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The previous winners for the title were Zhang Ziyi and Zhou Xun.
Nine-year-old Gouw Ian Iskandar, who starred in "After This Our Exile," brought home two awards - best supporting actor and best new performer. He has already won the best supporting actor award at the 43rd Taipei Golden Horse Film Festival for the same role.
The film was also the best film and best screenplay winners of this year. Its director Patrick Tam, trumped rivals - Jonnie To, Zhang Yimou and Jacob Cheung, for the best director title.
"After This Our Exile," Tam's first film in 17 years, is an art film about the relationship between a single and abusive father who turns to gamble and his son.
Lau Ching-Wan starring "My Name Is Fame" unexpectedly claimed the best actor crown by beating Tony Leung, Chow Yun-Fat and Jet Li.
Thirteen nominations garner, Zhang Yimou's "Curse of The Golden Flower," finally won four awards - best actress, best original song, best costume design and best art.
Zhang's another film, "Riding Alone for Thousands of Miles," beat Korea film "The Host" for the best Asian film. The latter won the best Asian film at the first Asian Film Awards hosted by the 31st Hong Kong International Film Festival two weeks ago.