Original subtitles

Created & Directed by WONG KAR WAI

EPISODE 20

ONLY CATFISH EATS MEAT

The market is only so big.

We compete with our peers.

Any updates on Southern Investments?

Since last week,

their lawyers from Hong Kong have been going in and out of The Grand Lisbon,

preparing for some promotional event.

Everyone has their own place.

I am my own dock.

You just got a new opponent, Miss Wang.

Even though I've left, the Trade Office will still be involved.

Two million pairs of Walmart jeans. You can't give her an inch.

Xiao Wang, remember.

Don't embarrass me!

Twenty million.

Are you up for it?

From here on out, "ribs and rice cakes" is no more.

Between Miss Wang and I, it was never just about business.

OFFICE BUILDING, HONGKOU DISTRICT

Xiao Wang, be careful.

My father says hi.

Oh, I haven't seen him in a while.

No.

How is he?

He's good.

This place is bustling.

Isn't it great?

It is.

This place is perfect. It feels like a cradle for entrepreneurs!

-Isn't it?

-How do you know her? -She's my dad's dance partner.

-Wow, your dad's still got it. -Be respectful.

Here. This is it.

Your friend can take off his sunglasses.

There's no sun inside.

Come here.

-This is great. -Isn't it?

-Look. -Your dad told me.

-Your-dad said to save you this spot. -Look at this, over here.

-Looks good. -Right?

If nothing else, it's full of life.

Just open the curtains and let some sun in.

-Maybe we should think about it first? -Look, it's just an office.

A desk and some chairs is enough.

If you want, we can put a couch right here.

I think that's a great idea.

Plus, I just love this cool airflow in the hallway.

I guess if no one's using it, we may as well take it.

-Isn't it great? -Top notch.

It's decided then. We'll sign tomorrow.

-Shouldn't we do a ribbon cutting? -Ribbon cutting? There's no time.

Forget the ribbon, we'll just celebrate.

Oh, you're getting me excited!

Sir, need a loan?

-Good rates. You interested? -Do I look like someone who needs a loan?

Ridiculous.

Wait, give me a card.

I'll talk to my partner.

-What is that? -Nothing.

-He stuffed it in my hand. -It's decided then.

We have a deal. Thank you.

You're a big help.

I'm telling you, this is a real bargain.

There's a balcony right there.

Imagine sitting out there, drinking coffee and enjoying the view.

Imagine how nice it'd be.

You shined your shoes today. Where are you going?

To see Jin Hua.

I thought you'd rather die than go back to No. 27?

It's your fault. Miss Wang left.

And she was the buffer between us.

Now I have to face her.

No other choice. Business matters more than pride.

In the end, we're still family.

She's bound to show me some respect. I'm going.

Uncle Ye always said business comes first.

But I knew that in his heart,

he, too, had personal matters to work out.

You're all set.

Looking for someone?

Hello.

Where's Old Jiang?

Old Jiang?

He died.

Anything else?

Can I see Jin Hua?

-Chief Jin, I mean. -Chief Jin?

Third floor.

Thank you.

It didn't go well?

After waiting all afternoon,

I saw her for just five minutes.

Bidding on the Walmart project will go through No. 27.

Our rules are simple.

Open bidding.

Compete on cost and schedule.

The best bid wins the contract.

Not a problem.

Who can guarantee lower costs than us?

We'll spot check all the contracts and samples, and retain copies.

You know you can trust Mr. Bao.

You mean...

it's me you don't trust?

I--

Honesty

is a person's most important quality.

Next!

Okay.

Respect your elders.

Isn't life strange?

These past 10 years, No. 27 has been just across the street.

Somehow I never ran into people I expected to see.

Then there are others I thought I'd never run into.

And yet...

there they were.

Who are you talking about?

Miss Wang,

Chief is waiting for you.

Listen.

Uncle Ye was at No. 27 today.

What for? Retired workers' reunion?

Don't say that. Think about it.

How big does an order have to be, to get Uncle Ye to go to No. 27 himself?

It must be really big.

Let me ask you this. What's the biggest order Chief Jin has?

