On 14 December, the 22nd Unforgettable Gala (UNFO) took place at the Beverly Hilton in Los Angeles, continuing the event’s tradition of recognizing excellence among Asian and Pacific Islander (API) artists, celebrities, and influencers. Produced by Golden TV and Character Media, the three-hour-long black-tie event featured a star-studded lineup of personalities who have made impactful contributions to the arts and entertainment sectors.
Co-hosted by actors Stephanie Hsu, JR De Guzman, and Maitreyi Ramakrishnan, this year’s UNFO celebrated API luminaries and emerging talent with honoree speeches, montages illustrating API history, and a special decade-spanning performance from The Jets, the iconic 80s Tongan American band, R&B singer Thúy, who made history this year as the first Vietnamese American singer to perform at Coachella, and Hawaiian boy band Party Foul, previously known as Crossing Rain.
According to Golden TV CEO Takashi Cheng, this year’s gala celebrated the past and present. ”We have a really past, present and future type of a mentality where let’s take a look at how we got here and let’s bring in the people that we can honor and celebrate and keep them involved,” said Cheng.
Anna Sawai and Hiroyuki Sanada in Shōgun. Image via FX.
Honourees of this year’s UNFO included Shōgun stars Hiroyuki Sanada (Global Icon Award) and Anna Sawai(Actor in TV Award). The FX-produced series on feudal Japan won 14 Creative Arts Emmys, including acting and technical awards, and triumphed at the Television Critics Association Awards, solidifying its place as a standout epic of the year. Notably, Sanada and Sawai became the first Japanese actors to win Emmys, for Best Actor in a Drama Series and Outstanding Actress in a Drama Series, respectively.
Meanwhile, Joan Chen and Izaac Wang, who play mother and son in the Sundance-standout comedy Dìdi, were presented with awards in their respective categories for Actor in Film and Breakout in Film. The coming-of-age story follows 13-year-old Taiwanese-American Chris (played by Wang) as he overcomes the complexities of growing up, cultural clashes, and personal growth at the dawn of the social media age.
Like the years before, the awards are determined by a selection committee. Co-chaired by Adele Lim and Eugene Lee Yang, members of this year’s committee also included Awkwafina, Bing Chen, Destin Daniel Cretton, Daniel Dae Kim, Lisa Ling, Simu Liu, Randall Park, Maitreyi Ramakrishnan, Janet Yang, and more. Presenters included actor Daniel Wu and Coalition of Asian Pacifics in Entertainment (CAPE) executive director Michelle Sugihara.
China has long been accused of being a “copycat.” But as the country has solidified its status as a development success story, the tables may be turning — other regions around Asia and their entrepreneurs are now learning from China.
Case in point: Pakistan, where lessons from China’s experience with development are being leveraged to spur economic growth. That’s attracting the attention of entrepreneurs and investors like Asia-focused VC firm Gobi Partners, who are bullish on cross-border opportunities between the two countries.
Gobi Partners and Bank of Punjab sign their MOU. Image courtesy Gobi Partners.
Gobi Partners announced its Techxila II fund, in collaboration with the Bank of Punjab, at a special event in Shanghai last Thursday, December 12. The fund is also accompanied by a MOU (Memorandum of Understanding) between Gobi Partners and the Bank of Punjab. Valued at 50 million USD, Techxila II is aimed at startups in the emerging economy, spanning fintech, insurtech, mobile delivery platforms, AI and beyond. Private endeavours like this, coupled with macro-policy initiatives, are paving the way for China-esque market booms in up-and-coming economies around Asia.
As Gobi Partners co-founder and chairman Thomas G. Tsao puts it, by connecting markets he wants to “make Asia great again.”
First, some history
Often overlooked, China-Pakistan relations have played a crucial role in geopolitics and the international economy. The relationship has been forged across global events including disputes with India and the fall of the Soviet Union. Pakistan helped to kick off the reestablishment of US-China relations, smuggling Kissinger into the country prior to Nixon’s famed 1972 trip.
