Find the street racer in the northeastern part of North Point, near the Vehicle Store. Speak to him and he will explain that Tommy Ha Lan cheated in their last race by running him off the road. He asks you to avenge him by damaging Tommy's race car.
You'll have about 2 minutes to reach the waypoint. Luckily, there is a nearby car you can take, though it isn't far. When you find Tommy's car, take the tire iron out of it's trunk and start bashing up the car. Eventually, Tommy himself will run out to stop you. After beating him, you'll receive Face XP and some cash.
Rewards: HK $2500