Hakujaden (movie)

A long time ago, a young boy named Xu-xian is forced to give up his beloved pet, a white serpent. Time passes and during a storm caused by a supernatural being, the serpent gains the form of a young girl named Bai-Niang. They meet again and fall in love, but fate separates them once more. Both face several difficulties as they desperately try to stay together.

As a young boy, Xu-Xian is forced to free his pet, a small snake. Unbeknownst to him, the snake is actually a young snake goddess named Bai-Niang and she is in love with him. Many years later, when they are both adults, the princess is magically transformed into a human and sets out to find her love. But the local wizard believes her to be a vampire, and banishes Xu-Xian from the village in order to save him. Xu-Xian's pet pandas Panda and Mimi set out to save him and bring him, in the process becoming leaders of an animal gang.

*** THERE ARE SPOILERS BEYOND THIS POINT

Clear details on the later half of this film's plot seem to vary from article to articles, perhaps because the North American release was edited.

In all cases, the articles agree that Bai-Niang fought with the wizard, had to eventually give up her immortality to be with Xu-Xian and that everyone lived happilly ever after. 

Toei Animation-Oldies (Japanese)

First Japanese animated feature film in color. Based on a Chinese legend. Only two voice actors were used, providing the voices for all the different parts.

In 1961 Hakujaden was the first Japanese animation shown to American audiences when Globe Pictures released it as Panda and the Magic Serpent. Later inthe same year American International Pictures released Alakazam the Great; and MGM released Magic Boy.