In more recent years, robust economic initiatives like the China-Pakistan Economic Corridor (CPEC) have been prepping the landscape for booming growth. CPEC will create a network of highways, railroads, a deep water port in the Arabian Sea, and other transit infrastructure to better connect the two countries. High-level maneuvering like this is setting the stage for a new act in economic development and business potential across the corridor — potential that has not gone unnoticed by tech entrepreneurs and investors.
Initiatives like these have helped to prime the market for better investment in higher risk sectors by fostering greater stability.
“Economic stability is helping us to have more capital come towards venture, which is going to enable us to invest in great entrepreneurs, great companies, and really foster a great entrepreneurial and tech ecosystem,” notes Naiel Ikram, partner at Fatima Gobi Ventures, Gobi’s local arm in Pakistan.
Opportunity breeds innovation
Gobi Partners sees parallels between the early stages of Pakistan’s development and the opportunities in China that made recent growth possible.
Tech is powering a “leapfrog” effect in the South Asian country, where the population has gone directly from no tech to mobile tech. Between 2019 and 2023, Pakistan saw 95% growth in mobile broadband users. During the same period, there was 124% growth in mobile broadband usage and 176% growth in e-commerce transactions. This is because, as Tsao puts it, “Now everybody’s got a supercomputer in their hands.”
This is made possible, in part, by low-priced Chinese mobile phones that are accessible to users in the market, spawning innovation in sectors from banking to insurance and beyond.
Thomas G. Tsao, co-founder and chairman of Gobi Partners. Image courtesy Gobi Partners.
“When you look at a country like Pakistan, 60% of people do not have a bank account,” Tsao explains. “They’re going from no bank account, no credit card, directly to mobile wallets. They’re bypassing entire stages of the digital transformation journey.”
As a result, there’s innovation happening at “fengkou” (a Chinese business neologism meaning opportunities) across various industries. For example, Gobi portfolio company Waada is pioneering micro-insurance transactions that come directly out of users’ mobile payments.
AI is also driving innovation. AI-driven consulting and analyst platform Intellia, another Gobi portfolio company, is helping people to break into emerging markets while attempting to close the disparity gap between analysts in emerging markets and those in developed ones.
China and Development 101
China is Pakistan’s biggest investor, having pumped 568.2 million USD into the country in 2024. But beyond capital injection, Pakistan is learning from China’s successful development model. Utilizing a joint venture model (with Chinese partners) to help spur technology transfer and skill sharing through investment, companies in Pakistan are modelling the growth of their businesses on best practices gleaned from previous Gobi portfolio companies in East Asia.
Maryam Nawaz Sharif, Chief Minister of Punjab. Image courtesy Gobi Partners.
At the Techxila II launch press conference in Shanghai, the Chief Minister of Punjab, Maryam Nawaz Sharif, noted that her country is even trying to take a page from China (particularly Beijing) in terms of reducing pollution.
Though China’s economy has hit a rough patch this year, it’s still seen as a success story in emerging markets throughout Asia like Pakistan. Countries looking to accelerate their development will experience many of the same things China did, zipping past developmental milestones taken for granted in places like the U.S. and Europe. So, as many look to China for inspiration, China is also looking towards its neighbors for opportunity.
Banner image by Carson Ramsdell.Image shows Naiel Ikram (left) and Thomas G. Tsao (right).
On the 22nd floor of Soho House, a members’ club located in Hong Kong’s trendy Sheung Wan district, house music and deep conversations in English and French echo behind a door.
A bright smile that mirrors the sunlight outside greets me as I step into 22Systm, a new music studio that’s set to officially open to the public soon. There stood Frenchman Léo Arbez, one of the three co-founders of music event company Magic Room, alongside his fellow countryman and DJ Rémy Kerstens, and Hong Kong entrepreneur Vincent Fong (also CEO of biotechnology and fragrance company Raze). The trio welcomed me and eagerly began to explain how they’re working to build up Hong Kong’s music community, both through their event series and free studio sessions for emerging artists at 22Systm.
