Original subtitles

Created & Directed by WONG KAR WAI

EPISODE 24

NO SHORTCUTS

Shanghai Fashion is the only store on Nanjing specializing in clothing.

I'll invest in them long-term.

Not just as a shareholder,

but also as a business partner.

Our chairman says,

whoever can get us listed

is who we're partnering with.

You really think it's going to be that easy?

Salmon can't work together with catfish.

Which of us is the salmon?

And which is the catfish?

It's still too early to tell.

You want to take on Nanjing Road?

Ambition is good. I won't stop you.

But what if you fall?

The one who gets ahead

is the one who's most daring.

That's why I have the upper hand.

The Walmart order is your lifeboat.

You deal with Shanghai Fashion.

I have other things to do.

The Walmart order is a big deal.

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

You and I are like this hotel.

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

First, I ensure good service.

But I also have to guarantee your safety.

Uncle Ye,

we've come a long way together.

As we forged our path, you always had my back.

I only got the IPO permit today because of your help.

I may not be the best student, but you're definitely the best mentor.

If, one day, we're backed into a corner,

it definitely won't be your fault.

It will be mine.

From now on,

I should be the one taking care of you and the two aunties.

Don't worry about them. They're my lifelong responsibility.

Just take care of yourself.

I understood Uncle Ye's concerns.

But nothing in life is guaranteed.

Walmart wouldn't end up being a lifeboat.

At this moment, Miss Wang also had her arrow drawn

as she fretted over her new business.

-Don't call me "Auntie." -Auntie, I promise I'll pay the rent soon.

I don't care. I don't want promises. I want money.

Do I look like a charity?

I better see that rent today.

Doesn't matter who you are. Pay up, or I'll kick you out!

Oh, Xiao Wang, you're here.

Auntie, what are you doing here?

By the way, let me just ask...

Is it okay if I'm a couple days late on my rent?

Your father already paid your rent for the next three months.

My father did?

When was this?

Two days ago.

You didn't know?

He wants to help you and your husband.

Oh no, he's just a business partner.

No need to explain.

-I understand. -I swear.

Don't worry, I get it.

Right now, your man is even selling his favorite mink coat for you.

You're a lucky girl. Don't take him for granted.

Do you take me for a fool?

Look how good the quality is. I was saving it to wear at my wedding.

I normally wouldn't sell it for ¥20,000, let alone ¥2,000.

Look, ¥2,000 or I walk away.

Fine, so be it--

Oh, shoot.

Actually, you seem quite fond of it.

Go ahead, just take it.

-So prideful. -Shut up.

What are you doing?

I have too many fur coats, so I had to get rid of one.

Our landlord just told me my dad already paid the rent.

Buy the coat back.

We'll make money by working, not by selling our valuables.

The "how" is unimportant. Cash is cash.

We need to adapt to circumstance.

Forget it, it's already sold.

Here, ¥1,000 for you.

I get ¥500, and we'll save ¥500 for company emergencies.

¥200 for food, ¥200 for utilities, and ¥100 for hair.

It's perfect.

I'm too busy to do my hair.

I'll do my hair then, okay?

It needs a touch-up. Let's go then. To No. 27.

Taxi!

Hi there, we're Mingzhu. Mingzhu Ltd.

Rooted in Shanghai, eyes on the world! Here's our card.

Mr. Wei.

My new company with Miss Wang.

-Sir. -Congratulations.

"Mingzhu" as in "pearl." We're the pearl among companies.

-Take one. -Mingzhu? Congratulations.

What happened to your coat?

And you are?

Mei Ping. You really don't remember?

Ah, Section Chief Mei.

Oh wait, not yet? Keep working at it.

Same goes for you.

I'll be the one handling most of your business here.

We're Mingzhu. Rooted in Shanghai, eyes on the world!

Oh here, take a card.

Xiao Wang, you better be serious.

This is no joking matter.

I worked at No. 27 for years. I know what I'm saying, what I'm doing.

5% commission, $17 a dozen? How will you earn a profit?

I'll figure something out.

What's your production cost?

You can't tell me?

Chief, if I'm giving the best offer, I should get the order.

Why should I believe that you can actually fulfill it?

The numbers add up. 200,000 dozen pairs.

Production cost is $12 a dozen. Another $5 in fees.

And your profit?

After commissions and other expenses, you're in the red.

I have confidence.

I have confidence.

