Buffett’s Berkshire sells 1.3 million BYD H-shares for $47 million – HKEX filing
2022.08.30 13:50
FILE PHOTO: A woman walks past a BYD sign at the second media day for the Shanghai auto show in Shanghai, China April 17, 2019. REUTERS/Aly Song
SHANGHAI (Reuters) -Berkshire Hathaway Inc, the investment firm owned by Warren Buffett, has sold 1.33 million Hong Kong-listed shares of BYD, the biggest Chinese electric-vehicle maker, for around HK$370 million ($47.15 million), according to a filing.
Berkshire reduced its holding to 19.92% from 20.49% of BYD’s total issued H shares after the sale，the filing on Hong Kong Stock Exchange showed on Tuesday.
BYD and Berkshire did not immediately respond to requests for comment.
The filing is the first confirmation after market speculation Buffett’s company was reducing its multi-billion-dollar stake in BYD, which more than tripled its first-half profit from a year earlier.
A 225 million share BYD stake entered Hong Kong’s Central Clearing and Settlement System last month, with Citigroup Inc (NYSE:C) serving as custodian, prompting the chatter.
Berkshire acquired 225 million BYD shares in 2008, giving it a 7.73% stake, or 20.49% of BYD’s H shares, according to BYD’s annual report. Berkshire has said it paid $232 million for the shares.
($1 = 7.8476 Hong Kong dollars)
