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.

  1. 4d ago

    Bambu Lab

    Bambu Lab is a Shenzhen-based desktop 3D printer company founded in 2020 by former DJI engineer Dr. TAO Ye. In just five years, Bambu Lab went from an unknown startup to the world's largest 3D printer manufacturer, capturing an estimated 35–43% global market share and shipping over 1.5 million units in 2025 alone. This episode tells the full story: how a team of five DJI engineers — including Dr. Tao Ye, known internally as "Dr. Turbo" — applied drone-grade robotics to solve 3D printing's oldest problem (speed and reliability), and turned a stagnant hobbyist category into a multi-billion-dollar consumer electronics business. We trace the technology's full backstory — the 1980s origins of SLA, SLS, and FDM printing, the open-source RepRap and Prusa community that seeded the entire desktop 3D printing industry, and the cautionary collapse of MakerBot — before diving into how Bambu Lab's 2022 Kickstarter launch of the X1 printer upended an industry that had assumed consumers would never adopt 3D printing at scale. We also unpack the engineering behind Bambu Lab's core innovations (CoreXY motion systems, the Automatic Material System/AMS, Lidar-based print monitoring) and the controversies now defining its second act: a cable recall, a Pop Mart/Labubu IP dispute, ongoing Stratasys patent litigation, and a bitter clash with the open-source community over OrcaSlicer and firmware lockdowns. 👉 Subscribe & Follow: ASCENT Podcast on Substack 📖 Episode Chapters 00:01:45 Introduction & Dr. Tao Ye’s Achievements at DJI 00:17:15 The Founding Five: Walking Out of DJI to Build Bambu Lab 00:22:05 A Short History of 3D Printing: The Birth of SLA, SLS and FDM 00:30:22 Open Source Roots and the Patent Expiration That Changed Everything 00:47:30 The Lost Decade: MakerBot's Collapse and the Rise of Creality, Elegoo & Anycubic 00:55:10 Stealth Mode to Kickstarter: Launching the X1 01:01:04 Making a Game Changing 3D Printer: CoreXY, AMS, Lidar, and DJI-Grade Engineering 01:11:01 More Product Lines and the MakerWorld Community 01:17:30 New Challengers: Snapmaker, HeyGears, and a DJI-Backed Rival 01:34:25 Growing Pains: Recalls, IP Infringements, Litigation, and the Open Source Revolt 01:56:25 Final Thoughts: Why We Think Bambu Lab Ascended 🚩 Correction 1:52:29 legal fees to cover Jarczak if he gets sued, not Bambu

    Bambu Lab

  2. Jun 28

    miHoYo (Creator of Genshin Impact)

    How did three anime and gaming nerds turn a cash-strapped dorm hobby into a multi-billion-dollar global empire? This episode explores the fascinating history of miHoYo, the powerhouse studio behind Genshin Impact, Honkai: Star Rail, and Honkai Impact 3rd. Driven by their iconic philosophy, "Tech Otakus Save the World," founders CAI Haoyu, LIU Wei, and LUO Yuhao navigated a relentless journey. Long before capturing astronomical revenues and establishing themselves as China's third-largest gaming giant behind Tencent and NetEase, these Shanghai Jiao Tong University engineering students bonded over their love or Neon Genesis Evangelion, survived on mere thousands of downloads and faced harsh interrogation from a skeptical investment community. This episode traces how the studio survived critical, high-stakes milestones. From winning initial funding through entrepreneurship competitions to securing their one and only angel investor, they repeatedly went "all-in," reinvesting every cent of the company's income into their next game in development. Bypassing standard mobile gaming strategies, they leveraged a crucial partnership with Bilibili during China’s 2013 smartphone explosion and splurged on premium Japanese voice actors to completely capture the core otaku demographic. We also examine miHoYo's hyper-productive live-service culture, flat organizational structure, and the dramatic split that saw CAI Haoyu step down to pursue a 2030 vision of a virtual reality world powered by emotional AI large performance models. modern mobile game development and live-service success. 👉 Subscribe & Follow: ASCENT Podcast on Substack 📖 Episode Chapters 00:03:12 Introduction & Gathering of the Three (but Actually Four) Otakus 00:16:00 The Spirit of miHoYo: Cai's Manifesto & the Debut Project: The Legend of Saha 00:23:10 FlyMe2TheMoon: Another Tribute to Neon Genesis Evangelion 00:40:57 Houkai Gakuen 1 (Zombiegal Kawaii) & 2 (Guns Girl Z): How Gacha Made a Real Difference 00:53:49 Honkai Impact 3: The 3D Bet That Paid Off 01:03:19 Genshin Impact: Zelda Crisis and Liyue Triumph 01:22:18 Never Underestimate Fans: Genshin 1st Anniversary Review-Bombing 01:26:42 Genshin Impact Economics Explained: Gacha 01:30:22 Investment Bucket I: Expanding The Game Portfolio, Pipelines & Failure Graveyards 01:37:55 Investment Bucket II: Philosophically Interesting Technology Bets 01:45:05 Splitting Paths: Gaming Development vs. Frontier Cutting-Edge AI Research 01:55:26 Company Culture and Our Final Thoughts on the Future of miHoYo 🚩 Correction 1:28:48 50/50 mechanism halves the chance of a time-limited 5 star character is drawn, not double

    miHoYo (Creator of Genshin Impact)

