Lord of Shanghai

In the 1930s, a new government is formed in Shanghai, where several foreign powers carve out for themselves sovereign "concessions". In the French Concession, the big three tycoons in Shanghai, KIU NGO-TIN, CHAK KAM-TONG and KUNG SIU-SHAN, jointly establish a monopoly, Sam Heng Company, on the opium trade, gaining dominant control over the area. SHUN-KIT, an opium addict, is caught red-handed stealing some opium and suffers severe injuries after a bouncer called SCARFACE savagely beats him up, following which SHUK-KIT's father, KAI-WAH, is stabbed to death while trying to save his own son. In the wake of this, the students who are protesting against drug abuse and opium trading also join the conflict, during which they even set fire to burn the opium. Having heard this, NGO-TIN not only decides not to pursue the liability for the damage, but also orders to release the student protesters. KAM-TONG is the first Chinese Chief Inspector in the French Concession, and he is so arrogant that he does not even show much respect to their Captain, FIORI. KAM-TONG takes SCARFACE, one of SIU-SHAN's henchmen, into custody, which exacerbates SIU-SHAN's discontent. Endeavoring to address the conflict between KAM-TONG and SIU-SHAN and pour oil on trouble waters, NGO-TIN has been racking his brains all day. After NGO-TIN wakes up, his wife CHO YUET-LAN lights the opium pipe for him. However, NGO-TIN recalls that he was blamed by SAU-LIN while paying tribute to the late KAI-WAH, and immediately he puts down the pipe. Meanwhile, the cotton mill of Lai's family needs a loan, so LAI SIU-HONG intends to borrow money from the bank, without knowing that his father KWOK-TUNG has already borrowed money from NGO-TIN. Therefore, SIU-HONG nurses a grievance against his father for associating with gangsters. With NGO-TIN asking LAU MEI-KAM for a favor, MEI-KAM goes to question SIU-SHAN whether he is about to cross KAM-TONG, reminding him that they should not go up against each other as the three of them have joined forces to battle their way up to the top of the social ladders...

In order to comply with the new government's drug regulation, Chief Inspector CHUN-NGOK is trying his best to crack down on opium stalls; whereas CHEUK MAN-KWAN, who has been recently appointed by the new government as the Commissioner for Narcotics, intends to build a good relationship with NGO-TIN for effective implementation of the drug prohibition law. NGO-TIN would like their company to stop participating in the opium trade, to which SIU-SHAN is immediately opposed, claiming the profit they gain from the casino is less than 10% of the profit they reap from the opium trade. Having returned from France, SIU-SHAN's son, HOK-YIU, goes to have a get-together with his good friends, KING-CHUEN, SIU-HONG and the others. Meanwhile, KAM-TONG and the other Chief Inspectors are all summoned by MAN-KWAN, who urges them to implement the drug prohibition law, therefore, KAM-TONG has someone hide the opium stored in his warehouse. On the other hand, KAM-TONG invites his mistress, CHUK YEE-HUNG, to perform songs in Paramount. Though the lady boss, YIU KWAI-SENG, is afraid that their business might get affected negatively, KAM-TONG emphasizes that he is actually the big boss there. While NGO-TIN is throwing a party for HOK-YIU, KAM-TONG suddenly shows up. Seeing their presence, SIU-SHAN out of the blue gets down on his knees to apologize to KAM-TONG...

For the sake of YEE-HUNG, KAM-TONG goes to a pier where he almost falls into a trap. Fortunately with SIU-HONG's help, he has a narrow escape, on the heels of which he reprimands YEE-HONG for getting him into trouble. To express his gratitude to SIU-HONG for helping KAM-TONG, NGO-TIN wants to give SIU-HONG some gifts but SIU-HONG rejects this. Thinking there might be a mole in the company, KAM-TONG gets suspicious of NGO-TIN, so he goes to question NGO-TIN. NGO-TIN not only indicates that it's CHUN-NGOK who wants to suppress KAM-TONG, but also reveals his own plan to KAM-TONG. CHUN-NGOK meets up with MAN-KWAN to snitch on KAM-TONG for having concealed illicit opium. MAN-KWAN then goes to have a word with NGO-TIN, requesting him to surrender the opium, otherwise, he will have to close down their Sam Heng Company. Seeing that KAM-TONG sends someone to tail after her, YEE-HUNG cannot help feeling upset. Later, when KAM-TONG is about to leave the police station, one of his subordinates goes to inform him that YEE-HUNG has returned to her hometown of Wuxi. As such, KAM-TONG decides to look for her. Just as NGO-TIN's men are getting ready to hand over the opium to MAN-KWAN, out of the blue, a group of men in black snatch the opium and run away. Having heard this, MAN-KWAN is convinced that the big three tycoons are the masterminds behind the whole thing, and he thereby commands them to hand over the opium within 24 hours. Otherwise, he will send troops to besiege their Sam Heng Company...

