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Warren Buffett’s investment firm, Berkshire Hathaway (NYSE:BRKb) has sold 3.297 million Hong Kong-listed shares of electric vehicle maker BYD (HK:1211) for $71.35 million Reuters reported, citing a Hong Kong Stock Exchange filing.
The filing to the Hong Kong Stock Exchange showed that the sale lowered Berkshire’s holdings in BYD’s total issued H shares to 17.92% on November 1 from 18.22%.
The sell-off comes as Citi Bank set the price target on the stock at 640 Hong Kong dollars – which on Tuesday would have given an upside of a full 260%, on Friday it is an upside of 225%. Citi writes in its note that it believes BYD will increase sales of “new energy” cars by 137 percent from this year’s 1 million cars.
BYD shares have fallen 25% on the Hong Kong stock exchange so far this year.
