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In the 1930s, a new government is formed in Shanghai, where several foreign powers carve out for themselves sovereign "concessions". In the French Concession, the big three tycoons in Shanghai, KIU NGO-TIN, CHAK KAM-TONG and KUNG SIU-SHAN, jointly establish a monopoly, Sam Heng Company, on the opium trade, gaining dominant control over the area. SHUN-KIT, an opium addict, is caught red-handed stealing some opium and suffers severe injuries after a bouncer called SCARFACE savagely beats him up, following which SHUK-KIT's father, KAI-WAH, is stabbed to death while trying to save his own son. In the wake of this, the students who are protesting against drug abuse and opium trading also join the conflict, during which they even set fire to burn the opium. Having heard this, NGO-TIN not only decides not to pursue the liability for the damage, but also orders to release the student protesters……
For the sake of YEE-HUNG, KAM-TONG goes to a pier where he almost falls into a trap. Fortunately with SIU-HONG's help, he has a narrow escape, on the heels of which he reprimands YEE-HONG for getting him into trouble. To express his gratitude to SIU-HONG for helping KAM-TONG, NGO-TIN wants to give SIU-HONG some gifts but SIU-HONG rejects this. Thinking there might be a mole in the company, KAM-TONG gets suspicious of NGO-TIN, so he goes to question NGO-TIN. NGO-TIN not only indicates that it's CHUN-NGOK who wants to suppress KAM-TONG, but also reveals his own plan to KAM-TONG. CHUN-NGOK meets up with MAN-KWAN to snitch on KAM-TONG for having concealed illicit opium. MAN-KWAN then goes to have a word with NGO-TIN, requesting him to surrender the opium, otherwise, he will have to close down their Sam Heng Company. Seeing that KAM-TONG sends someone to tail after her, YEE-HUNG cannot help feeling upset……
NGO-TIN greets KOO SIU-LAU after watching the Peking opera, surprisingly, SIU-LAU responds that she does not know him at all. Seeking an urgent meeting with SIU-SHAN and KAM-TONG to discuss business, NGO-TIN reveals to them that he wants to stop participating in the opium trade, and then apply for an official gambling license. KAM-TONG intends to view the accounting books of Paramount, but KWAI-SENG refuses to cooperate, leaving KAM-TONG no other choice but to ask NGO-TIN to help persuade KWAI-SENG to surrender the assets of Paramount. Meanwhile, KWAI-SENG is heartbroken after learning from her subordinate, FOOK, that KAM-TONG is going to marry YEE-HUNG. Upon NGO-TIN's return home, YUET-LAN asks him whether he knew about SIU-LAU's return to Shanghai. It turns out that SIU-LAU is YUET-LAN's fellow sister and they both learned to perform Peking Opera in Beiping years ago……
Following the murder of the Commissioner for Narcotics MAN-KWAN, YAT-LEUNG suspects the big three tycoons were involved in the murder case, so he orders HON LAP to form a special investigation team, bringing them in for an interview, yet SIU-SHAN fails to show up. HON LAP then goes to meet up with SIU-SHAN, who claims that he has no idea what's going on as he went to Hangzhou the day before. In an attempt to knock down the big three tycoons, CHUN-NGOK deliberately points the finger at SIU-SHAN. Though HON-LAM and the others want NGO-TIN to expose SIU-SHAN, SIU-HONG on the contrary knows very well that NGO-TIN is reluctant to do so. KAM-TONG arrives at KWAI-SENG's home only to find out that KWAI-SENG has already left. Through his discussion with SIU-HONG, NGO-TIN gets inspired and learns the way to solve the problem……
Following the murder of the Commissioner for Narcotics MAN-KWAN, YAT-LEUNG suspects the big three tycoons were involved in the murder case, so he orders HON LAP to form a special investigation team, bringing them in for an interview, yet SIU-SHAN fails to show up. HON LAP then goes to meet up with SIU-SHAN, who claims that he has no idea what's going on as he went to Hangzhou the day before. In an attempt to knock down the big three tycoons, CHUN-NGOK deliberately points the finger at SIU-SHAN. Though HON-LAM and the others want NGO-TIN to expose SIU-SHAN, SIU-HONG on the contrary knows very well that NGO-TIN is reluctant to do so. KAM-TONG arrives at KWAI-SENG's home only to find out that KWAI-SENG has already left. Through his discussion with SIU-HONG, NGO-TIN gets inspired and learns the way to solve the problem……
