Demoness from Thousand Years

A thousand years in the past an old bearded giant white eyebrows guy is doing battle with a witch with a V on her forehead. He is aided by two "fairies" who capture a "bead" or glowing fx ball. We are suddenly in 1990 and join the side splitting Captain Mambo HK police something or other and his crew of mugging goofballs. While they are supposed to be investigating headless corpses, Mambo meets one of the "fairies" who is being chased by the witch/demoness for the "bead".