$Berkshire Hathaway-B (BRK.B.US)$, owned by legendary US investor Warren Buffett, began reducing its position in BYD after some rumors last month sparked volatility in the Chinese new energy car giant's stock price.
Berkshire Hathaway sold 1.33 million shares of BYD traded in Hong Kong on August 24 at an average trading price of HK$277.1 per share, according to an exchange filing.
Following the move, Berkshire Hathaway's stake in BYD fell from 20.04 percent to 19.92 percent.
Source: HKEX
On September 29, 2008, Berkshire Hathaway Energy, which owns 91.1 percent of Berkshire, spent $230 million to buy 225 million shares of BYD at HK$8 per share. After that, there was no change in Berkshire's holdings of BYD.
On July 11, the number of BYD H shares in Citi's seat reached 388.6 million shares, an increase of about 225 million shares from the previous week, which was seen at the time as a prelude to Warren Buffett's reduction of BYD's holdings.
Other Chinese EV stocks are mostly flat this morning. $NIO Inc (NIO.US)$ advanced 0.96%. $XPeng (XPEV.US)$ stock was up 0.32%, $Li Auto (LI.US)$ up 0.65%, in pre-market trading.