  3. May 1

    CATL

    How did a kid from a small mountain village in Fujian end up building the company that powers one in every three electric vehicles on the planet? This episode explores the rise of CATL (aka the “TSMC of batteries”) and its founder, Robin Zeng. It begins with CATL’s predecessor, ATL, and a risky $1 million bet on a flawed battery patent that nearly destroyed the company — until it unexpectedly led to a breakthrough deal supplying Apple iPods. CATL was later spun out amid government policy shifts and EV subsidies, and scaled into the world’s largest battery maker in just six years. Its first major test came with BMW, where passing an 800-page technical audit proved it could meet strict automotive standards—unlocking global partnerships. Today, CATL continues to push its limits, expanding into grid-scale energy storage, aviation batteries, and next-generation technologies like sodium-ion and solid-state systems to stay ahead in the global energy race. 👉 Subscribe & Follow: ASCENT Podcast on Substack 📖 Episode Chapters 00:00:00 The Battery Giant You’ve Never Heard Of 00:02:30 Robin Zeng’s Origins and Early Career at TDK 00:06:26 Robin’s Mentorship Trio and the Birth of ATL 00:18:27 The $1 Million Gamble: Surviving the Bell Labs Patent Crisis 00:25:09 Path Back to the Old Employer TDK 00:35:18 Early Signs of EV’s Rise and the Scientist Who Saw the Future 00:42:42 Birth of CATL: A Spin-off Out of Necessity 00:54:57 The BMW Trial: Decoding the 800-Page German Blueprint 01:00:20 China’s Underdog Strategy: Start With Buses and LFP 01:07:11 CATL’s Breakout Era: Higher Standards, Industry Consolidation and Tesla Deal 01:22:22 The Battery King: Market Dominance and Leverage Over Automakers 01:35:27 Europe’s Failed Attempt at Creating Its Own CATL: Northvolt 01:41:50 Final Thoughts: Why We Think CATL Ascended

    CATL

  4. Mar 11

    Nestlé, Starbucks, and Yunnan Coffee

    Imagine you're a French missionary in the 1800s, trekking through the mountains of southwest China. You plant some coffee seeds — partly out of habit, partly out of hope. You probably never imagined those seeds would one day supply Nestlé, attract Starbucks, and help birth a domestic coffee brand that would open more stores than McDonald's has in the entire United States. Yes — that's Luckin Coffee. And that's China. In this episode of ASCENT, we trace 150 years of coffee history in a nation that was never supposed to drink it. From Cold War export deals to Nestlé's quiet supply chain takeover. From Starbucks introducing the latte to a tea-drinking public, to a ferocious retail war that's reshaping the entire global industry. And underneath all of it: the mountains of Yunnan — one province that grows over 98% of China's coffee, and is now pushing the boundaries of specialty fermentation in ways that have the world's top roasters paying attention. China's coffee story isn't just about scale. It's about a country figuring out, on the fly, how to be both the factory and the tastemaker. That tension — between industrial muscle and boutique ambition — is what this episode is really about. 👉 Subscribe & Follow: ASCENT Podcast on Substack 📖 Episode Chapters 00:02:12 Coffee as a House Plant: French Missionary Sows the First Seed in the 19th Century 00:06:15 1950s: Coffee as an Export for the Soviet Bloc 00:21:05 1980s: The Nestlé Revolution - Building the Supply Chain 00:46:26 Creating a Coffee Kingdom: Nestlé’s Quality Standards and the 4C Certification 00:51:01 1990s-2000s: Starbucks and the Initiation of Chinese Coffee Culture 01:05:57 The Shift to Specialty Coffee (& Coffee Economics 101) 01:20:11 The Midas Touch: Yunnan’s Experimental Fermentation 01:29:10 2010s-2020s: The Great Retail Coffee War in China 01:34:47 Luckin vs. Starbucks 01:46:28 Final Thoughts: The Future of Chinese Coffee Industry 🚩 Correction 00:21:10 Nescafe came to China in 1988, Nestle started its business in China in the 1870s 01:03:24 Price in 2011 not in 2021 01:29:40 30k Luckin stores in 2025, 13k was 2023 number

    Nestlé, Starbucks, and Yunnan Coffee

  5. 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

    Manus AI

  6. 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

    Holiday Special

  7. 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

    ANTA (The Owner of Arc'teryx)

  8. 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

    Game Science (Creator of Black Myth: Wukong)
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5
out of 5
11 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
    13
  • Rating
    Clean
  • Copyright
    © ASCENT 2025
  • Show Website
    ASCENT