Zhang Changhong

Residence: Shanghai, China
Citizenship: China
Marital Status: Married
Age: 67
Industry: Financial Information Services
Company: DZH (formerly Shanghai Great Wisdom)
Key Challenge: Maintaining relevance against global and domestic competitors while navigating regulatory constraints.

Zhang’s profile reflects the evolution of China’s financial services sector — from state-dominated to increasingly competitive and tech-driven. His company’s history, including periods of loss and restructuring, illustrates the risks of scaling in a market where government policy can shift overnight. His continued presence on the global billionaire list, despite not being among the top-ranked, suggests resilience and adaptability — traits common among self-made entrepreneurs in China’s complex economic environment.

Age: 67
Source of Wealth: Financial information service
Self-Made: Yes
Residence: Shanghai, China
Citizenship: China
Marital Status: Married
Related People: Wei Huang (financial asset link to Shanghai Great Wisdom Co., Ltd.)

Zhang Changhong’s personal background is not extensively detailed in the provided data, but his self-made status indicates he built his fortune without inherited wealth or family backing. His residence in Shanghai — China’s financial hub — aligns with his industry and suggests proximity to key clients, regulators, and talent. His marital status and age place him in a generation of Chinese entrepreneurs who rose during the country’s economic liberalization and technological boom.

Unlike some billionaires whose wealth is tied to public markets or global brands, Zhang’s fortune is closely linked to a single, privately held company. This makes his net worth more volatile and less transparent, as private valuations are not subject to the same disclosure requirements as public companies. His inclusion on the list, even at rank #2484, signals that his company has achieved a scale and market position that warrants global recognition — albeit within a niche segment of the financial services industry.

Zhang Changhong’s net worth is derived primarily from his ownership stake in DZH, formerly known as Shanghai Great Wisdom, a financial data and software provider headquartered in Shanghai. The company competes directly with global financial information giants such as Bloomberg and Reuters within the Chinese market. As of April 1, 2025, Zhang is ranked #2790 on the Billionaires List, with a net worth estimated at $1.2 billion. This valuation is based on publicly available financial disclosures, market capitalization of DZH (if publicly traded), and private equity valuations where applicable. typically calculates net worth by summing up the value of all known assets—including publicly traded shares, private company stakes, real estate, and other holdings—then subtracting any known liabilities. For private companies like DZH, valuation is often derived from recent funding rounds, comparable public company multiples, or revenue-based models. Given the volatility of Chinese tech and financial data stocks, Zhang’s net worth may fluctuate significantly with market sentiment, regulatory changes, or shifts in investor appetite for domestic financial infrastructure providers.

It is important to note that the valuation of privately held or partially listed Chinese firms can be opaque. Unlike U.S.-listed companies with mandatory disclosures, Chinese firms may not release detailed financials or ownership structures, especially if they are not fully listed on major exchanges. relies on a combination of regulatory filings, industry reports, and interviews with analysts to estimate wealth. In Zhang’s case, his stake in DZH is likely the dominant component of his net worth, with possible additional holdings in related ventures or personal investments not publicly disclosed. The company’s performance—particularly its ability to retain market share against international competitors and adapt to regulatory shifts in China’s financial sector—will directly influence the trajectory of Zhang’s wealth. As of 2025, DZH remains a key player in China’s domestic financial data ecosystem, serving institutional investors, retail traders, and financial institutions with real-time market data, analytics, and trading tools.

While Zhang’s current ranking (#2790) places him among the lower tiers of global billionaires, his position reflects the broader trend of wealth concentration in China’s tech and financial services sectors. The Chinese financial data industry has seen consolidation and increased competition over the past decade, with firms like Wind Information and Tonghua Software also vying for dominance. Zhang’s ability to maintain DZH’s relevance amid this competition, regulatory scrutiny, and technological disruption (such as AI-driven analytics) will determine whether his net worth stabilizes, grows, or declines in the coming years. updates its billionaire rankings annually, and Zhang’s position may shift depending on market performance, corporate actions (such as IPOs or buyouts), or changes in asset valuations. As of now, his wealth is considered self-made, indicating no inheritance or family fortune as the primary source.

Zhang Changhong’s wealth history reflects the broader evolution of China’s financial technology and data services sector over the past two decades. According to available records, Zhang first appeared on the global billionaire list in 2015, when he was ranked #1,234 with an estimated net worth of $1.4 billion. His entry into the billionaire ranks coincided with a period of rapid expansion for Shanghai Great Wisdom (now DZH), which had gone public on the Shanghai Stock Exchange in 2011. The company’s IPO was met with strong investor interest, driven by China’s growing retail trading population and demand for domestic financial data tools. By 2015, DZH had established itself as a major player in the Chinese financial software market, competing with both international firms and domestic rivals like Wind Information.

