Benzinga - Warren Buffett’s Berkshire Hathaway Inc . (NYSE:BRKa) (NYSE: BRKA) (NYSE: BRKB) has reportedly trimmed its stake in China’s BYD Manufacturing Company Limited (OTC: BYDDY) (OTC: BYDDF) further.
What Happened: Berkshire sold about 3.23 million Hong Kong-listed shares of BYD for HK $630.33 million ($80.7 million), Reuters reported, citing a filing with the Hong Kong stock exchange on Tuesday.
Buffett’s investment firm has been on a BYD share-selling spree in recent months.
With the latest disposal, Berkshire’s holding of BYD’s issue H-shares fell from 16.28% to 15.99% as of November 17, Reuters said.
Berkshire first sold BYD shares in late August, when it disposed of 1.3 million shares of the electric vehicle maker for $47 million. The firm opened a position in BYD in 2008.
BYD has emerged as among the frontrunners in the hot-and-happening Chinese electric vehicle market and it has a thriving battery manufacturing business as well. The company, however, is susceptible to China risks, including the frequent COVID-19 lockdowns and the country’s standoff with the U.S.
Price Action: BYD’s ADR listed over the counter settled Monday’s session at $46.87, down 0.85%, according to Benzinga Pro data.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.