Basically a remake of Wang Yu's The Chinese Boxer.
Ji Hao is a promising young boxer in the school of the respected Shen Chin Pei. But he is opposed by a rich man named Ming who, with his slimy son, plots against the school. They bring in Japanese karate experts to weaken Shen's school ahead of contest. The bad guys taunt Ji Hao for cowardice and, when he fights back, they break his hands. Master Shen has already singled out Ji Hao as his most promising pupil, and gives him a secret book about Iron Fist. Ji Hao continues the training, but fellow pupil Han Lung is jealous, and betrays him to the bad guys. Can Ji Hao win regardless ?