Two years later, they founded Yantai Jereh, which grew into a major supplier of oilfield equipment and services for oil and gas drilling, natural gas liquefaction and environmental control.
Wang Kunxiao, president of Yantai Jereh Oilfield Services Group (Jereh), has become a new billionaire as shares of the Chinese oil and gas service provider he co-founded with fellow billionaire Sun Weijie surged more than 60% this year amid an shale gas equipment boom in China.