It's fine as long as the order is settled in US dollars.

This is your first order.

Show No. 27, show Huanghe Road, show Shanghai what you're capable of.

Do it for yourself, not to beat Mr. Bao.

To me, it's all the same thing.

Uncle Ye, I'm heading back.

I have more work to do.

Thank you for the pastries.

Thank you for the advice. I'll keep you posted.

-No need to walk me out. -Take care.

Oh, Mr. Bao.

She was just heading out.

-If I knew you would be back-- -Thanks...

Thanks.

Goodbye, Miss Mei.

Right. Goodbye, Uncle Ye.

What was she here for?

Miss Wang's bid?

$17 a dozen, 5% commission for No. 27.

There's no way.

This means only one thing.

She just wants to beat you.

She's not concerned with the math.

If she takes the order without production figured out,

she's going to be in trouble.

Maybe even legal trouble.

Uncle Ye, you've been spying on her.

"Know thine enemy." Your words.

Anyway, this Walmart order...

Come hell or high water, we must have it.

Let me run the numbers again.

There's no time for that.

Have you thought it through?

I have.

To beat Mr. Bao, we can't go above $17.

$17...

Best case, we make zero profit.

Worst case?

Guess I'll just eat a lawsuit.

No big deal. I'm the man. I can handle it.

Did you forget? I'm the one who's liable.

-Then absolutely not. Let's reconsider. -Let's just win the order first.

The details can wait.

Without a seat at the table, we can't even play our hand.

-Well? Should I send the fax? -No. You think I'm scared?

Remember, I'll always be your strongest support.

Sending it.

Did you plug it in?

Nothing gets past you.

Tough as nails.

Done.

What a cold winter this year...

We're closing. This is the last bowl.

Come on, we're celebrating. Don't rush us.

You seem to be celebrating every day.

What have you accomplished?

It's our company culture.

What culture?

Frequent cheers,

and success nears!

Another beer.

A new dish. Give it a try.

Goodnight, Madame.

Come again.

Good?

Not good.

Nothing's good when you're in a bad mood.

First of all, too sour.

Second of all,

winning the IPO permit means he will have to invest more.

He'll only fail even bigger.

Investment yields returns.

The investment he needs is at least ¥200 million.

How will he acquire ¥200 million?

He's capable.

Capable?

Even you would think twice before lending him millions.

Am I wrong?

Tokyo Nights is not the place for discussing ¥200 million.

Save them for Huanghe Road.

Home of The Grand Lisbon.

We'll talk about that tomorrow.

Xiao Wen, Xiao Qin.

-Close up. -Got it.

Are you coming?

I'm right outside.

Not coming in?

Too much pressure in there.

The story of The Grand Lisbon will take longer than five minutes.

What then?

Coming.

Are you Mr. Qiang? The room's ready.

Hello, Miss. Ah Er, start serving.

Why are we here? Tokyo Nights has hot pot too.

This past month, two people met here at least three times a week.

The man sat in my seat.E

The woman in yours.

The man has a dream...

Becoming Nanjing Road's Warren Buffett.

I don't know what the woman wants.

She has a nickname.

"The Assassin."

She was once Shenzhen's fastest floor broker.

She'd perform 13 trades a minute. 200,000 a year. Never made a mistake.

I just run a small restaurant. Why bring up Warren Buffet?

What does it have to do with me?

Originally, the man thought the same way.

But the woman used his dream to con him.

How much capital does Shanghai Fashion need for its IPO?

Depends on its offering price.

If it's around ¥10, ¥100 million will do.

My team and I have ¥30 million. Ning Bo manages a fund of ¥30 million.

WD Finance will match 1:1.

We'll keep a base position of 10%. ¥120 million is more than enough.

If the offering price is ¥20, you'll need at least twice that much.

Right now, each share is worth ¥5.4.

A higher price means we'd make more in the sell-off.

A high price won't help the company. Starting high means less space to grow.

Nanjing Road's leading companies are falling in value.

As latecomers, we play the long game. Shanghai Fashion can't open high.

Back when there wasn't so much money in the market,

a group of friends with ¥10 million would be called a "fleet."

What you're facing is an armada.

To Mr. Qiang and Southern Investments, Shanghai Fashion's a mere appetizer.

They drop ¥300 million to buy it out, and you and WD are done for.

In this bear market, even Mr. Qiang's tight on money.

He can't just spend recklessly.

After Baoying, he's set for three years.