NGO-TIN greets KOO SIU-LAU after watching the Peking opera, surprisingly, SIU-LAU responds that she does not know him at all. Seeking an urgent meeting with SIU-SHAN and KAM-TONG to discuss business, NGO-TIN reveals to them that he wants to stop participating in the opium trade, and then apply for an official gambling license. KAM-TONG intends to view the accounting books of Paramount, but KWAI-SENG refuses to cooperate, leaving KAM-TONG no other choice but to ask NGO-TIN to help persuade KWAI-SENG to surrender the assets of Paramount. Meanwhile, KWAI-SENG is heartbroken after learning from her subordinate, FOOK, that KAM-TONG is going to marry YEE-HUNG. Upon NGO-TIN's return home, YUET-LAN asks him whether he knew about SIU-LAU's return to Shanghai. It turns out that SIU-LAU is YUET-LAN's fellow sister and they both learned to perform Peking Opera in Beiping years ago. Paying a visit to SIU-LAU, YUET-LAN happens to see her being insulted by NGAN-HING and the others, so she decides to take SIU-LAU to stay temporarily at the Eight Points Guild. SIU-HONG discovers the Japanese set fire to the cotton mill, following which he turns to NGO-TIN and laments that knowledge alone is no match for power; whereas NGO-TIN thinks highly of SIU-HONG, hoping to cooperate with him in the future...

Following the murder of the Commissioner for Narcotics MAN-KWAN, YAT-LEUNG suspects the big three tycoons were involved in the murder case, so he orders HON LAP to form a special investigation team, bringing them in for an interview, yet SIU-SHAN fails to show up. HON LAP then goes to meet up with SIU-SHAN, who claims that he has no idea what's going on as he went to Hangzhou the day before. In an attempt to knock down the big three tycoons, CHUN-NGOK deliberately points the finger at SIU-SHAN. Though HON-LAM and the others want NGO-TIN to expose SIU-SHAN, SIU-HONG on the contrary knows very well that NGO-TIN is reluctant to do so. KAM-TONG arrives at KWAI-SENG's home only to find out that KWAI-SENG has already left. Through his discussion with SIU-HONG, NGO-TIN gets inspired and learns the way to solve the problem. Just as YAT-LEUNG issues an order for SIU-SHAN's arrest, NGO-TIN suddenly appears, pointing out that he received a new tip-off with regard to the case. SIU-SHAN heaves a sigh of relief after the saga draws to a close, following which he unexpectedly blames MEI-KAM for seeking aid from NGO-TIN. While privately tendering his gratitude to NGO-TIN for his assistance, HON LAP wants to befriend with NGO-TIN, who agrees to do so without hesitation.

KAM-TONG informs everybody that he has taken over the accounting books of Paramount, so from then on, he gains total control of the business of Paramount. Summoning KAM-TONG, FIORI reveals that he is going to promote KAM-TONG to Senior Consultant, though there will be only two people left who will work for him. With someone wreaking havoc in Paramount, KAM-TONG is determined to strike back at all cost, on top of which he even intends to join forces with the Chaozhou Gang in a bid to duke it out with SIU-SHAN. KWAI-SENG's subordinate, FOOK, begs NGO-TIN to lend a hand to tackle the infighting, so NGO-TIN tells him to go to Hangzhou and bring back KWAI-SENG. Making an excuse, SIU-SHAN suggests that MEI-KAM should go on a trip with HOK-YIU in Hangzhou while pretending that he is also going with them. KAM-TONG goes to meet up with the Chaozhou Gang only to find himself fallen into a trap. During the gunfight between SIU-SHAN and KAM-TONG, HON LAP makes a sudden appearance to arrest them. SIU-SHAN snatches a car in an attempt to flee, but is besieged by heavily armed soldiers. Later on, NGO-TIN goes to visit KAM-TONG in jail, trying his best to convince KAM-TONG to lay aside his hatred. Going to the Eight Points Guild to look for YUET-LAN, NGO-TIN out of the blue sees SIU-LAU teaching her fellow sister how to perform the play "MUK KWAI-YING Takes Command"...

(Flashback) It's the 1920s when the whole country is fractured politically during the North-South split. Working at KAI-WAH's fruit stall, young NGO-TIN barely ekes out a living and couldn't care less about the political unrest. Suddenly, Miss KING shows up and forces CHI-CHING to prostitute herself to pay off a debt, so NGO-TIN and MAN-LUNG impersonate themselves as police officers, driving away Miss KING. It turns out that NGO-TIN, who just lost his father, comes to Shanghai in search of his younger sister SIU-LEI. As the North-South peace conference will be held soon in Shanghai, KAM-TONG is under orders to rectify the city. During a police raid on the brothel named Yee Heung Garden, KAM-TONG encounters Madam KWAI-SENG and is completely overwhelmed by her beauty. NGO-TIN sneaks into the backstage to watch a play, and runs into SIU-LAU as a result. After catching a kid stealing, NGO-TIN teaches him a lesson, however, the kid turns out to be SIU-SHAN's son HOK-YIU. Having heard this, SIU-SHAN immediately leads his men to seek vengeance. Meanwhile, DING-BONG and the other revolutionaries are plotting an assassination attempt, suddenly, NGO-TIN knocks on the door...

With FIORI commanding KAM-TONG to bring the criminal to justice, KAM-TONG instructs TIM to act with due care and make no mistakes because he himself is just an inch away from getting promoted to the Chief Inspector. Having learned that SIU-LEI is acquainted with the revolutionaries, NGO-TIN leads MAN-LUNG back to DING-BONG's place to look for SIU-LEI. NGO-TIN is captured by SIU-SHAN, fortunately, MEI-KAM goes to his rescue. Though Miss KING points it out to KWAI-SENG that it's hard for her to run the Yee Heung Garden on her own, and she should seek aid from KAM-TONG, KWAI-SENG frankly admits that she is no equal to KAM-TONG in terms of the social status. NGO-TIN spots some revolutionaries while waiting for SIU-LEI, so he immediately goes to look for KAM-TONG after learning where they hide. Seeing a local bully IRON HEAD wreaking havoc in his stall, NGO-TIN goes to seek aid from SIU-SHAN, who has befriended NGO-TIN since. After KAM-TONG is promoted to the first Chinese Chief Inspector, KWAI-SENG is very happy for him, but she is still reluctant to get close to him. To her surprise, KAM-TONG forsakes the opportunity of attending the Frenchmen's party, and comes to look for her.

