---
endpoint: analytics
pattern: Autos
status: done
latency_ms: 164600
conversation_id: 9d216191-bfac-4980-818e-7d63a1745afc
citations: 7
created: 2026-05-31 18:57:10Z
---

# Who are the key shareholders of BYD?

# Key Shareholders of BYD Company Limited (HK:1211 / SZ:002594)

BYD's shareholder base is anchored by a tight founder-cousin group (Wang Chuanfu, Lv Xiang-yang, Xia Zuo-quan) holding the controlling A-share block, with HKSCC Nominees as the largest H-share custodian and BlackRock as the only declared substantial H-share holder. Berkshire Hathaway Energy (Warren Buffett's vehicle) remains a residual holder after multiple sell-downs from its original 2008 stake.

Numbers below reflect BYD's 30 June 2025 share base (3,039,065,855 shares: 1,811.3m A-shares + 1,227.8m H-shares) prior to the bonus/capitalization issue that took effect 29 July 2025 [2]. Percentages remain proportional post-bonus issue.

## 1. Controlling Shareholder / Founder Bloc (A-share)

| Holder | Role | A-shares held | % of A-share class | % of total share capital |
|---|---|---|---|---|
| **Wang Chuanfu (王传福)** | Chairman, President, Founder, "Actual Controller" | 513,623,850 | 28.36% | **16.90%** [2] |
| **Lv Xiang-yang (吕向阳)** | Non-Executive Director, cousin of Wang | 394,378,222 | 21.77% | **12.98%** [2] |
| **Xia Zuo-quan (夏佐全)** | Non-Executive Director, co-founder | 82,635,607 | 4.56% | **2.72%** [2] |

- **Wang Chuanfu** is designated as the **sole "actual controller"** of BYD; the 2025 annual report confirms his direct/indirect stake at **17.06%** with no change during the reporting period [8].
- **Lv Xiang-yang** is Wang's cousin; of his 394.4m A-shares, 239.2m are held personally and **155.1m are held via Youngy Investment Holding Group Co., Ltd. (融捷投资控股集团)**, which Lv and his spouse Zhang Changhong own 89.5% / 10.5% respectively [3].

## 2. Substantial Shareholders Disclosed Under HK SFO (>5%)

### A-shares
| Holder | A-shares | % of A-share class | % of total share capital |
|---|---|---|---|
| **Youngy Investment Holding Group (融捷投资)** — controlled by director Lv Xiang-yang | 155,149,602 | 8.57% | **5.11%** [4] |

Youngy is the only non-director entity disclosed as a substantial A-share holder under HK SFO Part XV [4].

### H-shares
| Holder | H-shares | % of H-share class | % of total share capital |
|---|---|---|---|
| **BlackRock, Inc.** (through controlled corporations; includes 1.23m derivative longs) | 229,584,635 (L) / 1,259,505 (S) | 6.23% (L) | **2.51% (L)** [5] |

BlackRock is currently the **only declared substantial H-share holder** as of 30 June 2025 [5].

## 3. Top 10 Registered Shareholders (per 2024 Annual Report, 24-Mar-2025)

| # | Holder | Type | % of total |
|---|---|---|---|
| 1 | **HKSCC Nominees Limited** (H-share custodian aggregate) | Foreign legal entity | **37.72%** [6] |
| 2 | **Wang Chuanfu** | Domestic individual | 17.65% [6] |
| 3 | **Lv Xiang-yang** | Domestic individual | 8.22% [6] |
| 4 | **Youngy Investment Holding Group** | Domestic non-state corporate | 5.33% [6] |
| 5 | **HK Central Clearing (Northbound)** | Foreign legal entity | 3.30% [6] |
| 6 | **Xia Zuo-quan** | Domestic individual | 2.84% [6] |
| 7 | **Wang Nianqiang** | Domestic individual | 0.63% [6] |
| 8 | **ICBC – Huatai-PineBridge CSI 300 ETF** | Mutual fund | 0.54% [6] |
| 9 | **Central Huijin Asset Management** | State-owned | 0.41% [6] |
| 10 | **National Social Security Fund Combination 4-4** | State-owned | 0.38% [6] |

