"Ip Man," a profile of Bruce Lee's kung fu master starring Donnie Yen, took home the Best Film Award.

The low-budget film "The Way We Are" dominated the other top prizes including Best Director, Best Actress, and Best Supporting Actress. This film about a working-class neighborhood was the sentimental favorite during the star-studded night.

Best actor went to Nick Cheung, who portrayed a kidnapper in the action thriller "The Beast Stalker."

Meanwhile John Woo's 80 million dollar epic “Red Cliff.", missed out on the major prizes though managed to collect several technical awards.

The annual?HK Film Awards has become a leading event in Asia cinema.