Original subtitles

Created & Directed by WONG KAR WAI

EPISODE 21

POINT OF NO RETURN

Do you know Mr. A?

Who's that?

Forget what's to be forgotten.

I won't.

I'll remember what's to be remembered

in my own way.

If you're not careful, she will steal your soul.

Betraying friends for a lover,

no matter where you go, is unforgivable.

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

Fifteen million to bet on a number.

How much do you trust this woman?

Now the gloves are off.

It's time to make our move.

Allowing corporations to trade had huge repercussions,

speeding up Shanghai's transformation into China's financial capital.

The day before the Mid-Autumn Festival, 1993

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

the Battle for Baoying, officially began.

It's time we played our hand.

Place the orders. Let the war begin.

Next,

we sell off our three other stocks,

Concentrate all capital on buying 603.

Funds were received yesterday. Captain, you came today!

You must have big news.

Watch what I do and you'll know.

To avoid alerting Southern Investments,

Captain Cai and I operated separately.

From the Peace Hotel, I gave tasks to Captain Cai, Stamps Li, and Auntie Chub.

Captain Cai watched the major traders.

Boiling water coming through!

Stamps Li watched the other two posts.

-Based on the rules at the time... -Which of these ID's is yours?

One main account could have many supplementary accounts.

It was known as a "Tractor."

Stop pushing.

Sir, may I ask what's the shareholder number?

So many digits to fill in.

That's your shareholder number. Fill it in and you can trade.

Excuse me.

Don't push.

Don't push.

A pregnant woman here.

Make room.

A pregnant woman here.

-Watch it. -Thanks.

Buy 500 shares of 601.

Please excuse me, I'm pregnant.

Sure.

Thanks.

50,000 shares of 601.

Since September 27,

603's price hadn't moved.

On the 30th, at noon,

all trading of 601 came to a halt.

After seeing abnormal price fluctuations, and to uphold fairness in the market,

Shanghai Stock Exchange moved swiftly to stop all trading of 601.

All trading of Yingzhou Industrial is hereby suspended until 13:30 today.

"Yingzhou Industrial - Temporary Trading Suspension Notice"

Next, Shenzhen's Baolong Tech publicly announced

they already held 5% of Yingzhou's tradeable shares.

By buying its shares, the acquirer's goal is to

enhance the target company's value.

To make it bigger and better.

The buyer, the seller, and other shareholders will all benefit.

This acquisition is unprecedented in China's stock market.

I'm sure it will be in the history books.

China's stock market has entered a new era.

Each of us needs a more open mind to face new challenges.視台

Ah Bao...

It turns out Mr. Qiang didn't mislead us.

Change of plans.

All-in on 601.

This afternoon, dump 603 and buy 601.

Buy before selling if you have to.

When trading resumed that day,

we activated on three fronts to sell all our shares of 603

and buy shares of 601,

driving its price from ¥16 to a high of ¥19.89.

We secured 800,000 shares in total.

It's a big order! Please, and thanks.

Mr. Qiang, there's been a rival order. Should be Mr. Bao.

Lure him out. Force him to short all his shares.

Who would've thought...

601 would plummet once we bought in closing the day at ¥15.68.

Our latest count?

30 accounts,

totalling 800,000 shares, average price of ¥18.

Bottom line?

Loss of ¥2 million.

If we listened to Li Li from day one, and bought only 601,

we would've made a hefty sum.

How much is 18% of a "hefty sum"?

What's that mean?

Let's make a fortune together.

I have capital, you have information.

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

-And if we lose money? -Then that's on me.

Mr. Li, please come.

Mr. Bao.

Madame.

Mr. Bao's here.

Bring him to the Joy Room.

Madame.

-I've got this. -Sure.

I was beginning to think you wouldn't come.

Happy National Day.

I never thought you'd trust me so much.

I didn't think the catfish would be so honest.

I didn't capitalize fully, but I'm a man of my word.

I was returning you a favor.

but now you're suffering a double loss.

Favors are to be exchanged.

It's like painting with a brush.

This way, then that way.

Layer by layer, favor by favor, our goodwill grows thicker.

You're able to crack jokes even in this situation?

There's a first time for everything.

Acquisition is a new concept to most Shanghainese people.

I learned a lesson.

So consider it my tuition.

These shares, however...

I will hold onto.

I bet there are more price surges coming.

You're that confident?

What price do you plan to sell at?

¥25 a share.

What do you think?

You'll know after the meal.

Beef Chow Fun?

Li Li used a creative method to reveal her price target.

The Grand Lisbon's Beef Chow Fun

sold for ¥40 a serving.

Buy more 601.

