Warren Buffett's Berkshire Hathaway offloaded 2.53 million shares of BYD (1211) in mid-June for HK$676 million, representing his stake in the company having fallen to below 9 percent.
The investment company has sold 2.53 million Hong Kong-listed shares of electric vehicle maker BYD for HK$675.80 million, a stock exchange filing showed.
The sale on June 19 lowered Berkshire's holdings in BYD's issued H-shares to 8.98 percent from 9.21 percent, the filing to the Hong Kong stock exchange on Monday showed.
Buffett has reduced his stake in BYD H-shares for the 12th consecutive time since his initial reduction on August 24, 2022. On that date, his stake was about 19.92 percent.
In February, Charlie Munger, the vice chairman of Berkshire Hathaway and partner of Warren Buffett, discussed the reduction of their stake in BYD. Munger stated that they had sold some BYD shares, primarily due to the already high share price. BYD's market value has already surpassed Mercedes-Benz.
However, Munger clarified that the reduction did not reflect a lack of confidence in BYD, emphasizing that BYD is still considered a great company.
