The novel "Beneath the Red Banner" is an unfinished masterpiece that Lao She devoted great efforts to, leaving 11 chapters with 80,000 words. Although only a prelude to a grand work, it is enough to show Lao She's thought and art in his later years, with high literary, historical and ethnological values. The unfinished part has become the "eternal regret" in the history of Chinese literature. Yu Shizhi once lamented: "If a good environment can be provided for Lao She at that time, he could finish a great work like Dream of the Red Chamber.

Under Yu's proposal, scriptwriter Li Longyun began to write and adapt "Beneath the Red Banner" on the basis of the unfinished original novel. Starting in 1987, the third adaptation was completed in 1999, the 100th anniversary of Lao She's birth.

The first performance of "Beneath the Red Banner" was filled to capacity. Experts commented that the drama made breakthroughs in performance style and aesthetic pattern, reflecting the spirit of a nation with a person or family.