Eyeing ¥30.

Get another 500,000 shares at under ¥17.

Buying more 601.

Here, have a cigarette.

Selling 601.

No!

It's buying, not selling!

What are you yelling for? Trying to give me a heart attack?

Life or death for me. It's money, not orange peels.

Make room for the pregnant.

Are you animals?

Pushing a pregnant woman around?

100,000 shares of 601.

601, 6,000 shares at ¥17.80.

-Buying 601. -Selling 601.4000 shares at ¥20.10.

Following National Day,

the price of Yingzhou Industrial stabilized between ¥16.60 and ¥17.

Then it slowly started to climb.

Yingzhou publicly announced...

The Shenzhen Baolong Group has been buying up our shares on secondary markets.

Baolong Group had just announced that,

together with its associate companies, it now owned 16% of Yingzhou's shares.

That's illegal behaviour.

Yingzhou will fight back against this attempt at a hostile takeover.

Yingzhou's price rose higher and higher.

We can't allow a Shanghainese company to be taken over by the Shenzhen Gang.

What?

-Then Yingzhou becomes a Shenzhen company? -What is happening?

I'm a long-time shareholder.

I lined up in 1985 to buy shares of Yingzhou.

I held those shares ever since.

I won't give them up.

Right.

We Shanghainese will fight for our pride.

Protect Yingzhou.

Protect Yingzhou!

Let's go!

601's price continued rising, reaching ¥21.80.

In another announcement,

Yingzhou asserted that its controlling stake remained unchanged.

and committed to using every measure to maintain its position.

Then every listed company in Shanghai, in a joint announcement,

vouched support for Yingzhou.

On the news, Yingzhou's price reached ¥25.

Watch the trading volumes. See if any new capital enters.

We've made a huge push, but things are still explosive.

We'll escalate step-by-step.

Remember...

we can only get out during a surge. ga surge.

Understood.

Mr. Qiang has spoken.

Today we focus on selling. Prop up the price while we sell.

-Create the illusion. -Got it!

Know what an anti-takeover measure is?然有人都

It's actually a chance to get rich.

Remember Kowloon Wharf?

¥50 a share.

Li Ka-shing and Pao Yue-kong worked together.

The Brits initiated anti-takeover measures and the price soared to ¥150.

¥150?

Another chance is coming.

601 is going to surge!

The news of anti-takeover ignited Shanghai's passion for stocks.

601 opened high and rose at an unstoppable pace.

The trading volume surged too.

Major traders overdrew funds,

and dumped every other stock to buy more Yingzhou.

As 601 rose, its trading volume took up 60% of the market.

Never before had a single stock soared so far above others on the SSE.

Don't just stand here waiting.

We can't split the cash here.

Is this a restaurant or a bank?

Our boss hasn't even paid us.

Only the rich get richer.

All those bags of cash, and the cops do nothing?

I think the cops did come. I guess there's no wrong doing then.

I think it's legal.

Of course it is.

Anyone can earn money trading stocks.

Lucy.

Aren't you close with Min Min over at The Grand Lisbon?

Do you trade?

-You can bring us along. -Let's trade together.

I hate losing.

I don't trade.

Excuse me, Ms. Pan. Table for 5.

5 people, right? I'll merge a table for you.

Come, follow me.

You're third on the waiting list.

Ah Kang.

-Madame. -You know the drill.Go ask.

Are they our guests?

If not, park somewhere else.

We can't be lax during Friday lunchtime.

Don't stare. Go!

-Sorry, guests only. -Oh, come on.

Madame.

The Grand Lisbon's there. Can't I park?

Sorry.

If you park here, where will my guests park?

I'll pay you.

Look, you have more spots than you do guests.

Says who?!

There are rules.

You want to eat there? Then park there.

-Or go park in an alley somewhere! -What's with you today?

Sir, I'm sorry. Really sorry.

-You're ridiculous. -Look who's talking!

Madame, call from Mr. Jin.

Tell him he's not getting a cent!

He can find himself a sugar mommy to take care of him.

I quite like this color.

Madame, I bought a car.

The color suits you.

Let's take a photo together.

Sure.

Lucy has a camera.

Let's take a photo together. Come take a group photo.

Come, smile. Look happier.

Come.

Get closer.

Don't block the car.

Three, two, one.

Say cheese.

Cheese!

I'm treating everyone today. Be my guests.

-Sure. -Thank you then.

Min Min, with how great you're doing, you should let us trade stocks with you!

Bring us along!

She can, but you'll have to pay!

-We have money. -We'll pay.

She's kidding, I'm just a dabbler.

Come on!

Why not bring them on and do it together?

