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Warren Buffett’s Berkshire Hathaway Inc. (NYSE:BRKA) (NYSE:BRKB) has reportedly trimmed its stake in China’s BYD Manufacturing Company Limited (OTC:BYDDY) (OTC:BYDDF) further.
What Happened: Berkshire sold about 3.23 million Hong Kong-listed shares of BYD for HK $630.33 million ($80.7 million), Reuters reported, citing a filing with the Hong Kong stock exchange on Tuesday.
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Buffett’s investment firm has been on a BYD share-selling spree in recent months.
See Also: Best Chinese Stocks Right Now
With the latest disposal, Berkshire’s holding of BYD’s issue H-shares fell from 16.28% to 15.99% as of November 17, Reuters said.
Berkshire first sold BYD shares in late August, when it disposed of 1.3 million shares of the electric vehicle maker for $47 million. The firm opened a position in BYD in 2008.
BYD has emerged as among the frontrunners in the hot-and-happening Chinese electric vehicle market and it has a thriving battery manufacturing business as well. The company, however, is susceptible to China risks, including the frequent COVID-19 lockdowns and the country’s standoff with the U.S.
Price Action: BYD’s ADR listed over the counter settled Monday’s session at $46.87, down 0.85%, according to Benzinga Pro data.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.