I stumbled upon this thread and I wanted to give my input (hence why I register an account). I also want to apologize if I necro-post, but I think you need to know this. I've been a long time Kung Fu film fan, I'm a big fan of the 70's and 80's era but sadly it looks like not a lot of Kung fu or Martial art are coming out of Hong Kong nor Mainland China these day. I know because I've been observing it for many years. Most of the films coming out of China are non-Kung fu genre.
To make this worse, do any of you ever followed Kungfucinema.com? It's now dead last month. Regarding the industry in Hong Kong, some of you on this thread are not exaggerating that the HK film industry (along with it's Kung Fu film industry) has suffered since the 1997 handover to Mainland China. It has been like that for the last 7 or 8 years. I read a recent but interesting article about the lack of Kung fu films coming out these day.
Regarding Hong Kong film industry, I think all of you need to read these:
2004 article talking about the decline of Hong Kong industry
2008 article on the decline of Hong Kong cinema
1997 report-Decline of Hong Kong Cinema before 1997
The glory days of Hong Kong cinema may have died along with kung fu mogul Run Run Shaw
2013 LA Times article on HK film industry
Lack of Successors, Shift to Mainland Chinese Market to Blame for Decline of Hong Kong Movie Industry
Even now as of this year, HK film industry is on life support according to this new report from Variety. Yes, sadly the era of Kung fu film and HK cinema is over or on life support. Hong Kong is now being overshadowed by South Korea thanks to their film industry, their K-dramas along with K-pop all part of the phenomenon called the Korean Wave or Hallyu. I don't know how many of you are fans of Korean TV dramas, but they're getting more attention (both in the US and outside of Asia) then Kung fu film now these day, I'm not making this up:
A little disclaimer: beside being a big Kung fu film fan, I'm also a big fan of Korean pop culture that does include Korean dramas, and Korean pop music.
2004 article-Korean soaps lure unlikely audience
2006 article from Associated Press-Korean Drama Craze Reaches United States and how Hawaii played a big role.
2007 article on K-drama gaining popularity outside of Asia
2012 article-K-drama lead Hallyu
2010 article-Korean drama fever spread amongst US fans
Entertainment Weekly-article report on Korean drama popularity in US
Variety article on K-drama successes outside of Asia
Vox media-Here's why millions of Americans are binge-watching Korean dramas
About 18 million Americans enjoy K-dramas: Korea Creative Content Agency
So yes K-dramas are replacing Kung Fu films. Because of it and their film, Korea has now been acknowledge to be the "coolest Asian country" replacing Hong Kong, and Japan to international audiences:
2006 NPR report on South Korean pop culture dominated Asia
2010 CNN article-'Korean Wave' of pop culture sweeps across Asia
CNN-Is S. Korea the coolest place on earth?
How Korea became the world’s coolest brand
Korea is Asia’s foremost trendsetter: The Economist
So yes sadly, Hong Kong and the Kung Fu film industry is on life support, I don't know if I should use the word dead unless South Korea can make Kung fu cool again.