China Life AMP Asset Management general manager replacement: three-year performance and internal control disputes
Insurance-affiliated fund company China Life AMP Asset Management has changed its general manager. On June 23, the company announced that GM E Hua left due to work arrangements, and Liu Zhongjiang succeeded 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 had been GM since January 2023, serving about three years and five months. Before becoming GM, he was General Manager of China Life's Equity Investment Division.
The company's official homepage slogan reads 'Upholding our original intention for 12 years, rewarding every trust'. However, the article mentioned that actual operating performance over the past three years is hardly 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; fund types were mainly bond funds, with equity funds accounting for a small proportion. Among them, equity funds were about 10 billion yuan, and hybrid funds about 5.6 billion yuan.
The article pointed out that during E Hua's tenure as GM, the scale of China Life AMP's equity funds overall did not increase but declined; hybrid funds fell by as much as 50%. At the same time, the article mentioned that the company's internal control also showed significant loopholes.
Penalty records and internal control disputes
The article noted that in August 2025, an administrative penalty document from the Tianjin Securities Regulatory Bureau showed that fund manager Li Dan was punished for 'rat trading'.
Earlier, in December 2023, a penalty document from the Beijing Securities Regulatory Bureau showed that Hu Wenbiao, General Manager of the company's segregated account investment department, was punished for illegal stock trading and manipulating the securities market.
From performance to governance: article's criticisms
Despite these issues, the article said this did not prevent E Hua from returning to the major shareholder and entering leadership for further promotion. The article also mentioned that China Life AMP's daily work suffers from serious 'meetings and paperwork', and that in its performance evaluation system, the requirement to make money for holders is not given its due place, deviating from the requirements of high-quality development.
The article further stated that over the past three years, the major shareholder has sent many people to occupy important positions, while hard and tiring work is mainly done by market hires, leading to a significant reduction in the company's marketization degree and a serious shortage of investment research and sales capabilities.
Historical stage comparison and management style evaluation
The article reviewed that before 2023, China Life AMP had a relatively high degree of marketization. The company's first GM, Zuo Jiqing, was considered relatively courageous in adhering to principles and maintaining corporate governance.
The article introduced that China Life AMP was established in October 2013, founded by Zuo Jiqing (former GM of China Life Asset's Fixed Income Division) and Shen Mengyu (former Deputy GM of Risk Management and Compliance Department, presiding over work), among others.
The article said that after its establishment, the company grew from scratch to become a mid-sized fund company in 10 years. By the end of 2022, the company's non-money fund scale was 128.5 billion yuan, ranking 31st in the industry; equity funds were about 7.6 billion yuan, hybrid funds about 12.8 billion yuan. At that time, the article believed that professionalism requirements were high, and the management was mainly selected from the market with strong competitiveness.
The article pointed out that as asset scale grew, some in the major shareholder began to covet important positions, demanding appointments through assignment; Zuo Jiqing was unwilling to cooperate and faced great pressure. The article mentioned that in January 2023, the company's GM Zuo Jiqing, Ombudsman Shen Mengyu, and Fixed Income Investment Director Dong Ruiqian resigned for 'personal reasons'. The article also mentioned that after Changning State Capital took over Chunhou Fund, Zuo Jiqing and Shen Mengyu respectively served as GM and Deputy GM of Chunhou Fund in January 2026.
Article's closing: call to return to marketization and operational performance
The article closed with metaphors of 'filter shattered, butterfly dream', combined with the meaning of 'Zhuang Zhou dreaming of a butterfly', suggesting that some managers in reality may find it hard to distinguish dreams from reality.
The article finally expressed a sincere hope that China Life AMP would seriously understand the essence of 'development is the hard truth', intensify company operations, speak with operational performance, avoid falling into formalism; return as soon as possible to marketization and internationalization tracks, eliminate formalism, oppose regression that deceives superiors and subordinates; and require management to focus on work, preserve and appreciate state-owned capital, and help holders achieve good returns.
