Warren Buffett-owned Berkshire Hathaway reportedly sold an enormous amount of its BYD shares again on Hong Kong Stock Exchange on January 3, as per CnEVPost.
The sold 1,058,000 BYD shares ultimately reduced the company’s holdings from 14.95%
to 13.97%, Hong Kong Stock Exchange reports.
Notably, Berkshire earned around HK$200 million from the sale of its BYD shares at an average selling price of HK$191.44.
Berkshire continues to sell its BYD shares
Berkshire Hathaway’s business unit Berkshire Hathaway Energy acquired 225 million BYD shares ($230 million) at HK$8 per share on September 29, 2008.
Years later, Buffet started cutting its BYD shares in 2022. It reportedly started selling its BYD shares of 1.33 million on August 24, 2022. The sale cut its holding to 19.92% from 20.04%.
It was followed by another sale of 1.176 million BYD shares on September 1. Interestingly, Berkshire continued to sell its BYD shares five more times since October 2022.
The American conglomerate firm’s most recent BYD share sale before this news was on December 8, 2022. It sold 1.33 million shares, cutting Berkshire’s stake to 14.95% from 15.99%.
Despite the indication of deteriorating support from Berkshire, BYD still achieved a record-breaking NEV sale of 235,197 in December 2022. It brought the Chinese automaker’s 2020 overall results to 1,863,494 units.
