Pegasus Motion Pictures is behind the project, which they will shop around at the Cannes Film Festival. Ip Man and Ip Man 2 director Wilson Yip is also coming back, along with writer Raymond Wong and producer Raymond Wong. Lynn Hung and Yu Bo will co-star, but nothing has been revealed about their roles.
The project is still in the early stages of development, although it is said the producers are aiming for a 2013 release date.
Ip Man, which was released in the U.S. in 2010, is a semi-autobiographical account of Ip Man, the first martial arts master to teach Wing Chun, who was also Bruce Lee's mentor. Ip Man 2 followed the character to Hong Kong, where he was met with resistance by the ruling British government over his Wing Chun teachings.