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Jingtian & Gongcheng

jingtian.com ↗

Beijing based Red Circle law firm advising China's biggest IPOs and bond deals.

Hard to displace
Assessed 26 July 2026 · Evidence as of 26 July 2026
Strong structural protection; the business model survives ai pressure.
On the recordSince 26 July 2026 · Checkable from Q3 2026 · Every call on the record Checkpoint: Momenta HKD5.89bn Hong Kong IPO closes, testing pipeline strength after MiniMax listing
The call

Jingtian sits inside a legal gate that keeps out both AI and foreign rivals, and for now the IPO work keeps flowing through it.

Jingtian & Gongcheng is a Chinese law firm that handles large IPO and bond deals for companies. It is hard to replace because Chinese law requires a licensed local lawyer to sign off on every big stock or bond offering, which keeps out foreign firms like Davis Polk and Kirkland Ellis (who have shrunk in Hong Kong by 30% since 2023) and cannot be done by AI since the law says a real person must take legal responsibility. The one thing that could weaken the firm is if AI makes junior lawyers less necessary, which would make it harder for the firm to hire and train new lawyers to eventually become partners, or if bigger international firms figure out how to work better across different countries and start winning deals away from them.

Why
01
AI pressure: Generative AI legal-drafting and due-diligence tools. AI can sort documents and draft contracts, but PRC law still requires a licensed local lawyer to sign the IPO opinion. Could AI do the core job? Unlikely.
02
Bigger players: International white-shoe firms (Kirkland & Ellis, Davis Polk, Freshfields, Cleary Gottlieb). These firms compete for cross-border mandates but cannot sign PRC legal opinions themselves, and Kirkland has cut its Hong Kong headcount about 30% since 2023. Could a giant copy it? No, they are blocked.
03
What protects it. Chinese securities law requires a licensed PRC law firm to sign the local legal opinion on every IPO and bond deal, locking out foreign firms and AI alike.
What would change this call
HK IPO pipeline activity for Jingtian over next 12 months. A 12+ month freeze would signal weakening deal flow and market position.
Whether a Red Circle peer like King & Wood Mallesons or Fangda Partners wins a marquee HK IPO mandate previously expected to go to Jingtian. Would show peer firms displacing Jingtian on signature capital-markets deals.
Jingtian's associate headcount trend in Chambers/Am Law surveys through 2027-2028. Faster shrinkage than partner-revenue growth would show AI-driven pyramid compression.
Key numbers
  • 800+ legal professionals, 190+ partners (2026-05-25)
  • MiniMax HK IPO: HKD4.82bn, Jan 2026 (2026-01-12)
  • Momenta HK IPO: HKD5.89bn, July 2026 (2026-07-10)
Named risks
  • Law.com's Elite Paradox critique of decentralized structure and thin international footprint could cost mandates to more globally integrated peers. Severity: medium
  • Revenue and headcount figures from public sources conflict sharply, creating uncertainty for anyone assessing firm scale. Severity: low
  • Capital markets revenue is tied to cyclical HK and China IPO volumes, which could slow after 2026's strong pipeline. Severity: medium
  • If AI compresses junior associate billable hours without offsetting partner revenue growth, the associate to partner career ladder could narrow. Severity: medium
Rivals, as read in July 2026
RivalDirectionEvidence
Kirkland & Ellisgaining onKirkland cut Hong Kong headcount about 30 percent since 2023 while Jingtian expanded, per Law.com July 2026
Fangda PartnerscontestingCo-advised alongside Jingtian on Hesai (Sept 2025) and Momenta (July 2026) HK IPOs, peer level competition
King & Wood MallesonscontestingLarger scale domestic Red Circle peer competing for capital markets and M&A mandates in 2026
Questions people ask
Is Jingtian & Gongcheng profitable?
As a private PRC partnership, Jingtian & Gongcheng does not disclose audited profit figures. Law.com reported on July 1, 2026 that its revenue growth and capital markets dominance rival China's top firms, and it advised on multi billion HKD IPOs like Momenta (HKD5.89bn, July 2026), signaling strong commercial momentum.
Could AI replace Jingtian & Gongcheng?
No. PRC securities law requires a licensed local counsel legal opinion signed by qualified lawyers for every IPO or bond issuance on the CSRC, HKEX and SFC framework. Generative AI can draft or review documents but cannot legally sign the statutory opinion, so the firm's core revenue function remains protected as of July 2026.
Who is Jingtian & Gongcheng's biggest competitor?
Domestically, Fangda Partners is the closest rival, frequently co-advising alongside Jingtian on the same HK IPOs, such as Hesai (September 2025) and Momenta (July 2026). Larger scale peers include King & Wood Mallesons and Zhong Lun, while foreign firms like Kirkland & Ellis are structurally barred from PRC legal opinion work.
Who owns Jingtian & Gongcheng?
Jingtian & Gongcheng is a private partnership owned and governed by its partners, standard for Chinese law firms, with no external investors. Zhao Yang is listed as Managing Partner in the 2026 Chambers profile dated May 25, 2026.
What is Jingtian & Gongcheng known for in 2026?
It is a Red Circle Beijing headquartered firm ranked Band 1 by Chambers 2026 in Capital Markets: Hong Kong and Overseas Issuances for PRC firms. It advised MiniMax's HKD4.82bn HK IPO in January 2026, the largest IPO by an AI LLM company to date, and Momenta's HKD5.89bn HK IPO in July 2026.
Is Jingtian & Gongcheng losing ground to international law firms?
No evidence of that as of July 2026. International firms like Kirkland & Ellis have reportedly downsized about 30 percent in Hong Kong since 2023, per Law.com, and are legally barred from signing PRC securities legal opinions, while Jingtian continued expanding its branch network and partner count through 2026.
Timeline
  • 2026-07-24Added four lateral partners in Ningbo, Chongqing and Chengdu offices
  • 2026-07-10Advised on Momenta's HKD5.89bn Hong Kong IPO, first physical AI listing
  • 2026-07-01Law.com published Elite Paradox critique of decentralized structure and footprint
  • 2026-04-28Opened 11th domestic branch in Ningbo; added three Beijing lateral partners
  • 2026-04-06Law.com named Jingtian in inaugural China Elite list, replacing Red Circle framing
  • 2026-01-12Advised on MiniMax's HKD4.82bn Hong Kong IPO, largest by an AI LLM firm
  • 2025-09-17Advised on Hesai Technology's HKD4.16bn Hong Kong lidar IPO
  • 2025-09-11Chambers Franchising 2025 guide cited 180 partners and 760 lawyers
Revision history
26 July 2026
First assessed. Hard to displace. The text above is fixed as of this date and is not edited afterwards.
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