Bloomberg News previously reported that the transactions were conducted by a single seller and were unknown.
According to data compiled by Bloomberg, it is the fourth largest stock sale transaction in Hong Kong this year. The transaction is amid recovery in Hong Kong trading. In the first half of this year, Hong Kong was the second largest stock issuance market in the world.
Data compiled by Bloomberg shows that the batch of AIA shares sold totaled 394.4 million, with a price of HK$68 per share. The price was 6% discount to AIA's closing price in Hong Kong on Thursday. The stock fell 4.4% on Friday.
People familiar with the matter revealed that the undisclosed shareholder who sold AIA shares worth up to HK$26.8 billion (S$4.35 billion) is the sovereign wealth fund Kuwait Investment Authority.
The stock sale transaction was arranged by Morgan Stanley.
People familiar with the matter who did not want to be named because the relevant information was not disclosed said the Kuwait Investment Authority sold 3.7% of AIA's shares, headquartered in Hong Kong, through a series of bulk transactions.
Bloomberg reported the news on Saturday (July 5) that the sale of the equity is one of the largest asset sale transactions in Hong Kong this year.
Representatives of the Kuwait Investment Authority said the fund did not comment on investment activities. An AIA spokesperson did not immediately respond to inquiries outside of normal working hours.
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