So Miss Wang was also there for the Walmart order?

I'm guessing so.

It looks like her company is still affiliated with No. 27.

Her revenue goes straight to their books.

So even if we match her offer on commission percentage,

No. 27 will still give her the contract.

So they know we're going for the same order?

-Thrilling, huh? -Too thrilling.

Mark my words.

What do you do when confronted with a fight?

Charge!

-How many chances does one get-- -To fight for glory?

-Here. -Cheers.

She has the advantage upstream.

We can't compete with her there.

We can only focus on downstream.

I'm headed to the Red Heron later.

For what?

Every problem has two stages. One, find the problem.

Two, solve it.

I contacted a few buddies to see if they can help with processing.

Really?

I called all the factories in the region, big and small.

I asked all of them. Nobody would take our order.

You're only looking at conventional options.

I'm going the unconventional route.

Guerrilla forces can win wars too.

Get it?

Too spicy.

I'm off. Check, please!

Bye.

I'm going with you.

Don't.

It's the Wild West.

Let the men take care of it.

Wait for me.

Mr. Bao is waiting for you upstairs.

Thank you.

Welcome.

I think there's a way to meet the price we need.

We merge three batches of processing into one.

Usually it's just me and Chang Yong, but I'll bring on two others.

We'll bring down the cost to ¥23.50.

-We can't go any lower. -What about quality?

I guarantee it.

If my people mess up, I'll pay for everything.

With this order? You can't afford it.

No mistakes then.

If we do it this way,

there's no way Miss Wang will beat us on price.

She and Mr. Wei will have no chance.

Or maybe we leave some wiggle room.

For her, and for yourself.

Mr. Wei is here.

Hello.

Everything's ready. We gave you a bigger room.

Thank you. A small room would've fit us fine.

It's not fine, Mr. Wei.

There are too many people.

My brother, what's going on?

I'm sorry, I--

Ah Long?

Coming, Father.

No thanks, go away.

My Uncles, I'm really sorry.

The plan was for us brothers to get together

and discuss a bit of business.

I didn't expect you all to come too.

Here, I'll start with a drink.

Wei, you should count on friends in times of need.

You need four assembly lines. There's four of us here.

If we each provide one line, you're covered.

Right.

Uncle, you're so right.

But to retool an assembly line for jeans is no easy task.

That's lost revenue.

So don't you worry.

As soon as Mingzhu becomes profitable,

we'll pay you back double.

We're not here to hear about Mingzhu.

We're here for your father.

He was the one who helped us with our business.

We all listen to him.

Right.

For this order, he asked us to pause our assembly lines,

and help you out.

But it's just this once.

Get this order done right, then bring your girlfriend

back home to Haining.

We want you there for the grand opening of Haining Leather City.

That's right.

Wei, your father sent you to Shanghai to learn and observe.

Not to work in denim.

We started out in a shanty town, with some sticks, some jars,

some tanning acid, and a few sewing machines.

We've been in the leather business for generations.

From nothing to a Haining Name Brand.

How amazing is that?

Right.

Wei, forget about Huanghe Road.

Come back to Haining. The leather market is waiting for you.

Right.

All of you are right.

But

I don't want to go back.

Did you ever think about how Haining became the fur capital of China?

It's because Yiwu already made smallware. Tongxiang specialized in wool shirts.

Haining had to do something different from everywhere else.

So we decided on fur.

All of you, plus my father, are working in the fur business.

So I'll be the first to bring in denim.R

Ah Long, ask for a menu.

Okay.

Think it over.

You want to be the first?

You need processing lines.

Call us when you change your mind.

Today or tomorrow,

next month or next year.

All you need to do is call,

and we'll drop what we're doing

and help you out.

How's that?

Look after my father.

I'll find another way.

-Oh, hello Miss Wang. -Hi, where's Mr. Wei?

He's on the second floor. This way.

Welcome, Miss Wang.

Miss Wang?

Take care, Mr. Bao.

Thank you.

Take it slow.

Careful, Mr. Wei.

Are you okay?

You're too late.

-Sorry, Lucy. -We already have an office, okay?

