ASCENT

Fangdi Pan & Linda Zhang

ASCENT podcast is your in-depth look at the fastest-growing Asian businesses. We deliver exclusive, deep-dive research into the strategies, struggles, and secrets to success of Asia's top market leaders and tech companies. Whether you're an investor, founder, or just curious, this is your backstage pass to the business revolution happening in Asia and beyond.

Episodes

  1. Manus AI

    JAN 31

    Manus AI

    This episode explores the playbook behind the meteoric rise of Manus AI, the startup that redefined the "AI agent" landscape and secured a historic acquisition by Meta for over $2 billion. In just nine months, Manus went from a stealth spring launch to a $125 million revenue run rate, earning its reputation as China’s "DeepSeek moment." We dive into the technical breakthrough of "computer use"—the frontier where AI agents move beyond chatting to actually operating virtual workspaces to build websites, conduct deep market research, and analyze data like a human professional. We trace the company’s high-stakes origins, from the previous startups of its three co-founders to the ZhenFund partnership that acted as the ultimate catalyst. Finally, we analyze why Meta bet $2 billion on a 9-month-old product and what this means for the future of WhatsApp, small businesses, and the global AI arms race. 👉 Subscribe & Follow: ASCENT Podcast on Substack 📖 Episode Chapters 00:02:30 Meta's $2 Billion Bet on Manus AI 00:05:48 Understanding the Leap from LLMs to AI Agents 00:12:12 The Tool Geek: Red XIAO (CEO) 00:27:38 The Scientist-Builder: Peak JI (Chief Scientist) 00:45:54 The Product Philosopher: “Hidecloud” Tao ZHANG (CPO) 00:56:14 The Catalyst: ZhenFund 01:09:30 Start of Butterfly Effect and Monica 01:15:54 The Great Pivot: Killing an AI Browser to Build Manus 01:25:04 Going Viral: The Launch That Shocked the Global AI Community 01:36:43 Meta's Plan? WhatsApp, SMBs, and the Future of Productivity 01:52:55 Poem: The Spirit of M - By Manus 🚩 Correction 00:29:20 Million RMB, not million USD

    1h 57m
  2. Holiday Special

    12/31/2025

    Holiday Special

    What a year it's been! To all our amazing listeners, thank you for joining us on this wild ride through 2025. Ever wonder who else is tuning into ASCENT with you? Or what company totally blew Linda & Pan away this year? We've got all that and more packed into our special holiday episode! Building ASCENT has been an incredible journey, and your support has been the fuel. We couldn't have done it without you. Now, we're gearing up for Season 2, and we want YOU to help us make it epic. Hit the link in our show notes to fill out the form to help us shape Season 2 of ASCENT! Happy holidays, everyone! Let's get into the show. 🙋 Help shape Season 2 of ASCENT! 2-Minute Form Here 👉 Subscribe & Follow: ASCENT Podcast on Substack 📖 Episode Chapters 00:01:01 Seven Companies of 2025: Insta360, DeepSeek, Red Bull, Xiaomi EV, Pop Mart, Game Science, ANTA 00:04:51 Numbers Reveal! Where are Our Listeners - Top Cities & Top Countries 00:13:56 “Company of the Year” - Linda’s Pick & Pan’s Pick 00:24:48 “Things That Should’ve Been Included in the Episodes But Oops We Forgot” - Linda’s Pick & Pan’s Pick

    39 min
  3. ANTA (The Owner of Arc'teryx)

    12/05/2025

    ANTA (The Owner of Arc'teryx)

    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. 👉 Subscribe & Follow: ASCENT Podcast on Substack 📖 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

    2h 9m
  4. Game Science (Creator of Black Myth: Wukong)

    11/01/2025

    Game Science (Creator of Black Myth: Wukong)

    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. 👉 Subscribe & Follow: ASCENT Podcast on Substack 📖 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

    1h 47m
  5. Pop Mart (Maker of Labubu)

    09/26/2025

    Pop Mart (Maker of Labubu)

    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. 👉 Subscribe & Follow: ASCENT Podcast on Substack 📖 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

    1h 42m
  6. Xiaomi EV

    08/15/2025

    Xiaomi EV

    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. 👉 Subscribe & Follow: ASCENT Podcast on Substack 📖 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

    1h 59m
  7. Red Bull

    07/09/2025

    Red Bull

    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. 👉 Subscribe & Follow: ASCENT Podcast on Substack 📖 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

    2h 1m
  8. DeepSeek (and before it became DeepSeek)

    06/10/2025

    DeepSeek (and before it became DeepSeek)

    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. 👉 Subscribe & Follow: ASCENT Podcast on Substack 📖 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!

    1h 30m
  9. Insta360

    04/30/2025

    Insta360

    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. 👉 Subscribe & Follow: ASCENT Podcast on Substack 📖 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

    1h 15m
  • 9 Episodes

5
out of 5
5 Ratings

About

ASCENT podcast is your in-depth look at the fastest-growing Asian businesses. We deliver exclusive, deep-dive research into the strategies, struggles, and secrets to success of Asia's top market leaders and tech companies. Whether you're an investor, founder, or just curious, this is your backstage pass to the business revolution happening in Asia and beyond.

Information

  • Creator
    Fangdi Pan & Linda Zhang
  • Years Active
    2025 - 2026
  • Episodes
    9
  • Rating
    Clean
  • Copyright
    © ASCENT 2025
  • Show Website
    ASCENT