Warren Buffett’s Berkshire Hathaway trimmed its stake in BYD, just over a month after speculation the legendary US investor was preparing to shed his entire position in the Chinese carmaker sent its stock plummeting, reports Bloomberg. Berkshire cut its holding in BYD’s Hong Kong-listed shares to 19.92% from 20.04% on August 24, according to an exchange filing Tuesday. That equated to around 1.33 million securities at an average HK$277.10 ($35.30) apiece, valued at about $47 million.
Theories about Buffett’s plans have swirled since a 20.49% stake—identical to the size of Berkshire’s last reported BYD position in Hong Kong as of December—entered the Central Clearing and Settlement System last month. The move triggered the biggest slump in BYD stock in nearly two years.
A BYD spokesperson wasn’t immediately able to comment Tuesday, while representatives for Berkshire to date haven’t commented. The shares closed slightly lower at the end of Hong Kong trading.