(Flashback) It's the 1920s when the whole country is fractured politically during the North-South split. Working at KAI-WAH's fruit stall, young NGO-TIN barely ekes out a living and couldn't care less about the political unrest. Suddenly, Miss KING shows up and forces CHI-CHING to prostitute herself to pay off a debt, so NGO-TIN and MAN-LUNG impersonate themselves as police officers, driving away Miss KING. It turns out that NGO-TIN, who just lost his father, comes to Shanghai in search of his younger sister SIU-LEI. As the North-South peace conference will be held soon in Shanghai, KAM-TONG is under orders to rectify the city. During a police raid on the brothel named Yee Heung Garden, KAM-TONG encounters Madam KWAI-SENG and is completely overwhelmed by her beauty. NGO-TIN sneaks into the backstage to watch a play, and runs into SIU-LAU as a result……
With FIORI commanding KAM-TONG to bring the criminal to justice, KAM-TONG instructs TIM to act with due care and make no mistakes because he himself is just an inch away from getting promoted to the Chief Inspector. Having learned that SIU-LEI is acquainted with the revolutionaries, NGO-TIN leads MAN-LUNG back to DING-BONG's place to look for SIU-LEI. NGO-TIN is captured by SIU-SHAN, fortunately, MEI-KAM goes to his rescue. Though Miss KING points it out to KWAI-SENG that it's hard for her to run the Yee Heung Garden on her own, and she should seek aid from KAM-TONG, KWAI-SENG frankly admits that she is no equal to KAM-TONG in terms of the social status. NGO-TIN spots some revolutionaries while waiting for SIU-LEI, so he immediately goes to look for KAM-TONG after learning where they hide. Seeing a local bully IRON HEAD wreaking havoc in his stall, NGO-TIN goes to seek aid from SIU-SHAN, who has befriended NGO-TIN since……
Eventually, NGO-TIN manages to find SIU-LEI, who however refuses to go to pay tribute to her late father. With TING-HENG's subordinates investigating that the revolutionaries are still in Shanghai, KAM-TONG, who finds himself sneered at and made a fool of, flies into a rage, commanding his men to arrest the remnants of the revolutionaries within three days. According to DING-BONG's associates, the situation is getting tense, so DING-BONG agrees to leave, yet he bumps into KAM-TONG's men upon his departure. After watching a movie, KAM-TONG and KWAI-SENG walk to a park, where KWAI-SENG is ambushed by someone who is later subdued by KAM-TONG. Back to the gang, KWAI-SENG tries to find out the culprit, however, all the senior members of the gang accuse KWAI-SENG of stealing their business. The police receive a tip-off and find out about DING-BONG's hideout location……
With the North-South peace conference ending up in failure, SIU-SHAN and NGO-TIN see the soldiers out looting unscrupulously, which inspires SIU-SHAN to find an easy way to make more money. Once again, NGO-TIN goes to the theatre in an attempt to visit SIU-LAU, but is kicked out. Having heard that SIU-LAU is in the Eight Points Guild, NGO-TIN then leads the others to go there and quietly peek into the place, but eventually he is noticed. Ever since KAM-TONG returned from France, he has not contacted KWAI-SENG yet. Surprisingly, he arranges to meet up with KWAI-SENG and even propose marriage to her. On the other hand, seeking to take revenge against KAM-TONG for what he has done to CHI-CHING, MAN-LUNG smudges KAM-TONG's car. SIU-LAU gives NGO-TIN the tickets for the play "MUK KWAI-YING Takes Command", so NGO-TIN and the others go to watch the show and out of the blue, they are attacked……
(End of flashback) Back to the 1930s when NGO-TIN is standing on the summit of his power, he inquires with YAT-LEUNG about the gambling license application processing time, but 4YAT-LEUNG just tells him to wait patiently. Using his father's failing health as an excuse, MAN-BUN goes to meet SIU-LAU again, begging her not to break up. Meanwhile, YUET-LAN informs that NGO-TIN has invested and formed a new troupe, intending to invite SIU-LAU to perform. KWOK-TUNG's cotton mill has recorded a drastic decline in business, so KWOK-TUNG decides to fold the company. As for SIU-SHAN, he starts currying favor with YAT-LEUNG as he holds YAT-LEUNG's military power in high regard. Seeing that YAT-LEUNG is looking for some French wine, SIU-SHAN immediately promises to find him some. NGO-TIN meets up with SIU-HONG and KING-CHUEN, seeking a second opinion as to what kind of new business they could invest in, so SIU-HONG proposes opening a bank……
