zuo Jiqing and Shen Mengyu experienced a phoenix-like rebirth.

In the story of Zhuang Zhou dreaming of a butterfly, Zhuang Zhou dreamed he became a butterfly, feeling quite carefree! After waking, he found himself still Zhuang Zhou. Zhuang Zhou became a great wise man because he clearly knew he was Zhuang Zhou after waking, and the wings in his dream were borrowed from the butterfly.

In real life, some people cannot distinguish between dream and reality. Some state-owned enterprise cadres have worked in enterprises for many years but still cannot transform into competent business operators, living in a butterfly dream for a long time, preferring to stay drunk and not wake up.

We sincerely hope that China Life AMP can seriously study and understand the essence of 'development is the hard truth,' focus on company operations, and speak with performance results. Do not fall into the quagmire of formalism, with a busy mouth but a lazy body. The company should quickly return to the track of marketization and internationalization, eliminate formalism, and not deceive superiors and subordinates by reversing progress, wasting valuable development opportunities. The management should truly focus on work, ensuring that the state-owned capital invested by the major shareholder maintains and increases value, and helping fundholders achieve good returns.