Overview

• Berkshire’s first‑quarter 2025 filing showed zero BYD shares, confirming a complete sale earlier this year.
• BYD acknowledged the exit on Weibo, thanked Warren Buffett and Charlie Munger, and said buying and selling are normal for investors.
• The sell‑down began in August 2022 and dropped below Hong Kong’s 5% disclosure threshold by June 2024, limiting subsequent visibility.
• BYD shares fell more than 6% in Hong Kong this week after the confirmation as the company trimmed its 2025 sales target, cut prices, slowed production, and reported its first quarterly profit decline in three years.
• Berkshire has been increasing positions in Japanese trading houses, with Mitsui at 10% or more and Mitsubishi at 10.2%, while a BYD adviser said the BYD investment delivered roughly a 20x gain.