HON LAP asks NGO-TIN to hang out and have a drink, during which he mentions that SIU-SHAN has been tying up with YAT-LEUNG. In order to flatter YAT-LEUNG, SIU-SHAN not only pro-actively contacts the French wine merchandiser, but also tells HOK-YIU to be his translator. However, SIU-SHAN is still unable to purchase the wine for YAT-LEUNG. Predicting that YAT-LEUNG will soon be ousted from power, NGO-TIN also suspects that there is someone else behind HON LAP as his boss. Following the death of MAN-BUN's father, NGAN-HING points out that SHEUNG's family reputation will be inevitably harmed once SIU-LAU shows up at the funeral. As such, MAN-BUN forbids SIU-LAU from attending the funeral. TING-TING goes to the cotton mill to look for SIU-HONG, only to find him so happy chatting with NGO-TIN, so she advises SIU-HONG to keep a distance from NGO-TIN……
On behalf of MAN-FONG, NGO-TIN goes to meet MAN-BUN, revealing that he knows about MAN-FONG's secret. Seeing MAN-BUN's personal apology published in the newspaper, SIU-LAU guesses it must be NGO-TIN who helped her. After NGO-TIN helps KWOK TIN-HANG collect a loan repayment from the local bully, TIN-HANG verbally promises to be the guarantor of NGO-TIN's bank, yet he later goes back on his word. With SIU-HONG suspecting that TIN-HANG is doing business with Japanese militants in secret, NGO-TIN tells SIU-HONG to probe into the matter. Meanwhile, TING-TING continues to investigate TIN-HANG, suddenly, a murder takes place. So TING-TING goes to ask SIU-HONG whether he is involved in the murder case, which SIU-HONG denies. Without any reason, SIU-SHAN urges the workers of the cotton mill to work overtime, leaving KWOK-TUNG no other choice but to try his best to quell the frustration of the workers……
In the wake of the ongoing exploitation of labors by SIU-SHAN, the workers, who have no one to turn to, decide to form a labor union, seeking protection of their rights. During TING-TING's investigation into the Axe Gang related murder case, she learns that they are scheming to kill SIU-SHAN. SIU-SHAN has some hitmen beat up the workers, fortunately, NGO-TIN happens to pass by and shouts to stop them, above which he even promises to probe into the matter and provide answers for the oppressed workers. Though KWUN-CHIU believes him at the moment yet he still has reservations. While praising the Axe Gang for having killed the traitor, NGO-TIN intends to befriend KWUK-CHIU, who however rejects him. Later, NGO-TIN goes together with YUET-LAN to see SIU-LAU's rehearsal, during which he spots YIU-KWONG giving a box to SIU-LAU……
(Flashback) Back to the 1920s, NGO-TIN has been feeling very gloomy ever since SIU-LAU left Shanghai. Seeing the nightclub opened by the westerners enjoys flamboyant success, KWAI-SENG also plans to open a nightclub specifically for the Chinese, which gets full support from KAM-TONG. As such, KWAI-SENG decides to close down her business of Yee Heung Garden and loan company, demanding Miss KING to hand over all the accounting books. Miss KING then seeks aid from IRON HEAD for fear of being caught embezzling money by KWAI-SENG. When CHI-CHING goes to apply for a job as the poster girl, IRON HEAD, in the heat of erotic ecstasy, attempts to rape her. On the other hand, SIU-SHAN goes to meet up the subordinates of Commander CHOW in secret, learning about their assassination plot against Marshal YUEN……
When NGO-TIN suggests leaving Shanghai to lie low for a while, SIU-SHAN instead wants to use the stolen money to do some business. CHI-CHING attempts to kill KWAI-SENG, who on the contrary thinks highly of CHI-CHING and even hires CHI-CHING to work for her. After KAM-TONG arrests SIU-SHAN, MEI-KAM and NGO-TIN go to have a word with KAM-TONG, begging him to let SIU-SHAN off the hook. Severely injured SIU-SHAN eventually plans to leave Shanghai and seek refuge with Commander CHOW, so MEI-KAM reluctantly parts with SIU-SHAN. Having beaten NGO-TIN to a pulp, IRON HEAD asks him to submit 100 silver coins to him, otherwise, he is going to harm KAI-WAH and his family. As a result, NGO-TIN leaves the fruit stall and goes to work in a casino together with MAN-LUNG……
