Buffett's Investment in China's BYD Sends Shares Soaring
HONG KONG -- Billionaire Warren Buffett's investment in Chinese battery maker BYD has given the firm cash and credibility to pursue an ambition of making "green" cars, analysts said, helping its shares nearly double on Monday.
Shares in BYD, which began life as a maker of rechargeable batteries but now also makes mobile phones and automobiles, soared 90 percent at one stage after resuming trade following a morning suspension. They ended 42 percent higher at HK$11.90.
On Saturday, MidAmerican Energy -- a unit of investment guru Buffett's Berkshire Hathaway (BRKa.N: Quote, Profile, Research, Stock Buzz) -- agreed to buy a 10 percent stake in the company for $230 million, which investors took as an endorsement for a rapidly growing firm. [ID:nN26317503]
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