Chop the scallion and red chili and set aside. Heat the vegetable oil in a wok on medium heat until it is just reaching the smoking point or about 300 degrees F. Make sure that the oil is hot before cooking the egg. That way it will not stick to bottom of the wok.
Cook the eggs one at a time. It will only take about a minute to cook each egg. If you prefer the yolk to be fully cooked just cook it for another minute. Cracks open an egg and drop it into the middle of the wok. Use a wok spatula to pour hot oil over the top of the egg continuously until the it reaches the desired doneness. Remove the egg from the oil and drain thoroughly.
Serve the fried egg immediately over a bowl of rice and topped with the soy sauce, ground white pepper, scallion and chili.