BYD says Mr Wang's reduction is to help Buffett buy shares

May 13, the sale of about 11.2 million shares of BYD (01211), the mysterious figure was confirmed BYD chairman Wang.　　The placement was his first reduction of shares in the company. According to the HKEx, BYD chairman Wang, on May 13, reduced the 11.18 million shares of BYD's H shares, averaging 25 yuan per share, with a discount of about 10% on the closing price of the day, which is now 280 million yuan. So far, Mr Wang's holdings of BYD's H shares have fallen from 1.97% to 0%.　　But Mr Wang still holds 570 million shares in BYD, accounting for 27.8% of total equity. BYD responded that the reduction was mainly at the request of domestic regulatory authorities. As a result of the regulatory process, Mr Wang's selling of H shares helped regulators to pass Buffett's deal as soon as possible. At the moment, BYD is still awaiting approval from the mainland government to offer 225 million shares to Warren Buffett's US-China energy. According to BYD, Mr Wang's holdings are now absorbed by BYD's existing foreign institutional investors and have pledged to hold them for a long time.