Original subtitles

Created & Directed by WONG KAR WAI

EPISODE 23

FIVE MINUTES

The times are changing fast, and I don't want to be a spectator.

When the big waves come, I want to surf.

Work with me on the IPO.

I'll always be a small fish in a big pond unless we pull this off.

I was also born a small fish.

That's why we're a perfect match.

Pleasure doing business.

We need our own place on Nanjing Road.

If Shanghai Fashion gets listed, we'll never have to trade another stock.

Qiang can stay in his lane, and I'll stay in mine.

Fighting just hurts both of us.

The age of retail investors is over.

There's no more room for individualism in the stock market.

He has no chance of winning.

You're so confident.

Let me warn you.

Mr. Bao...

has always had luck on his side.

What is this?

A gift from Ling Zi.

Open it.

A new mobile phone.

Not bad, huh?

"Phone No: 903888"

3888

Expensive phone number.

Big Sis is really considerate.

-Unwrap the other one too? -Yep.

This one's great.

A fortune magnet.

This is from her restaurant.

That's a great spot.

Grant me success in work and in love--

What was that?

...please.

Where's our cat?

Xiao Wen.

-Come here. -Coming.

Where's our prosperity cat?

Madame gave it away.

What?

No wonder my eyelid is twitching.

It was our guardian angel.

Our luck.

Who will be guarding us now?

So what? Nothing I haven't done before.

Anyway, a toy to guard us?

We should rely on ourselves.

You don't understand.

-The-- -What's up with your eye?

Right eye keeps twitching.

It's a bad sign.

Success requires good fortune.

Look how late it is.

You gave away the cat, and the guests stopped coming.

Look, guests have arrived.

Xiao Wen, Xiao Qin.

-Hey. -Welcome, Xiao Li.

-This is the first bus. -Where's the other?

Packed with tourists, right behind us.

My god, what a big tour group.

Welcome, come on in.

Very good!

[In Cantonese] Welcome. Welcome in.

Sit down. Sit down.Please.

Eyelid still twitching?

It's the left eye now. That's a good sign.

Who needs that cat?

[In Cantonese] Greetings.

Shoes off inside, please.

-[In Cantonese] Party size? -[In Cantonese] Six.

[In Cantonese] There's a room upstairs.

[In Hokkien] Can I take photos?

[In Hokkien] Sure. Tea's over there.

There's another bus? I worried for nothing.

You brought this many?

You asked for tourists, so here they are.

-[In Japanese] Good evening. -[In Japanese] Welcome.

[In Japanese] Please.

[In Japanese] Mr. Fujimoto. Mr. Yoshida.

Please tell them about my friend on this card.

She's like a sister to me.

I have a friend in foreign trade. Started her own company.

If you have any opportunities, please consider working with her.

Thank you. Let me toast you all.

Thank you all for coming. You're always welcome here.

Come back soon.

-We will. -Great.

-Madame. -What's up?

There's a reporter asking for an interview.

I'm a reporter for Hong Kong TV.

My boss loved it here and asked me to get an interview.

For what kind of program?

Travel.

A very popular program that features unique restaurants.

Airs on satellite TV.

Viewed worldwide.

That's amazing.

What do you want to ask?

So this "Shanghainese Kaiseki," is it more Shanghainese or Japanese?

Shanghainese of course.

I just prepare it with the careful philosophy of Japanese kaiseki.

Everything is fleeting,

be it a time, a place, or a dish.

So make the most of every moment, every meal.

Why not traditional Shanghainese food?

Times are changing, and so must we.

Jinxian Road has many traditional Shanghainese restaurants.

So I wanted to do something new, to bring Shanghainese cuisine

to the rest of the world.

Please look this way. Ready? Three, two, one...

What skills do you need to be a good Madame?

There are four.

Be assertive.

Be capable.

Be personable.

And lastly...

Be a good loser.

Last question.

Any dreams for the future?

