Original subtitles

Created & Directed by WONG KAR WAI

EPISODE 1

8.8 SECONDS

In 1978, China's leaders made the bold decision to increase the country's prosperity by opening up its economy.

In 1984, China issued its first publicly traded stock.

By 1991, the Shanghai Stock Exchange sprang to life.

Seemingly overnight, fortunes boomed - and crashed - as China began the greatest explosion of wealth in human history.

Shanghai was entering the Roaring Nineties.

NEW YEAR'S EVE, 1992 THE PEACE HOTEL, SHANGHAI

Shanghai, 1992.

Neon signs glowed like a sea of flowers.

During Deng Xiaoping's Southern Tour, he launched an era of opening up that

"When the Eastern wind arrives, the eye sees nothing but spring"

kickstarted China's stock market.

The world was watching.

"Shanghai Stock Exchange"

Stocks took center stage.

While they both started at 100 points,

It took almost 100 years for the Dow Jones Industrial Average to reach 3,300 points.

In a single year, Shanghai's Composite Index was already approaching 1,000.

"Shanghai Stock Exchange Trading soars in January"

In the face of opportunity, everyone is equal.

A single chance can change one's life.

Some get rich overnight others go broke in half a day.

My name is Ah Bao.

Like countless other Ah Baos in Shanghai,

I hustle every day and keep up appearances.

To stay on top.

I have great ambitions,

But I don't know...

if this is all a dream

or a reality from which we can't awake.

Mr. Bao.

It's all here?

You can trust me.

Ning Bo and I both counted. It's right.

Playing mahjong?

These idiots.

If I don't take their money, who will?

New year, new fortune.

New fortune for everyone. Mr. Bao. Thank you. Thank you.

Big crowd tonight.

Happy New Year.

Happy New Year, Mr. Bao.

Ten.

Nine.

Happy New Year, Mr. Bao.

-Happy New Year, take this. -Your car is ready.

Six.

Five.

Four.

Three.

Two.

One.

Happy New Year!

Hurry. Get out of the way!

Hurry!

Make way!

Get out.

One, two, three.

Protect the neck. Get ready.

He's still unstable.

Tell people to keep away.

Listen to me, contact the best doctors at all the other hospitals.

If anything happens, we transfer him soon as possible, okay?

How is he?

Quiet please. Excuse me.

He's unconscious. Wake up. Wake up.

I'm just asking you if he's awake.

-No. -No? What's going on?

His pupillary response is delayed.

-Prepare the oxygen. -Got it.

Compression.

Prepare to clean the wound. Wake up. Wake up.

Uncle Ye! Uncle Ye is here!

He won't die.

Do you know who I am?

If business is a form of art,

he is the ultimate master.

His name is Uncle Ye.

He was my mentor.

When I met him,

he had just gotten out of jail.

1987

JING'AN DISTRICT

Who is it?

Hello, Uncle Ye.

I'm Ah Bao.

You don't remember me?

You can't use today's sun to dry tomorrow's laundry.

Timing.

Timing is everything.

Go home.

Uncle Ye, let me finish.

I'm here to learn business from you.

-Do you even know what business is? -It's simple.

Business is buying, then selling, using money to make money.

Your granddad tell you this?

Your granddad's granddad was a landowner.

Your granddad himself was a capitalist.

What are you?

I--

You can't afford to start a business.

Where are you going to get the capital? Are you going to steal it?

-So I-- -You can only borrow.

So your accounts will start out negative.

Say you borrow ¥100 to start.

Interest is at least 20%.

How much do you need to make to keep your business afloat?

¥120.

Wrong.

¥280.

Why?

Principal plus interest, ¥120.

Living costs, ¥20.

CapEx, ¥40.

And a remaining ¥100 to grow your business.

If you borrow ¥100, you have to earn ¥280.

Do you know what that means?

Absurd margins.

You know where I just got out from?

-You weren't profiteering, right? -Of course not.

Do you know the current trends?

Have you studied the regulations? What profits are easy to make.

What profits are off-limits, and will land you in jail?

You think you can just pound your chest and become rich?

Don't even think about it. Go home.

Go home.

Uncle, I want to do foreign trade.

You speak another language?

I can learn.

My brother has a company in Hong Kong.

I can be his sales rep.

Foregin trade is all the rage. I think I can do it.

Foreign trade is basically borrowing their chickens

to lay your own eggs.

Why should they lend you their chickens and give you their eggs?

