The leadership team at Changsheng Life Insurance is undergoing a significant transition.
This shift may signal the conclusion of a five-year search for a strategic investor for the insurer, raising questions about whether the road ahead is smooth or fraught with challenges.
Exclusive information reveals several key developments at the company. Firstly, the position of General Manager, which had been vacant for a year and a half, has now been filled. Secondly, following the retirement of the former Chairman due to age, the positions of Party Secretary and Chairman have been logically reassigned. Thirdly, with the search for a strategic investor having cooled, the "CIC system" is reportedly planning to initiate an internal restructuring process.
It is understood that three previously interested parties—Tencent, JD.com, and Zijin Property & Casualty Insurance—have ultimately withdrawn from the process for various reasons, including strategic shareholding obstacles, alternative opportunities, and local state-owned enterprise priorities. With Changsheng Life's latest listing in June 2026, is it now facing a cold reality?
Feedback from various sources suggests that in the current environment, Changsheng Life may forge a new, unprecedented path. In early June 2026, following a leadership change at the National Financial Regulatory Administration (NFRA), the new head, Ding Xiangqun, outlined priorities of "strict supervision, risk mitigation, and countering 'involution'." This meeting, seen as setting the tone for the industry, placed special emphasis on resolving risks at small and medium-sized financial institutions.
Given that major shareholders Great Wall Asset Management and China Investment Corporation (CIC) are core central state-owned enterprises with rigid responsibilities, it is believed they will fulfill their primary responsibilities to ensure operational and policyholder stability, regardless of the progress or any changes in the strategic investor search or equity disposal.
New Leadership Takes Helm, Ushering in the "Lu-Zhou" Era
Exclusive information confirms that Zhou Jie, who had been serving as the Deputy General Manager in charge of operations, has been formally promoted to General Manager, with his resume updated on the company's official website. Meanwhile, Lu Yi, the candidate recommended internally by major shareholder Great Wall since the latter half of 2024, has been serving as the Party Secretary for about a year. CIC approved the retirement application of the former Chairman in February of this year.
According to public information on Changsheng Life's website, Zhou Jie's title has been officially changed from Deputy General Manager (in charge of operations) to General Manager.
This concludes a year-and-a-half vacancy for the General Manager position, which began after former General Manager Shen Yibo left in early 2025.
Zhou Jie, a seasoned insurance professional born in the 1970s, is a veteran manager from the shareholder side. He has been with Changsheng Life for 17 years, starting in the IT department and holding roles across technology, channels, and administration, with extensive experience in both branch and head office management.
Born in July 1972, Zhou Jie is 53 years old. He graduated from Heilongjiang University with a degree in Computer Software and holds the title of Senior Economist. His career path shows a typical transition from "technology" to "management." He began in technical roles at the Agricultural Bank of China's Heilongjiang branch in 1996, moved to financial and operational management at Great Wall Asset Management's Harbin office in 2000, and joined Changsheng Life's predecessor in 2009. Over 17 years, he has held various positions including Deputy General Manager of the IT Department, acting head of the Jiangsu branch, and head of intermediary and bancassurance businesses. He entered the senior executive ranks in February 2016 when approved as the Board Secretary. In November 2024, it was reported he would take over operations, and by July 2025, he was approved as Deputy General Manager (in charge of operations). Now, with the website update, his role has transitioned from "in charge" to formally "steering the ship."
During the 18-month vacancy, Zhou Jie stabilized the situation in his acting capacity.
Notably, the change in the Chairman position has progressed almost simultaneously. The incumbent Chairman, Yang Guobing, born in 1965, has reached the retirement age of 60. It is exclusively learned that CIC approved his retirement application in February, completing the internal approval process.
Yang Guobing, a veteran of the asset management company sector, previously worked at the People's Bank of China, Industrial and Commercial Bank of China, and China Huarong Asset Management. He joined Great Wall Asset Management as Assistant President in 2018, was promoted to Vice President in 2022, and has served as Chairman of Changsheng Life since 2021.
With Yang's retirement, an era of nearly five years under Great Wall's leadership is drawing to a close. His successor is the current Party Secretary of Changsheng Life, Lu Yi.