My dream is to bring Tokyo Nights to every major city on Earth.

Be a Madame for the whole world.

Thank you all for supporting this little restaurant of mine.

Please, come back often. Treat this as a second home.

-Cheers. -Who would've thought...

Have some more. Come back if you like it!

...she'd overcome so much.

Madame, I wish you success.

I wish us all success.

To our success!

-Come again soon. -Will do.

I'm sorry, we're pretty full. There are only two seats left up there.

We'll come take your order soon. Xiao Qin, come help them.

Monk, hurry their order a bit.

-Madame, Mr. Qiang's here! -Again?

-Enjoy the food. -Excuse me.

-Where is he? -Over here.

What the hell is he doing there?

-Any open tables? -Soon, I'm sorry.

Why are you here?

Waiting for a table.

If I come every day, I'll get one sooner or later.

Listen, the people waiting here all called ahead.

You didn't call ahead, so how can I give you a seat?

If I call ahead, but something comes up and I can't make it,

I'll lose what little credibility I have left here.

I never make the same mistake twice.

How about you come tomorrow? I'll get you in then.

I'm here.

I must eat,

Even if it's leftovers.

You figure it out.

I'm heading in.

Figure what out?

Is he cutting the line?

-Bye, Madame. -Call ahead, come again!

Take a card. You're welcome any time.

See you next time.

-Careful. -Bye.

Bye.

See you. Please call. Come again!

Xiao Wen, tell Tao Tao,

tomorrow I need 50 pairs of male and female crabs.

Monk, bring me tomorrow's menu.

Mr. Qiang?

Upstairs.

Bill's paid in the private room?

-Yes. -Hurry!

What are you doing here?

You had a busy night. Sit.

I'm busy. I don't have time to sit.

Sit and just do nothing.

For five minutes. I bet you can't do it.

Fine, I'll sit. Five minutes.

You worked like a horse all night.

Aren't you tired?

Is that supposed to be helpful?

I'd like to relax too, but the food won't cook itself.

What feel like emergencies today, you won't even remember tomorrow.

Xiao Wen, did you call Tao Tao?in

Five minutes.

Fine.

Tell me then... What do you remember?

My marriage.

My divorce.Π

My first time in Shenzhen.

My first time trading.

My first time losing it all.

And of course, my missed opportunities.

What caused the divorce?

I knew I married the wrong person, so I cut my losses.

How many marriages?

Come off it.

I'm not a reckless investor.

So your success rate is 0%.

What about you?

I told you I don't do stocks.

I like to stick to what I know.

So when I'm working, I know what I'm working for.

-If I miss some opportunities, so be it-- -That's not what I'm asking.

I'm asking you...

what you still remember.

I have a poor memory, and I'm always so busy.

I have no time to think of such things.

You can make time.

Whenever I come,

if you're busy, give me five minutes.

Not so busy, give me ten...

Or more.

Five is enough.

Ten's too much for either of us.

-I'm off. -Okay.

Is Mr. Qiang the one Ling Hong mentioned?

The Chinese exchange student Ling Zi met in Japan?

That's him.

Look.

Staring at her with those beady eyes.

It's him.

Ling Zi's single and lonely, so he's taking advantage.

That guy seems shady.

I don't like him.

If even I don't like him, Ling Zi definitely won't like him.

Oh right, thanks for the water heater.

If it ever has problems, call me.

Lifetime warranty.

Lifetime warranty.

See you.

See you.

Xiao Wen, Xiao Qin.

With feelings,

absence

takes you down a different path.

Ling Hong is gone.

Ling Zi will be too, one day.

Ah Bao stopped coming.

Tokyo Nights... is not the place we once knew.

If you don't want to waste away for the rest of your days,

go out and experience life, like they did.

You can do it.

Unlike you,

I can't.

Why?

You have wings that can fly.

I don't.

I'll die here.

Fine.

Die here slowly then.

I'm leaving.