Are you okay?

I'm fine. Don't worry about me.

I'll give him a ride home.

He can take care of himself.

Then I'll leave.

I ran into Uncle Ye at No. 27.

He told me.

I was there for the Walmart jeans.

I would've done the same if I were you.

For a new company, a successful first project is crucial.

The Walmart order is an ideal choice.

I'm going to show everybody

that Miss Wang not only doesn't need to rely on Mr. Bao--

She can surpass Mr. Bao.

And then some.

Great.

I know how much commission you can give No. 27.

I can match it.

We're primarily competing on price.

If we're equal on pricing, then our affiliation with No.27

and our revenue going to their books

will give us the upper hand.

That's smart.

So you're watching my pricing closely.

If you can match them, you'll win.

That's right.

What about costs?

There's no way you'll be able to match my costs.

Don't be so sure.

In this industry, there are new companies starting everyday.

Whoever is the boldest gets ahead.

Alright.

Then let's see which of us

is bolder.

The more you celebrate, the more you succeed!

Don't worry about me.

Fried ribs with rice cakes

witnessed my journey with Miss Wang,

our twists and turns, and drifting apart.

The train of fate doesn't announce its destination.

At our stop, we went our separate ways.

Ahead of Miss Wang lay the winding road of starting anew.

And after patiently waiting,

I finally saw the light at the end of the tunnel.

Good night, Mr. Bao.

Why are you here so late?

Mr. Bao, guess who I just saw.

Sleep well.

Thank you for staying with us. Have a good evening.

Hey, Mr. Gu.

What's up?

Who were those Hong Kong guys?

They just moved in.

They just moved in?

They're staying one floor up in Room 81.

I've seen them at The Grand Lisbon.

They're probably the lawyers that Southern hired.

A coincidence?

I had my eye on them right away.

What is this?

Treasure.

The salmon is on the move.

The quicker it moves,

the sooner it dies.

This looks like a legal opinion.

-A legal opinion? -Seems related to an acquisition.

No wonder they hired lawyers from Hong Kong.

This one's a notice to shareholders.

It's probably for the press.

Can you tell what company it's about?

There are numbers on this page.

Take a look.

Six, five, and two.

Is that right?

652.

It's Shenbei Appliances.

The Shenzhen Gang knows I live in the Peace Hotel.

This is not a coincidence.

These Hong Kong lawyers are top professionals.

Such important documents, even when shredded,

wouldn't be casually thrown in the trash.

It's salmon bait, and we're the salmon.

Why would the catfish from Shenzhen set such a trap?

Who better to ask than the person who warned me about him.

Madame,

Mr. Bao's looking for you.

About time.

You're here?

-There you are. -Hi.

Mr. Bao is waiting.

Two more servings of fish filet for Mr. Bao's table!

Finally have an appetite for fish?

Is there still fish left?

Depends on how you want it prepared.

Big fish should be prepared one way,

small fish prepared another way.

Then I'll paint you a picture.

You decide if it's big or small.

Sure.

You heard of Warren Buffett?

Of course.

Mr. A worshipped him.

Mr. Bao,

why do you buy stocks?

To make money.

Buy low, sell high.

Buffett once said,

"You're not buying a stock, you're buying part ownership in a business."

Is that supposed to be news?

Everyone knows to buy only quality stocks.

I don't think you understood me.

I'm talking about buying a company.

I had assumed all the catfish wanted

was to shake things up and make a quick profit.

I never imagined they were here to acquire a company.

At the time, a maneuver like that was nearly unheard of.

It was a first in China's capital markets.

Mr. Bao,

which companies are easiest to buy?

The "Three No" companies.

"Three No" companies had no state-owned shares,

no corporate-owned shares,

no foreign-owned shares.

what made them special was their small market capitalization

with all the shares in circulation.

Institutional buyers could easily collect them on the secondary market.

At the time, there were four such stocks.

Two of them were hinted at in Mr. Qiang's shredded documents.

His trap did us a huge favor.

We could assume neither company mentioned was his target.

All that was left was to narrow it down between two final options.

