Born in the Zhenhai District of Ningbo in Zhejiang Province and originally called Cheng Zhong (成忠), Ye's father died when he was young leaving the family poverty stricken.

According to The Century-Old Famous Factories and Stores in Shanghai published in 1987, an American businessman hired Ye's boat for a ride in 1862 but left behind a briefcase full of cash and valuables.

[1] In 1890 Ye opened the Xiechang Match Factory (燮昌火柴厂) in Shanghai then in 1897 added branch mills at Hankou in modern-day Wuhan[2] and Suzhou.

[3] Ye established the Chengzhong Middle School [zh] in Shanghai, which was built between 1889 and 1901 where Cai Yuanpei was the first principal and Hu Shih along with Chu Coching two of the first pupils.

By the time of his death in October 1899, Ye's assets were valued at between six and eight million taels of silver,[3] equivalent to one-tenth of the Qing government's annual income.