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Ka-pi96 said:

The original, Bei Ka Chiu, is closer to the original “Pikachu” than the new name, Pei Ka Yau, in Cantonese.

This is the problem. While this is true in Cantonese, it's actually the opposite in Mandarin. What they are doing is basically changing the spelling to what Mandarin Chinese speaking population has been calling Pikachu. The reasoning behind the name change would probably be so that they would not need a specialized translations for Cantonese considering Cantonese speakers can still read Mandarin, despite a different pronunciation. Their concerns are understandable though. Imagine getting a name changed into one that would be pronunced correctly in Spanish but different in English.