Lu Yi previously served as the General Manager of Great Wall Asset Management's Yunnan branch. Public records show she took over that role in October 2022 and stepped down in January 2025. She first appeared publicly as the "Party Secretary" of Changsheng Life in October 2025. She has been transitioning in the Party Secretary role for about a year.
It is exclusively learned that CIC had recommended Lu Yi as the new Chairman candidate as early as the second half of 2024. Her qualification for the Chairman role is currently under review. Once approved, Changsheng Life will officially form a new core leadership team of "Lu and Zhou."
The executive team at Changsheng Life has generally been stable. The most recent change was in August 2025 when the Japanese shareholder appointed a new Deputy General Manager, Teruhisa Ohama. Other key executives include Financial Officer Zhou Liping, General Manager Assistant & Chief Investment Officer Lü Zhidong, and Chief Actuary & Chief Risk Officer He Huili.
Overall, the Japanese shareholder, Nippon Life Insurance Company, retains one Deputy General Manager seat, while key middle and back-office positions like finance, actuarial, and compliance are controlled by the Chinese side. This structure maintains the typical "Sino-foreign balance" of a joint venture while allowing decision-making flexibility for potential future internal integration.
Internal Restructuring Within the "CIC System" Emerges as Latest Option
According to the latest information obtained, with the search for a strategic investor having cooled, Changsheng Life's future may involve internal integration within the "CIC system." Three directions are being considered: acquisition by China Reinsurance Group, takeover by New China Life Insurance Company Ltd. (NCI), or temporary management by another insurer.
All parties are actively working to resolve Changsheng Life's solvency issues, and more significant information is expected to be released in the near future.
CIC, through Central Huijin, directly holds stakes in five insurance companies including China Export & Credit Insurance Corporation, China Reinsurance Group, NCI, Zhonghui Life, and China Agricultural Reinsurance. It also indirectly holds shares in insurers like China United Insurance, Bairong Life, Changsheng Life, and Guoren Property & Casualty Insurance through its AMC channels. According to sources close to CIC, two directions are already under discussion: China Re and NCI.
Option one is a full acquisition by China Reinsurance Group. Based in Beijing with a registered capital of 42.48 billion yuan, China Re is the country's sole reinsurance group, with Central Huijin holding about 71%. As a core member under Huijin, its business covers property reinsurance, life reinsurance, asset management, and insurance brokerage. Its only direct insurance subsidiary is China Continent Property & Casualty Insurance, and it has long lacked a life insurance direct underwriting arm. Acquiring Changsheng Life would allow China Re to complete its full industry chain from property to life direct insurance and from reinsurance to direct insurance, holding significant strategic value. The advantages of an acquisition include relatively controllable costs, preservation of the valuable life insurance license, and minimal disruption to the existing operational framework.
However, while acquiring Changsheng Life at the current valuation might be a good option, large state-owned enterprises must consider multiple factors, and its realization remains uncertain. Notably, Japanese shareholder Nippon Life still holds 30% of Changsheng Life but has shown no intention to increase capital, and China Re has no history of holding a high stake in a joint venture institution.
Option two involves NCI taking over. As another insurance institution within the CIC system, if NCI were to take over, two paths exist. One is a practical approach similar to how Ping An Insurance (Group) Company Of China, Ltd. handled Founder Guardian Life Insurance. The other is a merger and acquisition, which, while unprecedented in China's current industry, was common in Japan's insurance industry in the 1990s.
The feasibility of the second path is also judged in relation to the current economic situation and regulatory direction. The NFRA's new head's emphasis on "strict supervision, risk mitigation, and countering 'involution'" in June 2026, with a focus on resolving risks at small and medium-sized financial institutions, is seen as a clear signal. The industry interprets this as a move to reduce the number of small institutions—seen as a root cause of "involution"—through mergers or exits.
Taking this step now presents significant challenges, as it would be a systemic project requiring new legislation. It may be an inevitable move but difficult to achieve in one step. The advantages of an absorption merger include rapidly expanding the business footprint through regional synergy with Changsheng Life's network, resolving internal competition within the Huijin system, and aligning with the regulatory push for "reducing quantity and improving quality."
