Release date: 1971*
*Note, the IMDb page, details of date and director are based on the supposition that the Fusian DVD release is of the film "Ba xian du hai sao yao mo". If I have mixed films up with another then please leave a comment.
The eight immortals are a group of legendary Xian, transcendent heroes of Chinese mythology. Revered by Taoists they have become very much a part of pop culture as well. As such the film opens in a modern day scene, with street storytellers rousing a crowd to come and listen to their tale that is illustrated with painted tiles.
The *imdb page is here.