Fine.

Here, tomorrow, get a room at this place.

If I don't hear from you by noon tomorrow,

the two of us are done.

The Peace Hotel?

Too small.

Like it?

Too small.

Medium suite.

Doesn't work.

Doesn't work.

Too small.

English suite. Not bad, huh?

Not bad.

How much for a night?

80 U.S. dollars, and two packs of premium cigarettes.

-How many days did you book it for? -One day.

I borrowed the money from family.

Okay.

So your cost so far-

$80 U.S. and two packs of nice cigs.

I'll give you 24 hours.

Go and borrow ¥6,000

and be back here by noon tomorrow.

If you don't have it,

you'll have lost everything.

Off you go.

I need to use the bathroom.

This way,

all the way down, on your left.

Uncle,

how come you know this place so well?

This

used to be my suite.

GULING ROAD MARKET

Give it back.

Give it back! This is my mom's money. You give it back to me.

Bao, take it, quick.

Go.

My brother,

this is everything I own.

Be careful.

¥6,000.

Good. You're on time.

Go to this address, buy this stock.

I don't care how you do it.

Do your best, buy as much as you can.

Hold it for two weeks, and then,

sell it all no matter the price.

Don't keep a single share.

Go!

"Shanghai Trust & Investment Company"

November 1984,

China issued its first stock.

By the first half of 1987,

it had issued just 4 stocks.

The Shanghai Stock Exchange building didn't exist yet.

Every trade was over the counter at 101 Xikang Road.

In those early days, there was little stock issued

and even less infrastructure.

Trading was done through scalpers outside.

The locals called them "street standers."

Close the door.

Sir, you have a good eye.

Vacuum Electron.

That's the next big thing. It's a leading, big-cap stock.

Our first state-owned enterprise stock. You know that, right?

It has amazing potential.

-How many shares are you holding? -How many do I have?

Just take a look.

I have as many as you want.

Back then, the rule was once the cigarettes are lit,

the deal is done.

The cigarette that day was very expensive.

At ¥150 a share,

I bought 40 shares of Vacuum Electron.

After a week, Vacuum Electron issued more shares.

Instantly, the price plummeted.

-How much did you lose? -¥3,000.

Does it hurt?

How can you even ask me that?

How can I face my buddy Tao Tao?

The ¥3,000 was his. He was saving it for his wedding.

You heard of the Empire State Building?

What about it?

Climbing to the top takes a full hour.

What are you talking about?

Plummeting to the bottom? Only 8.8 seconds.

That's the stock market.

To make money on stocks, first you must learn how to lose.

You still have ¥3,000, right?

Yes.

I'll give you another week.

Borrow whatever you can to gather up ¥10,000.

¥10,000?

Buy this stock again.

Hold it for another two weeks. And then, sell it all.

Six o'clock sharp, I will meet you at the Customs House.

Remember, bring a sack.

What?

Tao Tao.

Where's my bag?

I don't know, my darling. See if you can find it.

I'm coming.

Where's my bag?

That's everything. Any more and I'll have to sell my clothes.

Even the necklace? You want my ring too?

-Keep the ring. -Thank you. Go!

You bastard!

Why don't you two get married instead? You're both scam.

Go to hell!

10 days later, Shenzhen's traders bought shares in bulk.

And Vacuum Electron quintupled in value, breaking ¥380 a share.

Have you seen an elderly gentleman?

No.

What are you doing here so late?

I'm waiting for someone.

Uncle, you finally came.

It's twelve o'clock. Did you forget the meeting time?

I've been here the whole time. I was watching.

How does it feel?

Good.

I feel as if I'm on top of the Empire State Building.

You made all that money, yet you waited this long.

You're a man of your word.

We can work together.

Where are you going?

When it comes to suits, the material is key.

It must be up to British standards, 100 % wool.

In the summer, poly-wool or tropical weave.

In the winter, flannel, gabardine, serge.

We want British tweed, not whatever this is.

I'm so sorry. Change it, quick.

Uncle Ye, how is this?

Three-piece.

Understood. Three-piece.

Uncle.

Two-piece.

Double-breasted, full lining.

Half lining for this one.

Patch pockets.

Piped pockets.

Shoulder pads must be pure wool.

No cotton.

There is an old saying.

"The man must wear the suit.

The suit mustn't wear the man."

You need to look good from near and far.

Looking good while standing but not while walking,

won't work.

Your shirts must be freshly ironed.

