A Better Tomorrow was apparently a remake of the 1967 version...

I never knew this, but I always thought that the John Woo and Tsui Hark's version being discussed here is an original story. I was an instant fan when I saw it back in the '80s, well me and millions of young Asian males, and perhaps Quentin Tarantino too.

But here's the catch, apparently there was an even earlier B&W version from 1967 also called "Ying Hung Boon Sik" in Chinese, staring Patrick Tse. I just happened to stumble across it on youtube:
https://www.youtube.com/watch?v=WllUoL0qrIg

Is this common knowledge? I'm late 40s, so I was too young to have seen the 1967 version in the cinemas. And to tell the truth, I've never heard of anyone talking about this version before. I mean there are a number of other remakes and sequels since the 1986 version, but I never guessed that there was an even earlier version. And as far as the production quality of the time, it wasn't too bad. More or less the same story, a gangster trying to go straight after being released from jail. They even had the same ending where the younger brother arrests him after a fairly lengthy gun battle. So I'd have to say the story is pretty close. And much better than most crime story movies from 1960s HK.

So, I'm wondering, was it common knowledge that it was a remake? Was I the only one in the dark for almost 30 yrs???