The remake of the 1967 movie, which inspired John Woo's 1986 cult classic "A Better Tomorrow," is expected to cost US$5 million. It will be produced by Lau's production company, Focus Films.

The movie will be directed by Stephen Fung of "House of Fury" and"Enter the Phoenix," a spokesperson for Focus Films said.

"We are at an early stage of development. We don't have a script yet but Andy likes the story," she said.

The company will showcase the project at the Cannes Film Festival, which opens next Wednesday.

"We will be looking at market feedback and reaction from buyers and then see how we can make the film," the spokesperson said, adding the company is also seeking a co-producer.

"Story of a Discharged Prisoner" tells the tale of a reformed ex-gangster who tries to reconcile with his estranged brother.

(Source: Shenzhen Daily/Agencies)