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September 01, 2022: -On Wednesday, Hong Kong-listed shares of BYD dropped after Warren Buffett’s Berkshire Hathaway shortened its stake in the Chinese electric car maker and one fund manager said this could be a warning sign of more to come.
The conglomerate slightly reduced its shares from 20.04% to 19.92%, according to a filing on the Hong Kong exchange. Berkshire sold 1.33 million shares of BYD for about $47 million. The conglomerate currently owns 218.7 million shares, the filing indicated.
“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 on Wednesday.
“Maybe we’ll see more.”
BYD shares tumbled more than 12% in Wednesday’s session in Hong Kong and were the worst performer on the Hang Seng Index, according to Refinitiv data. The stock has risen over 600% in the past ten years.
Earlier this week, the company reported solid numbers for the first half of 2022, with its net income totaling 3.6 billion yuan ($521 million), tripling from a year earlier.
When asked what this means for the Chinese electric vehicle market, Liu said Berkshire’s most contrary move could be “warning signs that the market may be to a big correction.”
“There are too many uncertainties, and I think [Buffett] got a little bit nervous,” she stated. “Perhaps this recession in front of us for the U.S. economy and a more fragile Chinese consumption only brings down investors’ trust to a larger scale.”
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