Information on Chinese embroidered tapestry

I bought this because I knew it was something, I just don’t know what it is. It’s a tapestry that I’m pretty sure is from China and is old. It is silk with embroidery. The people depicted are quilted (for lack of a better term) so they are in relief from the back ground. The men's beards are long free flowing silk strands. The tapestry itself has seen better days and the previous owner attempted triage by mounting in to a piece of muslin and covering it with a sheer fabric (sheer enough that it doesn't show up in the pictures). That owner also took the misguided step of sewing the top over to accommodate a rod for hanging it and hiding the upper border of dragons. The picture that shows the dragon, is of the backside of tapestry where it has been folded over, and it shows the stitch made by a sewing machine. Would love any information to help me figure out what it is. Especially, if this is a particular style? What is the scene depicted? How old might this be? Can I retire early? All the usual stuff thanks in advance!

 

Pity about the condition! The silk has shattered.
Appears it may depict the Sanxing? Just a guess on my part, this is not my forte.
Another guess: early 20th century.
I'm sure others will be along soon with helpful info!
(Waiting to see how I've done with my guesses...)

EDIT: I'd refer to it as padded, rather than quilted. And IMHO, no, you won't be able to retire early, LOL. Even when new, it was not a very finely stitched piece.

 

With the padding, would "trapunto" be appropriate?

 

I believe so.

 

Not typical work in my experience, possibly colonial Chinese? Just adding to the "guess" pot.

 

Maybe Peranakan (Straits Chinese)? @Phaik Hooi , what do you think?

 

There look like some patchwork elements, too.

 

think originally an alter table hanging, possible Straits Chinese but could be just old chinese embroidery. the "mother-of pearl" bits are quite common in old pieces: modern ones don't have them anymore.
yes to three immortals and yes to early (to mid) 20th century

 

Thanks all! If nothing else, I've learned about the Sanxing, Trapunto, and the Peranakan, and wasted a good bit of time on Wikipedia.

Its a pity that early retirement won't be coming my way, but maybe I was hoping a bit much for my 50 cent investment.