The type 96 is still only ~43 tons and is considered by the Chinese to have good performance in difficult terrain. There will be a weight increase from the 105mm to 125mm but it is more than worth it for the increased performance. If they wanted a true medium gun armed tank in the ~35 ton class a deep redesign of the 96 to cut weight would have been the desirable way to do it. You could severely reduce the thickness of the steel base armor and move to aluminium wheels and be most of the way there.
Later models of Type 96 has been up-armored and has high power engines. With reactive armors fitted, it could be a couple of tons heavier.
The weight difference would be close to 10 ton (roughly 25%), still quite substantial. The protection level of the light tank may actually be similar to the early model of Type 96, due to newer armor and lighter main gun, etc. Japan's new Type 10 has similar protection compare to Type 90 despite being 10 tons lighter. I suspect this light tank is similar.