Eventually, NGO-TIN manages to find SIU-LEI, who however refuses to go to pay tribute to her late father. With TING-HENG's subordinates investigating that the revolutionaries are still in Shanghai, KAM-TONG, who finds himself sneered at and made a fool of, flies into a rage, commanding his men to arrest the remnants of the revolutionaries within three days. According to DING-BONG's associates, the situation is getting tense, so DING-BONG agrees to leave, yet he bumps into KAM-TONG's men upon his departure. After watching a movie, KAM-TONG and KWAI-SENG walk to a park, where KWAI-SENG is ambushed by someone who is later subdued by KAM-TONG. Back to the gang, KWAI-SENG tries to find out the culprit, however, all the senior members of the gang accuse KWAI-SENG of stealing their business. The police receive a tip-off and find out about DING-BONG's hideout location. As soon as SIU-LEI learns that DING-BONG was held in police custody, she is plainly distraught. Through the other revolutionaries, NGO-TIN overhears that SIU-LEI is in danger; whereas SIU-LEI, in order to save DING-BONG, out of the blue wraps a bomb on herself...

With the North-South peace conference ending up in failure, SIU-SHAN and NGO-TIN see the soldiers out looting unscrupulously, which inspires SIU-SHAN to find an easy way to make more money. Once again, NGO-TIN goes to the theatre in an attempt to visit SIU-LAU, but is kicked out. Having heard that SIU-LAU is in the Eight Points Guild, NGO-TIN then leads the others to go there and quietly peek into the place, but eventually he is noticed. Ever since KAM-TONG returned from France, he has not contacted KWAI-SENG yet. Surprisingly, he arranges to meet up with KWAI-SENG and even propose marriage to her. On the other hand, seeking to take revenge against KAM-TONG for what he has done to CHI-CHING, MAN-LUNG smudges KAM-TONG's car. SIU-LAU gives NGO-TIN the tickets for the play "MUK KWAI-YING Takes Command", so NGO-TIN and the others go to watch the show and out of the blue, they are attacked. By the time NGO-TIN regains his consciousness, he is already at home. As for SIU-LAU, she is thrilled with joy after learning that SHEUNG MAN-BUN applauds her performance. SIU-SHAN and NGO-TIN run into the wedding procession of KAM-TONG and KWAI-SENG, getting some inspiration. Meanwhile, NGO-TIN plans to send a gift to SIU-LAU, unexpectedly, things turn out contrary to the way he wishes...

(End of flashback) Back to the 1930s when NGO-TIN is standing on the summit of his power, he inquires with YAT-LEUNG about the gambling license application processing time, but 4YAT-LEUNG just tells him to wait patiently. Using his father's failing health as an excuse, MAN-BUN goes to meet SIU-LAU again, begging her not to break up. Meanwhile, YUET-LAN informs that NGO-TIN has invested and formed a new troupe, intending to invite SIU-LAU to perform. KWOK-TUNG's cotton mill has recorded a drastic decline in business, so KWOK-TUNG decides to fold the company. As for SIU-SHAN, he starts currying favor with YAT-LEUNG as he holds YAT-LEUNG's military power in high regard. Seeing that YAT-LEUNG is looking for some French wine, SIU-SHAN immediately promises to find him some. NGO-TIN meets up with SIU-HONG and KING-CHUEN, seeking a second opinion as to what kind of new business they could invest in, so SIU-HONG proposes opening a bank. With SIU-LAU telling MAN-BUN about her new show, MAN-BUN goes to have a word with NGO-TIN, following which he urges SIU-LAU to turn down the offer and sever ties with YUET-LAN forever, on the pretext of avoiding her reputation being damaged. Finally, NGO-TIN decides to invest in KWOK-TUNG's cotton mill in a bid to compete with the Japanese ones. After learning that SIU-SHAN refuses to invest in the cotton mill, MEI-KAM becomes so angry that she even intends to leave him.

HON LAP asks NGO-TIN to hang out and have a drink, during which he mentions that SIU-SHAN has been tying up with YAT-LEUNG. In order to flatter YAT-LEUNG, SIU-SHAN not only pro-actively contacts the French wine merchandiser, but also tells HOK-YIU to be his translator. However, SIU-SHAN is still unable to purchase the wine for YAT-LEUNG. Predicting that YAT-LEUNG will soon be ousted from power, NGO-TIN also suspects that there is someone else behind HON LAP as his boss. Following the death of MAN-BUN's father, NGAN-HING points out that SHEUNG's family reputation will be inevitably harmed once SIU-LAU shows up at the funeral. As such, MAN-BUN forbids SIU-LAU from attending the funeral. TING-TING goes to the cotton mill to look for SIU-HONG, only to find him so happy chatting with NGO-TIN, so she advises SIU-HONG to keep a distance from NGO-TIN. Upon his return to the police station, KAM-TONG comes to realise that TING-HENG has been promoted to the Chief Inspector. Meanwhile, the business of Paramount keeps losing money, yet YEE-HUNG just wants to have fun and live it up, causing KAM-TONG some big headaches. After MAN-BUN makes some arrangements with the others regarding his late father's funeral in the Eight Points Guild, he emphasizes that SIU-LAU is not going to attend the funeral, to which YUET-LAN seems unconvinced on the sly...

