Set amid the grimy industrial districts of Shanghai that sit along the title waterway, writer/director Lou Ye's compellingly illusory drama follows an unseen protagonist who, video camera in hand, starts frequenting a local tavern and falls for a woman who entertains there as a "mermaid." She relates a story about a former bar patron, a cycle-riding messenger, and how he loved and then lost a smuggler's daughter who was the woman's double. Zhou Xun, Jia Hongshen star. 83 min. Widescreen; Soundtrack: Mandarin Dolby Digital stereo; Subtitles: English. In Mandarin with English subtitles.