China Life AMC GM Changes: Review of Performance and Internal Control Disputes

Blue Whale News, June 29 (Reporter Qi Heping) The general manager of insurance-affiliated fund company China Life Asset Management (AMC) has changed.

On June 23, the company announced that GM E Hua left due to work arrangements, and Liu Zhongjiang took over as GM. Liu Zhongjiang previously served as General Manager of the Direct Investment Division and General Manager of the Fixed Income Investment Division of majority shareholder China Life Insurance.

E Hua, who stepped down as GM, had served as GM since January 2023, spanning a little over three years and five months. Before becoming GM of China Life AMC, he was General Manager of China Life's Equity Investment Division.

On the company's official website homepage, the slogan reads: 'Upholding the original intention for 12 years, rewarding every trust.' However, the company's actual operating performance over the past three years has been less than satisfactory. As of the end of the first quarter this year, the company's non-money market fund scale was 181.8 billion yuan, ranking 30th in the industry. The fund types are mainly bond funds, with equity funds accounting for a very small share: approximately 10 billion yuan in stock-type and 5.6 billion yuan in hybrid-type.

As former General Manager of China Life's Equity Division, E Hua saw the scale of equity funds overall not only fail to increase during his tenure of three years and five months but actually decline. Among them, hybrid fund scale fell by as much as 50%.

During E Hua's tenure as GM, not only were the performance and scale of China Life AMC's equity funds lackluster, but the company's internal control also repeatedly exposed significant loopholes.

Controversies During Tenure: Equity Scale Decline and Internal Control Penalties

In August 2025, an administrative penalty document from the Tianjin Securities Regulatory Bureau showed that fund manager Li Dan was fined for 'insider trading.'

Earlier, in December 2023, an administrative penalty document from the Beijing Securities Regulatory Bureau showed that Hu Wenbiao, General Manager of the Special Account Investment Department, was fined for illegal stock trading and market manipulation.

The article also pointed out that China Life AMC suffers from severe 'meeting mania and document overload' in daily work. In the company's assessment system, the requirement to make money for fund holders was not given the proper position, which deviated significantly from the CSRC's requirements for high-quality development.

Over the past three-plus years, the major shareholder sent many people to the company, occupying many important positions, while hard and tedious work mainly came from market recruitment. This led to a significant reduction in the company's marketization level, resulting in severely inadequate investment research and sales capabilities.

From 'Marketization' to Appointment Disputes: Historical Tenure Comparison

The article traces back that before 2023, China Life AMC was not like this. At that time, the company's marketization level was relatively high.

The company's first GM, Zuo Jiqing, was relatively strong in adhering to principles and maintaining corporate governance.

China Life AMC was established in October 2013, co-founded by Zuo Jiqing, then GM of China Life Asset's Fixed Income Department, and Shen Mengyu, Deputy GM (presiding) of the Risk Management and Compliance Department, among others.

After the company's establishment, China Life AMC grew from nothing to become a medium-sized fund company in 10 years. 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-type funds were about 7.6 billion yuan, and hybrid-type about 12.8 billion yuan.

At that time, the company had high requirements for professionalization, with the management mainly selected from the market, possessing strong competitiveness.

However, after the company expanded its asset scale, some people in the major shareholder began to covet some important positions, demanding appointments by delegation. Faced with such unreasonable demands, Zuo Jiqing was unwilling to comply and once endured 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 Capital took over Chunhou Fund, in January 2026, Zuo Jiqing and Shen Mengyu became GM and Deputy GM of Chunhou Fund, respectively.

Conclusion: Hope for a Return to Business Orientation and Marketization Track

The article concludes with the metaphor 'the filter is broken, the butterfly dream has awakened,' expressing hope that China Life AMC will seriously study and understand the connotation and essence of 'development is the absolute principle,' focus on company operations, speak with operational performance, and eliminate formalism.

The article also mentioned that the company should return to the track of marketization and internationalization as soon as possible, not fall into the quagmire of formalism, and the management should truly focus on work, promote the preservation and appreciation of state capital, and help holders achieve good returns.