Slaughter and May and DLA have landed roles on HSBC Insurance’s high profile purchase of a 10% stake in China-based Ping An Insurance for US$600m (HK$4,680m).

The deal, which completed on October 8 and is subject to regulatory and other approvals, is the largest investment made by HSBC in a Chinese financial company.

Hong Kong-based partner Neil Hyman led Slaughters’ team acting for HSBC Insurance, with Jun He Law Offices covering Chinese law matters. Hong Kong-based corporate partner Mabel Lui led the DLA team advising China-based Ping An, which also included Shanghai office head Roy Chan and partner Jason Carmichael. Ping An is an existing client of DLA.

Slaughters and DLA won the mandates following a beauty parade in January 2002. The deal will go some way to raise the profiles of both UK firms in Asia.

Slaughters has acted for other arms of the HSBC banking group but the transaction represents something of a coup for its corporate practice in Asia.

DLA meanwhile has been investing heavily of late in its Asian presence. In addition to opening an office in Shanghai, it has recently been busy cherry picking partners from rivals as it seeks to boost its presence on the ground in Hong Kong [see ‘DLA boosts HK numbers with lateral hires’ on page 40].

Mabel Lui says: "The insurance market in China is developing rapidly and this deal is probably one of the most significant strategic investments by an international bank in a major PRC company in recent years."

Ping An Insurance is the second largest life insurance company in China and the country’s first share-holding insurance company with significant foreign investment. Investors include Goldman Sachs and Morgan Stanley.