22Systm offers an inspiring view of Victoria Harbour. Image by Léo Arbez.
In 2020, Arbez and Kerstens, began hosting underground music events in Hong Kong under the name “Magic Room.” Their goal was to share music and foster a sense of happiness during the challenges of the pandemic. Fong soon got on board, and since then Magic Room has evolved into a vibrant community celebrating Hong Kong’s unique diversity, bringing together local and international artists and audiences at iconic locations like the Peak Tower and AIA Vitality Park near the Central Harbourfront.
Léo Arbez. Image courtesy Léo Arbez.
Collectively, the trio own 22Systm and have a majority stake in the record label Nodes Rec. alongside producer Milam (more on him later).
For the founders, Hong Kong, more than other Asian metropolises like Seoul or Singapore, offers a unique balance between East and West that resonates with their vision. Kerstens reflects on his own journey, explaining that he moved to Hong Kong fifteen years ago. For five years before that, he regularly visited the city while touring internationally as a DJ. He was drawn to the sense of harmony he found in this city that blends together various cultural influences.
Vincent Fong. Image courtesy Léo Arbez.
Fong agrees that it’s the mix of different cultural elements that makes Hong Kong fascinating. He adds that unlike in Japan and South Korea (where he’s also been involved in the music industry), there is not a “defined Hong Kong sound,” which conversely allows artists the freedom to explore diverse musical styles like deep house and Afrohouse. Nevertheless, the trio feel that despite Hong Kong’s rich musical heritage, the city has fallen behind in terms of music and culture over the past five to ten years. Hence the necessity of a platform like Magic Room, which stands poised to share Hong Kong and Asia’s musical cultures with the wider world — and vice versa.
Rémy Kerstens. Image courtesy Léo Arbez.
Though initially focused on hosting events, the team quickly recognized the need to go further in nurturing a community amidst the existing disparities in Hong Kong. Kerstens emphasizes the importance of unifying the music scene and thinks that the “only way that the city can rise and culturally express itself more is by connecting to each other.” Fong explains that through the studio, the team “wanted to foster a creative hub” rooted in their identities as DJs and producers.
As Fong highlights, while there has been much discussion about the fact that Taylor Swift overlooked Hong Kong on her recent Asia tour, cultivating a strong and supportive community rooted in the city is what will truly take its music scene to the next level.
Magic Room’s founders chatting with Sebastien Raybaud. Image by Joanna Kern.
But then, what’s so special about this studio and how does it stand to deepen the city’s music community?
22Systm distinguishes itself by embracing diverse musical styles and fostering collaboration amongst artists. The studio’s core team of artists use different names for various projects, allowing for greater openness in the types of music recorded. This approach is complemented by a partnership with Soho House, which facilitates connections between local and international talent in Hong Kong.
Fong emphasizes the studio’s authenticity and dedication to accessibility: “This is not the most fancy studio… it is a place where people can gather and make music.” Rather than simply equipping itself with expensive equipment from the biggest brands, 22Systm champions a “Made in Hong Kong” ethos. The studio collaborated with local brands like KEF and AMG, which manufacture speakers and acoustic panels, respectively. In doing so, the team aims to cultivate raw and organic creativity, while creating a more welcoming environment.
It is worth noting that the studio serves as just one part of a broader, Magic Room-helmed artistic ecosystem. Recording sessions there may feed into Nodes Rec. releases, or lead to opportunities to play at Magic Room events, encouraging collaboration between artists in Hong Kong.
Milam (Julien Bell). Image via Léo Arbez.
For emerging artists, 22Systm will serve as a launchpad. Notably, recording time is offered for free, allowing new artists the chance to experiment and grow with less financial barriers. This nurturing environment is exemplified by the aforementioned Milam (Julien Bell), who first reached out to Magic Room four years ago to collaborate after recognizing a shared musical vision.
