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.