A red headed villain (with a blue headed son), a witch and the warriors and monk that fight the two badguys.

Golden Venom

Another Chinese Ghost Story copy, also known as Affrighted Romance.

Affrighted Romance

A serial killer is loose in Hong Kong, murdering hostesses from high class night clubs. As punishment for their flaky style and lack of discipline, two young policewomen are assigned to work undercover as hostesses to catch the sadist. While solving that crime, they discover who's behind some of the city's drug trade. In trying to halt this enterprise, which they undertake without orders, they must face the crime lord's Japanese hit woman.