IFC Films plans to release Ping Pong Playa in theatres on September 5.
Yu co-wrote the screenplay with Jimmy Tsai, who also plays the lead role as the scion of a sporting dynasty who takes the reigns of his mother's ping-pong class after a series of setbacks.
IFC's vice president of production and acquisitions Arianna Bocco brokered the deal with ICM and The Firm.
IFC previously released Yu's 2007 documentary Protagonist. Yu won the best short documentary Oscar in 1997 for Breathing Lessons: The Life And Work Of Mark O'Brien.
'When the opportunity came along to work with Jessica again, we could not let it pass,' IFC Entertainment president Jonathan Sehring said.
'Jimmy Tsai gives an unforgettable performance as C-dub, solidifying him as a rising star in Hollywood. After having seen the film in Toronto, we're thrilled to be releasing this hilarious comedy this September.'