Chinese suit maker soars on Buffett endorsement

sweetspot

The "Oracle of Omaha" has spoken again, and this time a Chinese suit maker is reaping the rewards.


) {& f7 ~' [1 FShares 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.
, M, G- X0 `5 L, A
"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.

7 H# j/ {* @8 y# _% TSince 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.

"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.
9 l1 v5 i, Y5 g( j  j4 q2 V
"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?"
2 G4 L6 E) w* [5 s! I0 k
According to Forbes magazine Gates and Buffett have net worth of 40 billion and 37 billion dollars, respectively.
" h( a0 n& `' O, d
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.

6 M% h4 E4 W! X7 M( u: EApart from that, the company "does not have any disclosable business relationship" with the US billionaire investor or his firm Berkshire Hathaway, the statement said.
8 F( M5 C7 ~% d) f2 B7 U
7 z( g. E% H0 iDayang Trands has 20 outlets in 11 cities across China.
6 i" j! p% N6 ^% Y9 Y! H
. I5 m+ F" p: aBuffett is known as the "Oracle of Omaha" for his astute investment decisions. In China, he has been dubbed the "God of Stocks".