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This is the 12th time Berkshire Hathaway has disclosed a reduction in its stake in BYD H shares since it first reduced its stake on August 24, 2022, with its stake slipping from 19.92% on August 24, 2022 to 8.98% today.
After this reduction, Berkshire Hathaway holds 98.6 million BYD H shares, according to HKEx filings. According to BYD's 2022 semi-annual report, Berkshire Hathaway's Western Capital Group LLC was the fourth largest shareholder with 225 million shares as of the end of June 2022, by which calculation, Berkshire Hathaway has sold over 126 million BYD H shares in aggregate.
On 29 September 2008, Warren Buffett's Berkshire spent HK$1.8 billion to subscribe to 225 million shares of BYD at a price of HK$8 per share in Hong Kong. Since then, Warren Buffett has been heavily invested in BYD, and has also attended BYD's new car launches and other events to stand for BYD.
In an interview with CNBC on April 12 this year, Buffett also said that BYD's value had increased spectacularly since 2008 and that BYD was a great company. He also said that Berkshire was in no hurry to reduce its holdings in BYD and that "we will find a better allocation use for those funds."
BYD's performance remained high while being sold by the "stock gods". 2023 quarterly report shows that BYD achieved revenue of 120.173 billion yuan in the first quarter, up 79.83% year-on-year; net profit of 4.13 billion yuan, up 410.89% year-on-year; basic earnings per share of 1.42 yuan, up 407.14% year-on-year. The growth was 407.14%.
The latest sales figures released by BYD show that BYD sold 240,200 new energy vehicles in May, an increase of 108.99% year-on-year and 14.23% sequentially.