Reception
Despite grossing higher than the second film at the box office with HKD 30,225,661 (over HKD 5 million more than Infernal Affairs II), Infernal Affairs III received lower ratings than the former. Channel 4 awarded the film a 3 out of 5 rating. The plot is also seen as confusing due to the constant flashbacks depicting Chan Wing-yan alive.
LoveHKFilm rated the film as pushing beyond its original intentions, leaving more questions than answering them at the end of the run. While a relatively enjoyable film, it was obviously commercialized, citing scenes where all lead actors are crammed into one room or bringing back characters who were killed in the previous film in order to garner screentime for them. Although Tony Leung won the Best Actor award at the Hong Kong Film Awards and the Golden Horse Awards for his portrayal of Chan Wing-yan in the original Infernal Affairs, Andy Lau was the one who won the Best Actor award at the 41st Golden Horse Awards for his portrayal of Lau Kin-ming in Infernal Affairs III.
There are two cuts of the film: a 107-minute version which was released in Hong Kong theatres, and a 118-minute version, which is the directors' cut. Both are available on DVD. According to LoveHKFilm, the longer version is the superior cut.
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