A Canadian-Chinese artist who grew up in Hong Kong and Beijing, Bell started his music journey by learning classical piano. While studying liberal arts and East Asian studies at Wesleyan University, he gradually developed a liking for jazz and house music. He started to make his own music at age 18 and began DJing at 19, and since then has spent more than a decade honing a unique sound that incorporates Asian influences such as the sounds of the guzheng (a Chinese zither), as well as spiritual elements from Daoism and Buddhism.
The impact of Magic Room on Bell’s career has been transformative. After proactively sending out demos to the team, he quickly secured a spot to play at one of their events, and then found himself getting invited back to perform at better time slots. Magic Room has not only provided him with performance opportunities but also connected him with a network of industry professionals.
The music industry can be complicated, but Magic Room is there to expertly guide artists through all the ups and downs. Working with individuals like Kerstens and Arbez at Magic Room gives Bell hope, as their good intentions have shaped a supportive artistic community within a sometimes challenging industry. As Kerstens notes, “The music industry is a pretty wild universe. If you don’t have the right people around you, it can really go in a different way than when you entered it.”
The co-founders faced their fair share of challenges during the establishment of their studio. Initially considering a spot in the same building that houses production for Fong’s Raze enterprise in Wong Chuk Hang, an industrial area on the southern side of Hong Kong Island, they changed plans when a Soho House team member suggested that they create their studio on-site in Sheung Wan, a more central neighborhood. However, the planning process was time-consuming, requiring multiple layers of approval over the course of a year. As Fong notes, “At the end of the day, we’re not a big company and have limited resources,” highlighting the need to be practical and efficient while balancing requirements for both high quality studio equipment and a convenient, accessible location.
Milam and Bruno Roth sharing some of their latest tracks. Image by Sebastien Raybaud.
Magic Room’s founders recognize that nowadays much of the music-making process can take place at home. So, to ensure that 22Systm can offer the final level of polish that artists may struggle to achieve at their home studios, they’ve got studio engineer Bruno Roth on board to help productions reach international standards.
Still, for artists like Bell, maintaining authenticity is vital. Roth agrees, stating that Magic Room’s collective goal is to have a unique sensibility when making music, with the music maintaining a sense of where it comes from, so that the local audience feels represented. He warns against creating “a copy of a copy.”
Bruno Roth. Image via Bruno Roth.
Currently in its soft opening phase, 22Systm will officially open in January 2025, and looks set to give more Hong Kong artists the chance to craft their own sound. Fong also outlines ambitious plans for global expansion in the coming months, particularly around the Asia-Pacific. To close 2024, the team held a show at Bangkok’s The Standard on December 11.
Ultimately, Arbez emphasizes the importance of breaking down cultural barriers in music, underlining how Magic Room aspires to forge a bridge that connects Western and Eastern music lovers, with Hong Kong as a key node.
Electric vehicles (EVs) are a common sight in China: according to data from August, more than half of new cars sold in the country monthly were either full-electric or hybrid vehicles. As previously reported, their popularity extends beyond China too. Chinese-made EVs are making significant inroads across Southeast Asia, largely bolstered by government incentives and wallet-friendly prices. In the region, Chinese EV makers are topping the charts in sales, outmaneuvering rivals including Tesla. Sales numbers from analysts suggest that over 70% of EV sales in Southeast Asia are from Chinese brands, with BYD leading the charge.
While the Shenzhen-based automotive conglomerate is expected to maintain its market share in Southeast Asia next year, Xiaomi — having made waves in August by becoming the world’s second-largest smartphone maker, surpassing Apple — is getting ready to launch its follow-up to the SU7 in China. The SU7, a sleek electric sedan, debuted to much fanfare and expectation in March this year, and by November, Xiaomi had rolled out 100,000 units, surpassing targets. CEO and founder Lei Jun celebrated the milestone by posting a photo of himself sleeping on the factory floor to Weibo in an apparent nod to Tesla chief Elon Musk. Xiaomi is now hoping to close off the year by delivering 130,000 units.
