The flagship investment company of Warren Buffett, Berkshire Hathaway, has once again sold its stake in China’s EV and battery giant BYD for the fourth time in recent months, as per CnEVPost.
In retrospect, 225 million shares of BYD were purchased by Berkshire Hathaway for $230 million at HK$8 per share in September 2008.
Berkshire dumps BYD shares quarce
On November 8, Berkshire Hathaway reduced its stake in BYD shares listed for trading in Hong Kong by over 5.78 million. The average cost per share was HK$196.99, totaling about HK$1.14 billion. Consequently, its stake fell from 17.92% to 16.62%, according to a Hong Kong Stock Exchange filing.
Meanwhile, the first time Berkshire sold its BYD share was on August 24. At that time, its stake decreased from 20.04% to 19.92%.
Another BYD share dumping followed it on September 1. The company sold 1.176 million shares.
However, it does not stop there. Berkshire again reduced its BYD stake on November 1. At an average price of HK$169.87 per share, the company disposed of 3.297 million BYD H shares. The American conglomerate holding company has generated HK$560 million in return.
Since August 23, China’s BYD has continued to decline by 30%. Nonetheless, its share increased by 8.65% in Hong Kong on November 11.
