Warren Buffett’s Berkshire Hathaway trimmed its stake in BYD even further, offloading another 1.72 million shares as of September 1, according to an exchange filing Friday, just days after the legendary US investor began reducing his holding in China’s biggest maker of electric vehicles, reports Bloomberg.
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 ($57.5 million). That takes Berkshire’s total shares jettisoned to 3.05 million, or 1.4% of Buffett’s known 225-million-share holding.
Theories about Buffett’s plans for the bellwether Chinese electric car company have swirled since a 20.49% stake—identical to the size of Berkshire’s last reported BYD position in Hong Kong as of the end of June—entered the Central Clearing and Settlement System in July, a sign to investors a sale may be imminent. That triggered the biggest slump in BYD stock in nearly two years.