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Berkshire Hathaway, owned by legendary US investor Warren Buffett, sold 1.33 million of BYD Company’s H-shares on August 24, at an average price of HK$277.1, to cash out HK$369 million, according to a filing to the Hong Kong Stock Exchange.
After the sale, Berkshire Hathaway’s stake in BYD Company declined to 19.92% from previous 20.04%, showed the filing.
It marks Berkshire Hathaway’s first cut in its stake in BYD since it spent $230 million buying 225 million shares of BYD Company at HK$8 per share in September 2008.
The latest sale came just over a month after speculation the legendary US investor was preparing to shed his entire position in the Chinese carmaker sent its stock plummeting.
The BYD position that matched the size of Berkshire’s appeared in Hong Kong’s stock-market clearing system under a Citibank’s account. Since then, Citibank’s holding in BYD’s Hong Kong-listed stock has dropped by around 9 million shares, Hong Kong exchange data show.
BYD is one of China’s most-watched carmakers. On Monday the company reported first-half net profit at the top end of guidance as record output and sales shielded it from Covid-related production disruptions and supply-chain pain.