NGO-TIN exposes the casino dealer's fraudulent scheme of siphoning money off the tables, which makes KAM-TONG so happy that he decides to promote NGO-TIN. Having returned to the Chinese Sector to visit MEI-KAM and HOK-YIU, NGO-TIN gets to know that KAI-WAH is still mad at him for having left them. A friend of the French Consulate, Father TONG, is planning on a missionary trip to Tianjin, but is kidnapped by some masked criminals. With FIORI enraged over the crime, KAM-TONG claims that he is able to rescue Father TONG within three days. At last, quick-witted NGO-TIN successfully saves Father TONG from danger. KAM-TONG then summons NGO-TIN, who however dares not to take the credit, so KAM-TONG decides to take him in as his protégé. Meanwhile, KWAI-SENG feels ill and it turns out she is pregnant, making KAM-TONG feel very delighted……
NGO-TIN eventually scores a victory, so CHUN-NGOK is determined to seek vengeance. Though KWAI-SENG advises KAM-TONG to eradicate CHUN-NGOK, KAM-TONG doesn't listen to her at all, leaving KWAI-SENG no other choice but to kill CHUN-NGOK herself. Unfortunately, it ends up in failure, resulting in the death of her cousin. With Paramount opening for business, FIORI shows strong interest in the club; whereas NGO-TIN not only has to listen to KAM-TONG's lament, but also brings fairly drunken KAM-TONG home. CHI-CHING is sexually assaulted by KAM-TONG while helping him clean up, for which KWAI-SENG feels responsible and guilty. However, KAM-TONG shows no remorse whatsoever, on top of which he even shifts all the responsibility to KWAI-SENG. Finally, NGO-TIN manages to arrange for CHI-CHING to stay temporarily in MEI-KAM's place……
Seeing NGO-TIN flirt with someone among KWAI-SENG and the others, MAN-LUNG misconstrues that NGO-TIN has fallen in love with SUK-YING. NGO-TIN learns about the upcoming drug trade between CHUN-NOK and the subordinates of Commander CHOW, so he suggests that they should feign to be militants so as to rob them of the opium. Exchanging fire with CHUN-NGOK and his team, NGO-TIN comes across another troop, on top of which he even catches a glimpse of SIU-SHAN. With KWAI-SENG throwing a celebration party, NGO-TIN accidentally bursts into KWAI-SENG's bedroom at night; whereas KAM-TONG cannot help flying into a rage after seeing NGO-TIN walk out from KWAI-SENG's bedroom upon his return. While NGO-TIN is trying to explain to KAM-TONG as to why they grabbed the opium, KWAI-SENG guides SUK-YING to come and meet NGO-TIN, on behalf of whom she proposes marriage to SUK-YING……
After KAM-TONG offends the son of the Military Governor, not only do his businesses face unannounced inspections every single day but also his pier is sealed off. KAM-TONG then attempts to gather his men to burst into the Chinese Sector by force, but KWAI-SENG stops him from doing so, above which she even acts on behalf of him to negotiate the matter. Asking NGO-TIN to seek aid from SIU-SHAN, KWAI-SENG hopes that SIU-SHAN can help persuade the Commander to withdraw the troops from the sealed pier. However the Commander refuses unless, according to him, KWAI-SENG stabs herself. KWAI-SENG tries to convince KAM-TONG to cooperate with SIU-SHAN because SIU-SHAN gains full support from Commander CHOW. As such, KAM-TONG meets up with SIU-SHAN to discuss setting up a new company, which is later renamed by SIU-SHAN as "Sam Heng Company"……
(End of flashback) Back to 1930s, NGO-TIN, who contributed money and resources to support the new government, receives an autograph from the Chairman, "For the country and the people". After SIU-LAU returns from Beiping, she goes to visit YUET-LAN, who endeavors to play matchmaker for SIU-LAU. HOK-YIU's film company celebrates its inauguration, and NGO-TIN, as one of the company's investor, also goes there to offer his support. When TING-TING is covering a news story about the new government building a new railroad together the Japanese, Counselor LEE is assassinated midway through. So HON LAP meets up with NGO-TIN, asking him to help them find the killer. Through the photos, NGO-TIN infers that the murderer should be TAI-FUI, one of the workers in the cotton mill. However, TAI-FUI is also murdered, which greatly exasperates KWUN-CHIU and the other Axe Gang members……