Wait.

Where are you going?

Bowling.

Come along.

Forget this place.

If you were going anyplace else,

I'd come along.

But not bowling.

Why not?

My late wife.

You know her name?

How would I know?

Baoling.

Come on.

Go roll her.

I'll get you a ball.

Don't roll hard.

This month we did better than last month.

-Let's aim higher. -Sure!

Next month, let's aim for 90% full every night, okay?

Okay!

What's our goal again?

Beat Huanghe Road.

Again!

Beat Huanghe Road.

Let's do it.

Our profits from Yingzhou can sustain the main office for three years.

Shanghai will be the new headquarters for ten offices across eastern China.

I'll be the general manager.

The Shanghai stock market is expanding.

Local and outside companies are both getting listed.

Soon, the Shanghai stock market won't just speak Shanghainese.

The head office wants us to become the underwriter of a local company.

We won't be outsiders anymore.

Think. How do we become an underwriter?

Among the recently listed local companies,

the only underwriters have all been Shanghainese firms.

They really are loyal to their own.

Our market share is growing.

We offer more resources than Shanghainese competitors.

These days, loyalty just hinders profit.

We've already met with Luwan, the top department store.

I heard we landed on a number.

Shanghai Fashion is smaller, but should we consider it?

Our standards are high.

We only work with the best.

I hear Shanghai Fashion hired Mr. Bao as an advisor.

He overestimates himself.

Hi Mr. Bao. The Planning Commission gave us a date.

Is the underwriter set?

-I'll let you know within three days. -I'll wait.

Once again, we're in your debt.

How should I repay you this time?

Go long like Buffett would. You taught me that.

Somebody's a quick learner.

Which company did you pick?

Shanghai Fashion.

You know how much of Nanjing Road is vying for that one IPO permit?

Four companies.

They all have more resources than Shanghai Fashion.

Why pick the weakest one?

I'm in the clothing industry.

They're the only company to exclusively specialize in clothing.

It's a long-term investment.

Not just as a shareholder, but also as a business partner.

How long is long-term?

Ten years.

Maybe twenty.

If the company grows as I expect, with me as a top shareholder,

wouldn't that count for something?

What do you need from me?

I need an underwriter.

I hear Shanghai's top brokerages are already underwriting other retailers.

We both know you have someone else.

I can get you your underwriter.

But you have to do me a favor.

The favours we owe each other are endless.

Not at all.

I'll be gone soon.

How can I help?

The Grand Lisbon.

Welcome, Mr. Bao.

Mr. Bao. This way.

Let me introduce you two.

Mr. Qiang.

Mr. Bao.

Go ahead and chat.

Thanks.

You made a lot off the Baoying Incident.

Peanuts compared to what you made.

We did make a lot.

After all, we're the ones who planned it.

You made so much on the sideline.

My hat's off to you.

Right, Li Li?

Each sails with his own magic.

I briefed Mr. Qiang on the broad strokes of your plan.

Mr. Bao can fill in the details.

Before you begin, let me ask what you have an appetite for.

Salmon.

Mr. Bao?

Anything. Except fish.

Do you think Shanghai Fashion can get listed?

They had a chance,

but thanks to you, not anymore.

I see you're not here to collaborate.

You're not on my level.

You and your friends speculate on stocks.

We issue them.

We're not in the same league.

You lucked out once or twice.

That won't keep happening.

Nanjing Road has no place for you.

If you stand in my way,

you'll get crushed.

I never met Mr. A.

But from what I've heard about him,

you have his ferocity, but lack his grace.

And that's why the one facing you

is me.

Not him.

Truth can only be seen from above...

looking downwards.

Good chat?

I won't waste everyone's time.

Salmon and catfish can't work together.

Who's the salmon? And who's the catfish?

Too early to tell.

Thank you, Mr. Bao.

If he backs Shanghai Fashion, and I back Luwan Department Store,

which side are you on?

