Living on the streets of Hong Kong, Kenneth Ma claims that he is the Last Emperor of China. As social worker Tracy Chu follows his case, she gradually reveals his adventurous, absurd, legendary life devoted to pursing his love Niki Chow. In the early 1930s, when he was still a youngster, Kenneth, along with his brother Benjamin Yuen and friends Koo Ming Wah and Brian Tse, compete in a firecracker scramble to earn money for him to marry Niki. Because of an accident, they not only miss out on the prize money, they also encounter strange people and events one after another, including bandit Harriet Yeung, revolutionary Luk Wing Kuen and warlord Pal Sinn. Koo Ming Wah's sister Mandy Wong is also implicated and becomes a social flower. Kenneth and his pals fail in the military and instead, become prisoners. They later end up in Shanghai. With the help of triad leader Joe Tay, Kenneth transforms into a powerful Shanghai tycoon. Although his heart still thinks about Niki, a missed opportunity causes the two of them to be separated again for forty years.