Yeah. Each part of THE BUND features a new main villain and new co-leads for Ding Lik. Ah Lik is the only constant (other than the city of Shanghai itself) in all three parts.
In Part 2, watch for the character of Cheung Gwai (played by Liu Kai Tze). In THE BUND I, he had a relatively minor role as Mun Keung and Ah Lik's loyal "little brother." He becomes much more important in Part 2, and besides Ah Lik, Cheung Gwai is the most interesting developing character in Part 2. He seems to have taken on the role that Ah Lik had early in Part 1...the brash, brutal young thug.