Crouching Tiger , Hidden Dragon was based on the wuxia book series Crane Iron Pentalogy by Chinese novelist Wang Dulu .
The martial arts and fighting action sequences were choreographed by Yuen Woo-ping , who later directed the English-language sequel Crouching Tiger , Hidden Dragon : Sword of Destiny , released in 2016.A multinational venture , the film was made on a US $ 17 million budget , and was produced by Asian Union Film & Entertainment , China Film Co-Productions Corporation , Columbia Pictures Film Production Asia , Edko Films , Good Machine International , and Zoom Hunt Productions .
Crouching Tiger, Hidden Dragon