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……
