China Life AMP Equity Management Reflection: Shattered Filters and Three-Year Changes
Blue Whale News reported on June 29 (reporter Qi Hezhong) that the general manager of insurance-affiliated fund company China Life AMP has been replaced.
On June 23, the company announced that GM E Hua resigned due to work arrangements, and Liu Zhongjiang took over as GM. 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 GM, served in the role from January 2023, a total of three years and five months. Before becoming GM of China Life AMP, he was the general manager of the equity investment department of China Life.
On the company's homepage, the slogan reads: "Adhering to 12 years of original intent, reciprocating every trust." However, the company's actual operating performance in 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, the fund types are dominated by bond funds, with equity funds accounting for a very small proportion. Among them, stock funds are about 10 billion yuan, and hybrid funds about 5.6 billion yuan.
As the former head of equity at China Life, during his three years and five months as GM, the scale of equity funds generally did not rise but fell. Among them, hybrid fund scale decreased by 50%.
During E Hua's tenure, not only did the performance and scale of equity funds under China Life AMP lag, but internal controls also exposed significant loopholes in succession.
In August 2025, according to an administrative penalty document from the Tianjin Securities Regulatory Bureau, fund manager Li Dan was penalized for "rat trading."
Previously, in December 2023, according to a penalty document from the Beijing Securities Regulatory Bureau, Hu Wenbiao, general manager of the company's dedicated account investment department, was penalized for illegal stock trading and market manipulation.
Despite these issues, it did not affect E Hua's return to the major shareholder for further promotion into leadership. It is reported that in the daily work of China Life AMP, excessive meetings and documents are relatively serious. In the company's assessment system, the requirement to create returns for holders has not been placed in its proper position, which deviates significantly from the CSRC's requirements for high-quality development.
Over the past three years, the major shareholder of China Life AMP has dispatched many people to the company, occupying important positions, while the tough and heavy work mainly remains recruited from the market. This has led to a significant reduction in the company's marketization level, with severely insufficient investment research and sales capabilities.
Before 2023, China Life AMP was not like this; at that time, its degree of marketization was relatively high. The company's first GM, Zuo Jiqing, was relatively strong in adhering to principles and maintaining corporate governance.
China Life AMP was established in October 2013, co-founded by Zuo Jiqing, former GM of the fixed income department of China Life Asset Management Company, and Shen Mengyu, former deputy GM (presiding) of the risk management and compliance department, among others.
In the ten years after establishment, China Life AMP grew from nothing to a mid-sized fund company. By 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 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, with management mainly coming from market selection, possessing strong competitiveness.
However, after the company expanded its asset scale, some people in the major shareholder began to covet some important positions in the company, demanding appointments through delegation. Zuo Jiqing was unwilling to cooperate with such unreasonable demands and once bore tremendous pressure.
In January 2023, GM Zuo Jiqing, Inspector Shen Mengyu, and Fixed Income Investment Director Dong Ruiqian resigned due to "personal reasons." After Changning State-owned Assets stepped into Chunhou Fund, in January 2026, Zuo Jiqing and Shen Mengyu became GM and deputy GM of Chunhou Fund, respectively.
In the past three years, the filters of China Life AMP have 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 he became a butterfly, feeling utterly carefree. Upon waking, he found himself clearly Zhuang Zhou. Zhuang Zhou could become a great sage because he clearly knew he was Zhuang Zhou after waking, and the wings flying in the dream were borrowed from the butterfly.
In real life, some people cannot distinguish between dreams and reality. Some state-owned enterprise cadres, after years of service in enterprises, still cannot transform into qualified business operators, living long in the butterfly dream, hoping to be drunk and never wake up.
We sincerely hope that China Life AMP can seriously study and understand the connotation and essence of "development is the absolute principle," focus on company operations, speak with business performance, and not fall into the quagmire of formalism, mouth diligent but body lazy. The company should return to the track of marketization and internationalization as soon as possible, avoid formalism, and not deceive superiors and subordinates by reversing course, missing precious development opportunities. The management should focus their minds on work, ensure the preservation and appreciation of state-owned capital invested by major shareholders, and help holders obtain good returns.