Original subtitles

Created & Directed by WONG KAR WAI

EPISODE 25

ONLY ONE LOSES

Everyone had an inescapable past.

After Mr. A's downfall in Shenzhen, Li Li left and came to Shanghai.

Overnight, she turned The Grand Lisbon into a palace of business fortune.

She didn't have a long-term plan. Only the efficiency of a quick victory.

But beneath her haste, lay her deepest secrets.

One step wrong, and then every step wrong.

The sword of regulations hung over your head at all times.

"Chen Zhen."

She was once your accomplice.

Where is she now?

I heard that woman came from Shenzhen.

Soon as she came to Shanghai, she showed the landlord a bankbook.

Others may not know what you went through, but I do.

You're running out of time.

Everything was already decided.

There was no other ending.

We lost badly this time.

Just forget about Shanghai Fashion.

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

Who will lend you the money?

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

Everyone's going through it.

Money is hard to come by, but so is opportunity.

Can you calculate how much money we would need?

Okay, I'll do the analysis.

In the aftermath of "Black Monday,"

Huanghe Road was empty and cheerless.

Under suspicion of misconduct, Southern was officially reprimanded.

Mr. Qiang's reckless aggression raised doubts back at Shenzhen HQ.

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

Standing strong at Southern tomorrow is the best defense.

After all the storms I've weathered,

I know very well what to do, and what not to do.

You should have confidence in me.

In the end, the company calls the shots.

A single letter of termination can seal your fate.

Mr. Qiang is a veteran of the company, and a powerful figure in the stock market.

Lots of people are jealous of you.

"The Grand Lisbon - Transfer of Ownership Agreement"

Convert cash to assets, then convert back for a profit.

It's basic economics.

Given your business degree, I'd think you're familiar.

I have no interest in restaurants.

By employing your tactics,

the Shanghai branch must have earned sizable profits this year.

You've earned enough credit to keep going.

But at the end of the day,

decisions are made at the Shenzhen headquarter.

They look at the whole country,

and move money where they see opportunities.

Money circulates, but The Grand Lisbon doesn't.

It's in Shanghai,

on Huanghe Road.

It can't be moved around.

Once again, I'm not interested in restaurants.

In particular, this restaurant of yours

is not worth this much.

You're not the only buyer.

I'd like to meet your friend.

I haven't heard from you since that day.

For you to come so suddenly, something must be wrong.

Black Monday.

How much do you need?

¥30 million.

What's your collateral?

I don't want a loan.

I'll manage the funds from her account.

And if you lose money?

I'll pay her back in shares. Distressed stocks with recovery potential.

If she holds them for long enough, she'll definitely make money.

What's in it for me?

I'll give you

what I promised you.

That would be best.

How dare you borrow money from someone like that?

You're digging your own grave.

Is it proprietary trading?

Or is it agency trading?

Is your leverage really 1:1?

Don't mistake the funds entrusted to you as your own money.

The truth is, you and your team only have ¥30 million,

and you're borrowing ¥120 million.

That's a one to four leverage.

Everyone knows Nanjing Road is great.

But why don't you take a step back?

Don't be a host. Be a guest.

Leave Nanjing Road, and focus on the Walmart order, okay?

Uncle Ye, don't be so angry.

Listen, the worst time is the best time.

Three years ago, Shanghai had eight stocks,

25 member firms, and ten or twenty thousand traders.

Today, Shanghai has over 100 stocks,

a few hundred member firms, and several million stock traders.

The market's only going to get better.

Before we could only trade stocks.

Now we have the chance to issue one.

It's only one breath away.

You got me a seat at the table. Why give up now?

Chief, no.

Listen. I'll think of a way.

Give me a few more days. Okay? Let me explain.

I've asked all over Fujian and Guangdong. Just waiting to hear back.

I promise.

I signed the contract, so if anything goes wrong, I'll take responsibility.

Please.

Solicitor Wang, hello. Please, sit.

So, what's your evaluation?

Just how risky is it? You can be honest with me.

If it fails, will I get fined? Or sued?

For the record, I'm not scared. I'm doing it either way.

but at least prepare me emotionally.

You know?

Mom, it's me.

How are you?

I'm doing great.

Listen, I may go somewhere far away.

It might take a while this time.

Take care of yourself. Don't fight with dad too much.

I'm saying "if."

If they don't want me, I'll come right back to see you.

Okay, okay, I have to go. I'm very busy.