Always use a shoehorn.

Better that your clothes look bad.

Your shoes must be immaculate.

Wear the whole outfit to meet each client.

Cigarette box. Lighter. Wallet.

You must always have poise.

We'll be leaving then.

This is too much.

-I'll see you. -Goodbye.

-See you. -Bye.

In Shanghai, business is all about style, theater, and access.

Your suit is your style.

This suite is your theater.

A company is just a prop—

Yours, too. Your prop is just bigger than others.

The Peace Hotel.

And what's access?

Here.

Give me your wallet.

I don't have a wallet.

Do you know how many wallets you need?

No.

Three.

The first one is for the money you have.

The second one is for your credit-

the amount of money in other wallets that you can deploy.

The third one?

It is for the wealth everyone thinks you have.

The company is up and running.

"License of Incorporation"

Starting today,

you're Mr. Bao, the boss.

I'm just Uncle Ye.

The company is yours.

I'm not liable in any way.

My starting salary is ¥100.

When you add a zero to your earnings, I add a zero to my salary.

I can back out anytime.

Agreed?

Agreed.

A mastermind from Ningbo,

two specialized tailors and a Yangzhou barber

turned me from Bao into Mr. Bao.

A week after the car crash on New Years Eve, Police begin questioning Bao's associates about the attempted murder.

JANUARY, 1993

He doesn't listen to advice.

He wants to conquer the Huangpu River, but he won't leave behind the Suzhou Creek.

It's never enough for him.

If he could just focus on foreign trade and leave stocks behind,

he wouldn't have to go through so much.

Who are those people in the hospital?

Captain Cai, a retired worker. The one who made Mr. Bao a major trader.

We're like ants to the institutions.

The Shenzhen Gang, the Northeast Tigers have tremendous capital.

In their eyes, we're poor guys with some chump change-

What Shenzhen Gang, Shanghai Gang?

Two rival markets, always trying to one up each other.

Stamps Li.

He used to sell stamps by the market on Nanyang Road.

Across the street from him was 101 Xikang Road.

So he crossed the street to scalp stocks.

His first share of Vacuum Electron came from me.

Auntie Chub, retired accounting clerk.

She's Stamps Li's godmother.

The Captain trades full-time while we still have to go to work.

After he and Mr. Bao joined forces, we've been following their lead,

making some extra cash for a treat now and then.

Life isn't easy.

Baby Jin is Auntie Chub's apprentice. That was before her eyelid surgery.

I just followed him. Sold treasury bonds.

When I made some money,

I got my eyelids done.

Other than foreign trade and stocks, what else does he do?

Well

he did open a small restaurant that only loses money.

"Tokyo Nights"

You own Tokyo Nights together?

That's right.

Officer, here's my business card.

He's a shareholder. I'm the boss.

He pays for things. I get them done.

Let me ask you, does he owe anyone money?

Please, don't you know how much he's worth?

Him, owe money? Bang my head and I'd still not believe it.

I never ask about his other business.

But if he ever owed me money? He wouldn't dare not pay it back.

-Does he have romantic relationships? -You're asking the right person.

What's my relationship with Mr. Bao? We are sworn brothers.

If you say he's single, he's always been single.

If you say he has a girlfriend,

lots of girls will jump out and claim to be the one.

But not one of them has been acknowledged by Mr. Bao, you know?

It's true that we shared a bed once but we are not involved.

He's just not my type.

He knows that too.

The only person

who goes to his room everyday is Miss Wang. No one else.

Let's be clear.

I work for the Foreign Trade Office.

His company is in the Peace Hotel.

I go to his office, not his room.

Do you two have any relationship outside of work?

The company is state-owned.

Outside relationships with clients are forbidden.

You don't cross that line.

Golden Phoenix used to be Huanghe Road's top restaurant.

"Golden Phoenix"

Now it's closed, and the Madame's gone.

Some say she killed herself for him.

Could it have been a crime of passion?

There's no way.

Golden Phoenix's disappearance had to do with stock 414.

-Was she also one of the traders? -No.

We ate at her restaurant all the time.

I'm sure she heard things.

How much money was Bao carrying that night?

¥300,000.

Who was it for?

Me.

For whom?

It was for me.

Me, for sure.

Do you think this is related to a feud between traders?

When Mr. Bao is trading stocks, he's friends with no one.

While others scramble for the top, he waits in ambush from below.

A lot of people hate him.

Getting ahead takes hard lessons.

