Warren Buffett Cuts Stake in China’s BYD, Spurring Bets More May Come
- Berkshire cut position in carmaker from 20.04% to 19.92%
- BYD stock has benefited from Buffett’s backing of the company
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Warren Buffett’s Berkshire Hathaway Inc. trimmed its stake in BYD Co., just over a month after speculation the legendary US investor was preparing to shed his entire position in the Chinese carmaker sent its stock plummeting.
Berkshire cut its holding in BYD’s Hong Kong-listed shares to 19.92% from 20.04% on Aug. 24, according to an exchange filing Tuesday. That equated to around 1.33 million securities at an average HK$277.10 ($35.30) apiece, valued at about $47 million.