Mr. A.'s

He's dead.

Still, I side with him.

Please come again. Here's my card.

Sure. Bye.

Bye.

-Xiao Wen, Xiao Qin, clean up. -Coming!

Tokyo Nights.

I just met a friend of yours.

Who?

Mr. Bao.

What did he want?

Give me five minutes tonight, and I'll tell you.

So you're opponents now.

I suppose.

Who do you think will win?

I don't care who wins. I only care about Tokyo Nights.

I'm not interested in spending five minutes on this topic.

Xiao Wen, Xiao Qin, close up.

You two opened Tokyo Nights together.

I'm telling you,

he can't win.

You should be prepared for that outcome.

You're that confident?

The age of retail investors has passed.

The future will be ruled by institutions.

There's no more room for individualism in the stock market.

But let me warn you...

This man has always been lucky.

I don't believe in luck.

Only competence.

He came here with ¥50,000 to expand Western Development Finance(WD).

Dare to use him?

As long as he has talent, fundraising ability, and ambition,

then I'm interested.

Scale doesn't matter.

You want to win with a weak company and an underwriter based in a hostel?

How?

With my approach, and your understanding of Mr. Qiang.

If it was Mr. A backing Luwan, what would he do?

By every financial metric,

from earnings per share to working capital turnover,

Luwan far surpasses Shanghai Fashion.

Those indicators measure the past.

By my estimates, Shanghai Fashion will double in value within a year.

We're creating China's first "fashion stock."

We'll sell fashion, not cloths.

In the clothing business,

you buy fabric and labor, and profit by selling product.

It's plain and straightforward.

Not fashion.

You profit off of design and branding.

Do it well, and you're looking at 5x to 10x growth.

That's a nice little fairy tale.

First of all, Southern Investments is backed by the banks.

They can draw from a virtually infinite pool of capital.

Second of all. Luwan owns the land it's on.

It's value will skyrocket just from real estate appreciation.

What do you have?

Social value.

That's not relevant to an IPO.

It's relevant to the country's progress.

We'll give a proposal to the Reform Commission.

The Reform Commission's goal is to restructure industries.

Madame, is my lamb ready?

Coming.

Do you know what Shanghai's economy needs most?

What?

IPOs were meant for more than just speculation.

China wanted its valuable industrial companies

to go public and get bigger and stronger, bringing profits to shareholders,

and value to society as a whole.

It could work.

What if Luwan were backed by Mr. A?

It could work because they're backed by Mr. Qiang.

If it were Mr. A,

you wouldn't have a chance.

And you and I...

would not be here talking "what if"s.

WD's Mr. Wang is downstairs.

Want to meet him?

Mr. Wang.

Starting in 1991, financial institutions all across China,

with little more than a business license and a bit of capital,

poured into Shanghai.

All you needed was a computer in a hostel,

"Western Development Finance Corp"

and you had yourself a brokerage.

It was primitive, but daring.

A perfect description of WD's Mr. Wang.

These are my hometown's specialty.

Please try some.

Those of us from Shanxi can't offer anything fancy.

But I can guarantee excellent service.

No discount on my fee though.

At that moment, he was exactly the kind of broker I needed.

Thank you, Mr. Bao.

There's upside here for both the company and ourselves.

For WD, once we become the underwriter for Shanghai Fashion,

we'll finally have ourselves a foothold in Shanghai.

For ourselves, we can profit from the market's reaction.

In two days, the Commission decides who gets the IPO slots.

I'm off to prepare the documents.

Thank you.

My pleasure.

Bye, Ms. Li.

Can you walk this tightrope?

The rest is up to you.

The "tightrope" in question

was convincing the Reform Commission to give us the final IPO permit.

At the time, Shanghai's stock market was regulated by People's Bank.

But issuing stocks was managed by the Institutional Reform Commission.

Going public required a permit from the Commission.

Permits enforced a quota system,

with every prospective company Cundergoing rigorous reviews.