Ever since he befriended SIU-SHAN, TOJO has planned to invite all the celebrities in Shanghai to attend their Tencho Festival. Having heard this, SIU-DIP offers that she will try her best to help him. Due to the fact that the journalists who wish to cover the news of the Tencho Festival must apply for press cards, KWUN-CHIU invites TING-TING out to meet him, hoping that she is able to help him get the press card. Meanwhile, KWUN-CHIU and his fellow members attempt to investigate TOJO and his associates, so SHUN-KIT is assigned to follow SIU-DIP, but is kidnapped instead. TOJO invites SIU-SHAN to attend the Tencho Festival, and SIU-SHAN eventually agrees, after SIU-DIP's persuasion, to attend the event……
Meeting up with HON LAP at night, NGO-TIN pleads with him for the release of all the workers. HON LAP replies that only through handing over KWUN-CHIU to them can the Chairman feel relieved. TING-TING gives the press card to KWUN-CHIU, and upon her departure, SIU-HONG suddenly appears. Right away, TING-TING asks SIU-HONG why he tailed after her and whether he has become NGO-TIN's protégé. NGO-TIN is conferred a medal of honor, making the other businessmen sit up and take notice. Since the Japanese Chief Engineer is dead, the government is seeking new bids for the Tianjin North Railway project. Hoping that a Chinese company will be awarded the infrastructure contract, NGO-TIN proactively contacts the Chinese businessmen, aiming to raise enough money in bidding for it……
With the Japanese military conquering Henan and pressing on towards Shanghai, NGO-TIN requests YIU-KWONG to organise a charitable opera show for the counter-Japanese movement. Apart form that, NGO-TIN also puts SIU-HONG in charge of forming a special task force to assist the Chinese military in transportation of supplies as well as maintaining the public order. Though HOK-YIU intends to stop the movie production and leave Shanghai together with his family, SIU-SHAN instead attempts to win over the Japanese by using his relationship with TOJO as a thread. Having seen through SIU-SHAN, TOJO takes out a list of names of the counter-Japanese activists, urging SIU-SHAN to help get rid of them. YIU-KWONG is sent to the hospital after suffering injuries, so NGO-TIN has someone protect YIU-KWONG……
SIU-SHAN meets up with KAM-TONG and NGO-TIN in hopes of winning them over to serve the Japanese military, but the two abruptly reject the idea. Arriving at the temple, KAM-TONG hands over most of his assets to KWAI-SENG for her counter-Japanese funds. Out of the blue, YUET-LAN returns from the UK, blaming NGO-TIN for not telling her about his previous injuries. Eventually, the Japanese military conquers the Chinese Sector, inflicting a large number of casualties on the special task force. With the flood of refugees into the French Concession plunging the area into chaos, YUET-LAN and SIU-LAU are attacked by the rioters and fortunately rescued by SIU-HONG in the nick of time. YUET-LAN's wound becomes infected followed by a high fever, however all the antibiotics are confiscated by the Japanese military……
MEI-KAM and HOK-YIU intend to leave Shanghai, but their plan is uncovered by SIU-SHAN, who thus locks the mother and son in their rooms. With the Chinese Sector falling into the hands of the Japanese military, KAM-TONG tries to persuade KWAI-SENG to flee from there, but KWAI-SENG insists on staying. Having probed into the matter, KAM-TONG learns about her real reason, so he decides to also stay and assist KWAI-SENG to evacuate the rest of the people from the Chinese Sector. By chance, YUET-LAN discovers the old tickets for an opera and cannot help but notice there is something fishy about it. Meeting up with SIU-LAU, YUET-LAN discloses everything she knows to SIU-LAU, who has no idea how to respond after learning that NGO-TIN has a crush on her. Under TOJO's order, SIU-SHAN goes to eliminate KAM-TONG, during which he finds out about a large amount of passes, so he seizes KAM-TONG and takes him back for interrogation……