Money's important in the stock market.

But information's even more.

Shanghai Fashion's on my side. I'll get information quicker.

It's the company that's going public. You're just a middle man.

What makes you think they're on your side?

In the market, the one who instigates has the most exhausting role.

Not physically, of course.

Mentally exhausting.

You're constantly worried about your capital.

If the flow of capital is broken, then it's total defeat.

The sword of the law's tiring too. It hangs over your head.

One mistake can land you in jail.

Ever heard of Mr. A?

Can you cut to the chase?

We still have time.

In 1990,

new capital markets drew thousands of exchange students back from abroad.

We were full of ambition.

Leading the pack was Mr. A.

From Beijing to Shenzhen,

to Hainan, to Shanghai...

We crossed most of China in hopes of starting our own Berkshire Hathaway.

But we flew too close to the sun.

The Shenzhen market's rapid changes killed our company.

We held our final company dinner over hot pot, just like this.

That day, we didn't drink.

We didn't curse.

We didn't get rowdy or upset.

We didn't even say goodbye.

When it was time to leave, everyone was deathly quiet,

including Mr. A.

At the end, the one by Mr. A's side was Li Li.

She was Mr. A's protégé,

and the woman he loved most.

A single misstep leads to many others.

All that hard-won capital turns into zeroes on a screen.

Blood and sweat, all for nothing.

That's what killed my mentor.

When our portfolio collapsed,

we sold everything at rock-bottom prices to all sorts of people.

One of them was Ah Bao.

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

Fighting just hurts both of us.

We're not up against each other.

We're up against the market.

You should ask yourself whether your rival has any magnanimity.

For Mr. Qiang,

Southern Investments losing out on an IPO due to his oversight

would be simply unforgivable.

If it were Mr. A,

he'd prioritize the bigger picture over this lose-lose situation.

He'd extend an olive branch.

Southern would become the underwriter, but leave you a seat at the table.

Mr. Qiang is different.

He would look you right in the eyes as he steals your lunch,

then laugh at your loss over dinner.

The man named Ah Bao used ¥500,000 to take a small slice of our pie.

Half a year later, it was worth millions.

And so he became "Mr. Bao" of Huanghe Road.

You already went bust, so it's normal to buy out your leftovers.

-He's not the one to blame. -I hate guys like him.

We call them "corpse-removers."

So, it's revenge for you.

That was a long time ago.

Romantic rivalry.

I only met him recently.

What romantic rivalry?

The moment I got to Shanghai, he called to ask me to find someone for him.

When studying abroad in Japan, he fell in love with a waitress from Shanghai.

You mean...Ling Zi?

I should thank him.

Four years ago, in Japan,

Cheers.

Every week, I looked forward to visiting Ginza with my boss.

There, I could see a special person.

When my visa expired a year later,

a Japanese company offered a lot of money for me to stay.

I immediately wanted to see this person.

Only for her would I consider staying in Japan.

Every time we parted ways, we would say,

See you!

See you.

It turned out that "See you" was just a one-sided wish.

I went to Ginza. But she was gone.

[In Japanese] Where's Reiko?

[In Japanese] You didn't hear? She went back to Shanghai.

The waitress didn't say goodbye. Apparently she opened a restaurant.

She was taken away by a man named Ah Bao.

So in that sense, I should thank him.

If it weren't for him,

I might still be in Japan.

I might have missed out on this great era.

Why tell me all this now?

I don't want you left in the dark.

I want you to know what I'm about to do.

Why I'm about to do it.

What the outcome will be.

No one will ever get another chance to take you away.

Ah Bao didn't take me away.

And I couldn't have made you stay.

But I have to thank you.

Nobody has

ever cherished me so much.

But next time

you want to talk about other people's matters, leave me out of it.

I have no interest in other people.

Also, our five minute talks will be at Tokyo Nights only.

Coming out is a hassle.

See you tomorrow.

So, to Mr. Qiang, this is more than just a transaction.

But that's all there is to it. Ling Zi's not involved.

Right now I'm just trying to figure out how to win this battle.

¥200 million.

You need at least that much. Do you have it?

You're right, I don't.

But I can talk to WD about doubling their contribution.

If you take on Southern with high leverage,

and the market starts to drop, it's practically suicide.

Give it up.

Then I wouldn't be Ah Bao.

No one's good luck lasts forever.

"No rest until I reach Huanghe."

