What Happened: Berkshire sold about 3.23 million Hong Kong-listed shares of BYD for HK $630.33 million ($80.7 million), Reuters reported, citing a filing with the Hong Kong stock exchange on Tuesday.
Buffett’s investment firm has been on a BYD share-selling spree in recent months.
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With the latest disposal, Berkshire’s holding of BYD’s issue H-shares fell from 16.28% to 15.99% as of November 17, Reuters said.
Berkshire first sold BYD shares in late August, when it disposed of 1.3 million shares of the electric vehicle maker for $47 million. The firm opened a position in BYD in 2008.
BYD has emerged as among the frontrunners in the hot-and-happening Chinese electric vehicle market and it has a thriving battery manufacturing business as well. The company, however, is susceptible to China risks, including the frequent COVID-19 lockdowns and the country’s standoff with the U.S.
Price Action: BYD’s ADR listed over the counter settled Monday’s session at $46.87, down 0.85%, according to Benzinga Pro data.
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