There was the first Iron Monkey that featured Chen Kuan Tai in the lead role. Chen was very good as the Iron Mokey. In this, Donny Yuen plays the role of Iron Monkey. The two movies are not connected in any ways.
This movie is made by a little known Hong Kong company called the Gold Rush. It's a period piece taking place just before the second world war. The production is very derivative with little bit of Jackie Chan's Project A, and other movies of this genre. The movie is shot very low quality, and other details are equally of lower quality. It's like the '70s movie made in the '90s, and looks dated. I've never seen the actors that starred in this movie before or since except Donny Yuen.
Story is mostly about nothing - not much happens except for lot of dialogs between the actors. Japanese are portrayed as the bad guys, and so are the Russians.
So unfortunately, this one doesn't measure up to the original Iron Monkey in any ways, nor does it measure up to other Hong Kong movies of the same era.