Kiss? I'm not a kid anymore.

Goodbye.

Hey, center it! Go, I'll do it.

Now it's centered. Looks good, right?

Looks great.

Mei Lin Garden's luck is about to turn.

Excellent!

Min Min, did you hear anything? It's a matter of life and death.

Slow down. Tell me.

The money that Taiwanese lady lent you. Who's on the hook for it?

Mr. Jin.

I'm just a waitress. Why would she lend me money?

What are you worried about then?

Mr. Jin and I used the money together.

If we can't pay it back by tomorrow...

They'll come knocking, and Lu Meilin will find out.

What's that have to do with you? It's between her and Mr. Jin.

-But Mei Lin Garden will be gone. -Why?

I thought you had no money left?

I used Mei Lin Garden as collateral and borrowed from a loan shark.

I hope things works out this time.

We won't lose forever.

I've been saying it for ages.

What is stock trading? It's gambling!

It's a bottomless pit. Throw money in and you don't even hear it land.

It's like walking on a tightrope while pregnant. It's simply too risky.

I'm talking about you.

Did you envy all the money they were making at The Grand Lisbon?

You didn't believe me then. Now see?

I was right. Long live those who don't touch stocks.

You're already trapped. What good is insider information?

It can help. Make another dollar, live another day.

-What if this stock goes up again-- -What if it goes down again?

Here's ¥50,000.

Take it. Don't give it to Mr. Jin.

If anything happens to Mei Lin Garden,

you should have some cash on hand.

-Sir, want one? -No.

-Where are the stairs? -Up ahead.

Hey, want a haircut? Come on, how about a haircut?

No!

Out of the way.

Miss Wang.

Mr. Fan?

What are you doing here?

I should call you President Wang, President Wang.

Congratulations on your new company.

-You're too polite. -It's the least I can do.

Thank you.

Have you had lunch?

You eat. I had a late breakfast.

I bet you didn't. Let's go eat some noodles.

-You're not locking the door? -There's nothing to steal. Let's go!

Miss Wang.

Miss Wang, I'll carry these for you.

-Come. -Okay.

After this trip to Shenzhen, I'm planning to retire.

Wow, the food here's better than The Grand Lisbon's.

Of course it isn't.

You're not even 60, and you're retiring already?

It sure is hot in here.

After the second shipment of San Yang, you quit, and so did Mr. Bao.

I didn't do a good job myself.

"Shanghai Name Brand."

I thought that was life's peak.

I didn't see the big picture.

A good thing turned bad.

Thankfully, I bought a piece of land in Shenzhen.

That's why I'm taking a trip there,

to see if I can negotiate a good price and sell the land.

I can make up for my mistakes, and compensate my factory workers.

Then I can retire in peace.

When are you leaving?

I came today to see you, and also say goodbye.

Mr. Bao has been busy with his stocks, so I won't bother him.

I'll give him a call, and then I'll be on my way.

So soon? I must treat you to something nicer then.

Let's go somewhere else.

-No need... -Check, please! It's my treat.

Really, there's no need. Miss Wang, please sit.

We don't have to be so formal. This place is fine.

We are friends now. We'll still see each other.

I'll toast you then. I'm sorry.

Don't be.

Besides, I know you have a lot going on.

Right?

You know Mr. Bao and I are competing for the Walmart jeans order?

Mr. Bao is my friend, and so are you.

Since it's you two, I trust you both know what you're doing.

People are saying, your pricing is too low for this deal.

You'll lose money.

They also say that you're being emotional

and just want to beat Mr. Bao.

But from what I know about you, that can't be true.

Maybe if it were Mr. Wei, I'd believe it.

But I know you must have a plan.

You may be the only person left who still thinks I use my brain.

Have you found a factory yet?

Not yet.

When's the deadline?

New Year's Day.

If the material doesn't get to the factory by then,

there won't be enough time.

There isn't much time left.

I know. I'll think of a way.

There aren't enough producers to go around.

Your peers become your competitors.

First few years of starting a company, there will be obstacles everywhere.

It's just like opening a new restaurant on Huanghe Road.

I expected him to lock down local factories only.

But I never thought every factory from the nearby provinces would also say no to me.

Have you thought about going even farther south?

You mean Shenzhen?

Yes.

Even if I find a factory,

sign the deal, and deliver the material, there won't be enough time.

What choice do you have?

Ship over some material first.