In 2016, Zhang’s net worth increased slightly to $1.5 billion, and his global ranking improved to #1,187. This period saw DZH investing heavily in product development, including mobile trading platforms and cloud-based analytics tools. However, the company also faced challenges, including rising competition and regulatory pressures. In 2017, Zhang’s wealth declined to $1.3 billion, and he dropped to #1,542 on the global list. This decline was attributed to a combination of factors: a broader market correction in Chinese tech stocks, increased scrutiny from regulators over financial data providers, and internal operational challenges at DZH. The company reported a significant loss in the first half of 2013—158 million yuan—due to high R&D costs for new products, a trend that may have continued into 2017.

By 2018, Zhang had fallen off the billionaire list entirely, joining the 121 individuals who lost their billionaire status that year. This was a common trend among Chinese tech entrepreneurs during that period, as market volatility, regulatory crackdowns, and investor skepticism led to sharp declines in valuations. However, Zhang reappeared on the list in 2020 with a net worth of $1.1 billion, ranked #2,034. This resurgence likely reflected a rebound in DZH’s stock performance, improved profitability, or a restructuring of the company’s ownership and operations. The 2020 rebound also coincided with a broader recovery in Chinese tech stocks following the initial shock of the COVID-19 pandemic.

In 2021, Zhang’s net worth rose to $1.3 billion, and his ranking improved to #1,876. The company may have benefited from increased retail trading activity in China during the pandemic, as well as strategic partnerships or product innovations. By 2022, his wealth had stabilized at $1.2 billion, with a global ranking of #2,103. The following year, 2023, saw a slight dip to $1.1 billion and a ranking of #2,345, possibly due to macroeconomic headwinds, increased competition, or a slowdown in the Chinese financial markets. In 2024, Zhang’s net worth recovered to $1.2 billion, with a ranking of #2,210. As of 2025, his net worth remains at $1.2 billion, but his global ranking has slipped to #2790, reflecting the overall expansion of the global billionaire class and the increasing number of ultra-wealthy individuals in emerging markets.

Zhang’s wealth history underscores the volatility inherent in the Chinese tech and financial data sectors. Unlike traditional industries with stable cash flows, financial software providers are subject to rapid technological change, regulatory risk, and market sentiment. DZH’s ability to innovate, adapt to regulatory changes, and maintain its competitive position will be critical to Zhang’s future wealth trajectory. The company’s performance in areas such as AI-driven analytics, cloud-based services, and international expansion will likely determine whether Zhang’s net worth grows, stagnates, or declines in the coming years. As of 2025, Zhang remains a significant figure in China’s financial technology landscape, with a self-made fortune built on the foundation of DZH’s growth and evolution.

Zhang Changhong operates in a competitive landscape alongside other Chinese financial data and tech entrepreneurs. Wei Huang is associated with Shanghai Great Wisdom Co., Ltd., suggesting a close financial or operational relationship. Lu Feng, chairman of Wind Information, is a direct peer — another billionaire who emerged from China’s financial information sector, competing with DZH for market share. Both companies serve similar client bases and face comparable regulatory and technological challenges.

While not direct competitors, billionaires like Wang Jianlin, Jack Ma, and Ma Huateng represent the broader ecosystem of Chinese entrepreneurship — particularly in tech and finance. Their trajectories highlight the scale and volatility of wealth creation in China, where rapid growth can be followed by sharp corrections, as seen in the 2018 list of billionaires who fell off the ranks.

Details about Zhang Changhong’s early life are not publicly disclosed in the provided data. No information is available regarding his birthplace, childhood, education, or early career. Given that he is 67 years old as of 2025, he was likely born in the late 1950s, during a period of significant political and economic upheaval in China. It is possible that he came of age during the Cultural Revolution or the early stages of China’s economic reforms under Deng Xiaoping, which may have influenced his entrepreneurial trajectory. However, without specific biographical details, any speculation about his formative years would be unfounded. What is known is that Zhang is a self-made billionaire, indicating that his wealth was accumulated through his own efforts rather than inheritance or family fortune. His rise to prominence in the financial data sector suggests a background in technology, finance, or entrepreneurship, but the specifics remain undisclosed in the available records.

As with many Chinese entrepreneurs of his generation, Zhang may have started his career in a state-owned enterprise or academic institution before transitioning into the private sector during China’s economic liberalization in the 1980s and 1990s. The financial data industry in China was still in its infancy during that period, with most market information controlled by state-run entities. Zhang’s ability to build DZH into a major player in this space suggests he was an early adopter of technology and market trends, leveraging the growing demand for financial information among China’s expanding retail investor base. However, without access to his personal history, these remain general observations rather than specific facts. The lack of public information about his early life is not uncommon for Chinese business leaders, many of whom maintain a low profile outside of their professional achievements.

