Wong Lulu (Michelle Yeoh), infamous bachelorette and philanthropist, was adopted by a rich family as a child. Lulu finds her thrills in her alter ego of the Silver Hawk. It's very obvious that Silver Hawk is very extroverted and exciting, the very opposite of the demure and beautiful Lulu. Although it is important to rid evil from society, it is the physical effort of catching the criminals that gives her the most thrills.

Her greatest critic is Superintendent Richman (Richie Jen), who by a quirk of fate also trained with the young Lulu at Shaolin Temple. Now years later he is pitched into a huge battle to capture the vigilante Silver Hawk who happens to be his childhood friend Lulu. They are hunting the same nemesis, so Richman must reconcile his desire to unmask Silver Hawk with his need for her help to fight the greater evil.