Confirmed to be called the YU7, the stocky SUV adopts a similar design DNA as its predecessor with signature head and rear lights highlighting a forward-looking approach that feels like a homage to Xiaomi’s line of minimalist devices. Powered by dual electric motors delivering 681 horsepower, it offers peak output performance, including a top speed of 253 km/h. The YU7 also features advanced lithium batteries developed with Chinese tech firm CATL, promising competitive range capabilities.
The YU7 aims to compete with other electric SUVs like Tesla’s Model Y, and Xiaomi’s pricing strategy is likely to emphasize affordability, as it often does. However, Lei is keeping mum on the official price for now. The YU7 is currently road-testing and it’s slated for a June-July 2025 release, according to reports.
Xiaomi CEO and founder, Lei Jun. Image via Xiaomi Planet.
Despite stiff competition from rivals in China including BYD, Li Auto, and Nio, Xiaomi has grand ambitions for its EV projects. In October, it released the SU7 Ultra, a luxury sports sedan version of the SU7 whose performance rivals the likes of the Porsche Taycan. The company currently operates one EV manufacturing plant in Beijing, which can produce up to 125,000 vehicles annually. Forecasting high demand for the YU7, an extension of the plant planned for mid-2025 will help to support the SUV’s roll-out. All signs are pointing to Xiaomi gearing up for an eventful 2025 in the world’s largest EV market.
2024 brought a dazzling array of performances from China’s leading actresses, who continue to dominate screens with their exceptional talent. From fantasy romances (Esther Yu in Love Game in Eastern Fantasy), to historical dramas (Wu Jinyan in The Double) and stories set in modern workplaces (Zhang Ruonan in My Boss), these stars have aptly demonstrated why they’re household names. While these actresses’ main projects this year were domestic productions, some of the Chinese dramas they starred in even made a splash overseas. Let’s take a closer look at the actresses who left a mark on the Chinese entertainment industry in 2024:
Esther Yu (Yu Shuxin)
Esther Yu in Love Game in Eastern Fantasy. Image via Tencent Video.
Esther Yu returns to our list after making an appearance last year, but she’s definitely earned it with her stellar performance in hit drama Love Game in Eastern Fantasy. This fantasy romance, which premiered in November but has already made a major impact, follows a mortal woman entangled in a divine game of love and fate with a deity. Esther’s portrayal of the tenacious and kind-hearted protagonist earned critical acclaim, with Chinese netizens lauding her nuanced expressions and emotional depth. The drama, which trended on Weibo for weeks after its release, has a respectable rating of 7.4 on Douban.
Born to a wealthy family in Shanghai, Yu first gained public attention as a participant on Chinese idol competition show Youth With You in 2020, which gained her a spot in girl group THE9. With her continued success in 2024, she has cemented her status as one of China’s most beloved actresses.
Referred to as “Fairy Sister” in China thanks to her ethereal beauty, this year Liu Yifei dazzled audiences with her impressive performance in The Tale of Rose, a poignant romantic drama. Based on a 1981 novel by Hong Kong writer Yi Shu, the series delves into themes of love, resilience, and self-discovery, with Liu portraying a complex character navigating the challenges of modern relationships. Audiences were particularly moved by her ability to convey vulnerability and strength in equal measure. Best known internationally for her role in Disney’s Mulan (2020), Liu’s ability to transition seamlessly between Hollywood and domestic productions — and from film to TV — remains unparalleled.
Zhang Ruonan
Zhang Ruonan at a promotional event for My Boss. Image via chinese___stars.
Zhang Ruonan brought charm and relatability to the screen in My Boss, a workplace romance that premiered back in January. She stars as Cheng Yao, a bright but inexperienced lawyer striving to prove herself under the mentorship of her sharp-tongued boss, Qian Heng, played by Chen Xingxu. The show became a streaming hit on Tencent Video, earning an IMDb rating of 7.4 and sparking widespread discussions online about workplace dynamics and dating. One Chinese netizen praised Zhang for her “…pure, sweet, and unforgettable image. Her clear and bright eyes seem to see through people’s hearts, and her sweet, lovely smile can warm the whole world.” Zhang, who first gained recognition for her role in the 2018 film Cry Me a Sad River, continues to impress with her versatility and strong screen presence.