It was either 603,

or 601.

Can you be more specific, Miss Li Li?

I can...

but it will cost you.

A Buffett quote for ¥300,000.

You drive a hard bargain.

That was just the deposit.

Mr. Bao,

this fish is bigger than we imagined.

Do you have the stomach for it?

Think about it and let me know.

Mr. Bao, the fish filet is here.

Take your time.

Enjoy the fish.

Since last month,

the four "Three No" stocks have all been active.

Two of them have had exceptional trading volume.

The number of shareholders is decreasing,

The amount of shares they each hold is increasing.

Two points are clear then.

A big buyer is manipulating things,

but they won't buy out both companies.

We still can't know for sure which company's the target

and which company's the bait.

They're trying to throw us off,

but every action leaves its mark.

Tell your informant to watch Mr. Qiang.

I'd like to know what he's got up his sleeve.

The informant?

That door's closed.

They weeded her out.

Wipe your tears.

Find Xiao Ai another job. Compensate her well.

Don't worry.

I already found you a new position.

Take the money.

-I won't. -Take it.

-No. -Take it.

You have to take the money.

This Qiang is ruthless.

He didn't just nail our informant,

he sent one to spy on us.

I left Yangzhou when I was 13. I'm loyal to Old Man Guan.

I can't be bought with a bit of cash.

Now the gloves are off.

It's time to make our move.

Mr. Bao rarely visits Cheerful Restaurant.

Instead,

it's always Captain Cai.

Find out everyone Mr. Bao's met recently.

On March 3rd, 1991,

"2000 Olympics Bid Countdown"

the International Olympic Committee received a letter from China.

In the letter, Beijing petitioned to host the Summer Olympics in 2000,

heralding the turn of a new century.

Beijing extends a sincere invitation to people from around the world.

The people of China respect the spirit of the Olympics

and strive to promote international peace and harmony.

-At the 1990 Asian Games... -Move!

-...Beijing hosted... -Excuse me.

...over 6000 athletes

from 37 countries and regions...

You've reached The Grand Lisbon.

Mr. Bao.

Unfortunately, the Madame is busy.

-Do you have something urgent? -That's okay.

Who's there today?

Mr. Qiang came to watch the Olympics bid results.

The Madame is entertaining them.

You're not coming?

I'm watching it with friends elsewhere.

Tell your Madame I'll see her tonight.

Got it.

Have they announced it yet?

Manager Pan, is the Madame here?

-I remember what you once said. -Not right now.

Only have one purpose for any action.

Only have one kind of relationship with any person.

Blurred lines are sure to cause problems.

I take it you didn't come here to watch the Olympics announcement.

Do you know why we've supported you

since The Grand Lisbon opened?

I do.

Any restaurant, at its core, is just a venue.

We come to you

because we consider this OUR home turf.

So what I hear is,

The Grand Lisbon still has room to improve.

Li Li,

how long have we known each other?

Three years?

Five!

I watched you blaze your path to here.

What you went through...

Others may not know, but I do.

Who you like and who you love

is none of my business.

Just always remember.

Betraying friends for a lover,

no matter where you are, is unforgivable.

Mr. Qiang,

you think too little of me.

Manager Pan.

Madame.

All of Mr. Qiang and his friends' meals from this past month are on the house.

Got it.

Starting tomorrow, don't come to The Grand Lisbon anymore.

Why?

To avoid suspicion.

Once you've made your money,

you can come back to celebrate.

You're as unyielding as ever.

but there's no such thing as a free meal.

Just consider it a tip for the waitress.

Mr. Qiang, I'll walk you out.

Mr. Qiang, what about the bidding result?

The Olympics happen every four years.

This time, next time...

Sooner or later, it'll be ours.

There's no rush.

Hello, Mr. Bao.

Here's your deposit back.

Looks like someone doesn't want me getting close to Ms. Li Li.

Or have I threatened someone's benefits?

I'm not anyone's benefit.

Let's not talk about you then. Let's talk about benefits.

Put aside the ¥300,000 for now.

Let's make a fortune together.

I provide capital.