During her interview with Director KWOK, TING-TING once again sees SIU-HONG together with NGO-TIN, so she cannot help nursing a secret grudge. Later when SIU-HONG mentions that NGO-TIN would like to recruit him as his protégé, TING-TING becomes very unpleasant. Publicly presenting himself as the big boss in the cotton mill, SIU-SHAN not only requests all of them including KWOK-TUNG to completely obey him, but also appoints one of his men called YEE as a foreman. SIU-LAU plans to leave Shanghai. Having heard this, YUET-LAN invites SIU-LAU to stay temporarily at her home, reassuring her that MAN-BUN dares not to come to NGO-TIN's home to harass her, to which SIU-LAU is very grateful. KING-CHUEN reports to NGO-TIN that Director KWOK is somewhat indirectly doing business with the Japanese. After YEE-HUNG informs KAM-TONG that she is going together with a film company owner to Tianjin to film a movie, KAM-TONG, though appears normal on the surface, has someone tail after YEE-HUNG in secret. TING-TING discovers that Director KWOK has frequent contact with the Japanese, but the owner of the newspaper she works for refuses to publish her article for fear of being the target of revenge. For promoting her next show, SIU-LAU holds a press conference but is left out in the cold as far as media coverage is concerned, which catches NGO-TIN's eye...

On behalf of MAN-FONG, NGO-TIN goes to meet MAN-BUN, revealing that he knows about MAN-FONG's secret. Seeing MAN-BUN's personal apology published in the newspaper, SIU-LAU guesses it must be NGO-TIN who helped her. After NGO-TIN helps KWOK TIN-HANG collect a loan repayment from the local bully, TIN-HANG verbally promises to be the guarantor of NGO-TIN's bank, yet he later goes back on his word. With SIU-HONG suspecting that TIN-HANG is doing business with Japanese militants in secret, NGO-TIN tells SIU-HONG to probe into the matter. Meanwhile, TING-TING continues to investigate TIN-HANG, suddenly, a murder takes place. So TING-TING goes to ask SIU-HONG whether he is involved in the murder case, which SIU-HONG denies. Without any reason, SIU-SHAN urges the workers of the cotton mill to work overtime, leaving KWOK-TUNG no other choice but to try his best to quell the frustration of the workers. During the police investigation on the murder case, TIN-HANG plots to frame the accountant of the bank in an attempt to get away with the crime. As soon as the masses learn that TIN-HANG's bank is suffering financial distress, they all rush to withdraw money one after another. Meanwhile, NGO-TIN's bank is on the brink of bankruptcy and closing down.

In the wake of the ongoing exploitation of labors by SIU-SHAN, the workers, who have no one to turn to, decide to form a labor union, seeking protection of their rights. During TING-TING's investigation into the Axe Gang related murder case, she learns that they are scheming to kill SIU-SHAN. SIU-SHAN has some hitmen beat up the workers, fortunately, NGO-TIN happens to pass by and shouts to stop them, above which he even promises to probe into the matter and provide answers for the oppressed workers. Though KWUN-CHIU believes him at the moment yet he still has reservations. While praising the Axe Gang for having killed the traitor, NGO-TIN intends to befriend KWUK-CHIU, who however rejects him. Later, NGO-TIN goes together with YUET-LAN to see SIU-LAU's rehearsal, during which he spots YIU-KWONG giving a box to SIU-LAU. Having caught YEE-HUNG in the act with a film producer, NGO-TIN requests YEE-HUNG to follow him back, but YEE-HUNG refuses as she'd rather die than go back with him. HON-LAM informs NGO-TIN that KAM-TONG has been living in reduced circumstances, and his financial embarrassment makes him want to sell his Paramount. Meanwhile, KAM-TONG finds out that KWAI-SENG has already returned to Shanghai, so he attempts to lead his men to take back his assets by force, however, he is hindered by NGO-TIN. On the other hand, YUET-LAN notices that SIU-LAU has been taking the red pill.

(Flashback) Back to the 1920s, NGO-TIN has been feeling very gloomy ever since SIU-LAU left Shanghai. Seeing the nightclub opened by the westerners enjoys flamboyant success, KWAI-SENG also plans to open a nightclub specifically for the Chinese, which gets full support from KAM-TONG. As such, KWAI-SENG decides to close down her business of Yee Heung Garden and loan company, demanding Miss KING to hand over all the accounting books. Miss KING then seeks aid from IRON HEAD for fear of being caught embezzling money by KWAI-SENG. When CHI-CHING goes to apply for a job as the poster girl, IRON HEAD, in the heat of erotic ecstasy, attempts to rape her. On the other hand, SIU-SHAN goes to meet up the subordinates of Commander CHOW in secret, learning about their assassination plot against Marshal YUEN. Teaching NGO-TIN how to fire a gun, SIU-SHAN tells NGO-TIN to go to YUEN's residence the following night and lure away the others for him. But, NGO-TIN has an explosive argument with SIU-SHAN, following which he brings some money and goes to rescue CHI-CHING. Unexpectedly, IRON HEAD not only refuses to release the girl but also thrashes NGO-TIN. Smelling a rat, MAN-LUNG immediately goes to seek help from SIU-SHAN.

