The Japanese (evil of course) have invaded China (this is set in the late 1930s). Taka (Yasuaki Kurata) has put the Chinese fishermen under harsh new fish taxes and his henchmen are beating up anyone who protests. Meanwhile, top Chinese boxer Chan (Sing Chen) and his American wife Lin (Irene Ryder) have returned from the US. After killing a man in the ring he has vowed to never use his fists for violence again...
That immediately becomes a problem as Chan is immediately hurled into the fight between the Chinese and Japanese. Eventually he is forced to fight and everything is set up for the inevitable showdown with Taka on the beach to the death...
So, a basic kung fu tale. Any vague story is just a handy framework for a series of fights. These are pretty good fights too, especially the final showdown. A good example of the genre.