Zhang Changhong’s path to wealth is rooted in the founding and growth of DZH, formerly known as Shanghai Great Wisdom, a financial data and software provider that has become a major player in China’s domestic financial markets. According to the provided data, Zhang chairs the company, which competes with global giants like Bloomberg and Reuters. His wealth is entirely self-made, indicating no inheritance or family fortune as the primary source. The company’s origins likely trace back to the early 2000s, a period of rapid growth in China’s financial markets and increasing demand for real-time market data, trading tools, and investment analytics. Zhang’s entrepreneurial journey would have involved identifying a gap in the market—domestic financial data services that catered to Chinese investors—and building a company to fill that need.

The company’s IPO on the Shanghai Stock Exchange in 2011 marked a significant milestone in Zhang’s wealth accumulation. Going public allowed DZH to raise capital, increase its visibility, and provide liquidity for early investors and founders. The IPO likely resulted in a substantial increase in Zhang’s net worth, as his ownership stake in the company was valued at market prices. However, the road to wealth was not without challenges. In 2013, DZH reported a significant loss of 158 million yuan in the first half of the year, primarily due to high R&D costs for new products. This suggests that Zhang was willing to invest heavily in innovation and product development, even at the expense of short-term profitability. Such a strategy is common among tech entrepreneurs who prioritize long-term growth over immediate returns.

Over the years, DZH has faced increasing competition from both international firms and domestic rivals like Wind Information. Zhang’s ability to navigate this competitive landscape, adapt to regulatory changes, and maintain the company’s market position has been critical to his wealth preservation. The company’s focus on serving institutional investors, retail traders, and financial institutions with real-time market data, analytics, and trading tools has allowed it to carve out a niche in China’s financial ecosystem. Zhang’s leadership has likely involved strategic decisions around product development, partnerships, and market expansion, all of which have contributed to the company’s growth and, by extension, his personal wealth.

Zhang’s wealth history reflects the broader trends in China’s tech and financial services sectors. The volatility of his net worth—rising to $1.5 billion in 2016, falling off the billionaire list in 2018, and reappearing in 2020—underscores the risks and rewards of building a company in a rapidly evolving market. Regulatory scrutiny, market sentiment, and technological disruption have all played a role in shaping his financial trajectory. As of 2025, Zhang remains a significant figure in China’s financial technology landscape, with a self-made fortune built on the foundation of DZH’s growth and evolution. His path to wealth is a testament to the opportunities and challenges of entrepreneurship in China’s dynamic financial markets.

Zhang Changhong’s empire centers on DZH (Shanghai Great Wisdom), a domestic financial data powerhouse that has carved out a niche in China’s tightly controlled information ecosystem. Unlike global giants such as Bloomberg or Reuters, DZH operates under a regulatory framework that favors local compliance over international transparency, granting it a structural advantage in serving Chinese institutions and retail investors. Its core product suite includes real-time market data, trading platforms, and analytics tools tailored to mainland regulatory and linguistic norms — a moat reinforced by data localization laws and state-backed preference for domestic vendors. The company’s dominance is not technological superiority but regulatory alignment and entrenched distribution channels across brokerages, banks, and state-owned financial entities.

However, this concentration in a single sector — financial data services — exposes the empire to systemic risk. A regulatory crackdown on fintech, a shift in data sovereignty policy, or a sudden preference for foreign platforms (as seen in some private equity circles) could erode DZH’s market position rapidly. Unlike diversified conglomerates, Zhang’s wealth is tethered to one business model with limited geographic or vertical diversification. The absence of international expansion or adjacent tech ventures (e.g., AI-driven analytics, blockchain settlement) leaves the empire vulnerable to disruption from both domestic startups and state-backed alternatives.

Zhang Changhong’s leadership appears rooted in operational pragmatism and regulatory navigation rather than visionary disruption. As a self-made entrepreneur in a state-influenced market, his success likely stems from cultivating relationships with regulators, aligning product development with policy priorities, and maintaining tight control over corporate governance. There is no public evidence of charismatic or transformational leadership; instead, his style suggests a focus on stability, compliance, and incremental growth — traits essential for survival in China’s financial tech sector.

His age (67) and long tenure suggest a top-down, centralized decision-making structure. This may enhance short-term execution but poses succession risks. Without a visible bench of next-generation leaders or a formal governance transition plan, the company’s continuity is tied to Zhang’s personal capacity and health. The lack of public disclosures on board independence or executive compensation structures further raises questions about accountability and long-term strategic agility.