Assembling all the Axe Gang members and NGO-TIN's former protégés, SIU-HONG endeavors to send the women from the Chinese Sector to the French Concession. However, for him to do so, according to KING-CHUEN, they must get hold of the passes issued by the Japanese military. NGO-TIN is instructed by TOJO to convince three more businessmen into joining the East Asian Association for Peace. Upon his arrival at the meeting place, NGO-TIN surprisingly sees SIU-LAU instead of HON LAP show up. Whereas SIU-SHAN cannot help mocking NGO-TIN for fooling around after learning about his secret meeting with SIU-LAU. Meanwhile, SIU-HONG goes to have a word with HOK-YIU in hopes of borrowing his passes and truck. Fearing SIU-SHAN is going to know about it, HOK-YIU claims that he needs a moment to think about it……
With SIU-SHAN having someone monitor NGO-TIN's every single move every day, TOJO, on the other hand, gives a thumbs up to NGO-TIN's effort of making the East Asian Association for Peace go with a swing. Having successfully stolen the document containing the evidence on the Japanese military's development of biological weapons, SIU-DIP tries to report it to HON LAP, but suffers injuries after being attacked. HON LAP later requests SIU-LAU to look for SIU-DIP. Tailing after NGO-TIN, YUET-LAN spots him entering a hotel. SIU-SHAN gets informed by his subordinate that NGO-TIN and SIU-LAU went to the Chinese Sector earlier, making him feel so puzzled that he also has someone keep an eye on SIU-LAU. As soon as he sees NGO-TIN and SIU-LAU entering into the Yangtze Theatre respectively, he immediately charges into the theatre to search the place……
With SIU-SHAN having someone monitor NGO-TIN's every single move every day, TOJO, on the other hand, gives a thumbs up to NGO-TIN's effort of making the East Asian Association for Peace go with a swing. Having successfully stolen the document containing the evidence on the Japanese military's development of biological weapons, SIU-DIP tries to report it to HON LAP, but suffers injuries after being attacked. HON LAP later requests SIU-LAU to look for SIU-DIP. Tailing after NGO-TIN, YUET-LAN spots him entering a hotel. SIU-SHAN gets informed by his subordinate that NGO-TIN and SIU-LAU went to the Chinese Sector earlier, making him feel so puzzled that he also has someone keep an eye on SIU-LAU. As soon as he sees NGO-TIN and SIU-LAU entering into the Yangtze Theatre respectively, he immediately charges into the theatre to search the place……
NGO-TIN makes up his mind to go and deal with TOJO and SIU-SHAN, and SIU-HONG wants to accompany NGO-TIN to go there, but NGO-TIN refuses. Bringing along the film and the list of the guerrillas, SIU-SHAN pays a visit to TOJO, who is very satisfied with this without knowing that someone suddenly appears and changes the whole situation. MEI-KAM is devastated over the loss of SIU-SHAN, so NGO-TIN hands her a gun, letting her kill him to avenge her late husband. Later on, NGO-TIN plans to leave Shanghai, ahead of which he gives the title deeds of all his properties in Shanghai to SIU-HONG, authorizing him to take responsibility and have full charge. Apart from that, he even asks HON-LAM and the others to assist SIU-HONG. Following the victory over the Japanese invasion, SIU-HONG, who contributed money and resources for the country, receives highest praise from the people……
Aiming at shaping Shanghai into a whole new world, the Chairman eventually decides not to redress NGO-TIN's grievances. NGO-TIN then tries to take back his assets, but is bluntly refused by SIU-HONG. Suggesting an interview with NGO-TIN, TING-TING intends to report his heroic deeds against the enemy during war in a bid to help clear his name. Finally, NGO-TIN manages to meet up with HON-LAM, who discloses everything he knows regarding SIU-HONG's misconducts to NGO-TIN. After a journalist releases the home address of NGO-TIN which results in a strong national condemnation by the patriots, SIU-HONG has someone give the plane tickets to Hong Kong to NGO-TIN, urging him and his wife to leave as soon as possible. By accident, TING-TING gets to know SIU-HONG's real intention, so she forces SIU-HONG to help set everything right for NGO-TIN, otherwise, she will divorce him……
