Shares in Chinese electric car maker BYD fell 12 per cent after a stake close to the size of Berkshire Hathaway’s appeared in the Hong Kong stock exchange clearing system, prompting speculation that Warren Buffett’s conglomerate might dump its holdings.
BYD shares registered with the Hong Kong stock market’s CCASS clearing system rose on Monday, according to data from the exchange, which showed that nearly all of the increase came from accounts with Citigroup.
That addition of 225mn registered shares closely matched the size of the stake in BYD’s Hong Kong stock held by Berkshire Hathaway, according to a Bloomberg estimate from December based on exchange filings.
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