Ye, the reigning Macau GT Cup winner, was untroubled across the five laps in his TORO Racing Porsche. He made a clean start from pole and was able to keep Craft Bamboo Racing Mercedes driver O'Young at arm's length as he seemingly cruised to victory.
That victory came sooner than expected when O'Young came across some oil on the run to Lisboa.
O'Young's Mercedes pitched into the wall at speed, prompting the race to be red flagged. Officials swiftly determined it wouldn't be restarted.
That sealed the win for Ye, while O'Young was classified second due to a count back to the previous lap.
That means he will share the front row with Ye tomorrow if his Mercedes can be repaired overnight.
"My goal is always to finish the race," said Ye. "I really enjoy this circuit. It's my third year and I still really enjoy it.
"Tomorrow I hope we can do all the laps and enjoy the race."
O'Young, meanwhile, explained his crash: "I didn't expect the slippery surface there. I saw the car was stopped there. I guess there was oil coming out.
"It's not a good way to end the race, obviously. In the qualifying race we always try and keep it clean. It's quite disappointing, I hope the team can fix the car. I'm sure they'll try their best, we'll just have to see what the damage is."
Alex Imperatori was running third early in the race, only for the Meidong Racing Porsche driver to unexpectedly pit at the end of Lap 2.
Luo Kai Luo (TORO Racing Mercedes) then took over third, a position he held until the race was called.
Fourth went to Chen Wei An (Harmony Racing Audi) ahead of Uno Racing Team Aston Martin pair Marchy Lee Ying Kin and David Pun Kwan Lum.
Min Heng (TORO Racing Mercedes) was seventh followed by Billy Lo Kai Fung (ZUVER Audi), Lu Zhi Wei (T.K.R Audi) and Lin Nan (TORO Racing Mercedes).
Imperatori returned to the track a lap down and will start the main race from 14th.