In 1842, the British have won the First Opium War and seized Hong Kong. Although the island is largely uninhabited and the terrain unfriendly, it has a large port that both the British government and various trading companies believe will be useful for the import of merchandise to be traded on mainland China, a highly lucrative market. Dirk Struan (Bryan Brown and Tyler Brock (John Stanton), former shipmates and owners of two massive trading companies have a rocky and often abusive relationship as seamen initiated an intense amount of competitive tension. Both men seek to destroy each other in matters of business and personal affairs. Struan is referred to as tai-pan indicating his position as head of the largest and most profitable of all the trading companies operating in Asia. Brock, owner of the second largest of the trading companies, constantly vies to destroy Struan's company and reputation in an attempt to both exact revenge on Struan and become the new tai-pan of Chinese trade.