When NGO-TIN suggests leaving Shanghai to lie low for a while, SIU-SHAN instead wants to use the stolen money to do some business. CHI-CHING attempts to kill KWAI-SENG, who on the contrary thinks highly of CHI-CHING and even hires CHI-CHING to work for her. After KAM-TONG arrests SIU-SHAN, MEI-KAM and NGO-TIN go to have a word with KAM-TONG, begging him to let SIU-SHAN off the hook. Severely injured SIU-SHAN eventually plans to leave Shanghai and seek refuge with Commander CHOW, so MEI-KAM reluctantly parts with SIU-SHAN. Having beaten NGO-TIN to a pulp, IRON HEAD asks him to submit 100 silver coins to him, otherwise, he is going to harm KAI-WAH and his family. As a result, NGO-TIN leaves the fruit stall and goes to work in a casino together with MAN-LUNG. In the police station, TING-HENG is distributing red-dyed hard-boiled eggs after having another son, above which he even mocks KWAI-SENG's barrenness right in front of KAM-TONG. KAM-TONG plans to have a romantic, erotic night with KWAI-SENG, who is otherwise occupied as she is busy running the casino. Patrolling the casino, NGO-TIN notices there is something fishy about a casino dealer.

NGO-TIN exposes the casino dealer's fraudulent scheme of siphoning money off the tables, which makes KAM-TONG so happy that he decides to promote NGO-TIN. Having returned to the Chinese Sector to visit MEI-KAM and HOK-YIU, NGO-TIN gets to know that KAI-WAH is still mad at him for having left them. A friend of the French Consulate, Father TONG, is planning on a missionary trip to Tianjin, but is kidnapped by some masked criminals. With FIORI enraged over the crime, KAM-TONG claims that he is able to rescue Father TONG within three days. At last, quick-witted NGO-TIN successfully saves Father TONG from danger. KAM-TONG then summons NGO-TIN, who however dares not to take the credit, so KAM-TONG decides to take him in as his protégé. Meanwhile, KWAI-SENG feels ill and it turns out she is pregnant, making KAM-TONG feel very delighted. CHUN-NGOK's monopoly control over the opium results in a rapid surge in the price of opium, so KWAI-SENG on behalf of KAM-TONG tries to negotiate with CHUN-NGOK, but to no avail. As soon as the new director assumes his office, he is determined to eliminate all the businesses related to pornography, gambling and drug abuse and trafficking. Finding himself in danger of being snubbed, KAM-TONG decides to let all the police officers have three days off, plunging the French Concession into chaos. With rioters ignoring the rules and looting around, KAM-TONG resolves to deal with them.

NGO-TIN eventually scores a victory, so CHUN-NGOK is determined to seek vengeance. Though KWAI-SENG advises KAM-TONG to eradicate CHUN-NGOK, KAM-TONG doesn't listen to her at all, leaving KWAI-SENG no other choice but to kill CHUN-NGOK herself. Unfortunately, it ends up in failure, resulting in the death of her cousin. With Paramount opening for business, FIORI shows strong interest in the club; whereas NGO-TIN not only has to listen to KAM-TONG's lament, but also brings fairly drunken KAM-TONG home. CHI-CHING is sexually assaulted by KAM-TONG while helping him clean up, for which KWAI-SENG feels responsible and guilty. However, KAM-TONG shows no remorse whatsoever, on top of which he even shifts all the responsibility to KWAI-SENG. Finally, NGO-TIN manages to arrange for CHI-CHING to stay temporarily in MEI-KAM's place. NGO-TIN discovers that CHUN-NGOK has more than one hundred boxes of opium to be shipped north, but KAM-TONG points out that it's impossible for them to contend with the whole army because Xuzhou is Commander CHOW's territory. While receiving FIORI in Paramount, KAM-TONG is enticed by YEE-HUNG's singing. KAM-TONG raises that he wants to go to Hangzhou to attend a meeting, so NGO-TIN goes to have a word with KAM-TONG. While there, KWAI-SENG meets NGO-TIN in KAM-TONG's stead, and at that moment, she comes to realise that it's NGO-TIN who taught KAM-TONG how to please her.

Seeing NGO-TIN flirt with someone among KWAI-SENG and the others, MAN-LUNG misconstrues that NGO-TIN has fallen in love with SUK-YING. NGO-TIN learns about the upcoming drug trade between CHUN-NOK and the subordinates of Commander CHOW, so he suggests that they should feign to be militants so as to rob them of the opium. Exchanging fire with CHUN-NGOK and his team, NGO-TIN comes across another troop, on top of which he even catches a glimpse of SIU-SHAN. With KWAI-SENG throwing a celebration party, NGO-TIN accidentally bursts into KWAI-SENG's bedroom at night; whereas KAM-TONG cannot help flying into a rage after seeing NGO-TIN walk out from KWAI-SENG's bedroom upon his return. While NGO-TIN is trying to explain to KAM-TONG as to why they grabbed the opium, KWAI-SENG guides SUK-YING to come and meet NGO-TIN, on behalf of whom she proposes marriage to SUK-YING. KWAI-SENG suggests establishing a new company to deal with the opium, adding that they should put NGO-TIN in charge of the new company, but KAM-TONG disagrees with her. As for SIU-SHAN, he not only reveals to NGO-TIN that Commander CHOW has agreed to help KAM-TONG, but also discloses that he wants a slice of the action. As such, SIU-SHAN hopes that NGO-TIN can pull a few strings, arranging for him to meet up with KAM-TONG. For the sake of YEE-HUNG, KAM-TONG inflicts severe injuries on someone who turns out to be the son of the Military Governor.

