Berkshire Hathaway Sells $44.9 Mln of Shares in China's BYD

Reuters2023-02-02

(Reuters) - Berkshire Hathaway, the investment company owned by Warren Buffett, has sold 1.55 million Hong Kong-listed shares of electric vehicle maker BYD (002594.SZ) for HK$351.81 million ($44.85 million), a stock exchange filing showed.

The sale lowered Berkshire's holdings in BYD's issued H-shares to 12.9% on Jan. 27, down from 13.04%, the filing to the Hong Kong Stock Exchange showed on Thursday.

Berkshire, which started selling the BYD shares in late August, has accumulatively reduced its holding by more than a third.

Buffett's company acquired 225 million BYD shares in 2008, giving it a 7.73% stake, equal to the 20.49% stake in H shares, according to BYD's annual report.

BYD was the world's largest plug-in hybrids and pure electric vehicles maker in 2022, with a total of 1.86 million cars sold, growing faster than Tesla (TSLA.O).

($1 = 7.8434 Hong Kong dollars)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

Leave a comment
6