Buffett-Backed BYD Denies its Planning to Sell Shares

Features Reuters

Chinese auto maker BYD Co Ltd <1211.HK>, invested by Warren Buffett's Berkshire Hathaway Inc., denied a news report on Friday that the company plans to sell new Hong Kong-traded shares.

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"I have checked and we don't have such a plan," Veronica Jiang, a spokeswoman for BYD based in Shenzhen, told Reuters.

Bloomberg quoted two unnamed sources on Friday as saying BYD planned to sell new shares equivalent to as much as 20% of its Hong Kong-traded stock.

BYD's shares closed down nearly 8% on Friday, lagging a 0.4% drop in the Hang Seng index .