Cornerstone scores with Dalian Wanda block

One of the biggest cornerstone investors in Dalian Wanda Commercial Properties' initial public offering divested its entire stake after the market close on Tuesday netting HK$2.86 billion $369 million.

While the seller remained undisclosed during the marketing process, investors could easily work out that it was one of the three largest IPO investors based on the original term sheet and the stock's subsequent share price appreciation.

The Kuwait Investment Authority and China Life both subscribed to $300 million of the IPO for China's biggest commercial property company, with Ping An Asset Management on $299 million. Together the three have recorded a gain of roughly 23%...