Just charge a fee.

Doing this with friends is fine. But not strangers.

Things can go very wrong.

Prices soar, and life is good. Prices crash, and it's suicide time.

Car's here. Let's go.

Bye-bye!

Min Min, a word?

Lucy, wait for me.

Teach me how to trade.

Whose card is this?

Mine.

How much money?

¥200,000.

Where'd you get money like that?

Someone gave it to me.

Aren't you going broke?

Contingency funds for the restaurant.

What if Madame finds out?

We don't need the cash now.

Watch Min Min. Buy whatever she buys.

You can't go wrong.

What if you lose money?

He said losses are on him.

I can't help you.

Why not?

Too much money from unknown sources.

Helping you will doom you.

Jiangxi!

Don't get me wrong.

I'm just following my Madame's lead.

Her friends are the best in the business.

Without help, you'll lose money.

-Everyone's making a killing. -That's why it's dangerous!

You won't help? Fine.

Jiangxi!

Bye!

Something's off with Jiangxi.

It's not related to Lu Meilin's husband, is it?

Let's go.

-We can go now. -Okay.

Watch out.

Turn left from here.

-Thank you, Officer! -Sure.

The stock market scares the gutless and awards the brave.

Right.

Nothing to look at. It's not open yet.

When does it open?

What is Yingzhou about?

"Acquisition."

The acquirer injects capital into Yingzhou, the acquiree.

Performance improves, raising shareholders' returns.

When it comes to 601,

the price is still low, especially compared to overseas.

Those stocks are hundreds... No, thousands, per share.

Then factor in the exchange rate of 1 to 5.76--

Excuse me, sir.

-Is Yingzhou worth buying? -Sure, they're all lined up to buy 601.

Everyone, guess. How high can Yingzhou go?

4-¥50 a share. -No, ¥70!

-My estimate? -Tell us.

¥80!

-Let's make money! -Here, a lucky mandarin.

I made money.

Market's open.

Let the masses eat up what we're getting rid of.

Time to sheathe our swords, clear the battlefield, and come home.

Yes, Mr. Qiang!

We sell in batches of 20,000. You buy in batches of 300 and 500.

Start. Sell order for 601, Yingzhou Industrial.

20,000 shares, sold.

One at a time!

20,000 shares at ¥37.50.

Share turnover at 70%. It's a runaway market.

How many shares left?

Bit by bit, we've sold off 40%.

Above ¥30, sell 50,000 shares every ¥0.20 increase.

No more overdraft orders.

Sell nine shares for every share we buy.

Sell fast, but buy at key points. 300 here, 500 there. Keep pushing.

One moment please.

¥38.20.

Offload all our shares by tomorrow.

Buy one share for every three sold.

Do it discreetly.

Sell 50,000, and cancel 100,000.

What are you playing at? Didn't you just ask to buy 500,000?

To sell, someone has to buy.

Cancel another 100,000, sell 50,000.

601, selling 21,000 shares at ¥40.70.

804534535

Sold.

"STOCK 601: ¥40.95"

601 opened high and rose straight to ¥42.

The trading volume surged too.

Yingzhou issued another announcement

accusing Shenzhen Baolong of a hostile takeover

and promising legal action to nullify Baolong's acquisition.

¥42.20!

"BUY 601, 5,000 SHARES, ¥42.2"

-601, buying 500 shares at ¥42.20. -Wait.

A purchase order of 5,000 shares. Sold!

Madame, everything's sold. I'm coming back.

Okay.

ப

Mr. Qiang, we've sold 80% of our shares.

Keep selling.

Remember.

Keep 100,000 shares as a memento. Hold them forever.

Also, besides the 100,000,

once we've sold off everything, let the market fall slowly.

Don't let the price collapse. We should have some class.

Understood. Match every buying order and sell at market price.

Selling 601.

Yingzhou is down 5%. Now trading at ¥37.78.

Selling 601. 30,000 shares at ¥37.62.

That was close!

All sold.

Good work.

3 years ago,

A wave of Shenzhen capital swept the Shanghai market.

Local investors didn't have a chance.

Now...

These guys are back.

Putting it into perspective,

they have really opened the eyes of Shanghai's traders.

Before, we only understood buying low and selling high.

Now,

we've learned the power of shares.

A shareholder makes money, but also holds rights.

Sure we learned,

but they're still too ruthless.

Where's that stock analyst?

-Don't know. -What stock analyst?

That guy's a fraud.

You're not the first to fall for it.

Go die!

Bury this money with you.

Bring your no-good friends with you.

You wanna gamble?

I'll burn down the stock exchange, and you can gamble in hell!

