The Asian Film Awards launched on Monday, with the stars of the big screen gracing the red carpet in Hong Kong.

Actress Michelle Yeoh was one of the first to be honoured ahead of Monday night's gala with the "Excellence in Asian Cinema Award".

And Hong Kong actress Deanie Ip Tak-han received the award for Best Actress for her role in A Simple Life at the 6th Asian Film Awards, held at the Hong Kong Convention and Exhibition Centre in Wan Chai. 

Michelle Yeoh was pleased to win the award but asked reporters, “I hope it’s not their way of telling me that I need to retire?”

The star of Crouching Tiger, Hidden Dragon and last year’s Aung San Suu Kyi biopic The Lady was being honoured at the Asian Film Awards opening Sunday night.

Yeoh said she’s happy to receive the award where her career started, in Hong Kong.

Kung fu hero Sammo Hung waving at the red carpet #AFA [1] @scmp_news [2] twitter.com/VivienneChow/s… [3]

— Miss Vivienne Chow (@VivienneChow) March 18, 2013 [4]

And while she acknowledged she’s long heard rumors of a Crouching Tiger sequel, she says she’s yet to see a script or other plans on the project. The 2000 original was directed by Ang Lee and won four Academy Awards.

The recent reports have attached kung fu star Donnie Yen to the unconfirmed sequel, and Yeoh said she’s a fan and would welcome the opportunity to work with him if a project is developed.

The Hong Kong film festival’s opening night was featuring the premiere of “Ip Man: the Final Fight,” the latest film about the life and work of martial arts master Ip Man. Lead actor Anthony Wong and actress Zhou Chou Chou were among stars walking the red carpet.

See the stars on the red carpet [5]

Veteran Hong Kong directors Johnnie To and Ronny Yu are also premiering works at the festival, which features “Infernal Affairs” director Andrew Lau.

The festival closes in April with the Iranian film “Closed Curtain,” which is fresh off a win for best script at the Berlin Film Festival.

Miriam Yeung in fabulous fuchsia gown on the red carpet of #AsianFilmAwards [6] @scmp_news [2] twitter.com/VivienneChow/s… [7]

— Miss Vivienne Chow (@VivienneChow) March 18, 2013 [8]