Most negative reviews of the movie you can find on Internet are right. I don't know if it was the director or the writers but a lot in the story is downright terrible and makes absolutely no sense. The filmmakers took almost no time building up momentum for key scenes in the story and properly explaining the logic behind the characters' origins and motives and just jumps right away into the essential parts taken from the original 1989 movie ICEMAN COMETH.
The result is a hugely unfitting film with lots of nonsense humor (many "wtf moments from Wang Baoqiang, Yu Kang, and even Donnie Yen himself), incoherent acting performances, and obvious story loops. Unlike the original movie, the filmmakers also couldn't balance seriousness and comedy at all. Watching everything is like watching several types of movie genres rolled into one. It gets to the point where one would scratch the head thinking what the hell director Law Wing Cheong wanted to achieve and whether he lost it somewhere along the process of making the movie. Because the overall narrative is so confusing.
That being said, I think Donnie's action choreography is the saving grace. I especially enjoy the nightclub fight scene and the action finale on the bridge, which features creative ideas -- the concept behind Donnie's action direction forsakes the usual HK style exchanges of punches, kicks, blocks< because it's mostly situational and seeks dramatic tension -- wirework, and decent-looking CGI. All scenes, including the brief action sprinkles scenes, are shot and edited exceptionally well. And something that surprises me: It has the same sound design from SPL, FLASH POINT, and IP MAN quadrilogy giving the impact of the hits and blocks an edgier/meaty feel to it. However, unfortunately, they aren't in great numbers and, beside the ones I mentioned, they aren't lengthy either so what's present aren't enough to hold the whole movie.
Overall, it's yet another good example of bad remakes, and ending up as one of Donnie Yen's worst movies in recent years -- easily making SPECIAL ID look much better in comparison -- and ever (it's up there with CIRCUS KIDS and IRON MONKEY 2). This review has now given me little hope for the sequel being good in its' entirety, although I'm sure the action will be good. The bad reputation is very spot on!