# Huaxing Associates III

Huaxing Associates III is an Asset Manager based in Grand Cayman, China.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Grand Cayman, China
- **Region:** Asia
- **Address:** Shanghai, China
- **Founded:** 2015
- **Assets under management:** Undisclosed
- **Website:** huaxing.com

## Regulatory record

- **CRD number:** 330910
- **SEC file number:** 802-131287
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/330910

## About

Huaxing Associates III, L.P. is a registered investment adviser with the SEC, based in Grand Cayman, since 2024.

## Sectors

- Enterprise Software
- AI/ML
- Digital Health
- FinTech
- Mobility & Transportation

## Offices

- Beijing, China

## People

- Bao Fan — Founder and CEO, China Renaissance

## Questions

### Who runs investment decisions at Huaxing Associates III?

Bao Fan founded the firm in 2005 but resigned from all positions, including CEO, effective February 2, 2024. Since April 2023, when the firm disclosed Bao Fan was assisting authorities with an investigation, a co-CEO structure has managed day-to-day oversight. Specific fund-level investment committee composition for Associates III has not been publicly detailed.

### How is Huaxing Associates III related to China Renaissance's other funds?

Associates III is part of China Renaissance's RMB-denominated private equity series, distinct from the firm's US-dollar funds that target offshore limited partners. The RMB funds invest exclusively in onshore Chinese portfolio companies and are structured to align with domestic regulatory and capital-market frameworks. They sit alongside the firm's advisory and wealth management businesses within the broader China Renaissance group.

### Does Huaxing Associates III participate in fund commitments or only direct deals?

Huaxing Associates III deploys almost exclusively through direct equity positions in individual portfolio companies. While the broader China Renaissance platform has made select fund-of-fund commitments, the Associates RMB vehicles are structured for direct growth-equity stakes, occasionally co-investing alongside the firm's US-dollar funds in shared portfolio companies.

### How has the investigation into Bao Fan affected the fund's operations?

In April 2023, China Renaissance suspended trading of its Hong Kong-listed shares and disclosed that Bao Fan was unreachable while cooperating with an investigation by Chinese authorities. The firm installed a co-CEO structure to maintain operations, but the lack of clarity around Bao Fan's status has raised governance questions for all vehicles under the China Renaissance umbrella. As of this profile's publication, no resolution has been publicly announced.

### What is Huaxing Associates III's known posture on co-investments alongside external GPs?

Associates III primarily leads or co-leads rounds, leveraging China Renaissance's advisory brand to negotiate for board seats and information rights. The fund has occasionally invested alongside external growth-stage managers in syndicated Series D+ rounds, but generally prefers a position of influence rather than passive co-investor status. This control-oriented approach reflects the group's investment-banking roots.

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Last updated: 2026-06-28T22:09:54.489Z

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