When you think of the biggest names in sportswear, who comes to mind? Nike, right? The undisputed king. And Adidas, the eternal number two. For decades, that’s been the story. A two-horse race.But what if I told you there’s a third giant? A company that, in just the last few years, has quietly become the third-largest sportswear brand in the world, with a market value that’s now neck-and-neck with Adidas.

And what if I told you that you probably own something made by this company, but have no idea? Ever worn a pair of FILA sneakers? Played tennis with a Wilson racket? Gone skiing with Salomon boots? Or maybe you’ve coveted one of those high-end Arc’teryx jackets? All of those iconic brands… are owned by the same company. A company you’ve likely never heard of: Anta Sports.

In this episode, we will discover how Anta Sports rose from a rural Chinese workshop to become the world’s third-largest sportswear empire, challenging giants like Nike and Adidas. We will uncover founder Ding Shizhong’s high-stakes strategies: surviving the post-Olympic inventory crisis with a radical Direct-to-Consumer (DTC) pivot and transforming FILA into a fashion powerhouse. Finally, we dissect the audacious "Snake Swallows Elephant" acquisition of Amer Sports (Arc'teryx, Salomon, Wilson), revealing the financial engineering behind Anta's multi-brand global dominance.

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📖 Episode Chapters

00:02:16 Anta's Humble Origins and Ding's Beijing Hustle

00:23:19 The Prince of Gymnastics vs. The Underdog

00:34:49 Pivoting to the NBA: Conquering Basketball

00:50:00 The Inventory Hangover: Surviving the Post-Olympic Crash

01:03:47 The Fila Bargain: Buying a "Dead" Asset

01:24:17 Snake Swallows Elephant: The Amer Sports Acquisition

01:46:20 Potential Future for Anta: Opportunities and Risks

This episode dives into the inspiring journey of Game Science, the Chinese studio that defied industry giants with their global hit, Black Myth: Wukong. Discover how disillusioned Tencent veterans Feng Ji and Yang Qi bet everything on a single-player, PC-only game rooted in Chinese mythology. We trace their decade-long quest from compromise to triumph, exploring the creative philosophy, financial risks, and artistic passion behind a game that sold millions in days. This is the story of proving a small studio could conquer the global stage and redefine what's possible for Chinese game developers. A must-listen for gamers and entrepreneurs alike.

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📖 Episode Chapters

00:01:02 Intro

00:01:59 CEO Feng Ji’s Journey from Science Major to Game Junkie

00:11:26 The Artistic Talent Behind Wukong: Yang Qi

00:18:10 Source Material: Journey to the West and the Game's Backstory

00:30:47 The Predecessor: Lessons Learned from the Tencent Asura Project

00:38:42 Game Science is Born: Survival and Compromise

00:47:55 Building a Myth: The Six-Year Grind of Black Myth: Wukong

01:04:45 The Hype After the Trailer: Game Science's Response to Media and Investment

01:31:14 What's Next? Zhong Kui, Expectations, and the Future of Game Science

Step into the world of Pop Mart (泡泡玛特)—the Chinese collectible toy giant that turned “ugly-cute” designer figures into an international sensation. In this episode, we reveal founder Wang Ning’s journey from a small Beijing shop to a multibillion-dollar brand leading the global blind-box craze. What key business foundations did the Pop Mart team lay before launching Labubu to enable such massive worldwide success?

🔑 What You’ll Learn

• Pop Mart’s Rise: From humble Beijing beginnings to global blind-box dominance.
• Design to Factory to Store: Behind the scenes of how Pop Mart identifies artists and creates blind-box designs.
• Business Model Secrets: The gamified blind-box strategy driving explosive growth.
• The Labubu Effect: How one IP became a global hit thanks to social media.

Whether you’re into designer toys, collectibles, or retail strategy, this deep dive shows how Pop Mart built a worldwide following—one blind box at a time.

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📖 Episode Chapters

00:00:00 Introduction: the “ugly-cute” monster that blew up the internet

00:05:00 From CDs to grid shops: Wang Ning’s college hustles

00:12:02 Surviving the early years: cash-strapped and cornered

00:16:03 The VC lifeline: how Mai Gang’s faith saved Pop Mart

00:24:58 Sourcing the management team from MBA class

00:30:40 The great pivot: from licensing to IP powerhouse

00:41:03 The blind-box formula: Molly, Labubu, and the gamified craze

00:57:34 Behind the scenes: from artist discovery to store sales

01:16:37 Global expansion: from partnerships to full control

01:34:55 Our take on why Pop Mart succeeded

Today we are covering a company that built its name on viral smart phones and a "magic touch" for creating every kind of smart home appliance imaginable. We're, of course, talking about Xiaomi.

This company, which started far from the automotive world, has just launched its first two EV models, and the result is stunning. The SU7 sedan and the YU7 SUV have become one of the most wanted and pre-ordered EVs in China. It also made the fastest EV sports car in history so far.