After KAM-TONG offends the son of the Military Governor, not only do his businesses face unannounced inspections every single day but also his pier is sealed off. KAM-TONG then attempts to gather his men to burst into the Chinese Sector by force, but KWAI-SENG stops him from doing so, above which she even acts on behalf of him to negotiate the matter. Asking NGO-TIN to seek aid from SIU-SHAN, KWAI-SENG hopes that SIU-SHAN can help persuade the Commander to withdraw the troops from the sealed pier. However the Commander refuses unless, according to him, KWAI-SENG stabs herself. KWAI-SENG tries to convince KAM-TONG to cooperate with SIU-SHAN because SIU-SHAN gains full support from Commander CHOW. As such, KAM-TONG meets up with SIU-SHAN to discuss setting up a new company, which is later renamed by SIU-SHAN as "Sam Heng Company". Upon NGO-TIN's return home late at night, SUK-YING keeps wailing and carrying on about how NGO-TIN has neglected her. On the other hand, KAM-TONG goes back home to meet KWAI-SENG, who immediately asks where he has been these days. As soon as she finds out that he was lying, she vows to sever ties with him and leaves CHAK's residence. With the establishment of Sam Heng Company, NGO-TIN and his men are ambushed by the Guangdong Gang outside of the company. Seeing the tragic death of TUNG and NAM, MAN-LUNG decides to return to his hometown and lead a simple life there.

(End of flashback) Back to 1930s, NGO-TIN, who contributed money and resources to support the new government, receives an autograph from the Chairman, "For the country and the people". After SIU-LAU returns from Beiping, she goes to visit YUET-LAN, who endeavors to play matchmaker for SIU-LAU. HOK-YIU's film company celebrates its inauguration, and NGO-TIN, as one of the company's investor, also goes there to offer his support. When TING-TING is covering a news story about the new government building a new railroad together the Japanese, Counselor LEE is assassinated midway through. So HON LAP meets up with NGO-TIN, asking him to help them find the killer. Through the photos, NGO-TIN infers that the murderer should be TAI-FUI, one of the workers in the cotton mill. However, TAI-FUI is also murdered, which greatly exasperates KWUN-CHIU and the other Axe Gang members. With Paramount on the verge of bankruptcy because of its poor management, KWAI-SENG shows up the night before closing, above which she even returns all the assets given by KAM-TONG back to him. Paying a visit to NGO-TIN, SIU-LAU hopes that NGO-TIN will on behalf of her turn down the Japanese invitation to perform in their ceremony, and due to this, NGO-TIN gets to know a Japanese named GENJI TOJO. Meanwhile, HOK-YIU announces his future cooperation with the Japanese in filming a new movie.

Ever since he befriended SIU-SHAN, TOJO has planned to invite all the celebrities in Shanghai to attend their Tencho Festival. Having heard this, SIU-DIP offers that she will try her best to help him. Due to the fact that the journalists who wish to cover the news of the Tencho Festival must apply for press cards, KWUN-CHIU invites TING-TING out to meet him, hoping that she is able to help him get the press card. Meanwhile, KWUN-CHIU and his fellow members attempt to investigate TOJO and his associates, so SHUN-KIT is assigned to follow SIU-DIP, but is kidnapped instead. TOJO invites SIU-SHAN to attend the Tencho Festival, and SIU-SHAN eventually agrees, after SIU-DIP's persuasion, to attend the event. Just as those from the National Liaison Office lead the troops to arrest all the Axe Gang members at once, suddenly, they run into TING-HENG and the French Concession police, during which TING-HENG interferes to help them out of trouble. Apart from instructing SIU-HONG to pass the condolence money down to TAI-FUI's family, NGO-TIN also wants KWUN-CHIU and the others to leave Shanghai immediately. As for HON LAP, as soon as he receives the employee list of the cotton mill, he orders to arrest them all within a day and won't let any of them slip by.

Meeting up with HON LAP at night, NGO-TIN pleads with him for the release of all the workers. HON LAP replies that only through handing over KWUN-CHIU to them can the Chairman feel relieved. TING-TING gives the press card to KWUN-CHIU, and upon her departure, SIU-HONG suddenly appears. Right away, TING-TING asks SIU-HONG why he tailed after her and whether he has become NGO-TIN's protégé. NGO-TIN is conferred a medal of honor, making the other businessmen sit up and take notice. Since the Japanese Chief Engineer is dead, the government is seeking new bids for the Tianjin North Railway project. Hoping that a Chinese company will be awarded the infrastructure contract, NGO-TIN proactively contacts the Chinese businessmen, aiming to raise enough money in bidding for it. At the banquet held by HOK-YIU for promoting his new movie, NGO-TIN inquires of the content of the new movie, so HOK-YIU tells him that it's a story in praise of the Japanese soldiers, in which TOJO has also invested. Having heard this, NGO-TIN becomes furious at it. In the wake of the Japanese military's invasion of China, HON LAP meets up with NGO-TIN, relaying that the Chairman is assembling all the patriots to put up a fight together against Japanese aggression. NGO-TIN agrees and is willing to support them at full blast.

