Investors in the electric carmaker may be feeling slightly reassured after the Hong Kong-listed firm said reports that Warren Buffett intends to cut his stake are false.
On Thursday shares in BYD, in which highly regarded investor Warren Buffett has a 10 per cent stake, fell by as much as one half without explanation. They rose to HK$28.80 in morning trading on Friday, although that is still far short of Wednesday's close of HK$35.20.
The company said in an announcement to the HK stock exchange on Friday that it had communicated with Mr Buffett's investment company Berkshire Hathaway and that "it has no present intention to reduce shareholdings in the company," citing press articles earlier this week alleging that this was so.
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