He knows he's lost. It's against his name, which is Never Falls.
4 seconds sound clip from the Heroes of the East (1978) movie soundboard.
You can hear this line at 01:23:52.699 in the DVD version of the movie.
Quote context
[...]
- He doesn't like that. It's too bad.
- Well now, you're not the only one who can cheat.
- He means about the business with the time.
- You better fight, or you've lost.
- Give up.
- He knows he's lost. It's against his name, which is Never Falls.
- He was good. A great fighter.
- He's not great, but Sanzu, his teacher is. He uses Ninjitsu which is very sneaky.
- Master, I think I've got a good idea.
- I'll wait tomorrow at Clear Lake. If you got any guts, you'll come.
[...]