Warren Buffett’s investment company Berkshire Hathaway Inc. has further pared its ownership in Chinese auto maker BYD Co. after recently disclosing that it had started selling some shares.
Berkshire Hathaway
BRK.B,
BRK.A,
on Thursday sold 1.7 million of BYD’s Hong Kong-listed shares
1211,
BYDDF,
for an average price of 262.72 Hong Kong dollars (US$33.47) each, a Friday filing with the Hong Kong stock exchange showed.
The filing showed that Berkshire’s stake had dropped to 207.1 million shares. An earlier filing showed Berkshire had sold 1.3 million shares on Aug. 24. Berkshire had held 225 million BYD shares at the end of last year.
Also on Friday, BYD said it sold 174,915 vehicles in August, more than double the 68,531 it sold a year earlier. The auto maker has sold 983,844 vehicles so far this year, more than double the 372,630 sold in the same period last year.
BYD’s Hong Kong-listed shares slid 7.9% on Wednesday after the first disclosure. The stock declined 14% this week.
Write to Clarence Leong at [email protected]
Source: https://www.marketwatch.com/story/warren-buffett-s-berkshire-hathaway-further-pares-stake-in-byd-co-271662116722?siteid=yhoof2&yptr=yahoo