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.


- V3 P: B/ I3 Q8 T5 c: C) A# TShares 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.
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2 o: J) l: \/ O+ V6 n5 r"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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' g. p( \% ?' M# v7 r7 u2 wSince 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.
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5 `3 W0 d# P2 A4 [; H: J( X* ~+ q6 V  Q"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?"
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3 z2 Z# j# _0 f1 z/ O( YAccording to Forbes magazine Gates and Buffett have net worth of 40 billion and 37 billion dollars, respectively.
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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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7 V* C3 M3 P6 h" I3 y3 o! A* [) \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.
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8 d7 Z4 E0 K: uDayang Trands has 20 outlets in 11 cities across China.

8 b1 E# l$ D- E7 yBuffett is known as the "Oracle of Omaha" for his astute investment decisions. In China, he has been dubbed the "God of Stocks".