With the Japanese military conquering Henan and pressing on towards Shanghai, NGO-TIN requests YIU-KWONG to organise a charitable opera show for the counter-Japanese movement. Apart form that, NGO-TIN also puts SIU-HONG in charge of forming a special task force to assist the Chinese military in transportation of supplies as well as maintaining the public order. Though HOK-YIU intends to stop the movie production and leave Shanghai together with his family, SIU-SHAN instead attempts to win over the Japanese by using his relationship with TOJO as a thread. Having seen through SIU-SHAN, TOJO takes out a list of names of the counter-Japanese activists, urging SIU-SHAN to help get rid of them. YIU-KWONG is sent to the hospital after suffering injuries, so NGO-TIN has someone protect YIU-KWONG. Upon SHUN-KIT's return to Shanghai, he asks TING-TING for a favor to assemble the Axe Gang members to rise against the Japanese by using their secret code. At that moment, TING-TING finally comes to realise that SIU-HONG had a good reason for what he had done. After YIU-KWONG regains his consciousness, someone out of the blue bursts into his ward, so SIU-LAU struggles to resist the intruder. Going to her rescue, NGO-TIN even takes a bullet for her. Meanwhile, KWAI-SENG takes in a group of women and senior citizens and starts raising funds for the counter-Japanese movement. Surprisingly, she goes to seek aid from NGO-TIN as she intends to flee from the Chinese Sector. Meeting up with KWAI-SENG, KAM-TONG once again reveals his intention of getting back together with her. As for TOJO, he threatens KAM-TONG and NGO-TIN, pressuring them to submit to the Japanese military while indicating the two and SIU-SHAN are good friends.

SIU-SHAN meets up with KAM-TONG and NGO-TIN in hopes of winning them over to serve the Japanese military, but the two abruptly reject the idea. Arriving at the temple, KAM-TONG hands over most of his assets to KWAI-SENG for her counter-Japanese funds. Out of the blue, YUET-LAN returns from the UK, blaming NGO-TIN for not telling her about his previous injuries. Eventually, the Japanese military conquers the Chinese Sector, inflicting a large number of casualties on the special task force. With the flood of refugees into the French Concession plunging the area into chaos, YUET-LAN and SIU-LAU are attacked by the rioters and fortunately rescued by SIU-HONG in the nick of time. YUET-LAN's wound becomes infected followed by a high fever, however all the antibiotics are confiscated by the Japanese military. During the Isolated Island Period, HON LAP sneaks back to Shanghai to meet NGO-TIN, requesting him to gather intelligence by feigning his submission to TOJO. NGO-TIN is ambushed and critically injured in a shooting while going out with the others, so SIU-SHAN pays a visit to NGO-TIN, accusing the National Liaison Office of going back on word. Meanwhile, TOJO gives the antibiotics to NGO-TIN, who decides to donate money to TOJO but meets profound objections from his protégés. In view of this, NGO-TIN declares that whoever is dissatisfied with this can leave.

MEI-KAM and HOK-YIU intend to leave Shanghai, but their plan is uncovered by SIU-SHAN, who thus locks the mother and son in their rooms. With the Chinese Sector falling into the hands of the Japanese military, KAM-TONG tries to persuade KWAI-SENG to flee from there, but KWAI-SENG insists on staying. Having probed into the matter, KAM-TONG learns about her real reason, so he decides to also stay and assist KWAI-SENG to evacuate the rest of the people from the Chinese Sector. By chance, YUET-LAN discovers the old tickets for an opera and cannot help but notice there is something fishy about it. Meeting up with SIU-LAU, YUET-LAN discloses everything she knows to SIU-LAU, who has no idea how to respond after learning that NGO-TIN has a crush on her. Under TOJO's order, SIU-SHAN goes to eliminate KAM-TONG, during which he finds out about a large amount of passes, so he seizes KAM-TONG and takes him back for interrogation. Early in the next morning, TIM manages to save KAM-TONG out of their hands, above which he even arranges for KAM-TONG to leave Shanghai. Unexpectedly, KAM-TONG insists on looking for KWAI-SENG. On the other hand, SIU-SHAN sends his men to arrest the guerrillas. In the nick of time, KAM-TONG arrives, urging KWAI-SENG to bring along the others and to flee for their lives; whereas he himself goes to lure away SIU-SHAN, with whom he exchanges gunfire. While indicating that their supplies are running short, TOJO commands SIU-SHAN to confiscate all the supplies and submit them to the Japanese military.

Assembling all the Axe Gang members and NGO-TIN's former protégés, SIU-HONG endeavors to send the women from the Chinese Sector to the French Concession. However, for him to do so, according to KING-CHUEN, they must get hold of the passes issued by the Japanese military. NGO-TIN is instructed by TOJO to convince three more businessmen into joining the East Asian Association for Peace. Upon his arrival at the meeting place, NGO-TIN surprisingly sees SIU-LAU instead of HON LAP show up. Whereas SIU-SHAN cannot help mocking NGO-TIN for fooling around after learning about his secret meeting with SIU-LAU. Meanwhile, SIU-HONG goes to have a word with HOK-YIU in hopes of borrowing his passes and truck. Fearing SIU-SHAN is going to know about it, HOK-YIU claims that he needs a moment to think about it. Just as HOK-YIU relays the request to MEI-KAM, their conversation happens to be overheard by SIU-SHAN, so MEI-KAM instantly turns down the request. Throwing a banquet for the businessmen from various circles, NGO-TIN urges them to join the East Asian Association for Peace. In response to someone's refusal to join the association, NGO-TIN promptly forces him into doing so. By chance, YUET-LAN picks up a letter, misconceiving that it's the love letter for NGO-TIN from SIU-LAU.

