"Ten Years" scooped the "Best Film" prize at the Hong Kong Film Awards, following a short cinema release that was widely believed to have been curtailed for political reasons.
The film is made up of a series of five vignettes that tap residents' worst fears for the future of the southern Chinese city as Beijing's grip tightens.
The film had only a short general release, while some cinemas refused to screen it altogether, and it raised heckles on the mainland with China's state-run Global Times newspaper describing it as "totally absurd" and a "virus of the mind".
Major China-based TV channels pulled out from broadcasting the awards on the mainland, with the nomination of "Ten Years" widely believed to be the reason.
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But one of the film's directors, Ng Ka-leung, told reporters that he was not concerned by Beijing's opinion, only what his fellow Hong Kongers thought of the film.
"If you ask me what Beijing might feel towards us, I would say it doesn't really matter. The movie was made for Hong Kong people. We are open-minded to anyone who likes it or not. We just hope that Hong Kong people can share our feelings. We would like people to think about the future of Hong Kong," he said.
"President Roosevelt said one thing: the only thing we have to fear is fear itself," Yee said before announcing the winner of the "Best Film" category.
Since its release at the end of December, the movie, made for just HK Dollar 500,000 (USD 64,000), has earned an unexpected HK Dollar 6 million, but its run stopped when it was still playing to packed theatres.
On Friday thousands flocked to watch the film at various community screenings across the city, as the buzz around the movie continued long after its cinema release ended.