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Chinese suit maker soars on Buffett endorsement

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发表于 2009-9-18 07:54 | 显示全部楼层 |阅读模式
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The "Oracle of Omaha" has spoken again, and this time a Chinese suit maker is reaping the rewards.% l% ]& b: Y- ^) B

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# O1 C& ?1 v4 k. }1 ^% E. nShares in Dayang Trands have soared by more than 70 percent in less than a month since billionaire Warren Buffett said he and Microsoft founder Bill Gates, the world's two richest men, wore the company's suits.# c! I! T! B* m, U3 Z
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"I have to tell you that I now have nine suits all made in China. I threw away the rest of my suits," the 79-year-old Buffett said in a video posted on the website of Dayang Trands, based in the northeastern port city of Dalian.
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0 t; g' o; w( LSince the video was posted on August 25, the company's shares have surged nearly 72 percent -- from 8.55 yuan then to a close of 14.67 yuan on Thursday.6 G  |7 W5 a& F! x, Y* d' {; d

5 s; ^- W, T6 I' q- ^8 b2 _"It's been a long time since I got compliments on how I looked. But since I'm wearing Madam Li's suits, I get compliments all the time," Buffett said in the video, referring to Dayang's chairwoman Li Guilian.
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"So maybe Bill and I could start a clothing store and ... if we sold suits made by Dayang Trands, someday we might even be rich, who knows?"4 r  V  {0 R9 j( R8 k+ C
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According to Forbes magazine Gates and Buffett have net worth of 40 billion and 37 billion dollars, respectively.
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0 B! s: s3 O  n5 ^Dayang Trands said in a statement filed with the Shanghai stock exchange Wednesday that Buffett was only a client -- not an investor -- and the video was recorded to congratulate the company on its 30th anniversary.
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Apart from that, the company "does not have any disclosable business relationship" with the US billionaire investor or his firm Berkshire Hathaway, the statement said.1 i) u# z5 h8 Y" q
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Dayang Trands has 20 outlets in 11 cities across China.( G- p) k* h& U" H$ m) ?1 ^" q

4 o( S" W& j6 }* G0 `Buffett is known as the "Oracle of Omaha" for his astute investment decisions. In China, he has been dubbed the "God of Stocks".
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