Plot
Laughing (Michael Tse),who presumably died during the events of E.U. ,used his death as a cover to perform a long term undercover mission in Dongguan,China. After completing his mission,Laughing returns to Hong Kong where CIB's senior superintendent,Harry Kung (Damian Lau),recruits him into his department to become team leader and teacher to new police recruits. On Laughing's very first day,he encounters a woman that greatly resembles his former lover,Karen (from Turning Point );she is Laughing's new commander and second lead in CIB,Senior Inspector Jodie Chau (both played by Fala Chen). Together,their assignment is to recruit and train rookies in the art of undercover and espionage. However,things do not go as smoothly as desired.
Laughing exhibits an unprofessional attitude in CIB headquarters and does many things without informing his fellow agents;it often causes everyone to question his motives. While recruiting for new agents,he manages to reserve one agent for himself to choose. He ultimately chooses Lap Ching (Jin),a talented,but problematic rookie under his wing. With their team assembled,they begin training them in the art of undercover police investigation and the methods of the trade.
For years,the CIB has been trying to crack down one of Hong Kong's largest triad organizations,Yee Fung. As both a means of training and to investigate against Yee Fung,Laughing and Jodie have their rookies investigate Lat Keung (Spicy Ginger,Ben Wong). To further dig deeper into Yee Fung's operations,Lap Ching was sent in as a low-level gang and pimp to feed CIB information about one of Yee Fung's major figureheads. In between this time,Laughing chooses to work with Michael So (Bosco Wong),a crippled low-level gangster in Yee Fung. Seeing his ambition,Laughing and Michael have a mutual manipulative relationship to help each other benefit in their respective situations. Ultimately,the operation is considered a success as they detain and charge many of Lat Keung's group in illegal prostitution and racketeering. In the process,Michael rises within the ranks of Yee Fung and gains notoriety.
The results of the mission do not sit well with Laughing as he knows Michael went behind his back and did many things to help himself rise;unfortunately,even with Laughing's skills,he can not take down Michael. Using his intellect,Michael quickly rises higher and eventually leads his own group within Yee Fung. Using the power of the internet,he creates new inventive ways to sell drugs at a record pace without HKPD interference.
Laughing tried to get another rookie go undercover in attempt to stop Michael,but the process leaves his agent brain damaged and reduced to a wheelchair for the rest of his life. In order to stop Yee Fung,Laughing agrees to become an undercover agent for a fourth time. Using his frustration over his rookie's demise as a ploy,Laughing creates a situation where his behavior could no longer be tolerated by the HKPD and have him kicked out and even sent to jail. All of this drama was to establish his washed-up credibility to be considered by Yee Fung.
Not long after,Yee Fung's leader,the Dragon Head,Mok Yat-lit (Cheung Kwok-keung),noticed Laughing's talents and recruited him as his new star member. Working alongside Michael,the duo begin to gain territories and investments at record levels that impresses all of Yee Fung. In between undercover work,Laughing and Jodie become romantically involved. Being Laughing's handler,Jodie tries to keep their relationship professional,but Laughing doesn't make it easy for her. In order to dig in deeper for dirt on Mok Yat-lit,Laughing wins the heart of Mok Yat-lit's mistress,Ting Man,to discover his secret cocaine stash. However,to their surprise,Mok Yat-lit escapes capture because he has planted a mole within CIB.
Ultimately,Mok Yat-lit is sent to jail. Under the advice of his lawyers,he manipulates his mistress to take the fall for the bulk of his recent crimes and he agrees to plead guilty under lesser charges for a few months in jail. However,even in jail,Mok Yat-lit's influence on Yee Fung still remains strong. Sensing the ambitious nature of Michael,he has one of his lieutenants kill Michael;ironically,the lieutenant sides with Michael and has him killed in a jail shower. After his death,Michael wins the election and becomes the new Dragon Head of Yee Fung.
After gaining control of Yee Fung,Michael sets his sights to greater goals by joining a secret black organization:Ether Union. Ether Union is a group of influential businessmen who share their resources together to mutually gain greater riches than either could've done individually. Ether Union fell as Laughing's interventions eventually leads to the downfall of both Ether Union and Yee Fung. The majority of the Ether Union members escape,but they were all suspicious of Michael as one of them received information from a police mole that Michael had incriminating evidence against them in his home. To prevent further doubt,Michael blames all of the accusations on his wife,Paris (Kate Tsui). He shoots her and throws her body in the water to prevent further doubt. However,all of the Ether Union members were eventually tracked and arrested,except for Michael.
During a confrontation with Michael,Jodie is held as a hostage in an industrial building. When the members of Ether Union were arrested,their utility rings were also confiscated. These rings contained an alarm system as well as a laser decoder that flashed the numbers of a secret account containing vast riches. With all except Michael arrested,Michael is left with sole access to the secret account. The hostage situation doesn't go well;Michael has to flee,but he flings Jodie over the hangar to her death. Enraged with her death,Laughing lures Michael out and kills him by shooting him in the chest. After the police arrive,Laughing is arrested and found guilty of murder. For his crime,he is jailed for life.
After these occurrences,Kung-sir retired from his position as superintendent for CIB. Lap Ching would become a decorated CIB agent and returned to the undercover life. It was revealed that Paris's death was faked. In a letter,Michael explained that their ploy to gain control of Ether Union could've been too much if exposed;the only way to gain trust was to fake her death. Paris had secretly hidden herself in a country house for an unknown period of time to avoid the lash of Ether Union.
Laughing continues to live out his life sentence in jail,but under the hateful watch of criminals he helped incarcerate. Laughing's story continues on in the events of Turning Point II.
