The Business Times

Buffett’s Berkshire sells 1.3 million BYD H-shares for HK$370m: HKEX filing

Published Tue, Aug 30, 2022 · 06:54 PM

BERKSHIRE Hathaway, the investment firm owned by Warren Buffett, has sold 1.33 million Hong Kong-listed shares of BYD, the biggest Chinese electric-vehicle maker, for around HK$370 million (S$65.8 million), according to a filing.

Berkshire reduced its holding to 19.92 per cent from 20.49 per cent of BYD’s total issued H shares after the sale, the filing on Hong Kong Stock Exchange (HKEX) showed on Tuesday (Aug 30).

BYD and Berkshire did not immediately respond to requests for comment.

The filing is the first confirmation after market speculation Buffett’s company was reducing its multi-billion-US dollar stake in BYD, which more than tripled its first-half profit from a year earlier.

A 225 million share BYD stake entered Hong Kong’s Central Clearing and Settlement System last month, with Citigroup serving as custodian, prompting the chatter.

Berkshire acquired 225 million BYD shares in 2008, giving it a 7.73 per cent stake, or 20.49 per cent of BYD’s H shares, according to BYD’s annual report. Berkshire has said it paid US$232 million for the shares. REUTERS

GET BT IN YOUR INBOX DAILY

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

VIEW ALL

KEYWORDS IN THIS ARTICLE

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to  t.me/BizTimes

Transport & Logistics

SUPPORT SOUTH-EAST ASIA'S LEADING FINANCIAL DAILY

Get the latest coverage and full access to all BT premium content.

SUBSCRIBE NOW

Browse corporate subscription here