Zhang Yin (entrepreneur)

Zhang Yin
Born	1957 Shaoguan, Guangdong, China
Other names	Cheung Yan
Occupation	Businesswoman
Known for	Founder and chairman of Nine Dragons Paper Holdings Limited

Zhang Yin (; born 1957 in Shaoguan, Guangdong), also referred to by her Cantonese name Cheung Yan, is a leading Chinese businesswoman and ranks among the wealthiest figures in the greater China region. In the 2013 Hurun Report China Rich List, she was positioned as the fourth richest woman and held the 24th spot overall in Mainland China. Zhang is the founder and chairman of Nine Dragons Paper Holdings Limited, recognized as China's largest producer of paper products. The enterprise primarily imports scrap paper from the United States to manufacture cardboard, which is chiefly utilized for packaging goods exported from China.

In January 2007, Zhang was identified as a member of the Chinese People's Political Consultative Conference, an important political advisory organization.

Early life

Originally named Zhang Xiuhua, she was the firstborn among eight siblings and later adopted the name Yin. Her father, Zhang De En, held the rank of lieutenant in the Chinese Workers' and Peasants' Red Army but was incarcerated for three years during the Cultural Revolution due to his rightist political stance. This family history barred her from pursuing higher education, compelling her to enter the workforce early to provide for her family. Nonetheless, her father's ties within the Communist Party subsequently supported her entrepreneurial ventures.

Career

Following a period working as a bookkeeper at a textile factory in Guangdong and completing accounting studies at a trade school, Yin relocated to Shenzhen. There, she took charge of accounting and trading departments at a paper trading firm during Shenzhen's emergence as one of China's special economic zones and export centers.

She discovered potential in Hong Kong's scrap paper market with China through a connection based in Liaoning. Motivated by this opportunity, Zhang Yin established Ying Gang Shen, a paper trading company in Hong Kong in 1985 when she was twenty-eight years old, starting with savings amounting to $3,800.

Confronted with low-quality recycled paper supplies in China, she moved to Los Angeles in 1990 where she launched America Chung Nam alongside her second spouse, Liu Ming Chung. Since 2001, this firm has led as America's top paper exporter and stands as the largest U.S. freight exporter to China by volume.

After returning to Hong Kong in 1995, Zhang branched out into packaging and co-founded Nine Dragons Paper Holdings Limited with her husband and younger brother Zhang Cheng Fei. The company’s headquarters are located in Dongguan. In March 2006, it successfully raised close to $500 million through its initial public offering on the Hong Kong Stock Exchange, with its share price nearly tripling before the end of that year. By 2009, it had invested $800 million to more than double its production capacity, becoming Asia’s first and subsequently the world’s largest manufacturer of packaging paper. By 2011, Nine Dragons reported revenues of US$3.8 billion, employed 17,000 staff members, and operated an annual production capacity of thirteen million tons of containerboard and packaging materials.

Zhang retains control over most strategic decisions; her husband fulfills the role of CEO, while her brother oversees general operations. Their son Lau Chun serves as a nonexecutive director. The day-to-day management is handled by three general managers who are not family members.

Controversy

During the March 2008 session of the Chinese People's Political Consultative Conference, Zhang put forward several tax reform suggestions, such as a 33% reduction in taxes for the wealthiest individuals, lowering tariffs on imported eco-friendly machinery, and amending labor regulations that safeguard low-wage factory employees. These initiatives drew public backlash amid accusations of promoting a "'pro-wealthy' agenda."

On April 15, 2008, SACOM published a report criticizing Nine Dragons for questionable labor practices, particularly focusing on contentious worker penalties outlined in the "Nine Dragons Paper Employee Handbook." Although the company has since discontinued these fines, Zhang defended the company's stance as ethically sound.

Labor unrest at Nine Dragons emerged in December 2007 in reaction to Zhang’s proposed labor law changes and resurfaced in mid-2008 as a response to significant workforce reductions.

Awards

In October 2006, at 49 years old, Zhang became the first female to lead the list of China's wealthiest individuals according to the Hurun Report. By 2010, her net worth was approximated at US$4.6 billion, positioning her as the richest self-made woman worldwide, surpassing notable figures such as Oprah Winfrey and Meg Whitman. Forbes assessed her fortune at US$1.35 billion in November 2006, ranking her as China’s richest woman and fifth overall richest individual at that time. Subsequently, she was overtaken on Forbes’ ranking by 25-year-old Yang Huiyan.

In June 2014, Zhang earned the title of Asian CEO of the Year at the 15th annual Asian Pulp and Paper Conference hosted by RISI.

By July 2016, Forbes estimated her wealth at US$1.12 billion, placing her at #384 among China’s richest (down from #216 in 2014) and #1724 globally.

Personal life

Zhang's initial marriage resulted in one child before ending in divorce. Her second marriage was to Liu Ming Chung, a former dental surgeon from Taiwan who later entered the paper industry; they wed in the United States. The couple has two children residing and studying in the U.S., with their elder son, Lau Chun Shun, serving as a non-executive director at Nine Dragons. Zhang has stated that future leadership succession will be determined based on merit and capability.

She practices Buddhism and holds permanent resident status in the United States.

External links

• Nine Dragons Paper
• America Chung Nam
• (rus) Нашла миллиарды на свалках: история «мусорной королевы»
• Zhang Yin's Trip To Maine