Buffett’s BYD sale fuels fears of more to comeBloombergTraders rushed to sell BYD Co (比亞迪) after Warren Buffett’s Berkshire Hathaway Inc trimmed its stake in the Chinese electric vehicle (EV) maker, fearing that the legendary investor might be gearing up for an eventual exit after a decade as the company’s most notable backer. BYD shares yesterday plunged as much as 13 percent in Hong Kong, the most in seven weeks and the worst performance on the benchmark Hang Seng Index. The investment has also proved hugely lucrative as BYD shares have soared more than 2,000 percent since his initial purchase. Investors view BYD, China’s biggest EV maker, as a bellwether for the sector. A BYD official, in comments to China’s 21st Century Business Herald, said there is “no need to overinterpret” the stake sale, and added that the company’s operations remain normal.

Source: Taipei Times September 01, 2022 03:58 UTC