-You're crazy. -Serves you right.

You women know nothing.

-Trading stocks isn't gambling. -What else could it be?!

Why don't you divorce me then?

Divorce? I dare you to divorce me.

You won't get a cent from me.

Who's gonna get it then, Honggen?

You... disgusting little....

Keep Honggen out of your mouth. You're not even worth his little finger.

He's a criminal.

Calm down.

Out of my way! I'm gonna kill him.

Min Min!

Jiangxi.

I ignored your advice and went all-in.

How come everyone made money except me?

Did Mr. Jin tell you to buy? Does Lu Meilin know?

For now, she thinks Mr. Jin bought the stocks himself.

What exactly did he tell you?

Were you just delivering the money, or was he giving you a cut?

20%? Please don't tell me...

We had a deal. Get rich, and leave Mei Lin Garden together.

Are you nuts?

Mr. Jin is a gambler, not a good person.

Before Lu Meilin finds out, break it off with Mr. Jin.

I just wanted to be a Madame myself.

Mr. Jin is not going to help with that.

My boss, Li Li, works for herself.

-You can become a Madame all on your own. -But I need money!

We were servers, and now we're supervisors.

We can earn tips, but tip money will never be enough to start my own restaurant!

Jiangxi!

Jiangxi, don't panic.

Just play dumb.

The Baoying Incident was China's first public acquisition.

Mergers and acquisitions in markets around the world

were standard business procedure.

But in the infancy of China's A-shares, this was a first.

The unconventional disclosure of information and abnormal concentration of shares

caught the attention of regulators.

Investigators moved quickly.

Hi, Madame.

-Hi, Madame. -Hi.

Have a safe ride.

I'm exhausted carrying this much!

-He's here. -Mr. Bao!

These errands got me sweating today.

I'm dying of thirst.

One dinner turned into six cases of cash.

This Li Li is something else.

A pricey dinner, but worth it.

I'm leaving.

Ah Bao.

Tokyo Nights reopens tonight. Are you going?

Wasn't invited.

I'm leaving.

-Hey, Monk! -Madame.

Is your friend any good?

He's the one-stop shop for repairs.

If the heater doesn't work tonight, I'll make you pay.

-Understood. -Madame, phone!

Coming.

Fix it or you're not getting paid.

So much sass...

Hi.

Is Tokyo Nights prepared to reopen?

Will it live up to my standards?

Too bad you won't find any flaws.

6:30 tonight. We reserved the upstairs room for you.

Show up on time.

Who are you?

We need to know. You can't just go in there.

Who're you looking for?

Sorry, Mr. Bao, it's been too busy today.

Busy is good.

Your briefcase keeps getting heavier.

There are more.

Please have a seat. I'll get my Madame.

-The police are here! -What's going on? There's cops all over.

-Mr. Bao's waiting inside. -Madame!

Madame, cops are asking for you.

Hey, Captain Cai, what's up?

Uncle Ye wants you.

Mr. Bao!

Something going on at The Grand Lisbon.

Find out what happened.

Shanghai Municipal Police.

Are you Li Li?

I am.

This is an official investigation. Please cooperate and come with us.

Pardon, could we do this in private?

Your ID, please.

We need to verify your identity.

How much time will this take?

If you cooperate and tell us the truth,

you can leave within 24 hours.

If you don't cooperate,

we'll have to prosecute you.

Turns out she was a crook!

Madames come and go on Huanghe Road. I've seen it again and again.

She's the first to be grabbed by cops.

Business is good, so what?

That many cops for just one person?

Must be a serious crime.

Starting from now, handle the register and reassure the guests.

I'll monitor all staff and maintain regular operations.

Tomorrow is pay-day...

If Madame isn't back, will there be problems?

One day at a time.

Let's get through today first.

Don't let Madame's absence show.

I thought you didn't like catfish.

So you've heard. News travels fast.

Didn't need to travel far.

The catfish bone is stuck in your throat. What will you do?

How it's stuck, and where.

That's what I need to find out.

This Yingzhou situation is not that simple.

One misstep, and you'll land in jail.

Understand?

We got lucky. The stock exchange just called.

What now?

The Securities Regulatory Commission investigated the 10 biggest sellers

of Yingzhou Industrial. We're included.

Luckily...

We only bought in after the announcement. Doesn't count as insider trading.

Or else we'd be screwed.

I guess Mr. Qiang's tactics saved us.

Still working?

Madame, it won't start. I'm out of ideas.

So it's still broken?

Get down here.

-Quick! -Careful, Madame.

We're about to open, and the fire's still out.

We should've replaced it long ago.

Easy for you to say.

