© Reuters. Warren Buffet’s Berkshire Hathaway reduces holdings in BYD to 16.62%
By Michael Elkins
According to documents from the Hong Kong stock exchange on Friday, Warren Buffett’s Berkshire Hathaway Inc (NYSE:) reduced its holding in Chinese electric vehicle company, BYD (OTC:). According to the documents, the holding company reduced its holdings of more than 5.78 million BYD shares at HK $196.99 (HK$1 = $0.1275) on November 8, and its shareholding ratio dropped to 16.62%.
Apart from Berkshire Hathaway, BlackRock (NYSE:), the world’s largest asset management institution, has also reduced its holdings of 3.9M shares in BYD in October, bringing its shareholding ratio from 6.21% to 5.85%.
Before the reduction, Berkshire Hathaway announced an unsatisfactory third quarterly report on November 5. The company’s quarterly revenue was $76.934 billion, a year-on-year increase of 9%, while the net loss attributable to shareholders was $2.688B, which was worse than the net profit of $10.344B in the same period last year, but far better than the net loss of $43.755B in the second quarter.
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