While actor Chris Collins plays an American Marine Karate Champion in the movie who is bested by Master Ip Man's Wing Chun, in real life Collins is a Wing Chun student of Grandmaster Leung Ting, one of the real Ip Man's most senior students.
The film broke the 100 million RMB box office in China on its first day of release, outgrossing the total for Star Wars: The Rise of Skywalker which open in China on the same day.
During their alleyway fight, Mark Strange performs a jumping back kick on a solid door to show his skills. This gets the response "Doors don't bite back, but I do" from Bruce Lee, referencing Lee's memorable "boards don't hit back' quote from ENTER THE DRAGON. Not only that, but if one takes a closer look at Mark Strange, he bears more than a passing resemblance to Robert Wall, who plays the character in ENTER THE DRAGON that Lee makes the statement to.
When Frater calls his student Mr. Kreese, it is a hint to the bad guy Kreese in the Karate Kid series
While this movie is centered around the style of Wing Chun and Bruce Lee being a previous student of Ip Man, Lee eventually abandoned this style after his infamous "secret underground" fight against Wong Jack Man in 1964. Just like this movie correctly portrays, the Chinese martial arts community was displeased with Lee teaching non-Chinese students Wing Chun and flew in Wong Jack Man to challenge Lee in a "trial by combat" to determine if Lee can be allowed to continue teaching. After the fight, Lee concluded Wing Chun had limitations and sought to create his own style called Jeet Kune Do (Way of the Intercepting Fist). This is why Lee's fighting style in the karate alley scene is notably different (e.g. his footwork takes it cues from American boxing and not the classic fixed Wing Chun triangle stance).