The old Chinese lady Waipuo is telling her granddaughters another story as a way of keeping up their Chinese language skills. On this particular occasion, she tells them the story of a fisherman called Weng Zhiquing and his daughter. Weng used to train cormorants, a type of sea-bird, to dive into the river and catch fish. The birds would perch on the end of Weng's boat, and then dive into the water before hopefully bringing back a fish.

Weng's favorite daughter accompanies him on his fishing expeditions. She loves the river, which for her is a very special place, and begs to go out with her father whenever he goes out to catch fish. On one clear spring evening, as Wen's last cormorant dives into the water, the young woman makes a wish. She wishes that this catch would bring back more than just a fish.

Before long, her wish comes true. After Wen and his daughter return home, Wen guts the fish that the last of his cormorants had caught. Inside the fish's stomach is a valuable pearl ring. Weng's daughter is delighted by this remarkable find. It inspires her to fantasize about a wonderful world in which the pearl ring would only be a bauble.