100M in Web3: How华兴 Capital Is Rewriting the Crypto Playbook

The Move That Shook the Market

When华兴 Capital announced a $100 million allocation to Web3—targeting stablecoins, RWA, and ecosystem infrastructure—I didn’t flinch. Not because I expected it, but because I’ve seen patterns like this before: institutional players entering crypto not through hype, but through cold calculation. This isn’t another FOMO-driven splash; it’s the quiet repositioning of a firm that once orchestrated mergers between tech titans. Now? They’re trying to build the rails for the next phase of financial evolution.

From M&A King to Crypto Architect

Let me be clear:华兴 wasn’t born in 2025. Their crypto footprint stretches back nearly a decade. In 2018, they backed Circle—long before USD Coin became synonymous with stability. Then came嘉楠科技’s NASDAQ debut as the first blockchain mining company listed globally—a move only possible thanks to華兴’s strategic guidance.

Fast-forward to 2021: Amber Group gets funded by华兴 and later goes public via SPAC at $3B valuation. By 2023, they were helping Bitmain navigate complex restructuring while simultaneously advising Hashkey Group on financing rounds.

This isn’t accidental exposure. It’s systemic integration—the kind you only get when you’ve mastered capital markets across geographies and asset classes.

The Aftermath of包凡’s Exit

The package was messy: founder包凡 disappeared from public view in 2023; revenue collapsed by 40% year-on-year; net loss hit $23M in H1 alone. But here’s where rationality kicks in—the collapse forced華兴 into introspection.

They replaced legacy leadership with ‘Huaxing 2.0’—a strategy focused on hard tech, global scalability, and de-emphasizing consumer internet playbooks now deemed obsolete.

That shift opened space for crypto—not as speculation, but as infrastructure layer one of many.

Why Stablecoins Are the New Foundation

When Circle went public last June—fueled partly by華兴’s early bet—the stock surged past $300 within hours. One thing became undeniable: long-term holdings in regulated digital assets are no longer fringe—they’re mainstream equity plays.

And that changed everything for华兴.

With Hong Kong easing virtual asset licensing rules (IDA applying for stablecoin permits; Guotai Junan International now offering trading services),華兴 saw an opening—one where their existing regulatory expertise could finally translate into real-world advantage.

They’re not chasing meme coins or speculative bubbles anymore. They’re building bridges between legacy finance and decentralized systems using tools they already know how to wield: SPACs, IPOs, M&A frameworks—and yes—their deep network of Asian regulators and exchange operators.

Is Web2 Logic Still Valid?

Here comes my dry take: if you think華兴 can simply apply their old M&A playbook to DeFi—that’d be naive even by INTJ standards. The beauty of decentralized systems lies in their resistance to central control—but華兴 doesn’t want control; they want influence through structure.*

The fact that they’re applying for licenses while investing directly into protocols shows intent beyond profit—it’s about positioning themselves as the institutional gateway into crypto for sovereign funds and family offices looking for safe entry points.

The irony? They’re becoming part of what they once criticized as ‘centralized gatekeepers.’

The system evolves—and so do its architects.