Berkshire Hathaway sells shares price $80.7 million in China’s BYD By Reuters

HONG KONG (Reuters) -Berkshire Hathaway, the funding firm owned by Warren Buffett, has bought 3.23 million Hong Kong-listed shares of electrical automobile maker BYD for HK$630.33 million ($80.67 million), a inventory trade submitting confirmed.

The sale lowered Berkshire Hathaway (NYSE:)’s holdings in BYD’s whole issued H-shares to fifteen.99% on Nov. 17 from 16.28%, a submitting to the Hong Kong Inventory Change confirmed on Tuesday.

The Hong Kong-listed shares of BYD fell as a lot as 2.3% to HK$174.10 on Wednesday, their lowest since Oct. 31. The mixed market worth of BYD’s inventory listed in Hong Kong and Shenzhen is $87.50 billion.

Berkshire Hathaway final bought 5.78 million Hong Kong-listed shares in BYD on Nov. 8 for HK$1.14 billion.

Individually, BYD stated on Wednesday it had raised costs for every of three electrical automobile fashions by 2,000 yuan to six,000 yuan, citing causes together with rising battery costs and the scheduled expiration of some state subsidy plans.

In a press release revealed on its official Weibo (NASDAQ:) account, BYD stated the nationwide subsidy for some electrical and hybrid-power automobiles would finish on Dec. 31. The uncooked materials worth for batteries had additionally jumped because the second half of this 12 months, it added.

($1 = 7.8188 Hong Kong {dollars})