It doesn't sexualize the female characters. And the actually have character arcs

Katy (Awakafina) talks with Mrs. Chen about her future.

Katy talks with Xialing (Meng'er Zhang) about her fabulous pants and also about how to survive as prisoners. Xialing, and

Jiang Nan (Michelle Yeoh) talk about Ying Li (Fala Chen).

It passes the test definitely, not dubiously:
*Katy calls Xialing a "badass", who in turn compliments Katy's pants (a previous poster misremembered this scene).
*Katy introduces herself to Nan, who then welcomes Katy to Ta Lo.
*Xialing and Nan converse about the Dweller-In-Darkness, which has no gender.
*Katy and Carol converse about a beacon emitting from the magical Ten Rings.

Also, Soo and Katy discuss Katy's (lack of) career and ambition, and later talk about the main events of the story.

While not part of the test, this movie does contain fridging. Which I think is worth warning.