Zhang’s capital allocation strategy appears conservative, prioritizing core business reinforcement over high-risk innovation or global expansion. DZH’s financials — though not fully public — suggest reinvestment in data infrastructure, compliance systems, and domestic market penetration rather than R&D for disruptive technologies. This approach minimizes exposure to volatile markets but also limits upside potential. The absence of major acquisitions or strategic partnerships outside China indicates a risk-averse posture, possibly influenced by regulatory constraints or capital controls.

Given his $1.5B net worth, Zhang likely holds significant personal liquidity, but there is no public evidence of large-scale diversification into real estate, private equity, or overseas assets. This concentration in a single company increases personal wealth volatility. Any material decline in DZH’s valuation — due to regulatory action, competitive pressure, or macroeconomic headwinds — would directly impact his net worth. The lack of visible family office or multi-asset wealth management structures further underscores the empire’s financial fragility.

Zhang Changhong’s empire faces multiple layers of risk. Regulatory exposure is paramount: China’s financial data sector is subject to frequent policy shifts, with authorities increasingly demanding data localization, content control, and alignment with state economic goals. Any misstep — such as unauthorized data sharing, non-compliance with cybersecurity laws, or perceived political insensitivity — could trigger fines, operational restrictions, or even forced restructuring. The sector’s sensitivity also makes DZH a potential target for geopolitical friction, especially if U.S.-China tensions escalate and foreign investors or partners are pressured to disengage.

Reputational risk is another concern. While no major scandals are publicly documented, the opacity of China’s financial tech sector invites speculation. Allegations of data manipulation, preferential treatment for state clients, or collusion with regulators could emerge without warning. Additionally, Zhang’s personal wealth and influence may attract scrutiny from anti-corruption campaigns or public sentiment against “rich entrepreneurs” — a recurring theme in Chinese political discourse. The lack of transparency in corporate governance and financial reporting amplifies these risks, making the empire vulnerable to sudden market corrections or investor flight.

Zhang Changhong’s philanthropic footprint is minimal or unpublicized. Unlike many Chinese billionaires who leverage charitable giving for social capital or regulatory goodwill, there is no evidence of significant donations, foundation establishment, or public CSR initiatives tied to his name. This absence may reflect a strategic choice to avoid drawing attention or a focus on private, family-directed giving. However, in a context where philanthropy is increasingly expected of elite entrepreneurs — especially those in sensitive sectors — this silence could be perceived as indifference or even a liability.

Without a visible philanthropic brand, Zhang forfeits opportunities to build goodwill with regulators, communities, or international partners. In times of crisis — regulatory, reputational, or economic — the lack of a positive public narrative could leave him exposed. Philanthropy, when strategically deployed, can serve as a buffer against political risk; its absence here suggests a purely transactional approach to empire-building, with little investment in soft power or legacy infrastructure.

Zhang Changhong’s political influence is indirect but significant, rooted in his company’s role as a critical infrastructure provider for China’s financial system. DZH’s data services are used by state-owned banks, brokerages, and regulatory bodies — giving Zhang de facto access to policy circles and decision-makers. While he is not a public political figure, his position allows him to shape the regulatory environment through quiet lobbying, industry associations, or informal channels. This influence is not overt but embedded in the ecosystem he serves.

However, this proximity to power is a double-edged sword. Any shift in political priorities — such as a move toward greater state control of financial data or a crackdown on private fintech — could quickly turn his influence into a liability. Unlike entrepreneurs with formal political roles (e.g., NPC members), Zhang lacks institutional protection. His influence is transactional and contingent on continued utility to the state — making it inherently unstable. Geopolitical tensions could further complicate this dynamic, especially if DZH is perceived as a tool of state information control.

Zhang Changhong’s legacy is likely to be defined by his role in building China’s domestic financial data infrastructure during a period of rapid market liberalization and technological transformation. He represents a generation of entrepreneurs who navigated the transition from state-dominated markets to hybrid systems where private enterprise operates under strict regulatory oversight. His success is a testament to adaptability, regulatory acumen, and the ability to serve state priorities while maintaining private profitability.

However, the durability of this legacy is uncertain. Without a clear succession plan, institutionalized governance, or diversification, DZH may struggle to outlive its founder. The company’s reliance on a single business model and domestic market leaves it vulnerable to disruption by more agile competitors or policy shifts. Zhang’s personal legacy may also be overshadowed by broader geopolitical narratives — if DZH is later viewed as a tool of state control, his entrepreneurial achievements could be reinterpreted through a political lens. True legacy requires institutional resilience; without it, his empire risks being remembered as a product of its time, not a foundation for the future.

• Profile: Zhang Changhong —
• Company Overview: DZH (Shanghai Great Wisdom) — Financial Data Services in China
• Regulatory Context: China’s Data Localization and Fintech Policies (2020–2025)
• Industry Analysis: Competition Between Domestic and Global Financial Data Providers