As soon as you find a factory, production can start.

What if I can't find a factory? I'll have wasted an entire shipment.

Well, waiting here is a dead end. This gamble might be a way out.

It's called "crossing the river by feeling for the stones."

That was how we did it.

We didn't know anything about running a business.

All we knew was,

once you were in the water, you had to swim as far as you could.

It may all seem overwhelming, but just remember two things.

One, you have to reach the shore alive.

Two, take whatever you can get your hands on.

Don't go back empty-handed.

You are just like me when I started out.

Survival is everything.

Even if you've to go the extra mile or work extra hard.

If you exhaust your strength, it will come back after some sleep.

But if you miss your opportunity, you'll lose everything.

Do you have connections?

I've been getting schooled for years. Of course I have connections.

However, I don't know how it will go.

It's too early to tell.

If you're willing to accept my help, I'll be honored.

I'll help as much as I can.

Mr. Fan,

this is the third time you've said this.

The first time, I thought you were being polite.

The second time, I thought you were acting on Mr. Bao's behalf.

This is the third time.

I finally believe that you think of me as a friend.

Please do me this favor.

Don't be so polite.

-Another beer, please. -Two.

Two beers then!

Let's celebrate.

You will always be Miss Wang in my eyes.

Eat.

Are you on your way?

Oh, Mr. Bao is here!

Mrs. Lin will be there soon. You two get started.

I'm still busy at the restaurant. I'll come when I can.

I see her.

Please.

I take it Miss Li Li has introduced me. Just call me Ah Bao.

This is my card.

I can see you're a professional.

Mr. Bao, tell me your proposal.

Two options.

One option, you entrust your fund to me and get a flat annual return of 20%.

The other is joint profit.

If we earn, I take 10% as commission.

If we lose, I take nothing.

I want principal protection.

You can take a commission from profits for six months.

Principal protection is fine. I'll take an 8% management fee.

But for any profits, I want a 14% commission.

8% on the principal is fine. 14% doesn't sound very nice.

Let's do 13%. It's more auspicious.

Fine.

Mrs. Lin is a master.

One can only improve exchanging moves with a master.

The terms are set. I'll provide my account details.

You trade with my account.

No problem.

This is a collateral contract for The Grand Lisbon.

"Collateral agreement signed and stamped by Li Li."

If anything goes wrong with you,

The Grand Lisbon will be mine.

Come again. Mrs. Lin, see you!

Hello?

Is your Madame there?

Mr. Bao?

Madame left.

Something horrible happened.

Mr. Jin fell from the second floor. He's dead.

What did you say?

He was running from a debtor.

Someone named Mrs. Lin.

AN HOUR AGO

Jiangxi, where are you going?

I know this person.

Mrs. Lin. She's from Taiwan.

Oh, this is bad...

This is really, really bad.

-Please come in. -I'll handle it.

Happy New Year. Do you have a reservation?

It's under "Lin." I'm looking for Mr. Jin.

You're looking for my husband? He's not here.

-Miss Lin-- -Mrs. Lin.

Mrs. Lin, would you come inside for some tea first? Come.

This way.

Wait here, okay? Have some tea while I get him.

That guy. Didn't even tell me to expect such an important guest.

Hurry it up.

Please have some tea.

Nice place.

Mr. Jin, where are you?

The Madame is looking for you.

Jiangxi, where are you running so fast to?

Your next life?

-Have you seen Mr. Jin? -No.

Why are you over there? The raffle's starting. Come help.

What goes through your head all day? It's like you're not even here.

And now...

The most exciting moment.

We hope that you get the special prize!

Three, two, one.

Go!

What's the point of hiding here?

Go downstairs. If the Taiwanese woman comes, let me know.

If she doesn't find you today, she'll come again tomorrow!

The stock may go up tomorrow.

-Can't we rely on ourselves? -What do you mean?

The restaurant must have made ¥100,000 in revenue these days.

What do you want to do?

¥100,000!

We can go to a smaller city.

Why don't we start over?

Lu Meilin will go crazy.

If she finds out you used the restaurant as collateral,

she will go crazy just the same.

What are you doing?

What's wrong?

-Too attached? -Lu Meilin will get suspicious.

Take this one.

Don't worry. It'll be okay.

Number 66.

Number 66!

Is number 66 here?

Not here? Draw again!

"Raffle Ticket No. 066"

-Yes, draw again! -Draw again!