Permits were scarce, and competition was fierce.

For any company, obtaining one was a huge opportunity.

To obtain this last permit for Shanghai Fashion

meant beating out the powerful Luwan.

Fortune favors the bold.

Crossing this tightrope required...

not just numbers, but also finesse.

How are things going?

According to the lawyers and the accountants,

we're ahead on every front.

Now we're just waiting to hear from Shanghai Fashion's underwriter.

Who's representing them?

Mr. Bao.

He's there as WD's Deputy General Manager.

A company's IPO

is about more than growing its own value

or enriching its shareholders.

It's about showing investors the potential for progress.

Not just how much capital it can raise, but what that capital will accomplish.

Both must be clear.

Anyone can wax poetic.

Don't talk about details they can read in the prospectus.

You need a attention-grabbing theme.

Something seemingly unrelated,

but relevant to society's current hot topics.

Shanghai's the fashion capital.

Shanghai Fashion's listing would shape fashion trends nationwide.

Not deep enough.

Not hooked to Shanghai's economy right now.

These years, Shanghai's industrial transformation

has left too many workers behind.

Among them are 550,000 unemployed textile workers.

Factories discarded old machinery, determined to do away with the obsolete.

Shanghai's textile industry is 100 years old.

And was once coined Mothers' Industry.

Because most of the workers were women.

They were diligent and skilful.

Knew fabric, and fashion.

They gathered experience from practice.

Injected personal values into social ideals.

They're a precious workforce.

Many industries in Shanghai are developing new practices

to find a place for these workers.

The fashion industry is totally relevant, should respond eagerly.

Every company has social responsibilities.

Keeping textile workers employed is one of Shanghai's key challenges,

Our fashion industry is perfect

for providing these precious workers a new home.

Do research at Shanghai Fashion.

Find hard data to support your narrative.

At Shanghai Fashion, 70% of employees

came from the textile industry.

After our IPO,

we plan to open more stores, recruit more distributors,

and exponentially expand our workforce.

The Textile Bureau has contacted us

to officially recommend Shanghai Fashion as an employer.

Remember,

the most important part

is a stirring conclusion.

Shanghai Fashion's IPO

will bring new opportunities to the next era of Shanghai fashion.

While simultaneously pledging to give unemployed textile workers

a much-deserved second chance.

Society gives us all recognition. We must take responsibility to pay back.

Are the results out?

-Shanghai Fashion got it. -What?

We got it!

Mr. Cai, congratulations.

Congratulations, Mr. Wang.

Mr. Bao's speech immediately captured their hearts.

It completely tipped the scales.

This Deputy Manager of yours was just what we needed.

Mr. Bao was a trump card.

A rare exception.

One time only.

Mr. Bao really performed a miracle.

The next generation really is something.

He must have an exceptional mentor.

Well?

Your experience showed.

Of course.

How about this?

Tonight,

I invite both Mr. Cai and Mr. Wang over.

The three of us will sit here while you tell us our next steps.

I haven't thought that far.

That's on you.

Impossible, you always think ten steps in advance.

What if I draw up a plan with them and have you review it?

Shanghai Fashion is for you to handle yourself.

I have other things to do.

The Walmart order is a big deal.

But not in the same league as Shanghai Fashion's IPO.

Do you remember your first task when we moved here?

What?

Look at the front door's exterior.

You and I are like this hotel.

I'm the hotel manager, and you're my guest.

Sure,

I have to provide good service.

But I also have to guarantee your safety.

If I provide good service, but fail to keep you safe...

What's the point?

The Walmart order is your lifeboat.

You want to take on Nanjing Road?

Great, ambition is good. I won't stop you.

But if you fall,

I need to be able to catch you.

I understood Uncle Ye's concerns.

But safety is never guaranteed.

Walmart wouldn't end up being a lifeboat.

The arrow was already nocked. No direction to go, but forward.