Fund Truth | China Life AMP Filter Shattered: GM Change, Research & Internal Control Tests
Blue Whale News June 29 (Reporter Ji Hezhong) Insurance-backed fund company China Life AMP has changed its general manager.
On June 23, the company announced that GM E Hua had left due to work arrangements, and Liu Zhongjiang took over as GM. Liu previously served as GM of the major shareholder China Life's Direct Investment Division and Fixed Income Investment Division.
E Hua had been GM since January 2023, a tenure of about five and a half months over three years. Before becoming China Life AMP GM, he was GM of China Life's Equity Investment Division.
The company's website homepage slogan is: "Adhering to the original intention for 12 years, repaying every trust." But operational performance over the past three plus years has been far from satisfactory. As of end of Q1 this year, the company's non-money market fund scale was 181.8 billion yuan, ranking 30th in the industry. Fund types are mainly bond funds, with a very small equity fund proportion: stock funds about 10 billion, hybrid funds about 5.6 billion.
As the former GM of China Life's Equity Division, during E Hua's five+ month tenure over three years, equity fund scale did not rise overall; it declined. Among them, hybrid funds fell by as much as 50%.
During E Hua's tenure as GM, China Life AMP's equity fund performance and scale were poor, and internal controls also revealed significant loopholes.
In August 2025, a Tianjin Securities Regulatory Bureau administrative penalty showed that fund manager Li Dan was fined for "rat trading."
Earlier in December 2023, a Beijing Securities Regulatory Bureau penalty showed that Hu Wenbiao, GM of the segregated account investment department, was fined for illegal stock trading and market manipulation.
Despite these issues, E Hua still returned to the major shareholder and entered the leadership for further promotion. Sources say that China Life AMP's daily work is plagued by "mountains of meetings and seas of documents." In the company's assessment system, the requirement to earn money for holders is not given its proper place, deviating significantly from the CSRC's requirements for high-quality development.
In the past three plus years, the major shareholder has sent many personnel to the company to occupy important positions, while the heavy lifting is mainly hired from the market. This has significantly reduced the company's degree of marketization, leading to serious deficiencies in research & sales capabilities.
Before 2023, China Life AMP was not like this. At that time, the company had a higher degree of marketization. The company's first GM Zuo Jiqing was relatively courageous in upholding principles and maintaining corporate governance.
China Life AMP was established in October 2013, founded and created by Zuo Jiqing, former GM of China Life Asset Management's Fixed Income Department, and Shen Mengyu, former deputy GM (hosting work) of the Risk Management & Compliance Department.
After establishment, China Life AMP took 10 years to grow from scratch into a mid-sized fund company. As of 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, and hybrid funds about 12.8 billion.
At that time, the company had high requirements for professionalization, and the management layer mainly came from market selection, possessing strong competitiveness.
But after the asset scale grew, some in the major shareholder began to covet important positions in the company, demanding them via appointment. Faced with this unreasonable request, Zuo Jiqing was unwilling to cooperate and endured enormous pressure.
In January 2023, GM Zuo Jiqing, Inspector Shen Mengyu, and Fixed Income Investment Director Dong Ruiqian left due to "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.
In the past three plus years, China Life AMP's "filter shattered into pieces." E Hua and others achieved further "promotion," while first-generation founders like Zuo Jiqing and Shen Mengyu experienced a "phoenix nirvana."
The text uses the metaphor of Zhuangzi's butterfly dream: in real life, some people cannot distinguish dreams from reality, living long in a "butterfly dream." The article uses this to express expectations for the company's business transformation.
The article states sincerely hopes China Life AMP will seriously understand the essence of "development is the hard truth," focus on company operations, speak with operational results, and eliminate formalism. The company should quickly return to the track of marketization and internationalization, avoid falling into the quagmire of formalism, prevent deceiving superiors and subordinates, and not miss precious development opportunities. Management should truly focus their minds on work, ensure the value preservation and appreciation of state-owned capital invested by the major shareholder, and help holders obtain good returns.
