The referee waved off the fight, giving "Big Bang" the victory. Zhang controlled the action and felled Wilder with a huge punch in the fifth round.
Frank Warren and Queensberry Promotions, who triumphed 10-0 over Matchroom and Eddie Hearn by winning all five of their fights, brought an end to a spectacular evening.
Before the bout, Zhang and Wilder had both suffered defeats over Joseph Parker; Wilder's came in December, while Zhang's came in March.
As demonstrated in the Joseph Parker battle, Wilder was once again unable to release his hands and deliver his typical potent blows, despite his claims to the contrary throughout the build-up.
Everything changed in round five when Zhang landed a powerful right hook that knocked Wilder off balance. He then followed it up with another massive right hand that caught Wilder off guard when he was turned in the corner, sending the "Bronze Bomber" flying to the mat.
"I had to stay out of Wilder's way, and during the battle, I managed to take his right hand away. I respect him a lot even though I have parried a few of his strong blows.
Parker was the stronger man that evening, so it was a fair loss for me, but I gained a lot of knowledge from the battle. I underestimated Parker when I overconfidently knocked out Joe Joyce. It's the champion's journey now. Big Bang is still in existence.
In addition to Zhang's victory, Queensberry defeated Matchroom with a resounding one-sided victory, and Daniel Dubois won the interim IBF heavyweight title by stopping Filip Hrgovic with cuts in the eighth round.
In addition, Nick Ball defeated Ray Ford by split decision to win the WBA featherweight championship, and Willy Hutchinson defeated Craig Richards by unanimous decision. Hamzah Sheeraz also triumphed via knockout over Ammo Williams.
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