I can show you his balance sheet,

but personal liabilities?

You'd have to ask him.

It can't be traders from Shenzhen.

Mr. Bao is holding a few million that he violently pried from their hands.

Sure, it's basically a blood feud,

but proper revenge in the market isn't about hitting you with a taxi.

It's about taking everything you're worth.

You're barking up the wrong tree.

Mr. Bao.

Mr. Bao.

Mr. Bao.

Where's Mr. Bao?

Excuse me, young lady.

Where's Mr. Bao?

He was discharged early this morning.

Discharged?

Don't leave this room for a month.

Who hit you, and why—

we're all looking for answers.

You survived this time, but was it your luck or their mercy?

We can't be sure yet.

These past years, you've made your money.

You've had the spotlight.

You've covered all the fronts, considered everyone's needs.

But something will always be overlooked.

Who's really trying to build you up? And who wants to tear you down?

Who wants you alive? And who wants you dead?

In a month, we'll know.

Uncle Ye,

get me some rope.

What do you want rope for?

ONE MONTH LATER

"Cheerful Restaurant"

Uncle Ye, long time no see.

Long time no see.

"Zhapu Road"

How are you, Uncle Ye?

Welcome

Have you had breakfast?

I'm not here to eat.

Is Stamps Li around?

Upstairs, in the private room.

Uncle Ye, everyone is looking for him.

They're saying all kinds of things. Plus, it's almost Chinese New Year.

If Mr. Bao doesn't turn up soon, things will get really bad.

The one who hit him is still out there.

How do you expect him to show his face?

You're right, Uncle Ye.

I've asked around at every trading center. Thing is, Mr. Bao's always been low-key.

Hardly ever mingles with traders. I doubt it was that circle.

Find the car first.

Find the car and you find the man.

Makes sense.

One more thing.

Have you found Golden Phoenix?

Uncle Ye, I doubt she hit him.

She runs away, then Mr. Bao gets hit.

One thing right after the other?

Can't be a coincidence.

No one has seen her, but she's definitely alive.

If she were dead, her restaurant wouldn't have already changed hands so fast.

Who took over?

TAOJIANG ROAD, XUHUI DISTRICT

Tomorrow, pick me up at 9:00 A.M. sharp.

Where are you going?

Huanghe Road.

"Huanghe Road"

Pack of cigarettes please.

Long time no see, Madame.

Opening soon?

Soon.

Let me know when you do.

Will do.

Madames come and go but Huanghe Road is immutable.

Out with the phoenix, in with the leopard.

Exciting times for Huanghe Road.

Who is that?

So this is the new Madame?

The reality is,

if not for my tip from before, this new restaurant wouldn't exist.

"THREE MONTHS AGO" Boss, a pack of cigarettes please.

-I don't have change for this. -No need.

Which restaurant makes the most money on Huanghe Road?

Golden Phoenix.

Too bad it closed.

"Golden Phoenix"

I hear this new Madame is something else.

Not three months since she took over and the restaurant is ready without a hitch.

She's that good?

Wow, you seem to know an awful lot.

My friend Min Min is a waitress there.

Chin up. Chest forward.

Just like that.

People are saying the restaurant is about to soft-open.

What is it called anyway?

Do you know?

They're keeping us on our toes.

But there's one thing I'm sure about. There's no " golden " in the name.

Why?

Because if there were, the ghost of Golden Phoenix won't leave.

"The Grand Lisbon"

Hello, Madame.

Madame.

The guest list for our soft opening.

What's everyone on Huanghe Road talking about these days?

Mr. Bao.

A car hit him a month ago, and still no one's seen him.

He could be dead for all we know.

We've waited this long,

what's a couple more days?

Time will tell.

Invite him to the soft opening, alive or not.

We already sent him an invitation. Haven't heard back.

Nobody can find him right now. Some say he left for Hong Kong.

Some say he's hiding in his suite with his face disfigured.

Who is he close with?

Ling Zi, Madame of Tokyo Nights.

Mr. Bao's a shareholder behind her restaurant.

TOKYO NIGHT

What the hell's going on with Mr. Bao? Just tell me something.

Since when does Mr. Bao report to you?

If Mr. Bao kicks the bucket, what about the money he owes me?

Who's going to pay?

I'll pay.

From now on, you and Mr. Bao are square.

Who else?

Miss Wang.

All of Mr. Bao's foreign transactions go through her.

Invite her.

