- Australian tennis star Purcell provisionally suspended for doping
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- Afghan bread, the humble centrepiece of every meal
- Honda and Nissan expected to begin merger talks
- 'Draconian' Vietnam internet law heightens free speech fears
- Israeli women mobilise against ultra-Orthodox military exemptions
- Asian markets track Wall St rally as US inflation eases rate worries
- Tens of thousands protest in Serbian capital over fatal train station accident
- Trump vows to 'stop transgender lunacy' as a top priority
- 'Who's next?': Misinformation and online threats after US CEO slaying
- Only 12 trucks delivered food, water in North Gaza Governorate since October: Oxfam
- Langers edge Tiger and son Charlie in PNC Championship playoff
- Explosive batsman Jacobs gets New Zealand call-up for Sri Lanka series
- Holders PSG edge through on penalties in French Cup
- Daniels throw five TDs as Commanders down Eagles
- Atalanta fight back to take top spot in Serie A, Roma hit five
- Mancini admits regrets over leaving Italy for Saudi Arabia
- Run machine Ayub shines as Pakistan sweep South Africa
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- 'Incredible' Liverpool must stay focused: Slot
- Maresca 'absolutely happy' as title-chasing Chelsea drop points in Everton draw
- Salah happy wherever career ends after inspiring Liverpool rout
- Three and easy as Dortmund move into Bundesliga top six
- Liverpool hit Spurs for six, Man Utd embarrassed by Bournemouth
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- Ali hat-trick helps champions Ahly crush Belouizdad
- Salah stars as rampant Liverpool hit Spurs for six
- Syria's new leader says all weapons to come under 'state control'
- 'Sonic 3' zips to top of N.America box office
- Rome's Trevi Fountain reopens to limited crowds
- Mbappe strikes as Real Madrid down Sevilla
- Pope again condemns 'cruelty' of Israeli strikes on Gaza
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- Troubled Man Utd humiliated by Bournemouth
- 2 US pilots shot down over Red Sea in 'friendly fire' incident: military
- Man Utd embarrassed by Bournemouth, Chelsea held at Everton
- France awaits fourth government of the year
- Death toll in Brazil bus crash rises to 41
- Odermatt stays hot to break Swiss World Cup wins record
- Neville says Rashford's career at Man Utd nearing 'inevitable ending'
- Syria's new leader vows not to negatively interfere in Lebanon
- Germany pledges security inquest after Christmas market attack
- Putin vows 'destruction' on Ukraine after Kazan drone attack
- Understated Usyk seeks recognition among boxing legends
- France awaits appointment of new government
- Cyclone Chido death toll rises to 94 in Mozambique
- Stokes out of England's Champions Trophy squad
- Gaza rescuers say Israeli strikes kill 28
Chinese electric carmaker BYD plummets after Buffett sale
Shares in Chinese electric carmaker BYD plunged on Wednesday after its largest backer, Warren Buffett's Berkshire Hathaway, reduced its stake amid speculation of a potential exit.
Hong Kong-listed shares of the EV manufacturer fell by as much as 13 percent, a day after a regulatory filing showed Berkshire reducing its holdings from 20.04 percent to 19.92 percent.
It ended the day 7.9 percent lower, while its Shenzhen-listed stock finished 7.4 percent down.
The sale of around 1.33 million securities was valued at approximately $47 million.
Electronic carmakers in China were left scrambling after the government response to coronavirus outbreaks this year disrupted supply chains, with plants across the country suspending production for weeks.
While the Shenzhen-based firm reported strong earnings this week, rumours have swelled that the legendary American investor behind Berkshire may be looking to offload his entire stake.
Berkshire first bought 225 million BYD shares in 2008 and has been the biggest stakeholder in the company, now China's largest EV manufacturer and a major rival to Tesla.
Berkshire sold around 6.3 million shares in BYD between June 30 and August 24, Bloomberg News reported, citing filings from both companies.
BYD told Chinese media that there was "no need to over-interpret" the stake sale, adding that the company was operating normally and had no major moves to disclose.
On Monday, the Shenzhen-based company reported that net income had tripled to 3.6 billion yuan ($521 million) from a year earlier, overcoming supply chain disruptions caused by the pandemic and China's economic slowdown.
BYD said in a filing that it achieved record output and sales in the first half, with revenue jumping 66 percent year-on-year to 151 billion yuan.
The carmaker added that it was leading the domestic new energy vehicle sector with 24.7 percent market share in the first six months, citing data from the China Automobile Association.
"Investors could interpret this as the beginning of Berkshire closing its position in BYD," Bridget McCarthy, a market research analyst at hedge fund Snow Bull Capital, told Bloomberg.
"I would expect arguably one of the world's greatest investors to take some profits after over a decade, especially on his highest-returning investment, percentage-wise."
Some analysts have argued that BYD's strong fundamentals, coupled with Beijing's push to develop its domestic green energy sector, means the company still has room to grow.
"Despite the short term share price struggle, there is value to invest in the company with its solid business model in the medium to long term," Andy Wong, fund manager at LW Asset Management Advisors in Hong Kong, said.
Last month, a stake identical to the size of Berkshire's holdings was entered into Hong Kong's Central Clearing and Settlement System.
Hong Kong requires anyone who owns more than five percent of a listed company to notify the stock exchange when initiating a trade that changes the stake percentage into the next whole number.
F.Santana--PC