China Life AMP General Manager Change: E Hua Leaves, Liu Zhongjiang Takes Over; Equity Fund Scale Shrinks over Three Years

Image source: Visual China

Blue Whale News, June 29 The insurance-affiliated fund company China Life AMP has changed its general manager.

On June 23, the company announced that GM E Hua left due to work arrangements, and Liu Zhongjiang succeeded him as GM. Liu Zhongjiang previously served as General Manager of the Direct Investment Department and General Manager of the Fixed Income Investment Department of the major shareholder, China Life.

The outgoing GM E Hua had served as the company's GM since January 2023, spanning three years and over five months. Before becoming China Life AMP's GM, he was the General Manager of China Life's Equity Investment Department.

On the company's official website homepage, the tagline reads: "Staying true to our original aspiration for 12 years, repaying every trust." However, the company's actual operating performance over the past three years has been far from satisfactory. As of the end of the first quarter this year, the company's non-money market fund scale was RMB 181.8 billion, ranking 30th in the industry. However, the fund types were dominated by bond funds, with equity funds accounting for a very small share. Among them, stock funds were about RMB 10 billion, and hybrid funds about RMB 5.6 billion.

As the former head of China Life's equity department, E Hua saw the scale of equity funds not only fail to rise but actually decline during his tenure of three years and over five months. Among them, hybrid funds fell by as much as 50%.

During E Hua's tenure as GM, not only did the performance and scale of equity funds under China Life AMP falter, 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 fined for "rat trading."

Earlier, in December 2023, according to a penalty document from the Beijing Securities Regulatory Bureau, Hu Wenbiao, General Manager of the company's segregated account investment department, was fined for illegal stock trading and market manipulation.

Despite these issues, this did not prevent E Hua from returning to the major shareholder and entering the leadership layer for further promotion. It is reported that in the daily work of China Life AMP, excessive paperwork and meetings are relatively serious. In the company's assessment system, the requirement to make money for holders has not been placed in its proper position, which deviates significantly from the regulator'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 hard work is still mainly done by staff recruited from the market. This has led to a significant reduction in the company's marketization level, resulting in severely insufficient research and sales capabilities.

Before 2023, China Life AMP was not like this; at that time, the company's marketization level was relatively high. The company's first GM, Zuo Jiqing, was relatively assertive in upholding principles and maintaining corporate governance.

China Life AMP was established in October 2013, co-founded by Zuo Jiqing, then GM of the fixed income department of China Life Asset Management Company, and Shen Mengyu, then Deputy GM (presiding) of the Risk Management and Compliance Department, among others.

After the company's establishment, China Life AMP took 10 years to grow from scratch into a medium-sized fund company. By the end of 2022, the company's non-money market fund scale was RMB 128.5 billion, ranking 31st in the industry. Among them, stock funds were about RMB 7.6 billion, and hybrid funds about RMB 12.8 billion.

At that time, the company had relatively high requirements for professionalization, with managers mainly coming from market selection and possessing strong competitiveness.

However, after the company grew its asset scale, some in the major shareholder began to covet certain important positions in the company, demanding to fill them through appointments. Zuo Jiqing was unwilling to cooperate with such unreasonable requests and once endured enormous 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 Capital acquired Chunhou Fund, in January 2026, Zuo Jiqing and Shen Mengyu respectively became GM and Deputy GM of Chunhou Fund.

Over the past three years, the filter of China Life AMP has shattered piece by piece. E Hua and others have realized their butterfly dreams, while the founding generation like Zuo Jiqing and Shen Mengyu have undergone phoenix nirvana.

In the story of Zhuang Zhou dreaming of a butterfly, Zhuang Zhou dreamed that he became a butterfly, feeling free and happy. Upon waking up, he realized that he was clearly still Zhuang Zhou. The reason Zhuang Zhou could become a great wise man is that after waking up, he clearly knew he was Zhuang Zhou, and the flying wings 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 many years of working in enterprises, still cannot transform into competent business operators, living in a butterfly dream for a long time, willing to stay drunk rather than wake up.

We sincerely hope that China Life AMP can seriously study and comprehend the connotation and essence of "development is the hard truth," focus on company operations, let performance speak, and not fall into the quagmire of formalism with active mouths but lazy limbs. The company should return to the track of marketization and internationalization as soon as possible, eliminate formalism, and not reverse direction by deceiving superiors and subordinates, wasting precious development opportunities. The company's management should truly focus their minds on work, ensuring that the state-owned capital invested by the major shareholder maintains and increases its value, and helping holders obtain good returns.