Buffett trims stake in HK-listed EV giant BYD

Shares of leading Chinese mainland electric vehicle maker BYD closed 7.91 percent lower in Hong Kong on Wednesday after Warren Buffett's Berkshire Hathaway trimmed its stake in the company for the first time since it bought the shares in 2008.

According to a regulatory filing late Tuesday, Berkshire reduced its stake in BYD's Hong Kong-listed shares to 19.92 percent from 20.04 percent on Aug 24, cashing out HK$369 million ($47 million).

Following the news, stocks related to new energy and associated supply chain companies generally tumbled. Share prices of new energy firm Sungrow and Ganfeng Lithium lost 12.48 percent and 5.37 percent, respectively, on the Shenzhen Stock Exchange.