Ao Kuang 10/10

Pros
[*] Very good late game
[*] Extremely useful abilities
[*] Has an execute
[*] Has stealth
[*] Insanely high burst damage
[*] Very Good Jungler
[*] Great at boxing
[*] Loads of fun to play

Cons
[*] Pretty damn bad early game
[*] Health is mediocre at best
[*] Consumes mana SUPER quick early game
[*] Loses some of his potential against multiple enemy gods

I feel like I kinda need this here, just cause.

[*] Shoes of Focus- In my opinion, better than Shoes of the Magi, just because of the cooldown reduction. The way I play Ao, it's all about the abilities, so any cooldown reduction I can get will be taken.
[*] Hastened Fatalis- So extremely useful on Ao. So much better if you just chase them down with Hastened Fatalis instead of wasting your dragons on the recast of Dragon's Call just to get the slow.
[*] Chronos' Pendant- the 15 magical power bonus Chronos' Pendant has over the Demonic Grip is actually extremely noticeable, not to mention I don't miss the extra attack speed at all and I am LOVING the cooldown reduction. It makes Wild Storm and Dragon's Call kinda spammy, and it's insanely good. His execute also turns into a one minute cooldown; 63 seconds to be exact.
[*] Polynomicon- Easily the best item for Ao Kuang in the entire game. It just helps so much with getting that extra damage down to get to the execute quicker. Especially since you can use Dragon's Call to activate Poly's passive, then use Wild Storm to apply the damage from Wild Storm, one dragon from Dragon's Call and Poly's passive.
[*] Soul Reaver- Soul Reaver's passive makes it the second best item for Ao Kuang in the game. It just helps so much with bursting people down, ESPECIALLY guardians.
[*] Rod of Tahuti- Rather obvious. It's all the magical power you could ever want.

Starting off, you want Bumba's Mask, Boots and 2 health pots and 4 mana pots. You'll find yourself needing mana the most while jungling and the 4 mana pots will do that for you. Next, finish off the shoes of focus, then get hastened fatalis. You need hastened fatalis early game because you don't have enough power to recast your dragons to finish off a kill, so you need to get the dragons off with your autos, and since Ao's attack speed hasn't scaled yet, hastened fatalis helps out a lot, sell that at about level 14 to 16 and buy obsidian shard for the pen and power. Chronos' pendant is next up. CDR is the main reason you want it, but the 75 magical power is very nice, too. Poly next, rather obvious, it makes Wild Storm kinda OP. Water Illusion towards them and then Wild Storm, you get the damage from Wild Storm and the Poly passive. Then Soul Reaver, again, Wild Storm procs item effects, including Soul Reaver's passive, making his burst insane. Then Rod of Tahuti because when you buy it, it almost doubles your magical power; 350 w/o Rod, 594 w/ Rod in the final build.

Okay, first things first, let's get this out of the way; Ao Kuang is trash in the early game for any game mode. Now then, Ao Kuang is all about knowing when to be aggressive and knowing when to back off.
[*] Wild Storm is your best tool. It's good at taking out jungle camps, dealing that last bit of damage to get the kill, turning the tide in a battle against an enemy god, doing 400 damage at the beginning of a battle, things like that, not to mention it counts as a basic attack, so it will activate polynomicon if used after Water Illusion or something, so in short, upgrade Wild Storm as much as possible ASAP.
[*] Dragon's Call is your second best tool, insta-melting enemy gods when combined with attack speed and just enough magical power, clearing jungle camps faster, and so on.
[*] Water Illusion is tricky to master. It can be used for many different things, such as teleporting towards and enemy god while becoming stealthed, activating Dragon's Call and getting the jump on them, teleporting away and running while you're stealthed to keep your streak alive, teleporting away while at critical health and instantly blowing it up to get that last bit of damage for a kill on your combatant, chasing an enemy god; very useful tool, hard to learn when to use it in what situation and should be upgraded after the other two.
[*] Dragon King of the Eastern Seas, Ao Kuang's ult, should be exclusively used for executions, since it really doesn't do like, any damage, not to mention, it gives him a slight edge in battle, being able to end it quicker than your enemy, whilst regaining health. I used to say that you needed to keep the ult at as low a level as possible as to not consume as much mana. However, I have decided to experiment with a new ability build that, after Wild Storm and Dragon's Call, stagger the upgrades between Water Illusion and the ult, and I must say, I like it a lot better. Later in the game, mana isn't a problem for Ao, so you don't need to not upgrade it just to not use as much mana. Reading over this the other day made me realize how stupid that sounds.
[*] A few things to note about Ao Kaung's ult: The execute ignores shields. If, say Nemesis, uses her shield while below 30% health, you can ult her and it will still execute. It also goes through Khepri's ult. Another thing is that if it lands, you will execute them. If you're inside Odin's ult and Odin is outside, below the threshold, Ao Kuang will go through the ult and execute Odin. Also, if you land the execute on someone who has dashed, say Amaterasu or Guan Yu, you will dash with them and then execute them.

For Arena, be aggressive. You won't get anything out of Ao if you just sit back and wait for the perfect opportunity. At most you'll get 4 kills, give or take. If you're aggressive and take every opportunity to fight, you'll end up with 20 or so kills with 2 or 3 deaths if you're good with him. Mostly target enemies that stray away from their allies, and burst the hell out of them. Engage in battles in the middle of the arena, pop Dragon's Call and use Wild Storm on as many gods as you can just to weaken them all and then play clean up. You'll get plenty of assists this way too. Also don't be afraid to initiate against single targets with Water Illusion, since you have the 30% CDR with Shoes of Focus and Chronos' Pendant, it recharges really quick.

As for the jungler build, just play like a jungler. That's all I can say.

Ao Kuang works great with guardians that have stuns or roots, like Ymir, Kumbhakarna or Ares. He also works well with warriors, especially Odin. Odin lunges onto enemies, ult's them and then Ao Kaung walks in and wrecks the enemies with no attack speed inside.

It's also good to have teammates that won't get mad at you if you randomly come up and steal their kill... Cause that's kind of what Ao Kuang does. But also be prepared for people stealing your kills while you're trying to execute someone. It'll happen. It takes a second to toss them up in the air, and they're still vulnerable while you have grabbed them.