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  4. BYD Stumbles on Hong Kong Exchange Following Warren Buffett Selloff
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BYD Stumbles on Hong Kong Exchange Following Warren Buffett Selloff

By Michael Elkins Shares of the Chinese electric vehicle company BYD (OTC:BYDDY) stumbled Wednesday following reports that Warren Buffett’s Berkshire Hathaway (NYSE:BRKa) trimmed...
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BYD Stumbles on Hong Kong Exchange Following Warren Buffett Selloff © Reuters. BYD Stumbles on Hong Kong Exchange Following Warren Buffet Selloff

By Michael Elkins

Shares of the Chinese electric vehicle company BYD (OTC:BYDDY) stumbled Wednesday following reports that Warren Buffett’s Berkshire Hathaway (NYSE:BRKa) trimmed its stake in the company.

According to a filing on the Hong Kong exchange, Berkshire sold 1.33 million shares of BYD for about $47 million. Berkshire now owns 218.7 million shares.

“This is a common trend for investors starting to take cash from the market,” Yang Liu, Atlantis Investment’s chairperson and chief investment officer, told CNBC’s “Street Signs Asia” on Wednesday.

“Maybe we’ll see more.”

When asked about what this means for the Chinese electric vehicle market, Liu said Berkshire’s latest move could be “warning signs that the market may be [coming] to a big correction.”

“There is too much uncertainties and I think [Buffett] got a little bit nervous,” she said. “Maybe this recession in front of us for the U.S. economy and also a weaker Chinese consumption altogether brings down investors’ confidence to a larger scale.”

BYD was down almost 8% to $242.20 on the Hong Kong Exchange at the time of this report, after closing at $263 on Tuesday.

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01-05-2024 10:45:17 (UTC+7)

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Summary

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EUR/USD

1.0658

-0.0008 (-0.07%)

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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