From my perspective, this kid of project gives me a lot of headache, I still did it because of the dedication I see from these movie makers. But that's besides the point. The point is for all the references in this movie that only Chinese audience would understand, there's only 3 approaches in translating them.
First is to translate them directly into English, which is by far the worst. Western viewers will not understand it whatsoever, stuff like "Acfun","QQ" will just confuse people.
Second approach is to get rid of the reference or punchline all together for smoother plot development. This is often the easiest and most succinct way to translate these references, but I feel doing this too much would lose the comical side of the movie, making it boring.
Last method is to find a western equivalent reference and substitute it in there. This is the most time consuming method since I'll need to look up a lot of stuff on the net to find a proper replacement. I've done some of these in the movie as well, but my concern was that this kind of reference might just seems awkward.
Ex: people mentioning "over 9000", "lehman brother" in a Chinese background movie.
Another thing I have to consider while doing Eng Sub is that the Chinese Sub is only meant to assist people to understand the dialects in the movie; while the Eng Sub will be the only info our western viewer have. If I simply go at the pace of the Chinese sub, A lot of the times the English Sub wouldn't even be on screen long enough for people to grasp the meaning. (forcing viewers to pause and rewind a video is always a bad idea.) Due to this concern, I had to use method 2 instead of 3 at quite a few places to ensure that our viewers at least understand the plot. The internet memes, real life references, are all secondary.