Zhang, who already owns 33% of shares, has offered to acquire all of the outstanding shares of the manufacturer.
Zhang offered $2.51 per share. He would fund the transaction through debt and equity.
Ming Yang was China's third largest OEM in the country in the first half of 2015.
Despite the proposal, analysts believe the transaction, if it goes ahead, would not greatly affect the company's strategy or results.
"I do not expect the major impact of the "going-private" transaction on the firm's future stategies and performance. Its Q2 2015 financial figures indicated that net profit grew by more than four times year-over-year, and it is likely that Ming Yang will achieve better financial results in Q3 and Q4 due to the current booming home market," said analyst firm FTI Intelligence director Feng Zhao.
"In addition, the 13th five-year Chinese wind market outlook is expected to further help the firm achieve a stable performance in the future. The preliminary non-binding proposal simply shows the confidence that Zhang has for the future of his firm," said Zhao.
A new ownership structure might make it easier for the company to take greater risks, said Joe Phillips, partner at consultancy Everoze. "A move to private ownership is likely to allow Ming Yang to continue pushing their more innovative technical solutions, which might have been more difficult under public ownership.
"If you are trying to make bold moves it is easier to do that under private ownership. Quite often making bold moves involves having a longer term perspective and being prepared to take a hit in the shorter term," he added.