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KIT NORTON

Warren Buffett China Stock Rallies After Billionaire Investor Cuts Holdings

Warren Buffett reduced his holdings in China EV giant BYD last week, with Berkshire Hathaway reporting late Thursday it sold 4.235 million Hong Kong-listed shares of BYD for $139 million. The Warren Buffett stock advanced Thursday.

Buffett's Berkshire Hathaway made the sale on Friday, Feb. 3. The move lowered its BYD holdings of H-shares to 11.87%, down from 12.26%, according to the Hong Kong Stock Exchange filing.

Berkshire Hathaway's decision to sell off BYD shares is the latest in a number BYD Hong Kong position reductions from Buffett dating back August 2022.

Warren Buffett Stock: BYD

BYDDF shares edged up 3% to 31.32 Thursday in market trade. On Wednesday, the Warren Buffett stock dropped 2.3% to 30.36 amid lower than average volume. Shares are testing support at the stock's 200-day moving average, according to MarketSmith charts.

BYD has rapidly grown to become a top EV competitor to Tesla in China. The China-based auto giant saw sales fall to 151,341 vehicles in January, ending a 10-month streak of growth. However, last week, China EV sales rebounded broadly. BYD had 24,280 total insurance registrations for the week, up 360% compared to a week prior.

Between Jan. 30-Feb. 5, China-EV startups Li Auto had 2,240 registrations, Nio saw 1,948 and XPeng totaled 975.

The Warren Buffett stock does not have a Composite Rating. The stock has an 78 Relative Strength Rating, an exclusive IBD Stock Checkup gauge for share-price movement. The EPS rating is 82.

Please follow Kit Norton on Twitter @KitNorton for more coverage.

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