With SIU-SHAN having someone monitor NGO-TIN's every single move every day, TOJO, on the other hand, gives a thumbs up to NGO-TIN's effort of making the East Asian Association for Peace go with a swing. Having successfully stolen the document containing the evidence on the Japanese military's development of biological weapons, SIU-DIP tries to report it to HON LAP, but suffers injuries after being attacked. HON LAP later requests SIU-LAU to look for SIU-DIP. Tailing after NGO-TIN, YUET-LAN spots him entering a hotel. SIU-SHAN gets informed by his subordinate that NGO-TIN and SIU-LAU went to the Chinese Sector earlier, making him feel so puzzled that he also has someone keep an eye on SIU-LAU. As soon as he sees NGO-TIN and SIU-LAU entering into the Yangtze Theatre respectively, he immediately charges into the theatre to search the place. Finally, YUET-LAN is losing her patience, so she decides to clarify the issue with SIU-LAU face-to-face. Dashing into SIU-LAU's home, YUET-LAN out of the blue spots NGO-TIN's presence resulting in her emotional breakdown. YUET-LAN then goes to confide her frustration to MEI-KAM, which is coincidentally overheard by SIU-SHAN. After YUET-LAN informs SIU-SHAN about NGO-TIN's surprise elopement, right away SIU-SHAN sends his men to hunt them down.

SIU-SHAN arrives near where SIU-LAU lives and tails after NGO-TIN; whereas HON LAP who notices NGO-TIN is in danger decides to stay in Shanghai and stand by in case NGO-TIN needs help. Eventually, SIU-SHAN decides to hand NGO-TIN and SIU-LAU over to TOJO for further follow-up. During their imprisonment, NGO-TIN tries to comfort SIU-LAU, so he makes mention of the play "MUK KWAI-YING Takes Command", which is promptly performed by SIU-LAU for him. With NGO-TIN's prison break incurring TOJO's wrath, SIU-SHAN, who seeks to atone for this, out of the blue requests HOK-YIU to make a movie showing how he executes the counter-Japanese activists. MEI-KAM wants their whole family to leave Shanghai, but SIU-SHAN replies they have nowhere to go. Suddenly, MEI-KAM vanishes into thin air, making SIU-SHAN so nervous that he has his men scout around for her. At that moment, NGO-TIN appears and frankly admits it's him who confined MEI-KAM, forcing SIU-SHAN to surrender the list of the guerrillas and give him TOJO's head in exchange for MEI-KAM. For the sake of MEI-KAM's safety, SIU-SHAN has no other choice but to agree; whereas MEI-KAM heaves a sigh of relief after learning that SIU-SHAN promises to kill TOJO and expiate his sins.

NGO-TIN makes up his mind to go and deal with TOJO and SIU-SHAN, and SIU-HONG wants to accompany NGO-TIN to go there, but NGO-TIN refuses. Bringing along the film and the list of the guerrillas, SIU-SHAN pays a visit to TOJO, who is very satisfied with this without knowing that someone suddenly appears and changes the whole situation. MEI-KAM is devastated over the loss of SIU-SHAN, so NGO-TIN hands her a gun, letting her kill him to avenge her late husband. Later on, NGO-TIN plans to leave Shanghai, ahead of which he gives the title deeds of all his properties in Shanghai to SIU-HONG, authorizing him to take responsibility and have full charge. Apart from that, he even asks HON-LAM and the others to assist SIU-HONG. Following the victory over the Japanese invasion, SIU-HONG, who contributed money and resources for the country, receives highest praise from the people. With the Chairman ordering to go after all the traitors during the war, TING-TING is concerned that NGO-TIN might be mistaken for one of the traitors. Though NGO-TIN and YUET-LAN have settled down to a reclusive life in Hong Kong, YUET-LAN still misses Shanghai and is longing to go back. Eventually, she gets NGO-TIN agree to accompany her back to Shanghai. HON LAP reunites with NGO-TIN, who asks him whether the government will consider clearing his name.

Aiming at shaping Shanghai into a whole new world, the Chairman eventually decides not to redress NGO-TIN's grievances. NGO-TIN then tries to take back his assets, but is bluntly refused by SIU-HONG. Suggesting an interview with NGO-TIN, TING-TING intends to report his heroic deeds against the enemy during war in a bid to help clear his name. Finally, NGO-TIN manages to meet up with HON-LAM, who discloses everything he knows regarding SIU-HONG's misconducts to NGO-TIN. After a journalist releases the home address of NGO-TIN which results in a strong national condemnation by the patriots, SIU-HONG has someone give the plane tickets to Hong Kong to NGO-TIN, urging him and his wife to leave as soon as possible. By accident, TING-TING gets to know SIU-HONG's real intention, so she forces SIU-HONG to help set everything right for NGO-TIN, otherwise, she will divorce him. Meanwhile, NGO-TIN, who decides to get rid of the black sheep among his protégés, comes together with HON-LAM to look for SIU-HONG. In the end, an accusation of treason is levelled against NGO-TIN, who is going to be brought before a court-martial to stand trial. After the lawyers present all the evidence showing the collusion between NGO-TIN and the Japanese, NGO-TIN chooses to represent himself.