Crouching Tiger, Hidden Dragon was the fourth book in the Crane-Iron Series by Wang Du Lu. The film adaptation starred Chow Yun-Fat (The Replacement Killers) and Zhang Ziyi (Memoirs of a Geisha) and won the Oscar for Best Foreign Language Film as well as three other Academy Awards.
It is believed that the new film will be based on the fifth book Silver Vase, Iron Knight and would continue to revolve around Yu Shu Lien, the character played in the original by Michelle Yeoh (Tomorrow Never Dies). There is no word as to whether Yeoh will reprise her role as Yu Shu Lien but it’s likely we can assume that some actors will be back from the original film.