"Huaxing Capital's Bold Bet on Web3: A Gamble in the Post-Bao Fan Era" (Author: Ada Shenchao) Since its establishment in 2005, Huaxing has witnessed and orchestrated the merger of Didi and Kuaidi, the union of Meituan and Dianping, and the integration of 58 Tongcheng and Ganji. Almost every major merger that has determined the industry landscape bears Huaxing's mark; as long as the market is in an incremental cycle, and mergers and acquisitions remain the preferred script in the Capital Market, Huaxing thrives as if it were in water. Web3 does not simply mean moving offline business online, but rather a complete rewrite of financial logic—Decentralization, permissionless, community governance—these concepts directly shake the intermediary status upon which investment banks depend for survival. Read more:

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