One of the stranger subsets of genre filmmaking in any country's history.
Leaving out open-handed kung fu movies (like Tsui Hark's great Once Upon a Time in China series, or La Kar Leung's interesting if compromised "Drunken Boxer 2").
It's tempting to blame the failure of the genre on the handover, but the globalizing influence of Lee's "Crouching Tiger" can't be discounted either.
After this period, only Tsui's compromised "Seven Swords" seems to carry the same promise. The clearest antecedents are Patrick Tam's "The Sword" and the cycle of Gu Long written Chor Yuen films in the late '70s. Though at the outskirts of the genre, Lau Kar Leung's "Eight Diagram Pole Fighter" also seems key.
Many more films to see.