Madame, Mrs. Lin wants to see you.

What do you want?

Go talk to the one...

who borrowed from you.

His last name is Jin.

My last name is Lu. What's it got to do with me?

Mrs. Lin, today is a holiday. Let's try to be happy here.

If you don't want dinner, please leave.

I have a business to run.

I'd like to confirm two things with you.

Are you husband and wife?

And, is this Mei Lin's chop on this contract?

Don't you try and mess with my restaurant.

I just needed to confirm that the collateral contract is valid.

Mrs. Lin!

There's a grace period in the contract.

Give me ten days.

A week.

Mr. Jin. Mr. Jin?

It's about to snow.

Snow in Shanghai will melt before it hits the ground.

To Yunnan Road.

She's gone.

Madame, we couldn't find Mr. Jin upstairs.

Should we keep looking?

What's the point?

He may as well die out there.

Meilin!

Madame, stop. She'll die.

Let me go.

Meilin, please.

Help her up.

Meilin

I told them so many times, but they wouldn't listen.

I never thought it'd turn out this way.

Isn't it just trading stocks?

I'm never trading stocks again.

Mr. Bao, our Madame hasn't been back these last two days.

Why don't you try her cellphone? I'm sorry.

Goodbye.

After Mr. Jin's accident, Li Li never went back to The Grand Lisbon./

Nobody knew the reason.

Through Captain's connections,

I finally started to understand where she came from.

I looked into it.

She could be one of Mr. A's 18 students back then.

There was only one woman, but her name wasn't Li Li.

Her last name was Chen.

Mr. A's private investment fund employed an elite team in its prime.

After the boom in new Shenzhen stocks,

he was too overleveraged to survive the market crash.

He left behind a mountain of debt.

Besides Mr. Qiang, the rest of his team vanished into smoke.

Was the Li Li I knew one of them?

At that moment, I couldn't confirm it.

All I knew for sure was that

her rush to leave had something to do with her true identity.

Everything's in the car.

Go.

I will come find you.

Leave here.

Remember our mistakes, and forget everything else.

I've been looking for you.

What's the matter?

Are you free tonight?

Would you like to have supper together?

I have plans. Another time.

If you're here to ask me

why I used The Grand Lisbon as your collateral,

I'll tell you there's no other reason

than that I'm leaving.

The Grand Lisbon is my ticket to leave.

If you can win in this battle, you'll fulfill your promise to me.

I'll leave with cash, and you take over The Grand Lisbon.

What if I lose?

Then I'll cancel my guarantee.

Mrs. Lin will cancel the contract.

You'll deal with the consequences.

I can also tell you that you're not the only buyer.

If you haven't signed Mrs. Lin's contract, I suggest you reconsider.

I won't take back what I already promised you.

Perhaps you're helping me to prove that Mr. A was right.

But I'm not Mr. A.

I will fight this my own way.

If I win, both of us win.

If I lose, I'll go down alone.

Have a good night.

Li Li's story...I don't want to tell.

It's impossible to capture in a sentence.

Miss Wang is capable, but she can't find a factory.

New Year's Day is around the corner.

She's out of time.

No. 27 is on the contract. If anything goes wrong...

It will hurt the reputation of the Foreign Trade Office.

You should persuade her to pass the deal to Mr. Bao.

He won't refuse.

You used to work here. Don't you know the rules?

I signed the contract with Xiao Wang.

If she has difficulties, she'll come to me directly.

That's what it means to be honest and straightforward.

What you're doing is backstabbing.

I'll tell you again.

To me, honesty is the bottom line.

Next!

You haven't changed at all.

Neither have you.

I've told you before. Apply the same rule.

-Where are you going? -To the bathroom.

Uncle Ye!

Uncle Ye.

I asked around.

Miss Wang going to Shenzhen was arranged by Mr. Fan.

Understood.

I hear it's a well-established factory.

I know what Mr. Fan is capable of.

Miss Wang won't make it there.

-Stop by when you're free. -Sure. See you, Uncle Ye.

The end of 1993 was a difficult mountain to climb.

Miss Wang's Walmart order,

my plan to help Shanghai Fashion get listed,

and Li Li's escape plan

were all facing a critical moment.

Climbing over the mountain would end a long journey on a high note.

Failing would turn us into cautionary tales...

like Mr. Jin,10

Fa Gen,

or even Mr. A.

If life is a level-up game,

how does one play without regrets?