I'm looking for a movie I watched as a kid, but I can't remember much of it, which makes it really hard to look for

It was a story about a very young emperor who had a disagreement with several dragons, so they rained misfortunes on his land, until he had to commit suicide to please them and make them stop
He was then reborn from a glowing red orb dropped into a lotus flower by a giant blue bird, and rose as a sort of half-God, and slayed the dragons in their underwater palace
He also had an old master who trained him.
And I also distinctly remember red ribbons.

Nezha Defeats the Dragon King (79)
(a.k.a. Nezha Nao Hai)
(a.k.a. Le Prince Nezha)


The hero of the story was a child warrior with supernatural powers. He was destined to confront, then defeat evil dragons that threatened ancient China. The evil entities understood the child was a threat to them, and demanded a sacrifice. The child sacrificed himself, but then the hero returned stronger than before. Prince Nezha then waged the final battle with the forces of evil in the depths of the ocean.