This was a light-hearted action/swordfight movie that looked like it took place in ancient China. Multiple characters possessed supernatural powers, but from the other characters' reactions, it seemed like it was commonplace in this world (so maybe it took place in a fictional universe). From what I remember, at some point a man appeared in the emperor's throne room through a portal and asked for a friendly match with someone at a future date. Later the main characters (one of them very serious, the other with longer hair and a bit of a goof) discover a conspiracy against the emperor, and the culprit turns out to be the man who issued the challenge (there's a woman who has a crush on this man, and she's heartbroken when she learns he's evil).
There's a scene where one main character (the serious one) fights and defeats several possessed statues (I think that's what they were). His friend, the goof, watches along with a female character. The woman asks the goof whether they should help their friend; the goof says something like, "Nah, these guys [the statues] are no match for him."
The movie ends with the villain trying to kill the emperor, but the main characters stop him. After a fierce duel with lots of flashy special effects, the serious main character stabs the villain. However, before he dies, the heroes allow the villain to crawl up to the throne and sit there (he had wanted to become emperor). The emperor's guards aren't happy about this, but the two main characters warn them off with their weapons (I remember the goof saying, "Get lost!").