The film, about a kung fu master who agrees to train four students after waking from a coma, also landed co-stars Teddy Robin and Susan Shaw Best Supporting Actor and Actress honours.
Robin also picked up the Best Score prize for his work on the film's soundtrack.
Another big winner at Sunday's (17Apr11) film awards ceremony was Hong Kong director Tsui Hark's fantasy epic Detective Dee and the Mystery of the Phantom Flame.
Hark claimed the Best Director prize, while his leading lady, Carina Lau, was named Best Actress.
The film also picked up awards for art direction, costume and make-up, sound design and visual effects.
Other big winners included Nicholas Tse, who took home the Best Actor honour for his portrayal of a police informant in The Stool Pigeon and Oscar-winning cinematographer Peter Pau, who landed the Best Cinematography prize for his work on the biopic of ancient Chinese philosopher Confucius.
Jackie Chan's longtime agent Willie Chan was also honoured for Professional Achievement. Chan and Hong Kong pop star Jacky Cheung, another famous client, were among the stars who paid tribute to the industry mogul.
The fifth annual ceremony took place in Hong Kong, but the Japanese devastation overshadowed the event, with many Asian stars, including nominated actors Koji Yakusho (13 Assassins), Rinko Kikuchi (Norwegian Wood) and Takako Matsu (Confessions), absent from the party.
Weinstein joined Hong Kong actress Carina Lau onstage to present the Best Actor prize, but took a moment to publicly greet Japanese actor Ken Watanabe and send his best wishes to the people of Japan.
Speaking directly into the camera, Weinstein said, "We hope you're safe and we hope things turn very well very quickly."
The tragic events in Japan also played on the minds of other celebrities at the awards show.
Filmmaker Feng Xiaogang, whose earthquake epic Aftershock landed honours for Best Visual Effects and Best Actress (Xu Fan), revealed bosses at two of the movie's key investors, Media Asia and Huayi Brothers, had pledged to donate $76,000 (£47,500) to the country's relief efforts.
Other winners at the Asian Film Awards included Thai film Uncle Boonmee Who Can Recall His Past Lives (Best Picture), and South Korean director Lee Chang-dong, who claimed Best Director and Best Screenplay for Poetry.
Ha Jung-woo walked away as Best Actor for his work in The Yellow Sea, and retired producer Raymond Chow, the man behind the careers of Bruce Lee, Jet Li and Jackie Chan, was handed the Lifetime Achievement Award, as previously reported by WENN.