Shares of Chinese electric-car maker BYD rallied 8 percent in Hong Kong trading today (Monday), finishing at an all-time closing of HK$48.60.
The buying was apparently sparked by news wire headlines quoting BYD's chairman as saying Warren Buffett "wants" or "intends" to raise Berkshire Hathaway's 10 percent stake in the company.
While it is dificult to precisely parse words when they're spoken (presumably) in Chinese and then reported in headlines and wire dispatches, it appears to me that BYD Chairman & CEO Wang Chuanfu may not have been saying anything new.
According to the Reuters story, Wang told reporters:
"MidAmerican has always intended to raise its stake in BYD because it believes BYD has good prospects in the development of renewable energy, but we are still considering (whether to sell more)."
The "always" implies MidAmerican's interest in buying more shares is not new, and the "still considering" indicates BYD won't necessarily agree to sell Buffett a bigger stake in the company.