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Shares in BYD, the Chinese electric car company part-owned by Warren Buffett, fell as much as 47 per cent during a bout of panic selling.
BYD’s Hong Kong-traded shares rebounded partially in late trading to close down 29 per cent, at HK$25.05, on Thursday. Trading volumes were very heavy, at 40 times the previous day’s 15-day moving average, according to Bloomberg data.
In a statement issued after the market closed, the company’s board said it was not aware of any reason for the sharp sell-off.
Having bought into the Shenzhen-based company at about HK$8 a share, Mr Buffett’s Berkshire Hathaway Energy is still sitting on a sizeable paper profit. BYD’s shares peaked at HK$88 in 2009.