In 1975, when Vietnam fell into the hands of North Vietnam, one platoon tenaciously fought the North Vietnamese to the bitter end: the Leopard Squadron. When the last of their ammo was used up in battle, Lieutenant Colonel Ruan arranges for the squadron to escape to Hong Kong by boat. While on the ship, they are attacked by bandits. Some are killed while the survivors take refuge in Hong Kong, and try to determine who betrayed them.
Only after the police capture the refugees do they discover that, Lieutenant Colonel Ruan headed the bandit operation that attacked their ship. When these survivors find out the truth, they are determined to find Lieutenant Colonel Ruan and take their revenge.