The story begins with Steve Allison negotiating with a Chinaman over the price of a significant antique, the white jade ring. This ring, dating back to the era of Jhengis Khan and worn by Ming dynasty emperors, is steeped in history and mystery. After settling on a price of seven thousand rupees, Allison dismisses the Chinaman's warnings about the dangers of possessing such a coveted item.

Steve Allison confidently carries the ring, unfazed by the potential threats due to his exceptional quick-draw skills demonstrated during a tense moment with the Chinaman. His journey continues as he meets with a friend, Marlo, and Marlo's daughter, Editha, discussing his plans to send the ring to his associate Gordon in Hong Kong. The discussion reveals the ring's perilous allure, attracting not only government interest but also that of criminal elements due to its immense value.

The tension escalates when an assassination attempt unfolds right in Marlo's living room. A would-be assassin, a Chinaman, emerges from behind a curtain and attempts to kill Allison, who reacts swiftly, fatally shooting the attacker. This incident further underscores the extreme risks associated with the ring and sets the stage for more high-stakes encounters, hinting at a network of adversaries drawn by the ring's allure.