Zhang was born and raised in Shanghai, where his father worked as an accountant, Bloomberg reported. Zhang earned a bachelors degree in finance from the Shanghai University of Finance and Economics, according to his biography on Alibaba's website. Zhang is also a certified accountant, according to Fortune.
Early in his career, Zhang held positions at game developer Shanda Interactive Limited and PricewaterhouseCoopers, according to his biography on Alibaba's website.