My understanding was (based on a dvd commentary from some other kung fu movie or another) that this was filmed while Ashes Of Time was on hiatus due to a lack of funding. So, it's not a parody of that film per say, though it uses the same cast and is directly named from the source novel (also called Legend Of The Condor Heroes). Like Ashes, it appears to be a prequel (no Guo Jing or Huang Rong) and also like that movie takes huuuuge libertites with those characters, only in the service of completely bat-shit comedy. Some of it works in a Looney Tunes / Benny Hill / Carol Burnett sort, and some of it doesn't. It's mostly incomprehensible nonsense, perhaps in part due to cultural differences, but then again, perhaps not. It takes some time to get into, and then after about an hour and a half it gets a little tiresome. Leslie Cheung and Tony Leung Chiu-Wai (one of two Tony Leungs who appear in both films) trade roles, while Jacky Cheung reprises the role of Hong Chi Gong, by now the leader of the Beggar Clan. Sammo Hung handles the fight scenes (Chin Kar Lok's name also in the credits), which is not obscured by blurry cam and editing, this time. It's mostly 90's wire-fu, which a lot of people complained about at the time. Wonder if they miss it now that it's been replaced by CGI.