You provide information.

We align our interests, and you get a cut of the profits.

How much?

15%.

And if we lose money?

Then that's on me.

How big are we talking?

Double The Grand Lisbon's annual revenue.

That's sizable,

but what matters is the trader's skill.

I've heard stories about Mr. Bao, but I've yet to see your skill for myself.

I expect transparent accounts.

Fine by me.

For commissions, my usual price is 20%.

For Mr. Bao, I'll accept 18%.

The ¥300,000 will be an advance payment.

I'm like what you Shanghainese say,

"I only see the money in front of me."

I don't like to work for nothing.

Miss Li Li seems to have a hard time trusting people.

Whether it's trusting others. or earning others' trust,

it's not worth the hassle.

I like to settle business on the spot.

You can take some time to think.

Tomorrow night, this spot again.

If we both show up, then we'll work together.

It's a deal.

[In Japanese] Excuse me.

[In Japanese] Can I come in?

Your Japanese hasn't improved at all.

What do you think? It's my new shop.

We're opening in just a few days.

So-so. Six out of ten.

Want some pointers?

From you?

I'm satisfied with six out of ten.

How long are you here for?

At least two or three months.

Then you'll have to come support my grand opening.

As long as you're okay with me being picky,

I'll be here.

You won't have anything to nitpick.

Don't just challenge a man like that.

Don't just provoke a woman like that.

Have a drink.

When we were in Tokyo, we had to drink in secret.

Now that I'm the Madame, we can drink as much as we want.

I got you a drink.

-You want me to drink detergent? -Whisky.

-I only drink 25-year-old whiskies. -You can't be picky with free booze.

cleaned the bottles.

Come on. Let's scare them.

Cheers!

They're drinking detergent?

Cheers!

Thank you.

No need. Just buy me a drink when you're rich.

I'm going back.

Take this.

Open this bottle.

Write my name on it, and keep it here.

This is an expensive one. Costs a couple thousand.

I have money now.

You trade stocks?

Do you?

I don't.

I need to see real money.

But by the looks of this card, you seem like a big deal.

I am a big deal.

I'm the biggest deal in Shanghai.

Really? You're that confident?

Back then, I only talked a big game.

Now I live one.

On the rocks?

Yes.

Great.

You're now my shop's first customer.

Congratulations.

Hope I get rich.

How did you find me?

Dinners all over Huanghe Road,

asked everyone I could.

Who knew you were so sentimental?

I'm not.

I miss you.

Save it.

You were going about your business,

happened to find out my address,

and stopped by because it's convenient.

You thought you could fool me?

Everyone is busy nowadays.

Not many things are convenient.

It takes an effort.

Don't be so hard to please.

I hate being treated as "convenient."

Fine.

I'll go out of my way to come to your grand opening.

That's more like it.

To come nitpick.

Madame!

Where does this go?

Coming.

Give me a hand here.

Sure, since it's convenient.

What's this supposed to mean?

She offered to meet, but she didn't show up?

She has her own troubles.

TWO HOURS AGO

Who you like and who you love

is none of my business.

Just always remember.

Betraying friends for a lover

no matter where you are, is unforgivable.

On this night, Li Li let loose.

A few drinks, and a wistful sigh:

"I could fill a book with the things that I've been through."

Madame, you asked for me?

How were tips this month?

With the market down so much, tips were quite low.

Go get a bank card tomorrow. I'll wire you some money.

Buy this stock.

-Fifty thousand shares a day. -Fifty thousand?

Yes.

My phone died. Go bring me another one.

Got it.

I didn't hear anything, but I did see a number.

You decide if you want to trust me.

601.

Nobody knows what Li Li was dwelling on that night.

Her olive branch at the eleventh hour raised more questions than answers.

Was it real or not? Only time would tell.

Fifteen million to bet on a number.

How much do you trust this woman?

She's just the messenger.

It's the catfish that I don't trust.

Let's bet on 603.

The day before the Mid-Autumn Festival, 1993.

China's first-ever stab at a hostile takeover,

The Battle for Baoying, officially began.

Place the orders. It's time for war.