Leung is the first Chinese actor to be bestowed the honorary award. He and another awardee Liliana Cavani, one of the key directors of the New Italian Cinema movement and recognized internationally for "The Night Porter", are set to receive the honour at the 80th Venice fest runs from August 30 to September 9 on the Lido.

“I am overwhelmed and honoured with the news from the Biennale di Venezia. I hope to celebrate this award with all the filmmakers I have worked with. This award is a tribute to all of them as well,” said Leung, who in “A City of Sadness” (1989), “Cyclo” (1995) and “Lust, Caution” (2007) has starred in three Golden Lion winners, and in 2001 won the Palme d’Or for best actor for “In the Mood for Love”, one of seven collaborations with renowned director Wong Kar-wai.

Venice director Alberto Barbera, who recommended the two names for lifetime achievement Golden Lions, described Leung as “a charismatic performer in the course of an exceptional transnational career which has evolved paralleling the expansion of global film circulation,” adding that he “has achieved a unique profile as a pan-Asian and global star confirming his presence within ever-shifting screen cultures, deconstructing the traditional idea of male stardom and bringing compelling sensitivity to all his roles.”

The Venice International Film Festival is one of the largest international festivals. Previous lifetime achievement awardees include Hong Kong directors John Woo Yu-sen and Ann Hui On-wah.

"Leung's exquisite acting skills had earned him many awards and brought him onto the global stage with flying colours," Secretary for Culture, Sports and Tourism Kevin Yeung Yun-hung on Monday congratulated Leung on receiving the honour. "His endless pursuit of a higher level of artistic performance over the past few decades is an exemplar of Hong Kong actors' spirit and Hong Kong's cultural richness."