The film unfolds against the backdrop of Shanghai during the tense years leading up to and including the Japanese occupation from 1934 to 1945. With a captivating non-linear narrative, it intricately revisits key moments, gradually revealing the complex truths behind them. At the heart of the story are two central figures: Lu, a Chinese crime lord, and Watabe, his Japanese brother-in-law.
The first narrative arc is set in 1937 Shanghai, just before the Japanese invasion. Here, we meet Lu, portrayed as a powerful crime boss and an enforcer for Mr. Dai. His brother-in-law, Watabe, manages a local Japanese restaurant and has two children. Tensions rise as the Japanese army pressures Dai and another industrialist, Zhang, to support the establishment of a Japanese bank in Shanghai. While Lu staunchly opposes this, Zhang betrays him, leading to a tragic assault that culminates in the death of Lu's gang and family members. In a dramatic scene set in Watabe's restaurant, Watabe heroically saves Lu's life by shooting a leading Japanese officer, but is gravely wounded in the process. The devastating loss drives Lu to take Watabe's children away from Shanghai.
In a flashback, the second arc introduces Xiao Liu, who is married to Mr. Dai. Xiao Liu, a discontented film actress, conducts affairs that embarrass her husband greatly. Seeking to restore his pride, Lu is called upon to manage the situation but finds it impossible to harm Xiao Liu. As a resolution, they orchestrate her relocation to northern China, and Watabe is tasked with escorting her to a train station in Suzhou.
The third segment delves into the life of Wu, another actress whose struggling husband faces troubles with the law. In her desperation, Wu turns to Mr. Dai for help, who is infatuated with her. She receives a lucrative offer that hinges on her husband's willingness to relocate, oblivious to the consequences this would have on her personal life.
As we shift forward to 1941 Hong Kong, Lu has relocated there with Watabe's sons, and he tracks down Zhang, seeking revenge for his earlier betrayal. This hunt results in a tragic sacrifice when Lu's affair with Xiao Liu leads to unexpected consequences.
Returning once more to the events of the shootout, we discover that Watabe survived. However, it is revealed he had been a double agent working with the Japanese to prepare for the invasion while keeping Xiao Liu as a prisoner. With the full brutality of war upon them, Watabe struggles with his conflicting loyalties. As the story unfolds further, he finds himself as a prisoner of war in the Philippines.
The final arc presents a poignant conclusion post-Japanese surrender in September 1945. Lu, now in a Shanghai asylum, is reunited with Xiao Liu, who recognizes him. Their reunion is bittersweet, leading to a confrontation with Watabe at the POW camp. As tensions escalate, tragic decisions unfold, culminating in a heartbreaking act of violence. In the film's poignant closing scene, Lu is left to walk back to Hong Kong alone, embodying the weight of loss and betrayal that has permeated his journey.
