"At that time, we didn't have technicians, so we could only go to the state-owned businesses to secretly recruit them for work at my factory on weekends," Ye continued.

It was then that Ye understood the importance of technology. Without technology, there can be no good products, and without a good product there will be no clients. Therefore, he strictly controlled the technological standards and ceaselessly improved upon them. The paint factory grew bit by bit, after which he went on to set up two chemical plants.

Know thyself, and thy market

Ye has the unique business shrewdness possessed by Fujian people. Starting with nothing, he successively invested in and founded three chemical factories and acquired one state-owned pharmaceutical plant. From the establishment of the bio-diesel plant to the successful IPO of the company, only a very brief five-year period passed.

The idea of producing bio-diesel fuel originated from Ye's survey of Europe. Seeing the bio-diesel industry developing for over 10 years in Europe, he thought that bio-diesel must have a vast future, as China's economy is rapidly developing, and its need for fuel will grow ever larger. Yet international oil prices increase with each passing day.

In 2001, he established Fujian Longyan Excellence New Energy Development. Currently, the company's second phase expansion project is about to be finished, and the Xiamen branch factory is also in the midst of construction. After its completion, the company will annually produce 100,000 tons of bio-diesel fuel.

"When foreign countries produce bio-diesel fuel, they use canola oil and soybean oil. This way, the cost is too high," Ye said. Consequently, Ye began to sear

ch for various types of information. He found out that the Dalian Petroleum Engineering Research Institute studied the use of waste grease for making bio-diesel fuel, and it was very cheap.

"There are so many restaurants in China that each one can have 2-2.5 kg of drainage oil. It would be better for us to turn that into fuel," Ye said.

Starting from this train of thought, Ye immediately began to assemble a research team. Based on nearly 10 years of research and practical experience in the chemical industry, he constructed a laboratory and industrial applied science research facilities. In this manner, he created both patented technology and facilities for large-scale production.

As of now, the company has assumed responsibility for the country's core research and development (R&D) of bio-diesel fuel. Up to today, R&D expenses have already accumulated up to 20 million yuan, with development of the technology already relatively mature. In 2005, with a profit margin of 27 percent, it was positioned in the front line of the country's bio-diesel plants.

Ye also established a national network of raw material purchase. In the beginning, his manager, for the sake of searching for waste grease, waited at every restaurant for the arrival of the drainage oil peddler in order to get in contact with him. It was like this, speaking with one peddler after another, that they built the national raw material purchasing network. They also went to neighboring countries of China such as Malaysia and Thailand, establishing an overseas purchasing network. To possess for oneself such a large purchasing network, one would of course buy from wherever is cheapest, allowing the company to avoid as much as possible being limited by raw material suppliers.

After solving the problems of equipment, technology, and raw materials, he began to consider sales. Bio-diesel is new-concept energy. What should be done if people do not understand it? Ye believes that good things should be tested fearlessly. Pricing of bio-diesel is lower than that of petroleum diesel. As a result, he selected the marketing strategy of "Try first, pay later." At the time, his employees were all concerned as every day tons of bio-diesel were delivered without immediate payment.