Top-ranked Yani Tseng was third at 68, ending the Taiwanese star’s streak of eight consecutive rounds with the lead.
The five-time major champion has won two tournaments in a row and three of five this season.
Yang and Wright have never won on the LPGA Tour.
Yang, from South Korea, made five birdies in seven holes around the turn at Mission Hills in the first major of the year.
Wright, from Australia, had five birdies on her back nine.
Michelle Wie opened with 73, and defending champion Stacy Lewis had four consecutive bogeys in 74.
EUROPEAN TOUR: In Sciacca, Sicily, Peter Lawrie led the Sicilian Open by a stroke after shooting 8-under-par 64 in the opening round.
Lawrie, whose only win on the European Tour came at the 2008 Spanish Open, had nine birdies and a bogey on the par-4 13th at the Verdura Golf and Spa Resort.
Jamie Donaldson, attempting to win his first tournament in 249 attempts, had five birdies and an eagle in his 65 to move into a share of second with Soren Kjeldsen and Tano Goya.
Teenager Matteo Manassero had birdies on two of his last three holes for 72.
Defending champion Raphael Jacquelin shot 68, Rich Beem bogeyed his last hole to finish at 69.
Former Augusta State golfer Scott Jamieson is tied for 22nd with 12 others after opening with 68.
Other ex-Jaguars in the field include Gary Murphy (71), Oliver Wilson (72) and Jamie Elson (73).