China Life AMP Manager Change: Performance and Compliance Risks

China Life AMP, the insurance fund firm, has changed its general manager. On June 23, the company announced that General Manager E Hua left due to work arrangements, and Liu Zhongjiang took over. Liu previously served as General Manager of the Direct Investment Department and Fixed Income Investment Department of major shareholder China Life.

E Hua served as General Manager from January 2023, a tenure of over three years and five months. Before joining China Life AMP, he was General Manager of China Life's Equity Investment Department.

On the company's website, the slogan reads "Upholding 12 years of original intention, repaying every trust." However, the company's actual performance over the past three years has been less than satisfactory. As of Q1, its non-money fund scale was RMB 181.8 billion, ranking 30th in the industry. The fund types are dominated by bond funds, with equity funds making up a very small portion: stock funds about RMB 10 billion, hybrid funds about RMB 5.6 billion.

As former China Life Equity Department GM, E Hua saw equity fund scale decline over his three-year term, with hybrid funds dropping 50%.

During his tenure, not only did equity fund performance and scale lag, but internal controls also showed significant loopholes. In August 2025, Tianjin Securities Regulatory Bureau imposed penalties on fund manager Li Dan for illegal market manipulation. Previously, in December 2023, Beijing Securities Regulatory Bureau fined Hu Wenbiao, head of the segregated account investment department, 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. Insiders say the company's daily work suffers from excessive meetings and documents. The performance evaluation system does not prioritize returns for holders, deviating from regulatory requirements for high-quality development.

Over the past three years, the major shareholder has dispatched many people to the company, occupying key positions, while heavy work still relies on market hires. This has significantly reduced marketization, severely weakening research and sales capabilities.

Before 2023, China Life AMP was different, with relatively high marketization. The first general manager, Zuo Jiqing, was more willing to uphold principles and maintain corporate governance.

China Life AMP was established in October 2013, co-founded by Zuo Jiqing (former GM of China Life Asset's Fixed Income Department) and Shen Mengyu (former Deputy GM of Risk Management and Compliance). Over 10 years, it grew from nothing to a mid-sized fund firm. By end of 2022, non-money fund scale was RMB 128.5 billion, ranking 31st, with stock funds about RMB 7.6 billion and hybrid funds about RMB 12.8 billion.

At that time, the company valued specialization, with management mainly from market selection, providing strong competitiveness. But after the company scaled up, some from the major shareholder began coveting key positions, demanding appointments. Zuo Jiqing refused to comply, facing huge pressure.

In January 2023, GM Zuo Jiqing, inspector Shen Mengyu, and fixed income investment director Dong Ruiqian left for "personal reasons." After Changning State Capital took over Chunhou Fund, in January 2026, Zuo Jiqing and Shen Mengyu became GM and Deputy GM of Chunhou Fund respectively.

The article uses metaphors of a broken filter and awakening from a butterfly dream, noting that some may not distinguish dreams from reality. It urges China Life AMP to earnestly grasp the essence of "development is the absolute principle," focusing on business performance, eliminating formalism, and quickly returning to marketization and internationalization. Management should truly focus on work, promoting state capital preservation and appreciation, and delivering good returns to holders.