Fat Princess. Titan Studios, which was a subsidiary of Epic Games China, was "gracefully" shuttered a month ago.
"Everyone that is starting Carbon is from Titan, but it's only about half of what was left. We are just bringing over the core people at this time. We had some QA, which were really great people, but we can't add people just yet," Carbon Games founder James Green told Joystiq. "We had actually been winding down Titan gracefully for a while. The longterm plan has always been for Epic Games China to exist on their own. We were just in a support/advisory role, which is why we never followed up Fat Princess with anything."
Green tells Joystiq that Carbon is in a position where they are self-funded and can experiment. The focus is on smaller, accessible core titles. The initial games will be on PC so the Carbon team can "iterate and get player feedback faster and actually control the patching process." Their first project will not be another Fat Princess -- Green does say they'd like to return to that style in time, but the scope of such a title is bigger than what Carbon is currently working on.
The studio plans to begin publicly testing its first project later this year. Folks interested in helping with the process should keep an eye on the company's website.