Emperor Kun-Ryung of the Ching Dynasty torments the Chosun people. For no reason, a young girl Pak Ouk-hwa, father was murdered by the emperor's guard Oh Kol-ma, and nearly beats her to death. She decides to learn martial arts from the great Buddhist priest Wun-su. She's determined to protect weak women with her martial arts. Ouk-hwa takes on the name of 'Butterfly of Ching' and goes to Ching. Afterwards, the numerous Chosun women suffering at the hands of Ching unite around Ouk-hwa. Ouk-hwa and her gang of women rebel against and fight the vicious Oh Kol-ma. One by one, the women succumb to him, but Ouk-hwa fights to the end and destroys them all. She returns to Chosun victorious.
Han Wu-song, an antique collector, gets killed while appraising a bronze horse rider statue which trader Wang Dae-in has stolen from a tomb. Dae-in dies on the scene and Wu-song leaves the killer's name on the cave wall before he dies. Dae-in's son Wang Gak thinks Wu-Song killed his father and fights with his son Jung-pa. Trader Kwan and her daughter Mi-ryung stop the fight. Jung-pa and Mi-ryung's love is disturbed by Ju-yang. Gak and Jung-pa chase him to find Wu-song's body with Ju-yang's name on the wall but Mi-ryung appeals them not to kill...
1930 Manchuria: Seong-Jin, a member of Korean independence army, is arrested and tortured by Suzuki. Seong-Jin’s tells his colleague Min-Wuk the location of funds. Min-Wuk puts the money into the stomach of a dead hog and floats it down the river. Soon, Min-Wuk is captured by Mokosan, a gangster from Peking and Ye-Ji, a barmaid. While Suzuki arrests all of them and kills Mokosan, Min-Wuk, succeeds in arresting Suzuki and escaping, as he continues his journey along the river to deliver the funds.
