Berkshire Hathaway further cut its stake in Chinese electric vehicle maker BYD in March, according to a filing to the Hong Kong stock exchange on April 11.
Specifically, the company sold 2.48 million BYD shares for 539.8 million Hong Kong dollars (68.8 million USD) on March 31.
After the divestment, Berkshire's ownership of BYD has been reduced to 10.9% from 11.13%, down from the 19.92% it held before it began selling shares of the company last year.
Warren Buffett's investment firm has sold a total of 105 million BYD shares in 10 sales since August 24, 2022. Berkshire bought 225 million BYD shares at HK$8 per share during the 2008 global financial crisis, earning an 18-fold return over its 14-year holding period.
The cuts coincide with a recent wave of price cuts by automakers from BYD to Tesla and SAIC Motor to clear inventory.
BYD Chairman Wang Chuanfu, Berkshire Hathaway Vice Chairman Charles Munger and Berkshire CEO Warren Buffett attend an event celebrating BYD's 1,000,000th vehicle production in 2010 in Shenzhen, China. Photo: Fortune
Billionaire Wang Chuanfu's electric carmaker BYD is set to overtake Tesla to become the world's largest electric vehicle maker by sales in 2022. The company's net income rose 12-fold from a year earlier to 7.3 billion yuan ($1.06 billion) in the fourth quarter, according to its latest results.
Legendary billionaire Warren Buffett is currently in Japan to promote Berkshire Hathaway's yen bond offering.
In an interview with Nikkei Asia on April 11, the 92-year-old investor surprised investors by revealing that he had bought more than 5% of shares in the five largest Japanese trading corporations, raising his ownership ratio in each of these corporations to more than 6%.
Berkshire Hathaway's moves come amid a tech war between China and the United States and growing concerns about a financial decoupling between the world's two largest economies .
On April 11, the Oracle of Omaha also said that geopolitical tensions were one of the factors that made Berkshire Hathaway consider selling its 86% stake in Taiwan-based global chip giant TSMC in February after buying them for $4.1 billion in November 2022 .
Nguyen Tuyet (According to SCMP, Asia Financial, CNN)
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