BRIEF: Buffett sells BYD stake after 17-year holding, netting huge gain

Berkshire Hathaway, controlled by billionaire investor Warren Buffett, has sold its entire stake in electric-vehicle (EV) maker BYD Co. Ltd. (1211.HK, 002594.SZ), CNBC reported on Sunday. Regulatory filings to the Hong Kong Stock Exchange showed the holding by a Berkshire Hathaway subsidiary stood at zero, and Berkshire confirmed it had sold its remaining stake in the company.

BYD general manager of branding and public relations Li Yunfei called the stake sale a “normal” stock investment trade, and thanked Berkshire Hathaway for its “investment, help and companionship over the past 17 years.”

Berkshire Hathaway acquired about 225 million shares of BYD in 2008 for $230 million. It began reducing the position in August 2022. The holding fell below 5% by June last year, and the company sold the remaining shares this year. Observers estimate that Berkshire Hathaway netted a gain of about 39 times its original investment over the 17-year period.

Shares of BYD closed on Monday at HK$109.70, down 3.4%. The stock open unchanged on Tuesday.

By Lau Chi Hang

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