You said it yourself.

You helped Shanghai Fashion get their IPO.

For a long-term investment, you could just buy their shares.

No need, just for pride, to risk so much.

Shanghai Fashion was an underdog. Now they're about to IPO.

I started out as a street hawker. Now I'm a Nanjing Road distributor.

Pride has always been the motivation.

China's stock market is young.

Compared to the future, every stock is still at rock-bottom.

We're fortunate to live in this era. So why not seize the chance?

I've heard those words before.

I have a friend. She can lend you the money.

Just one condition.

Losing it is not an option.

Touch it or not, your call.

By November, China's new macroeconomic policies bore fruit.

The stock market entered harvest season after a long drought.

With a record turnover of ¥3.8 billion, the SSE Composite Index

finally peaked again points.

Acquisitions became the hottest trend.

Big money courted small stocks.

Riding the rebound, I went back to my roots and started scalping stocks again.

The "Old Eight" stocks have been volatile.

We have a one month window to make some money there.

Trade one stock a day, and rotate through the eight.

That's the way we ensure we don't get trapped.

After Baoying, Mr. Qiang is sure to attempt more acquisitions.

What can you tell us about Southern Investments' next move?

Do you plan to arrange another acquisition in Shanghai?

We profited well from Yingzhou.

Not only did we make money.

We also launched China's first-ever acquisition.

Next, we invest in our own company.

We'll start by upgrading our profile.

We're moving this office to the Bund's financial district.

Can't be stingy. Our focus is on landing wealthy, high-profile clients.

As the Shanghainese say, it's all about flair.

Have that flair, and the elite will come.

The market is a treasure chest, and there are countless ways to profit.

Here's a problem for you all. Try solving it.

Listen carefully.

100...

...653.

Shenhua? Are you sure?

Every trader has habits. Many favor lucky numbers.

Starting with Baoying,

I noticed Mr. Qiang's orders all ended in "248."

For a few days, several orders of 100653 had ended in "248."

That meant Southern had started to buy in.

Why 248?

Because Tokyo Nights' address was 248 Jinxian Road.

From now on, to decrease risk and increase profit,

we'll spread out.

Use other companies' order routes.

Enter fast, exit fast.

Our target price is ¥48.

Remember.

On the road to wealth, safety comes first.

I don't know. Bye.

Hello?

I don't know.

Why so many calls?

Half of them are asking if you have insider information.

I've stopped being an insider.

I don't have tips.

People think that's a smoke screen, and you're secretly up to something.

Nonsense.

And the other half? What do they want?

If you can believe it, help getting a reservation.

What? Reservation where?

At Tokyo Nights.

It's not like it's The Grand Lisbon. Who needs reservations?

These days, Tokyo Nights is always fully booked.

I haven't gone in a while.

It's boring.

It lost its soul.

You've been bowling with Mr. Ge instead?

Yeah, but that's boring too.

If you ask me,

every single thing in life is boring.

What's the matter with you?

Imagine this.

One day, while walking around, you bump into Ling Zi.

You haven't seen her for a while.

You discover she's pregnant, and you're not the father.

How would you feel?

What are you saying?

Just hypothetically.

Wouldn't it feel awful?

I'd be happy for her.

Well then I'm not like you.

Women can change so quickly.

It's only been a few months and she's already pregnant.

Who did you run into?

That devil!

Thanks, can I see that outfit?

Nice, I like the fabric.

So cute.

Where'd you see her?

At Hulian Department Store. You know who I'm talking about?

Of course.

Who else? She even gave you a key to her place.

I'm pregnant.

So fast.

Honestly, Mr. Tu is the best.

You got a lot of free time, shopping at Hulian.

It's my wife.

She goes three times a month to buy gifts for friends.

And then it backfires on me! How is that fair?

Buying something?

My friend just had a baby, so I'm getting some presents.

Where's Fang Mei?

In the restroom.

You're doing ok?

I'm fine.

What's doing ok?

I'm always like this.

Babe.

I have to go.

Bye.

-Bye. -An ex?

Of course not. Just an old neighbor.

What do you want for lunch?

Why?

Disgusting.

Who?

Just talking about myself.

Babe, aren't these cute? Look!

What for? For our non-existent kids?

Where are you going?

Here you go, look all you want.

Why would you say that to her? That's hurtful.

Am I wrong? We don't have kids, so why look at that stuff?

-Have you always shopped together? -No.

