The group reduced its stake slightly from 20.04% to 19.92%, according to a Hong Kong stock exchange filing. Berkshire sold 1.33 million BYD shares for about $47 million – the group now owns 218.7 million shares, the filing showed. “This is a common trend for investors starting to take cash out of the market,” Yang Liu, president and chief investment officer of Atlantis Investment, told CNBC’s “Street Signs Asia” on Wednesday. “Maybe we’ll see more.” BYD shares fell more than 12 percent in Wednesday’s session in Hong Kong and were the worst performer on the Hang Seng Index, according to data from Refinitiv. The stock has soared more than 600% over the past 10 years. Earlier this week, the company reported strong numbers for the first half of 2022 with net profit for the period totaling 3.6 billion yuan ($521 million), tripling from a year earlier. When asked what this means for China’s electric vehicle market, Liu said Berkshire’s latest move could be “warning signs that the market may be [coming] in a great correction.” “There are too many uncertainties and I think [Buffett] she was a little nervous,” she said. “Maybe this recession ahead of us for the US economy and also weaker Chinese consumption overall is reducing investor confidence on a larger scale.”
Room for more incentives for China
Ahead of China’s upcoming National People’s Congress in October, Liu said China has room for more government stimulus and said the current package is “not enough.” Last week, China’s State Council announced a series of stimulus measures worth tens of billions of dollars as the country seeks to boost its economy, which has been hit by Covid lockdowns and the property crisis. “There is room for the government to help the economy and boost confidence,” the fund manager said. He said people would be looking for data on the government’s growth outlook “to see what happens”. “It will give us a big clue [on] where China’s economy will go,” including the direction of the government’s zero-Covid policy and what measures will be taken to address low consumption, he said. “The economy needs trust to believe, now it’s all about trust,” Liu added. — CNBC’s Yun Liu contributed to this report. Correction: This story has been updated to correct the year for which BYD reported earnings.
title: “Shares Of Chinese Ev Maker Byd Fall After Warren Buffett Cut Shares Klmat” ShowToc: true date: “2022-11-20” author: “Molly Oliver”
The group reduced its stake slightly from 20.04% to 19.92%, according to a Hong Kong stock exchange filing. Berkshire sold 1.33 million BYD shares for about $47 million – the group now owns 218.7 million shares, the filing showed. “This is a common trend for investors starting to take cash out of the market,” Yang Liu, president and chief investment officer of Atlantis Investment, told CNBC’s “Street Signs Asia” on Wednesday. “Maybe we’ll see more.” BYD shares fell more than 12 percent in Wednesday’s session in Hong Kong and were the worst performer on the Hang Seng Index, according to data from Refinitiv. The stock has soared more than 600% over the past 10 years. Earlier this week, the company reported strong numbers for the first half of 2022 with net profit for the period totaling 3.6 billion yuan ($521 million), tripling from a year earlier. When asked what this means for China’s electric vehicle market, Liu said Berkshire’s latest move could be “warning signs that the market may be [coming] in a great correction.” “There are too many uncertainties and I think [Buffett] she was a little nervous,” she said. “Maybe this recession ahead of us for the US economy and also weaker Chinese consumption overall is reducing investor confidence on a larger scale.”
Room for more incentives for China
Ahead of China’s upcoming National People’s Congress in October, Liu said China has room for more government stimulus and said the current package is “not enough.” Last week, China’s State Council announced a series of stimulus measures worth tens of billions of dollars as the country seeks to boost its economy, which has been hit by Covid lockdowns and the property crisis. “There is room for the government to help the economy and boost confidence,” the fund manager said. He said people would be looking for data on the government’s growth outlook “to see what happens”. “It will give us a big clue [on] where China’s economy will go,” including the direction of the government’s zero-Covid policy and what measures will be taken to address low consumption, he said. “The economy needs trust to believe, now it’s all about trust,” Liu added. — CNBC’s Yun Liu contributed to this report. Correction: This story has been updated to correct the year for which BYD reported earnings.