Wu Jinyan
Wu Jinyan poses in hanfu for a promotional shoot. Image via via CNLADIES.
Wu Jinyan captivated audiences with her role in The Double, a historical romance drama that premiered in June. The series follows a young woman who assumes the identity of a minister’s daughter to seek vengeance and unravel a conspiracy within the imperial court. Wu’s meticulous performance added depth to this complex role, earning her accolades from fans and critics alike. The drama, one of the year’s most successful Chinese TV shows overseas, achieved a IMDb score of 8.2, with viewers praising its engaging plot and Wu’s ability to carry the narrative. Known for her breakout role in Story of Yanxi Palace (2018), Wu continues to shine in period dramas, demonstrating her unmatched ability to bring historical characters to life.
Tan Songyun
Tan Songyun in As Beautiful as You. Image via VOI.
Tan Songyun has been active in the Chinese entertainment industry for more than a decade, but she had a breakout year in 2024 thanks to her heartfelt performance in As Beautiful as You, a modern romance drama that premiered over the summer. The series, which explores themes of self-love and healing after heartbreak, struck a chord with audiences, in large part thanks to Tan’s acting skills. On Weibo, TV review blogger 小姑娘鱼鱼 praised Tan’s acting skills, writing, “Her strength, optimism and kindness are impressive… She plays the role of Ji Xing vividly, which makes it feel like the character is your friend.”
Tan has been a fan favorite since her days in dramas The Whirlwind Girl (2015) and Go Ahead (2020), and her warm and relatable performances continue to endear her to audiences, making her one of this year’s most remarkable actresses.
The resurgence of bag charms has turned what was once a childhood hobby into a full-blown fashion statement. From couture runways to high streets, bag charms have staged a comeback that appears to be staying, outliving the many microtrends that have come and gone this year.
Among the selection of bag charms, mini plushies are hugely popular in China and Southeast Asia due to wide-ranging customizable options — now including a uniform set by Singapore tech giant Grab, which dominates car hire and food delivery services in Southeast Asia. Best of all, intentionally or not, the uniform seems to fit Labubu dolls, currently the hippest toys in Asia.
Launching on December 16 for the price of 29.90 SGD (about 22 USD) on GrabFood Gears, an online apparel and accessory platform for Grab delivery-partners, the miniature ensemble is a shrunken-down version of the life-sized uniform, with intricate details to match. It comes with a delivery jacket in the tech company’s signature green colorway complete with functional zippers and the Singapore flag embossed on an arm sleeve, khaki pants, and a delivery bag with adjustable straps.
Though Grab didn’t mention which mini plushies the uniform was designed for, images show that it perfectly fits Labubu, the furry elf with pointy ears and serrated teeth manufactured by the Chinese collectible toy company Pop Mart, which is known for its blind box toys and designer collaborations. Part of The Monsters series, Labubu’s design, created by Hong Kong-born artist Kasing Lung, is inspired by fairy tale creatures and childhood imagination, blending whimsical charm with mischievous traits. Its expressive eyes, pointed ears, and toothy grin strike a balance between cute and eerie, reflecting Lung’s storytelling approach and unique artistic style.
While Labubu was introduced in 2015, almost a decade ago, it only started to soar in popularity and demand this year, largely due to a slew of celebrity endorsements, including by BLACKPINK’s Lisa. Since then, Labubu has resonated with urban youth, particularly millennials and Gen Z drawn to its quirky and designer-driven charm. Platforms like Xiaohongshu and Taobao amplify its visibility, while pop-up shops and exclusive editions drive demand. In Southeast Asia, markets like Malaysia, Singapore, and Thailand are embracing Labubu for its whimsical design and cultural appeal.
By extension, Labubu-themed clothing adds another layer of personalization to the world of bag charms. Collectors can don their favorites with a streetwear approach using hoodies and slouchy pants, a whimsical get-up of knits and sweats, or — in this case –– play dress-up as a Grab rider.
