Under Hong Kong Stock Exchange rules, when an organization's shareholding in a Hong Kong-listed company drops to less than 5 percent, it can no longer continue to disclose its holdings.
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Category: BYD Stock
This is the second time this month that Berkshire's reduction of BYD stock has been disclosed.
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The number of shares BYD plans to buy back is about 0.05 percent of its total issued share capital and will be used for cancellation to reduce registered capital.
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BYD chairman Wang Chuanfu doubled the amount of his proposed buyback of the company's shares in the A-share market to RMB 400 million from RMB 200 million and will be used to reduce registered capital.
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The proposal is based on Wang Chuanfu's confidence in China's NEV industry and the company's prospects, as well as his recognition of BYD's value to boost investor confidence, BYD said.
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The dual-currency counter model will provide BYD shareholders and potential investors with a new trading currency option that could further enhance the liquidity of its shares, BYD said.
BYD Company Limited (1211.HK) has applied to the Hong Kong Stock Exchange (HKEX) for a dual-currency counter that would allow investors to trade its shares in RMB in addition to the Hong Kong dollar, according to a stock exchange announcement.
The move is intended to express support for the HKEX's introduction of a dual Hong Kong dollar-RMB counter model and the nationalization of the yuan, the new energy vehicle (NEV) giant said in the announcement today.
The HKEX said in December it would introduce the new dual-counter trading model starting in the first half of 2023.
Other companies listed in Hong Kong, including Baidu, Tencent, JD.com, and have also applied to the HKEX for dual currency counters.
The HKEX said last month that the dual-currency counter was introduced to further promote the internationalization of the yuan.
The dual-currency counter model will provide BYD shareholders and potential investors with a new choice of trading currency, enhancing trading convenience and flexibility while further enhancing the liquidity of its shares, BYD said.
With the launch of the dual-currency counter model, it will be possible for investors to purchase Hong Kong shares directly in RMB.
Previously, for investors participating in the Hong Kong-mainland stock connect mechanism, they had to bear the risk of exchange rate movements of RMB against Hong Kong dollar during their holding of Hong Kong stocks.
Introducing yuan pricing in the stock connect mechanism could reduce some of the exposure to exchange rate fluctuations in Hong Kong stock investments, CICC said in a research note last month.
It is also expected to allow the trading facility to attract more yuan funds, which in turn would boost trading activity and volume, CICC said.
BYD officially launches Seagull to expand its presence in China's EV market
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