Episode Summary
Liang Shuo successfully identifies and captures Kobayashi Kazukiyo, only to be intercepted by Lao Qi, who reveals Liang Shuo's true identity as a Military-Statistics Bureau agent. After drugging Liang Shuo to learn the location of "The List," Lao Qi retrieves it from a bank. Surrounded by Japanese forces, the two form a temporary alliance. In a final act of redemption, Lao Qi sacrifices himself with the original list to allow Liang Shuo to escape with a photographed copy.

Spoiler Alert
Abyss Dweller Ep. 34: The List, Lies, and a Great Sacrifice
The hunt for Kobayashi Kazukiyo, a student of Asai Hisashi, has reached a fever pitch. While Old Tan has managed to narrow the search area, the man remains elusive. Stepping into the fray, Liang Shuo visits a high-class social club and sets his sights on Chen Xiaoli, the most sought-after woman there. He's convinced she has a connection to Kobayashi. Though arrogant, Chen Xiaoli agrees to help with their sake business, offering to find sales channels.
Later that night, Liang Shuo's instincts pay off. He tails Chen Xiaoli to the home of a "Mr. Matsumoto." Slipping inside, Liang Shuo confirms his suspicion: Matsumoto is none other than Kobayashi Kazukiyo. He manages to extract Kobayashi, but they are quickly spotted by Japanese forces. Just as they are about to be captured, Lao Qi makes a dramatic appearance and saves them.
The rescue leads to a shocking confrontation. Liang Shuo vaguely recognizes Lao Qi, who reveals Liang Shuo's forgotten identity: he is an agent of the Military-Statistics Bureau, codenamed "Shadow," and his mentor is Xie Jun'an. Lao Qi claims that Liang Shuo's amnesia, caused by a head injury, is being exploited by others. He vehemently denies that Xie Jun'an is a traitor—a claim made by Asai Hisashi—and insists that Liang Shuo, Xie Jun'an, and a woman named Xie Nianci are family.
During this intense "re-education," Lao Qi secretly drugs Liang Shuo's drink. Once Liang Shuo is unconscious, Lao Qi learns the location of the coveted "List": a safe deposit box at Citibank. He ties up Liang Shuo, planning to retrieve the List and then send the "traitor" to Chongqing for trial. However, Liang Shuo's incredible willpower allows him to regain consciousness.
The next day, Lao Qi forces Kobayashi to accompany him to Citibank. He retrieves the List and photographs its contents as a backup. Just as he secures it, Liang Shuo arrives. At the same moment, Mizuho Genxin, having been tipped off, surrounds the bank with his soldiers. Trapped, Liang Shuo and Lao Qi form a tense, temporary alliance to escape. Inside the bank, chaos erupts as the Japanese Army closes in. Several of their comrades are killed while creating a diversion for Liang Shuo's escape, fighting to the last breath to hold back the enemy.
Old Tan arranges an escape route for them via the Suzhou River. In a moment of clarity, Lao Qi realizes they have both been treated as pawns. He expresses his gratitude to Old Tan, then makes a fateful decision. He hands the camera containing the photographed copy of the List to Liang Shuo, choosing to use the original List to draw all the enemy fire upon himself. His only goal is to ensure Liang Shuo's safe escape. Lao Qi is cornered by Mizuho Genxin and Takagi Yugi and, despite a valiant fight, is ultimately killed. Mizuho Genxin seizes the List, while Takagi Yugi confronts Director Li, demanding full cooperation with the Kempeitai.