China's Gao Tingyu won the men's 500m speed skating gold with a new Olympic record at the Beijing Winter Olympics on Saturday.

The 24-year-old clocked a winning time of 34.32 seconds, beating the previous Olympic mark of 34.41 set by Haavard Holmefjord Lorentzen of Norway at the 2018 PyeongChang Games.

Gao is China's first ever male Olympic gold medalist in speed skating.

"It's completely a dream come true," exclaimed Gao, who wrapped himself in China's national flag in tears as spectators at the National Speed Skating Oval, dubbed the Ice Ribbon, rose to their feet with loud applause and cheers.

"I said it, and I made it," Gao said, noting that he was resolved to change the color of his medal after claiming a bronze in the 500m at the PyeongChang Games.

"I really appreciated my coach Liu Guangbin for his efforts over the past years. He has been so devoted that he even has no time for his family," he added.

Speaking of breaking the Olympic record, Gao joked: "It's shameful if you win a gold without breaking the Olympic record at the Ice Ribbon."

The Ice Ribbon has witnessed eight new Olympic marks and one world record lowered in eight events ever since the speed skating competitions got underway from February 5.

Cha Min-kyu of South Korea seized the silver in 34.39 seconds, while Wataru Morishige of Japan finished third in 34.49 seconds.

The men's team pursuit quarterfinals and women's 500m final are scheduled for Sunday.