Boris Kokorev set a new Olympic record after scoring 570 points in the qualification round and 96.4 in the final, winning the gold medal, while places 2 through 5 were occupied by Belarusian and Italian shooters.
Silver medalist Igor Basinski was the ninth man to win multiple medals in the event.
Skanåker was in his seventh Games, having won gold in 1972, silver in 1984 and 1988, and placing in the top 10 in 1976 and 1980 along with his 1992 final appearance.
Wang was the reigning (1994) world champion, with Ukraine's Viktor Makarov the runner-up.
Belarus, the Czech Republic, Kyrgyzstan, Slovakia, Ukraine, and Uzbekistan each made their debut in the event.
Boris Kokorev set a new Olympic record for the final round with 666.4 points.