Warren Buffett’s investment company Berkshire Hathaway has sold 1.55 million BYD shares listed on the Hong Kong Exchange. The sale amounted to HK$351.8 million ($44.85 million). This is reported by Reuters.

Thus Berkshire Hathaway reduced its stake in the company to 12.9%. The fund began to reduce the position in shares BYD in August last year, then the holding first sold 1.33 million shares of the Chinese manufacturer of electric cars. By the end of 2022, Berkshire’s stake in BYD had fallen from 20.49% to 13.04%.

Berkshire’s previous sale of BYD securities took place in December. After that, Executive Vice President Stella Lee said that Warren Buffett “loves” the company and is not going to sell its shares.

“It’s perfectly fine for him to make profits and cash out. I don’t think it’s indicative of him abandoning BYD,” Lee said in an interview with Bloomberg.

Berkshire Hathaway’s investment in the Chinese automaker’s securities has provided the fund with meaningful returns, according to Bloomberg. The initial investment of $230 million is up more than 1570% as of December 2022.