We're open in 2 hours, so do what we can.

Desperate measures time.

-The lighter. -Here.

Don't just stand there yapping. Be resourceful.

Water.

-And? -It's warm!

-It's warm. -Fill up all the teapots.

-Get everything ready. -Okay.

Monk, I'm telling you. Use your brain, or just quit.

Oh my... the dress is torn.

Xiao Wen, bring me my chef's uniform.

Okay, let's move!

Luwan District, Yanzhong Street.

From Captain Ge.

Who's that?

-What's my surname? -Ge.

I'm Captain Ge, duh!

You're Captain Ge?

Bring it over. In the center. Or nobody will see it.

Here, in the middle.

It's so empty...

-Hurry, we're opening soon. -Okay.

Come on, look at the time.

Even the flowers are here. Not a guest in sight.

It's still too early.

Where's Tao Tao?

Picking up his gang.

Call them. Tell them to dress nicely.

I'll tell them to dress like me.

Xiao Wen, where's Madame?

In the back.

Hurry up.

She's here.

-It's almost time. Talk to her. -You go.

-You guys go. -No, you.

Why you...

Ling Zi, it's getting late.

When will we open?

In 10 minutes.

All tables booked?

Yes.

Oh, great.

Ling Zi.

Are you sure people will come?

Don't get me wrong, but today is Sunday, you know?

-Some people may be working overtime. --Right.

Plus things may happen at home, right?

-The weather isn't great. -Yeah.

Quite awkward if nobody comes.

Wha...

Have the waitresses ask around.

If people aren't coming, you should have a backup plan.

Backup plan?

Plenty of options!

I told my buddies to be on standby across the street.

Don't worry. They're dressed as nice as me.

If nobody comes, they'll come to fill all the seats.

-Your opening night will look the part. -Exactly.

As shareholders, we're responsible too.

Right.

There's no need.

-It's just in case. -Just in case.

In case...

nobody comes.

I don't need any seat-fillers.

We open on schedule.

If one guest comes, I'll serve one guest.

If ten guests come, I'll serve ten.

Nobody comes, then I'll wait.

If it's empty, it just means my preparations were subpar.

I'll adjust.

Tokyo Nights used to depend on Mr. Bao.

Now it depends rely on our own ability.

She's right.

Madame, it's time.

Come.

Cheers.

-Go. -Go!

Once I open this door...

for better or worse,

there's no turning back.

Thank you all.

October, 1992. The Securities Committee of the State Council,

and the China Securities Regulatory Commission were established.

The Chinese stock market began to become more regulated and legalistic.

Regulators, emphasizing fairness and economic efficiency,

dealt seriously with the Baoying Incident.

Where is she now?

-Thanks. -Don't just guess...

Confirm!

And?

Criminal Investigation's questioning her.

Name?

Li Li.

ID number?

Date of birth?

It's on the ID.

Home address?

Same as the restaurant. 188 Huanghe Road.

Have some water.

"Li Li."

Today, you were summoned by the Shanghai Municipal Police

to help investigate market manipulation in the Baoying Incident,

as well as illegal trading practices.

Please tell the truth.

Any misrepresentation or perjury will meet with serious consequences.

Understand?

Yes.

First question. The capital you used to buy 601.

What is its source?

Was it your own, or borrowed from banks?

I thought it was Shenzhen Baolong which first bought Yingzhou shares.

Why not ask them?

If a restaurant gets in legal trouble,

maybe the Commerce Administration or Food Inspection would investigate.

But Criminal Investigation?

That's serious.

Besides Li Li, others have been summoned.

Who?

Shenzhen's Mr. Qiang.

He's right next door to Li Li.

How much capital do you manage?

About ¥200 million.

Standard corporate proceeding.

And we have asset management contracts.

It's all by the book.

Good.

Answer me this.

By law, you must declare when your ownership stake reaches 5%.

You reached 16% before you declared.

Was that not market manipulation?

I told you.

You're asking the wrong person.

Ask those who made the announcement.

Price is a matter of supply and demand.

But you profited greatly from all this.

All of it legal.

Besides, isn't it good for a listed company to grow in value?

Our information shows the Shenzhen traders

used The Grand Lisbon like their headquarters.

If I illegally operate my restaurant,

the case would go to the commerce administration.

If my pricing is unfair, the case would go to the pricing administration.

I don't see how my restaurant is relevant.

It was confirmed next door.

It was at The Grand Lisbon that you planned to manipulate the market.

Right?

"Congratulation. From Qiang Mujie, Southern Investments"

Madame, it's already 7:00. Is the upstairs guest still coming?

Too late, cancel his reservation.