title: “Shares Of Chinese Ev Maker Byd Fall After Warren Buffett Cut Shares Klmat” ShowToc: true date: “2022-11-08” author: “Bertha Nunez”
The group reduced its stake slightly from 20.04% to 19.92%, according to a Hong Kong stock exchange filing. Berkshire sold 1.33 million BYD shares for about $47 million – the group now owns 218.7 million shares, the filing showed. “This is a common trend for investors starting to take cash out of the market,” Yang Liu, president and chief investment officer of Atlantis Investment, told CNBC’s “Street Signs Asia” on Wednesday. “Maybe we’ll see more.” BYD shares fell more than 12 percent in Wednesday’s session in Hong Kong and were the worst performer on the Hang Seng Index, according to data from Refinitiv. The stock has soared more than 600% over the past 10 years. Earlier this week, the company reported strong numbers for the first half of 2022 with net profit for the period totaling 3.6 billion yuan ($521 million), tripling from a year earlier. When asked what this means for China’s electric vehicle market, Liu said Berkshire’s latest move could be “warning signs that the market may be [coming] in a great correction.” “There are too many uncertainties and I think [Buffett] she was a little nervous,” she said. “Maybe this recession ahead of us for the US economy and also weaker Chinese consumption overall is reducing investor confidence on a larger scale.”
Room for more incentives for China
Ahead of China’s upcoming National People’s Congress in October, Liu said China has room for more government stimulus and said the current package is “not enough.” Last week, China’s State Council announced a series of stimulus measures worth tens of billions of dollars as the country seeks to boost its economy, which has been hit by Covid lockdowns and the property crisis. “There is room for the government to help the economy and boost confidence,” the fund manager said. He said people would be looking for data on the government’s growth outlook “to see what happens”. “It will give us a big clue [on] where China’s economy will go,” including the direction of the government’s zero-Covid policy and what measures will be taken to address low consumption, he said. “The economy needs trust to believe, now it’s all about trust,” Liu added. — CNBC’s Yun Liu contributed to this report. Correction: This story has been updated to correct the year for which BYD reported earnings.
title: “Shares Of Chinese Ev Maker Byd Fall After Warren Buffett Cut Shares Klmat” ShowToc: true date: “2022-11-28” author: “Lydia Rudnick”
The group reduced its stake slightly from 20.04% to 19.92%, according to a Hong Kong stock exchange filing. Berkshire sold 1.33 million BYD shares for about $47 million – the group now owns 218.7 million shares, the filing showed. “This is a common trend for investors starting to take cash out of the market,” Yang Liu, president and chief investment officer of Atlantis Investment, told CNBC’s “Street Signs Asia” on Wednesday. “Maybe we’ll see more.” BYD shares fell more than 12 percent in Wednesday’s session in Hong Kong and were the worst performer on the Hang Seng Index, according to data from Refinitiv. The stock has soared more than 600% over the past 10 years. Earlier this week, the company reported strong numbers for the first half of 2022 with net profit for the period totaling 3.6 billion yuan ($521 million), tripling from a year earlier. When asked what this means for China’s electric vehicle market, Liu said Berkshire’s latest move could be “warning signs that the market may be [coming] in a great correction.” “There are too many uncertainties and I think [Buffett] she was a little nervous,” she said. “Maybe this recession ahead of us for the US economy and also weaker Chinese consumption overall is reducing investor confidence on a larger scale.”
Room for more incentives for China
Ahead of China’s upcoming National People’s Congress in October, Liu said China has room for more government stimulus and said the current package is “not enough.” Last week, China’s State Council announced a series of stimulus measures worth tens of billions of dollars as the country seeks to boost its economy, which has been hit by Covid lockdowns and the property crisis. “There is room for the government to help the economy and boost confidence,” the fund manager said. He said people would be looking for data on the government’s growth outlook “to see what happens”. “It will give us a big clue [on] where China’s economy will go,” including the direction of the government’s zero-Covid policy and what measures will be taken to address low consumption, he said. “The economy needs trust to believe, now it’s all about trust,” Liu added. — CNBC’s Yun Liu contributed to this report. Correction: This story has been updated to correct the year for which BYD reported earnings.
