Meet 'Milk Tea Sister' Zhang Zetian, China’s youngest female billionaire and wife of one of its richest self-made tycoons

Born in 1993 in eastern China’s Nanjing, Zhang first earned her top spot in 2017, when she appeared on Chinese business magazine New Fortune’s top 500 rich list at age 24, according to Business Insider.

But long before she tied the knot with Liu, who founded e-commerce giant JD.com and ranked 42nd on Forbes’ 100 Richest in China last year, Zhang was already an internet celebrity in China when she was in high school.

A photo of her in a ponytail and school uniform, casually holding a cup of milk tea, went viral in 2009 and earned her the enduring nickname "Milk Tea Sister" for her sweet, innocent good looks, The Straits Times reported.

Her popularity grew further when acclaimed director Zhang Yimou invited her to appear in "The Flowers of War," though she turned down the offer to concentrate on education.

A national aerobics champion, Zhang went on to earn early admission to Tsinghua University, one of China’s most prestigious schools.

She met Liu, 19 years her senior, during her time on an overseas study program in the U.S. Though the couple initially denied rumors of a relationship, they married in 2015.

Zhang was already expecting their first child by the time of their wedding in October that year. Their daughter was born the following year.

Zhang Zetian, considered China's youngest female billionaire. Photo from Zhang's Instagram

After marrying Liu, Zhang took an active role in developing JD’s fashion and luxury portfolios and eventually came to be known as its chief fashion adviser.

Much of JD’s growth in fashion and luxury came after Zhang joined, including the launch of official Sephora and Luxottica stores on its platform in 2015, the debut of an "Italian Fashion Mall" on its site in partnership with Milan Fashion Week, and its introduction of emerging Chinese designers to New York and London Fashion Weeks.

Beyond that, Zhang has also broadened her investments, including a stake in Uber, through Liu’s family fund portfolio.

In 2017, she was tapped by baby formula company Bubs Australia to promote its products in China. She also acquired a 17% share in the venture via her investment firm, according to News.com.au.

Last year, Italian luxury brand Tod’s appointed Zhang as its brand ambassador, as reported by Jing Daily.

In a list published by research firm Hurun last January, Zhang was named the third-richest among Tsinghua University’s alumni with a reported net worth of 60 billion yuan (US$8.4 billion).

This put her behind two other alumni: Wang Xing, the 46-year-old founder of food delivery giant Meituan, and Xu Hang, the 63-year-old founder of property developer Parkland Group. The ranking stirred online buzz, with netizens expressing skepticism over the size of Zhang’s reported wealth.

Hurun later explained that her fortune is calculated jointly with her husband, Richard Liu, according to the South China Morning Post.

Although Zhang has not faced any serious public controversy, Liu was embroiled in a high-profile lawsuit in 2018, when a former University of Minnesota student accused him of rape, according to The Global Times.

He was arrested on suspicion of felony rape, but prosecutors ultimately declined to press criminal charges due to "serious evidentiary problems." The case was settled out of court in 2022, the same year Liu stepped down as CEO of JD.com.

Afterward, Liu praised Zhang for her steadfast support throughout the ordeal, saying: "Without her, I couldn't have made it to this day. I will cherish, care for, and protect my family."

Richard Liu Qiangdong, left, Chairman and CEO of JD.com, and his wife Zhang Zetian attend the 90th anniversary ceremony of Liu Qiangdong's alma mater, Suqian middle school, in Suqian city, east China's Jiangsu province, 28 October 2017. Photo by Imaginechina via AFP

Despite her central role in JD’s fashion initiatives, Zhang told Tatler Asia in a 2017 interview that she did not care much for fashion until she started university in Beijing.

"I guess moving to the capital made me more aware of my wardrobe," she said. "And then, when I spent one year in New York as an exchange student at Barnard College... That city really opened my eyes to the potential of fashion."

Since taking on her role, Zhang has shared images from the company’s fashion campaigns on her personal social media accounts, blending her professional and personal life.

Asked if she ever sleeps, she laughs: "I do. I have a full life, that’s for sure. But I wouldn’t have it any other way."