Zhang Changhong (businessman)

Zhang Changhong
Born1958 or 1959 (age 66–67)[1]
EducationSuzhou University of Science and Technology
OccupationFounder of Shanghai DZH
In this Chinese name, the family name is Zhang.

Zhang Changhong (Chinese: 张长虹; born March 1958) is a Chinese entrepreneur and business executive, best known as the founder of Shanghai DZH, a Shanghai-based financial data and software company formerly known as Shanghai Great Wisdom (上海大智慧股份有限公司).[2][3][4] He built DZH into one of China's leading domestic providers of real-time market data and trading software, positioned as a local competitor to international vendors such as Reuters and Bloomberg.[4][5]

Early life and education

Zhang was born in March 1958 in Chengdu, Sichuan.[2][6] He studied at Northwestern Polytechnical University (NWPU) in Xi'an, where university records describe him as a 1984-cohort student who graduated in 1987 with a master's degree in philosophy.[7] After completing his studies, Zhang worked as a teacher at Nanjing Aeronautical School, a predecessor institution of Nanjing University of Aeronautics and Astronautics, before moving into the securities-services industry.[8]

Career

Early career and securities consulting

By the 1990s Zhang was working in the securities-services sector as general manager of the Shanghai Pudong branch of Beijing Wanguo Enterprise Service Co. and later as chairman and general manager of Shanghai Wanguo Stock Appraisal & Consulting, a securities-consulting firm.[9]

In the early 2000s, Zhang put forward a "full circulation" (全流通) plan to resolve the split-share structure, proposing mechanisms under which non-tradable state and corporate shares could gradually obtain trading rights while protecting the market value of existing tradable shares.[7]

Zhang is chairman of DZH, which competes in China with Reuters and Bloomberg.[1]

Founding of Shanghai DZH

In December 2000 Zhang and partners founded Shanghai DZH Investment Consulting Co. Ltd., the predecessor of Shanghai Great Wisdom Network Technology Co. Ltd. with Zhang as legal representative and principal shareholder.[2][7][9] The company initially focused on providing stock-market quotation and analysis software for retail investors through internet-connected terminals and gradually expanded into a broader range of financial data, analytics and trading tools.[7]

Shanghai Great Wisdom (later renamed Shanghai DZH) obtained regulatory approval to list on the Shanghai Stock Exchange and completed its initial public offering in 2011.[5]

On 20 July 2016, the CSRC published an administrative penalty decision concluding that DZH's 2013 annual report contained false information, including inflated revenue and profit figures and misclassified costs, and that the company had overstated its 2013 profit by more than 120 million yuan through practices such as promising customers full refunds on high-priced software packages while recognising the revenue up front, mis-labelling client funds raised for "new share" subscriptions as software sales, booking advertising-contract income prematurely, and deferring recognition of large year-end bonuses.[2][10]

Personal life

He is married and lives in Shanghai, China.[1]

References

  1. ^ a b c "Zhang Changhong". Forbes. Retrieved 2 February 2018.
  2. ^ a b c d "中国证监会行政处罚决定书（上海大智慧股份有限公司、张长虹、王玫等15名责任人员） [China Securities Regulatory Commission administrative penalty decision (Shanghai DZH Co., Ltd., Zhang Changhong, Wang Mei and 15 responsible persons)]". China Securities Regulatory Commission (in Chinese). 20 July 2016. Retrieved 11 December 2025.
  3. ^ "张长虹 [Zhang Changhong]". Northwestern Polytechnical University Alumni Association (in Chinese). 11 July 2022. Retrieved 11 December 2025.
  4. ^ a b "Zhang Changhong". Forbes. Retrieved 11 December 2025.
  5. ^ a b "Falsified annual report comes back to haunt financial data firm's boss". Caixin Global. 29 April 2019. Retrieved 11 December 2025.
  6. ^ "大智慧张长虹过山车人生：从资本市场智囊到财务造假被拘 [DZH's Zhang Changhong's roller-coaster life: from capital-market think tank to detention over falsified accounts]". Beijing News (in Chinese). 9 May 2019. Retrieved 11 December 2025.
  7. ^ a b c d "上海大智慧股份有限公司 [Shanghai DZH Co., Ltd.]". Northwestern Polytechnical University Alumni Association (in Chinese). 28 September 2022. Retrieved 11 December 2025.
  8. ^ "自己告了自己人！董监高被追债3.35亿，背后有大智慧？ [Suing his own people: directors and executives pursued for 335 million yuan—what role does DZH play?]". Sina Finance (in Chinese). 22 February 2023. Retrieved 11 December 2025.
  9. ^ a b "大智慧虚增利润张长虹涨了薪被罚后选择辞职 [After inflated profits and a pay rise, DZH's Zhang Changhong chooses to resign following penalty]". Sina Finance (via Jiemian) (in Chinese). 25 July 2016. Retrieved 11 December 2025.
  10. ^ "被罚禁入证券市场 大智慧董事长辞职 [Fined and banned from the securities market, DZH chairman resigns]". Xinhua News Agency (in Chinese). 25 July 2016. Retrieved 12 December 2025.


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