Two former partners, King Kong [Sam Hui] and Baldy [Karl Maka], part ways in 1986 after a botched mission in Thailand in which an infamous want-to-be husband hired the Aces to kidnap a woman on her way to marry him. Three years later, the transport of priceless artifacts—the Terracotta Army figures and a Qin Dynasty bronze sword known as the Chinese Excalibur—is interrupted by a bold heist that makes front-page headlines. Based on the pictures splashed across the media, the two men are painted as the culprits, even as their businesses falter: King Kong runs an investment company burning money, while Baldy hides aboard a Sai Kung houseboat to dodge mounting creditors.
A muscular MSS operative—the Chinese Rambo—arrives to press Baldy and King Kong into facing the accusations, with only indirect approval from a Hong Kong Police Force that has long since washed its hands of them. The pair decide to clear their names and turn the tables on those who framed them. They uncover a brother-sister duo calling themselves the New Aces who stole the photos and wore masks bearing the likenesses of King Kong and Baldy. The pair behind the ruse are known as Brother Thief and Sister Thief, portrayed by Leslie Cheung and Nina Li Chi, respectively, and their capture becomes a shared goal that tests loyalties.
The investigation leads to Baldy’s houseboat, where the Aces are interrogated. When the siblings try to escape, they plunge into the water and are pulled back to safety as a Chinese ship tows the floating hideout. All four men—King Kong, Baldy, and the two thieves—are then sent to a Beijing prison camp to face their alleged crimes. Inside the camp, they endure a staged execution meant to break their spirits, until the Chinese Rambo offers them a chance at freedom in exchange for helping the government recover the stolen figures.
Reluctantly, the four Aces agree and begin training in martial arts, a mandate from Beijing meant to ensure the artifacts survive any confrontation. However, the mission becomes complicated when the Chinese Rambo halts the training, arguing that diplomatic means will be used to reclaim the items. Undeterred, the quartet forges ahead, infiltrating the White Gloves syndicate’s hideout in a blistering showdown that culminates with the use of the Chinese Excalibur to secure the artifacts.
In the end, King Kong, Baldy, and the New Aces succeed in recovering the figures and join forces with the Hong Kong police to escort the Chinese Rambo as he guards the shipment back to China. The story weaves camaraderie, a struggle for redemption, and high-stakes action into a brisk, globe-spanning mission that tests trust and tenacity at every turn.