She's hinting.

Hinting what?

I would know if she's pregnant. And she can't keep a secret.

She would have told me already.

Go home to her. Stop staying out so much.

Absolutely not! I'd just get yelled at.

Her mother's coming with a couple cousins for New Year's.

It'll be so noisy.

My home--

Hey, listen.

Four women! It'll be miserable.

Go home? No thanks.

-Want a ride? -Nah.

Not like I'm going home.

Where are you going?

Bowling.

Want to come?

No, I'm going to bed.

Well, I'm off then.

How much?

Just ¥200.

You know how it is.

Thanks to Fang Mei, I don't have any spending money.

I'm like a naked goose.

Every time I grow a feather, she just plucks me clean.

Is that enough?

Yeah.

Then go.

A bit more wouldn't hurt.

This is all I have on me.

Hide it well.

Thanks.

You can have this ¥200 back.

Thanks.

Friends pay each other back.

Good thing your wife plucks your feathers. Or else you'd have flown away.

Hey, I have wings.

I can fly.

I'm but a little, little, little, little bird,

I want to fly and fly,

But I can't fly very high!

Everyone wants to fly, but life brings sudden winds.

A storm was brewing.

Uncle Ye, a letter for you.

Thanks.

No need.

The letter's sender already tipped me ¥100.

I was asked to deliver it immediately.

Get out. As fast as you can.

December 17, 1993.

In response to the recent stock market volatility,

the Securities Regulatory Commission announced new regulations.

They cracked down on domestic stocks

which IPO-ed in the boom of institutional trading

by regulating bonus shares and rights issues.

Credit funds entering the market

and market manipulation schemes were thoroughly investigated.

As news broke,

the SSE Index fell below 777 on Monday, December 20th

Trading plummeted, and the market cooled rapidly.

everyone wanted to get ride of their shares

One-third of our funds evaporated.

Listen to the authorities.

They warned time and time again that the stock market is risky.

You didn't listen, so now you're trapped.

The stock market is simple. Three words: "Follow the rules."

Due to Qiang's power plays, Southern was also pulled into this storm.

Don't show me this! What's our profit and loss?

The market's down by a third.

Meanwhile, we're down 40%...

Everyone's taking losses, not just me.

Forget winning or losing. This is life or death!

First we have to stay alive. Any word from authorities?

They have their eyes on us.

Due to our frequent trading of Shenhua, they suspect us of market manipulation.

We must submit a detailed report of our Shenhua dealings,

including every transaction and every funding source.

They need it by tomorrow's market close.

They'll review the report before proceeding with the investigation.

Shenzhen headquarters called.

They're sending backup tomorrow.

Tell them not to meddle.

Call them right now.

You hear me?

Right now!

We've been hit hard.

The overall fund lost 10%. Accounting for leverage, we lost 20%.

Just like that, ¥6 million gone in an instant.

As they say, "It's one damned thing after another."

It will probably keep falling tomorrow.

If it falls another 20%, that's another ¥5.4 million gone.

That's like driving ten Mercedes right into the Huangpu River.

If this goes on, Ah Bao might jump in after them.

Don't jinx it.

He wouldn't be the only one.

They're investigating two things.

One, did our high frequency trades constitute market manipulation?

We can check for ourselves. This is not my main concern.

We were trying to save ourselves in a crashing market.

The real problem

is the new ban on credit funds and interbank loans.

That could kill us.

-We urgently need a way around it. -How? They're watching us like a hawk.

I told you to think of something! Every single one of you, figure it out!

I don't care how, just deliver!

Go for wool, come back shorn. You lost bad this round.

You're in a tight spot.

Just forget about Shanghai Fashion.

We might be in for a repeat of the Black Thursday crash.

The year's ending. Cash is tight for everyone.

Who will lend you the money?

Let Southern have Shanghai Fashion if they want.

Your pride's not that important.

A million shares

is not great.

It's not bad either.

Sure, we're losing capital, but so is Mr. Qiang and Southern.

Everyone's going through it.

What's there to explain? An explanation implies guilt.

Standing firmly at Southern tomorrow is the best defense.

You should have confidence in me.

In the end, the company calls the shots.

A single letter of termination can seal your fate.

Every bird waits for favorable wind.

Ride the right ONE, and it's smooth sailing.

Fly into a gale and it's complete destruction.

The wind was picking up.

That night offered no shortcuts.

Only mazes.