Just after the end of War of Resistance against Japanese Aggression, a takeover battle to seize the property of the enemy and puppet troops was launched in Shanghai. Bao, the chief of staff of the Kuomintang, led his department to receive the property of the traitor Bai and rescue Bai, a red dancer who was ravaged by a gang of gangsters.

On this day, Bao came to the Queen's Ballroom and met Hua Hongyan, a woman disguised as a man. When he saw Bai humiliated by American soldiers again, he was outraged and drove the American soldiers out of the ballroom.

Hua Hongyan's father Hua Buting is a capitalist and never deals with the Japanese. However, Jiang Diping, deputy commander of garrison headquarters, still included Hua Buting in the list of traitors to blackmail him.

In order to get out of trouble, Huabuting held a family dance. Unexpectedly, at the dance, Jiang Diping and Gu Xiaotong, a member of the Central Military Commission, argued over inviting dancers in red to dance for nothing. Hua Buting bribed Jiang Diping to protect his family's safety. Jiang Diping suspected that he had paid back more than a dozen gold bars.

Bao is bent on bringing Bai to justice. Bai threatened Bai's ten sisters' contract and forced Bai to kill Bao. When pointing a gun at the bag for nothing, she couldn't bear to do it.

Bai sold Ai Ai, one of the ten sisters, to a brothel, framed Bai and forced her to kill Bao again, but she still didn't do it. Bao finally found the hard evidence of Bai's collusion with Japanese agents. Hua Hongyan and Bao fall in love and give each other a token of life.

At this time, the greedy Di Ping arrested Hua Buting on trumped-up charges in order to satisfy his selfish desires. Hua Hongyan lost everything to save her father from prison, and was finally possessed by Jiang Diping, and Hua Buting died in resentment.

Hua Hongyan left Bao a bloody letter and ran away from home. Bao went to execute it. Before Bai died, he confessed that Gu Xiaotong was also a hidden traitor and handed over the indentures of ten sisters.

Bao learned from the deed of sale that Bai was his long-lost sister Xiaomei. When Bao found Bai, she had been ravaged by Gu Xiaotong. Angry Bao beat Gu Xiaotong and was shot and killed by the guards.

Soon, Hua Hongyan appeared in front of Cathy Hotel. She took a submachine gun and fired hate bullets at Gu Xiaotong, who was about to leave, and punished the two demons.