I'm pretty sure you are remembering Executioners, a Hong Kong film from the 1990s, directed by Johnny To and Ching Siu-tung. The three heroines are played by Michelle Yeoh, Anita Mui and Maggie Cheung, in a sequel to a film in which they were also co-stars: The Heroic Trio.
Here's a quote from a bare-bones plot summary that's attached to the IMDb listing for the film. It's close enough to your summary-from-memory to strongly suggest that this is the same film you were recalling.
Set some time after the original 'Heroic Trio,' the city has been
devastated by nuclear attack. An evil deformed villain controls the
city's scarce water supply, exerting influence over both a popular
leader and a militarist colonel. The trio of Chat the Thief Catcher,
Ching, and Wonder Woman (along with her young daughter) have to avert a
military takeover and find clean headwaters to save the city.
(Note: The reference to "Wonder Woman" does not mean that the producers had permission to use the DC Comics superhero character known as "Wonder Woman." I'm guessing that this is just a close translation of whatever the original Chinese phrase was that was used for Anita Mui's character, who did not come across as being a princess from a secret island inhabited by the Amazon women-warriors of Greek Myth.)