The film stars Tony Leung Chiu-wai and Zhang Ziyi in a story about the martial arts master Ip Man, who in later life was Bruce Lee's mentor.
The selection was made by the Federation of Motion Film Producers of Hong Kong, which had also shortlisted "Unbeatable," directed by Dante Lam, and another Ip Man biopic "Ip Man: The Final Fight," directed by Herman Yau.
The highly stylized "Grandmaster" premiered commercially in Hong Kong and China in January and subsequently was set as the opening film of the Berlin film festival in February.
It was produced by Wong's Jettone and Block 2 Pictures with funding from SIL-Metropole Organisation and China's Bona Film Group.
Released on an expanding platform release in the U.S. by The Weinstein Company, "Grandmaster" has so far scored $6.29 million at the stateside box office. International sales in different territories are handled by France's Wild Bunch and by Hong Hong's Fortissimo Films.
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