It's a clean sheet trainer, mostly intended to be a lower cost alternative to aircraft currently used for flight training. Since Mooney and Continental are both now Chinese owned companies, they are both now in an almost ideal position to service the forecast boom in Chinese aviation growth. If and when that boom is ever directed to occur by the Chinese central government, they'll be ready to go in the light aircraft market.
The next step, utilizing Chinese domestic production facilities and labor, they could probably price most current manufacturers right out of the business, corner the global light aircraft market and make a tidy profit doing it. US FAA certification is likely an early step towards that eventual goal.
Let's face it, the US and Europe can't compete on price and buying existing US companies is a shorter path to achieving a globally marketable production quality standard. Did I mention that they'll kill North America and Europe on price?
The only thing that looks Mooney about the M-10T is the resemblance of the shape of the vertical stabilizer to a Mooney. Aside from it's aesthetics, I wonder if it will have that all-important Mooney quality of superior efficiency when compared to other airplanes in it's class.