The DLA Piper team was led by partners Mabel Lui and Kit Kwok, with support from associates including Shirley Fu in Hong Kong and Iris Kang in Beijing/Shanghai.

The Allen & Overy team was led by Shanghai based corporate partners Richard Kim and Mark Roppel.

The proposed investment will be one of the first joint ventures involving a foreign insurer in a Chinese health insurance company. Discovery will inject its health insurance intellectual property into Ping An Health, including its patented world-class actuarial know-how, along with a cash investment.

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The new venture will benefit from access to Ping An Group's established brand and nationwide distribution network.

DLA Piper's Greater China head of corporate, Mabel Lui, said: "Ping An Health's solid client base and successful market experience, together with Discovery's global impact, make the prospect of the co-operation alluring. The joint venture will create significant value for consumers by leveraging on the synergy between the two parties. This is yet another demonstration of global confidence in the China market."