If Mr. Bao doesn't come, she won't either.

Who else does he do business with?

Mr. Fan. He owns a small garment factory.

Miss Wang, long time no see.

Miss Wang.

Good to see you, Miss Wang.

-Please, sit. -What's going on?

It's almost the New Year. I can't wait any longer.

All the workers are hired.

If we just turn on the machines the assembly line will be running 24/7.

So will my costs.

But now I can't find Mr. Bao.

What am I supposed to do?

We may be small-town folks,

but I figure Mr. Bao wouldn't forget about us.

Right?

What do you mean "forget about"?

Since you met Mr. Bao, hasn't he always been there for you?

Now he's had an accident, but you're only thinking about San Yang.

You only care about your own brand. Have you asked about him? Not once!

I asked, Miss Wang.

I asked you, but you didn't tell me.

How badly is he hurt?

Miss Wang, I want nothing more than to rush to his side and take care of him.

If I could give anything for Mr. Bao's wellbeing,

just tell me.

And I'll do it.

Your words.

I swear.

What if he went blind?

Would you give your eyeballs to him?

Miss Wang,

he and I are just business partners

and you want me to offer up my eyes?

I'd do it. Would you?

Miss Wang.

You're scaring me.

It's almost Chinese New Year.

Please let me go home with my eyes intact, okay?

I'll be back on the 4th.

I've got to go catch my bus.

Let Mr. Bao know, live or die, my San Yang Brand is his.

I wish you a happy new year,

many blessings.

Then invite Mr. Fan.

Even if Mr. Fan comes, Mr. Bao may not.

Why's that?

To avoid suspicion.

Because before this place was yours.

It was Golden Phoenix.

I will see you three days after the New Year.

Can't keep my family waiting at year-end.

I have left food for you on the table outside.

Fried shrimps, braised duck and edamame

will keep you full for two days.

Wine.

Wuxi Ribs.

These are from Mr. Fan.

The ribs may well be a smokescreen for sounding you out.

Fits his style.

Also, ricecakes

with cabbage.

Claypot Mix.

Enjoy at your own pace.

Alas,

spring onion grilled fish.

Remember.

Don't throw away the head and tail, before fifth day of the new year.

Like they say,

"Have good fortune, year after year."

You got an invitation.

It's from Grand Lisbon. Used to be Golden Phoenix.

Uncle Ye, thank you.

What's this?

I don't want it.

It's for the aunts.

Happy New Year.

Happy New Year.

Be careful on your own.

See you in the new year.

Uncle Ye, going home for dinner?

Happy New Year.

See you.

"Happy New Year"

"Dear Mr. Bao"

Was Golden Phoenix's disappearance connected to Mr. Bao?

Not just Golden Phoenix's disappearance, but Mr. Bao's car accident,

all had to do with one stock, 414.

414?

Among Shanghai's traders, The Club has the most power

The members are stock market veterans from before the Revolution.

SIX MONTHS AGO

Mr. Bao had an opportunity to join their ranks.

Doctor Wu.

Ah Bao is here.

Call him over.

Ah Bao.

Come here.

They wanted to go in together on 414,

but Mr. Bao stayed put.

He even kept his mouth shut,

but one of his people broke the rules.

Golden Phoenix?

She was one of them.

What's Mr. Bao's relationship with her?

The word on Huanghe Road is that she was Mr. Bao's girlfriend.

And according to you?

She was your old boss.

Let's just say,

he messed with the wrong woman.

Any tip in this market comes with an agenda.

The Club never intended to recruit Mr. Bao in the first place.

But once you offend them,

you've lost all credibility in the entire Shanghai stock market.

The Club isn't the only one he's offended.

I found him.

"Tokyo Nights"

Didn't you say you found the man who hit me?

Where is he?

Well I told him over the phone Mr. Bao would be here tonight.

If you want to see him, come at 11:00 PM.

I don't know who it was. It was just a guess.

But if you're scared

that if he sees you alive he'll try to kill you again,

you can run away out the back.

I'll see who it is and then tell you later.

But if you're not scared,

then wait here and see for yourself.

Shanghai has two kinds of Madames.

The first kind owns a famous restaurant.

Her very name brings in customers.

Lingzi, who is the opposite, less well known,

owns a hole in the wall.

A couple countertops, a few key dishes.

Her house speciality

is being resourceful.

When I saw the man in the car,

I understood why he hit me.

We all have to pay for our mistakes,

even those made with good intentions.