A new compound with chemical formula YbZn₂As₂ and 'anti'-La₂O₃-type crystal structure (space group P3m1) has been synthesized for the first time. The trigonal lattice constants of the compound are a =0.4157 and c = 0.6954 nm. In the temperature range 77-500 K, the magnetic susceptibility of YbZn₂As₂ follows the Curie-Weiss law, indicating antiferromagnetic interactions of the Yb ions and yielding a Curie temperature θ= -52.8 K and an effective magnetic moment μ_eff = 2.35 μ_B (the Bohr magneton) per Yb ion. This means that a part of the Yb ions has valency 3 +, instead of 2+ for all the Yb ions, as would be expected from their formal oxidation number, i.e. YbZn₂As₂ is a compound with mixed valency of Yb. YbZn₂As₂ exhibits p-type conductivity with a room temperature electrical resistivity of 0.15 Ω cm which decreases when lowering temperature and reaches a practically constant value of 0.08 Ω cm below 20 K.