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

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

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