Given Changsheng Life's current situation, any institution taking it over would need to inject capital. In the current economic climate, any potential acquirer would weigh the decision carefully, and regulators would need to balance various factors to provide guidance.
According to the latest information from Beijing, the possibility of Changsheng Life being placed under the temporary management of another insurer also exists. Among the several plans under consideration, the method to address the immediate crisis may not differ from previous approaches. However, the long-term path remains undetermined.
Regardless of the outcome, as core central state-owned shareholders, Great Wall Asset Management and CIC bear the responsibility to fulfill their duties. They are expected to use their own capital and resources to underwrite the company's solvency and operational stability, fully ensuring business continuity and policyholder protection.
Why Potential Investors Like Tencent and JD.com Withdrew
It is understood that previously keenly interested parties have gradually cooled on Changsheng Life. This is a primary reason why, following its latest listing in early June 2026, internal discussions within the "CIC system" about the insurer's future have begun.
Tencent was once seen as the party closest to investing in Changsheng Life. Late last year and early this year, Tencent conducted due diligence. It was understood that Tencent considered adjusting its shareholding in other insurers to acquire a controlling stake in Changsheng Life, but this plan ultimately failed to materialize for specific reasons.
If Tencent's withdrawal was a missed opportunity, JD.com's shift might be attributed to an unexpected "windfall." JD.com also once considered Changsheng Life a key target to fill a crucial gap in its financial portfolio with a life insurance license. However, after one opportunity was missed due to complications, at a critical juncture, JD.com received a substantial offer from a local government, which may have included not just a license but also land resources, tax incentives, and industrial support. Faced with such an alternative, JD.com's decision to turn away is understandable.
Besides internet giants, there was also interest from within the insurance industry, specifically Zijin Property & Casualty Insurance. As a local state-owned financial platform controlled by the Jiangsu provincial government, Zijin P&C could have used Changsheng Life's license to achieve a dual-license (P&C and life) layout. However, this plan also stalled, as Jiangsu province prioritized the internal integration of its financial resources.
After several near-misses with potential strategic investors, Changsheng Life listed its capital increase and strategic investment project on the Beijing Property Rights Exchange from June 1 to 22, 2026, with remarkably low barriers: no limit on the number of interested parties, negotiable reference price, and no earnest money deposit. However, the company clarified this was for promotional communication, not formal listing conditions.
Clearly, with prospects appearing dim, the current focus has shifted to internal integration within the "CIC system." The final outcome remains uncertain and subject to change, but it is possible that Changsheng Life could become a case for a new form of resolution.
At a Critical Juncture After 18 Years of Operation
Changsheng Life, originally known as Guotai-Nissay Life, was the first Sino-Japanese joint venture life insurance company approved to operate in China. It was established in 2003 by Shanghai Guotai and Nippon Life Insurance. In 2009, Great Wall Asset Management took over the 50% stake held by Shanghai Guotai. Through a capital increase in 2015, Great Wall Asset Management gained control, introducing a new shareholder, Great Wall Guofu (a wholly-owned subsidiary), with a combined investment of 867 million yuan. As Nippon Life did not participate in the increase, the final shareholding became Great Wall Asset Management 51%, Nippon Life 30%, and Great Wall Guofu 19%, a structure that remains today.
Equity adjustments have also influenced the appointment of the company's top leaders. Since Great Wall Asset Management increased its stake from 50% to 70% in 2015, Changsheng Life broke the pattern of a Chinese-appointed Chairman and a Japanese-appointed General Manager. Since then, the company has had five Chairmen and four General Managers.
From Guotai-Nissay to Changsheng Life, from Shanghai Guotai to Great Wall Asset Management, and now to potential internal integration under Central Huijin—after 23 years of ups and downs and cumulative losses exceeding 1.5 billion yuan, this company, which once carried the mission of exploring Sino-foreign joint venture life insurance, has finally reached a crossroads.
Whether it is acquired by China Re, absorbed by NCI, or finds another path, Changsheng Life is poised for a new chapter in 2026. Its situation reflects the challenges small and medium-sized financial institutions must face under the tide of "reducing quantity and improving quality," and the market awaits their future development.
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