what was the movie where they have a character that can wield rings and stuff like that and it was an old movie and it was not lord of the rings

Young hobbit Frodo Baggins, after inheriting a mysterious ring from his uncle Bilbo, must leave his home in order to keep it from falling into the hands of its evil creator. Along the way, a fellowship is formed to protect the ringbearer and make sure that the ring arrives at its final destination: Mt. Doom, the only place where it can be destroyed.

Taiwanese martial arts movie by Karen Yang Chia-Yun