Notes:
- HKSCC Nominees' 37.72% block **includes** Warren Buffett's residual interest — Western Capital Group LLC (100% owned by Berkshire Hathaway Energy, formerly MidAmerican Energy Holdings) held **54,200,142 H-shares (≈1.86% of total share capital) as of 16 July 2024**, down from the original 225m H-shares subscribed in 2008/2009 at HK$8.00 per share [7].
- HKSCC Nominees' block also includes shares parked there by Wang Chuanfu (1.0m H) and Xia Zuo-quan/Sign Investments (0.5m H) [7].

## 4. Free Float / Foreign Holding (CLSA estimates, 25-Jun-2025)

CLSA Research note "BYD (Destocking initiated)" published 25 June 2025 estimates [1]:
- **Free float**: ~74.5%
- **Foreign shareholding**: ~30.0%
- **Major shareholder noted**: Wang Chuanfu at **16.9%**
- Shares in issue: 3,039.1m / Market cap: US$149.1bn

## 5. Key Takeaways

- **Concentrated founder control**: The Wang–Lv–Xia bloc plus Youngy Investment together hold **>32% of total share capital** at the A-share level — well above the controlling threshold for board governance purposes. Wang alone is the legally designated "actual controller" [8].
- **Cousin relationship**: Wang Chuanfu and Lv Xiang-yang are first cousins; together with Youngy Investment they constitute a tightly held insider bloc [3][6].
- **Buffett unwind**: Berkshire Hathaway's stake, once ~10% of H-shares (225m H at IPO of stake in 2008), has been trimmed to ~1.86% of total shares as of mid-2024 — no longer a top-disclosure shareholder under HK SFO [7].
- **Index/passive presence**: BlackRock is the only declared >5% H-share holder (largely via index/ETF vehicles) [5]. Central Huijin and the National Social Security Fund both appear in the top 10 but at sub-1% [6].
- **Recent capital raise**: BYD completed an H-share accelerated bookbuild in March 2025 raising US$5.6bn (HK$43.5bn gross) — the largest ever in the global auto industry — placed to ≥6 independent professional/sovereign/Middle East institutional investors, further diversifying the H-share register.

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**Sources**
[1] BYD (Destocking initiated) — CLSA (25 Jun 2025) — 607962811LinqAlpha.PDF
[2] BYD Company Limited — 2025 Interim Report (Directors', Supervisors' and Chief Executives' Interests table, as at 30 Jun 2025)
[3] BYD Company Limited — 2025 Interim Report (Notes to Directors' Interests; Lv / Youngy Investment ownership structure)
[4] BYD Company Limited — 2025 Interim Report (Shareholders with Notifiable Interests — A-shares, Youngy Investment)
[5] BYD Company Limited — 2025 Interim Report (Shareholders with Notifiable Interests — H-shares, BlackRock, Inc.)
[6] BYD Company Limited — 2024 Annual Report (Top 10 Shareholders Table, as filed 24-Mar-2025)
[7] BYD Company Limited — 2024 Annual Report (Notes on Berkshire Hathaway Energy / Western Capital Group LLC holdings)
[8] BYD Company Limited — 2025 Annual Report (Actual Controller / 实际控制人 — Wang Chuanfu 17.06%)

## Citations

- [2] **BYD Company Limited - Q2 2025 - Interim report** · external
- [3] **BYD Company Limited - Q2 2025 - Interim report** · external
- [4] **BYD Company Limited - Q2 2025 - Interim report** · external
- [5] **BYD Company Limited - Q2 2025 - Interim report** · external
- [6] **BYD Company Limited annual_report 2025-03-24** · external
- [7] **BYD Company Limited annual_report 2025-03-24** · external
- [8] **比亚迪：2025年年度报告** · external

