The knockout stage of the 2015 FIBA Asia Championship will kick off on Thursday as the eight remaining teams compete in the quarterfinals of the tournament.

Iran and Korea will collide in the first quarterfinal match of the day at CSWC Dayun gymnasium in Changsha.

The two teams were considered as medal favorites in this year's tournament, but one of them will have to bid goodbye to their Olympic hopes on Thursday after losing crucial matches in the second round.

Iran, the defending champions, were tipped to finish on top of Group E, but the Hamed Haddadi-led squad took an 87-73 loss to the Philippines during their group match.

Korea, the bronze medalists during the 2013 FIBA Asia Championship in Manila, could have avoided an early clash with Iran, but they took a costly 69-63 defeat to Qatar in Group F.

Meanwhile, Qatar will also look to book a spot in the semifinals when they collide with Japan in the second quarterfinal match of the day. Qatar finished second to China in Group F, while Japan ended up third in Group E.

China will go up against India for a spot in the final four, which would also give them a spot in the 2016 Olympic Qualifying Tournament in case they fail to win the title Asian Championship this year.

The hosts are coming off an impressive 89-65 victory over Qatar, while India took a humbling 99-65 defeat against Philippines during their final group game.

Philippines, the runner-up two years ago, will face off with Lebanon in the final game of the day in Changsha.

Lebanon earned a spot in the quarterfinals after scoring a hard-earned 80-76 win against Jordan. Lebanon coach Veselen Matic said they are a huge underdog heading into the match, but Philippines coach Tab Baldwin shrugged off his counterpart's assessment.

"His team is a strong team," Baldwin told Philippines Daily Inquirer, referring to Lebanon. "They came here to advance deep in this tournament like we did. They're placed to do that, we're placed a little better to do that. I will guarantee you, he will come into that game thinking he can win."

Below is the complete 2015 FIBA Asia Championship quarterfinals schedule and start time.

  • Iran vs. Korea, 2:30 a.m. ET
  • Japan vs. Qatar, 4:45 a.m. ET
  • China vs. India, 7:30 a.m. ET
  • Philippines vs. Lebanon, 9:30 a.m. ET

Broadcast schedule can be seen on this link. Fans can also catch the knockout matches through online streaming via Live Basketball TV.