Watch out for the mysterious and deadly Spearman, as he has just recently assassinated the venerable master of the Iron Flag clan and has begun to use the clan's arcane knowledge for questionable purposes. Hot on his trail, however, are the really, really evil Ten Killers of the Underworld, and their presence is sure to guarantee the usual martial arts hijinks: kicking, punching, and flying through the air!
When a loyal member of a crime syndicate volunteers to take the heat off his gang and go into temporary exile after a volatile conflict with a rival clan, the young warrior finds that his sacrifice isn't honored in this historical kung fu epic. Upon returning from his stint as a scapegoat, Iron Panther finds that his gang has joined with the enemy gang his comrades were fighting when he left. With the help of two other fighters, Iron Panther must now mount a fearless effort to win back the honor that was lost, culminating in a fantastical display of skill in a battle fought with flag-draped spears.