A Russian emigrant sings in a Shanghai nightclub under the assumed name of Kay Murphy. All she dreams of is a peaceful life with her daughter Vera. But this is only a pipe dream as she has been forced by her former lover Ivan to work for a secret criminal organization, "The Black Dragon". Vera, who studies in a Hong Kong boarding-school, knows nothing about her mother's past. When Ivan, who is also Vera's father, resurfaces and blackmails Kay, the young woman is determined to fight back...
A slippery femme fatale, a spy for Germany during the Great War, is sent to Thessaloniki in Greece and becomes involved with a man on the other side, a French military officer.
In 1921, we follow two women - Marie and Grete - from the same poor Viennese neighborhood, as they try to better the lives of themselves and their families during the period of Austrian postwar hyperinflation.