This is Xiaomi EV.

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📖 Episode Chapters

00:00:59 Intro

00:02:47 The “Tony Stark” of China: the story of Lei Jun

00:10:41 Building an empire: the Kingsoft years and the founding of Xiaomi

00:25:18 More than phones: a breakdown of Xiaomi's business lines

00:34:17 Blacklist, boardrooms, and a big decision: how a crisis led to the EV venture

00:45:09 The EV hunger game: navigating a “game of elimination"

00:57:17 The SU7: a masterclass in smart EV manufacturing

01:17:15 The "Halo effect" of Ultra: how racing puts Xiaomi on the map

01:33:17 The numbers game: sales, market share, and industry trends

01:39:54 Demand outruns the factory: the production challenge

01:45:15 The fastest to profit: Xiaomi's future and global ambitions

Today, we dive into the fascinating story of a global powerhouse that, on the surface, appears distinctly Western, yet boasts surprising Asian roots.

This isn't just a company that sells a drink; it sells a feeling – the promise that "gives you wings."

It's a brand that established dominance not through traditional advertising, but by deeply embedding itself in the worlds of niche sports, adrenaline junkies, athletes, artists, and innovators, cultivating an exceptionally strong and loyal following within these high-influence communities.

Instead of mere ad placements, it operates like a full-fledged media company, producing high-quality documentaries, films, music, magazines, and other digital content, often with the product subtly, or even entirely, in the background.

Yes, you have guessed it, we're talking about Red Bull.

In this episode, you'll discover its humble beginnings in Asia, its journey to Europe, its groundbreaking marketing and content creation strategy, its evolution from sports sponsor to team owner, why you can find at least four different Red Bull cans in China, and the ongoing legal battles it faces.

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📖 Episode Chapters

00:00:00 Intro

00:03:20 Thai origins: Krating Daeng and Chaleo Yoovidhya

00:09:55 The Austrian visionary Dietrich Mateschitz

00:14:50 Conquering Europe (with a lot of bans)

00:40:48 Journey into the world of extreme sports and media production

01:07:14 From sponsorship to ownership: F1 & football

01:24:45 Same bulls, different drinks: TCP Red Bull, Red Bull Austria & Red Bull China

01:56:15 Red Bull’s legacy and future

DeepSeek is the Chinese large language model (LLM) that stunned the AI world with its low training costs and open-weight approach. This episode dives into the extraordinary founder story of Liang Wenfeng, the secretive quant trader who pivoted his billion-dollar firm, High-Flyer Capital, into a top AI competitor.

How did a quantitative finance empire become the birthplace of DeepSeek R1 and V3? We unpack the innovations, the GPU hoarding strategy, the DeepSeek architecture, and the controversial pivot that positions them as a serious challenger to ChatGPT and Llama in the global AGI race.

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📖 Episode Chapters

00:00:00 Intro

00:04:23 Liang Wenfeng's early life and education

00:08:16 Inception of the quant trading journey

00:18:47 Becoming quant king: building a billion-bollar empire

00:31:00 The hoarding (of GPUs) begins

00:39:53 Liang Wenfeng's vision for China's quant future

00:46:48 The 2021 challenge and fund drawdown

00:50:29 The pivot: from trading to AGI

00:57:17 Innovation under constraint

01:08:31 DeepSeek's unconventional hiring philosophy

01:12:35 Future uncertain: can DeepSeek outlast the giants?

01:20:50 Ascent with open source

Correction: at 59:24 - it should be 600 billion not 6 billion parameters

P.S. Yes, these show notes were also generated by DeepSeek!

Insta360 is the world's fastest-growing action camera brand, dominating the 360 camera market with its software innovation and Invisible Selfie Stick technology. This episode of ASCENT unpacks the incredible journey of founder JK Liu, a visionary software engineer who took the company IPO this year, making him one of the youngest tech disruptor CEOs.

Discover the Insta360 strategy that allows creators to "shoot first, frame later", a technique redefining content creation and giving them the edge over competitors like GoPro. We explore the full Insta360 story: from early product development (Nano, One) to its focus on the global market, strategic partnerships, and the key success factors behind its rapid evolution.

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📖 Episode Chapters

00:00:00 Intro

00:02:50 The journey of JK Liu

00:05:57 Early ventures of JK

00:09:02 The birth of Insta360

00:11:58 Identifying opportunities in the market

00:14:54 Product development: from Nano to Insta360 One

00:18:06 The evolution of Insta360: key products and innovations

00:39:51 GoPro vs. Insta360: a tale of two strategies

00:44:03 The importance of focusing on the global market

00:49:49 Strategic partnerships is the key to Insta360's success

00:56:11 Innovative marketing and brand ambassadors

01:01:48 Navigating IPO challenges

01:05:05 Our reviews of the key success factors