The leopard, yellow with dark spots, could possibly represent an alliance of the pantheistic nations of the East (China, Japan, India, and Indochina perhaps suggesting the four heads, with all insisting on equal authority). Revelation 16:12 speaks of "the kings of the east" marching toward Armageddon from the other side of the Euphrates. The "four wings of a fowl" are of uncertain meaning, but may simply denote that other Oriental nations are involved in addition to the four heads. A strong union of these far-eastern nations would surely pose a serious threat.

Source:

KJV Defenders Study Bible, by Dr. Henry Morris, Ph.D.
Publisher: Thomas Nelson
Language: English
DEF 10 ISBN 0-529-10444-x
DEF 10-1 ISBN 0-529-10445-8