A Chinese political refugee tries to make his way to the top as a businessman in Hong Kong while his former radicalism is transformed into cynicism. His past comes back to haunt him.

During Mao Zedong's Cultural Revolution, idealistic anticommunist Henry Wong fled mainland China as a political refugee with his then girlfriend, Moo-Ling. He built himself a new life in Hong Kong and eventually became a slick rich banker with political ambitions. At present, he's having an affair with Katharine, a married Englishwoman, and wants to take over the influential local Chinese-language newspaper in order to try to influence political changes in China. Moo-Ling also lives in Hong Kong, where she works as a nightclub singer. Japanese journalist, Akira, befriends her in order to find out more about Henry's past. Hong Kong is about to become part of China again soon, student demonstrations are erupting in Beijing and Akira is getting closer to the shady truth behind Henry's initial financial success. The future seems uncertain for everyone.