Berkshire Hathaway sells $44.9 million of shares in China's BYD
Reuters
Published Feb 02, 2023 04:20AM ET
Updated Feb 02, 2023 04:51AM ET
(Reuters) - Berkshire Hathaway (NYSE:BRKa), the investment company owned by Warren Buffett, has sold 1.55 million Hong Kong-listed shares of electric vehicle maker BYD 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 (NASDAQ:TSLA) .
($1 = 7.8434 Hong Kong dollars)
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Written By: Reuters
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