Hong Kong —The Kuwait Investment Authority (KIA) has quietly sold a 3.7% stake in AIA Group Ltd., raising HK$26.8 billion ($3.4 billion) in one of the year’s largest equity deals in Hong Kong.
According to people familiar with the matter, the shares, 394.4 million in total, were sold via block trades at HK$68 per share, representing a 6% discount from Thursday’s closing price. AIA shares slid 4.4% on Friday following the transaction.
Bloomberg earlier reported the trades were conducted by a single, then-unidentified seller. Both KIA and AIA declined to comment.
The sale ranks as Hong Kong’s fourth-largest share deal of 2025, amid a resurgence in capital markets activity. The city was the world’s second-largest equity fundraising hub in the first half of the year.
Morgan Stanley was the sole arranger of the transaction.
