When the Cultural Revolution came to a close in 1976, her father was released from prison and "rehabilitated." She went to work as an accountant.

After economic change got under way in China in the early 1980s, she moved to the southern coastal city of Shenzhen, one of the first areas in China allowed to experiment with capitalism. There she started working for a foreign-Chinese joint venture paper trading company.

In 1985, she ventured to Hong Kong, which was then still a British colony. Ng Weiting, who was her partner in Hong Kong in the 1980s, says Zhang was driven and tough and had figured out how to get the best performance out of those who worked for her.

"When her employees asked for a pay raise, she would grant it if it was reasonable," he recalled. "But when her employees made mistakes, she would criticize them severely. She made it clear when to reward and when to punish."

Analysts say Zhang's ebullient personality made her a great saleswoman and a savvy deal maker.

There were occasional threats from competitors, but being a woman was not a problem, Zhang said.

"Actually, I didn't find it difficult," she said. "I found men respected me."

After Hong Kong's paper market proved too small for her ambitions, she moved to Los Angeles in 1990 and married for the second time, to Liu Ming Chung, who was born in Taiwan, grew up in Brazil and is fluent in English.

Together, they formed America Chung Nam. At the time, China's fast- growing economy was suffering from shortages of raw materials, and the country began looking overseas for scrap metal and used paper. Zhang Yin was one of the first to sell scrap paper to China.

China's own paper products are poor quality, often made from grass, bamboo or rice stalks. Most paper made in the United States and Europe is derived from wood pulp.

America Chung Nam quickly made deals with American scrap yards and began shipping huge containers of paper back to China. The demand grew so fast that in 1995, Zhang (who also goes by her Hong Kong name, Cheung Yan) returned to China to found Nine Dragons, opening her first paper making facility in Dongguan, a major manufacturing hub in the bustling Pearl River Delta region near Hong Kong. Liu now is the chief executive; Zhang is the chairwoman.

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