The film "King of Beggars" does not feature any identifiable LGBTQ+ characters or themes. Its narrative centers on a heterosexual romance and the protagonist's personal growth and martial arts journey, with no elements suggesting queer identity or relationships.

The film "King of Beggars" (1992) does not feature any identifiable transsexual characters or themes. Its narrative focuses on martial arts, comedy, and social commentary within a historical setting, without engaging with gender identity issues.

The film features Yu-shang as the primary female character. While she is present in various scenes, including those with conflict, she does not engage in or win direct physical combat against male opponents. Her role is not that of a fighter.

The film portrays the legendary character Beggar So as male, consistent with his historical and canonical depictions. No other established characters from source material or history appear to have undergone a gender change in this adaptation.

The film "King of Beggars" is a Hong Kong production based on a legendary Chinese martial artist, So Chan. All major characters, including So Chan, are portrayed by East Asian actors, consistent with their historical and canonical racial backgrounds. There are no instances of characters established as one race being portrayed as a different race.