In the autumn of 1937, in the bloody fog before the fall of Shanghai, the ace agent of the military command Zhang Zhan was ordered to assassinate a traitor, but he rescued the business socialite Qin Yao in the neon lights of Paramount. A pearl earring wrapped around the muzzle of a gun hides a fatal secret engraved with the head of a sickle and hammer, dragging the fate of the two into the abyss.
Three months later, during the battle for the Japanese Navy's code book, Zhang Zhan and Qin Yao met again in the Hongkou basement. The military commander's bullets and the underground party's daggers intersected in the smoke. They were forced to work together to break out, but in the countdown of the shared pocket watch, they saw the same old gunshot wounds on each other's sleeves. At the waltz at the German Consulate, he held her waist and spun her around, pointing his gun at each other's spines through the dresses, while the melody of "Shanghai at Night" on the record player was encrypted to convey the instructions for massacre.
When Zhang Tiantian deciphered the code of his mother's disappearance eight years ago, yellow information showed that she died in an execution codenamed "Red Rose". At this moment, Qin Yao's gun is pressed against his chest, the waves of the Huangpu River have swallowed up the military commander's pursuit order - she is the bloody rose he has been looking for for half his life, and the Japanese fleet is tearing through the Yangtze River defense line. Family hatred and national hatred are tempered in blood and fire. The microfilm in the pearl earrings slowly unfolds, revealing a yellowed photo of the two fathers standing side by side under the flag of the Northern Expedition...
Agents in troubled times dance on the tip of a knife between lies and truth. When faith and blood are at odds with each other, the last tango in Shanghai is destined to carve an eternal dawn with gunshots.