Berkshire’s interest in BYD’s Hong Kong-listed shares has now fallen to 18.87% from 19.02%, with the latest securities sold for an average of HK$262.72 apiece, giving the stake a value of around HK$450.8 million . That takes Berkshire’s total shares jettisoned to 3.05 million, or 1.4% of Buffett’s known 225-million-share holding.company have swirled since a 20.
“We may see some continued selling from Buffett,” Daisy Li, a fund manager at EFG Asset Management HK Ltd., said. “In the short term, it will be hard for investor sentiment surrounding BYD’s Hong Kong shares to recover, while its shares listed onshore may be less affected. In the long term, the share performance will still depend on company fundamentals and product cycles.”
News of the actual first sale on Tuesday afternoon sparked renewed selling, with BYD stock falling almost 13%, before clawing back half almost half of the declines. The shares, which jumped 31% last year and an impressive 423% in 2020, are down 14% this year.Business Herald, said there’s “no need to over interpret” the stake sale, and added the company’s operation remains as normal.
The Buffett-BYD offloading came days after BYD reported robust financial earnings for the six months ended June 30, with net income tripling to the top end of forecast. Revenue, though, fell short of estimates. BYD, regardless of whether or not Buffett continues to be a backer, is in a commanding position. It’s
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