So, this isn't a bad movie, but it isn't particularly good either.
It looks decent enough, and the fights are well executed. The problem is every other part: the acting is okay, the camera work is hit or miss, and editing is way too choppy.
The biggest issue is the story: really, it's simple enough - if you've seen _Bloodsport_, _Kickboxer_, hell, even _The Karate Kid_, you'll know where this is going - though the movie makes the mistake of padding the runtime with a hollow backstory. This was done so poorly, that I thought _Lady Bloodfight_ might be a sequel - perhaps even to one of the _Bloodsport_ movies, and according to Wikipedia, it is! Any actual connection there seems clunky, at best.
With better writing, this could have been good. The first, and second, acts are strong, but the ending is weak.
Very much a C-tier martial-arts movie. My favorite part was the locker-room scene.