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.
5 U" t3 I: e, k7 J& I0 \. n6 E
% E3 E8 Q' O, {& g* Q
4 u; f, f! U2 t- @Shares 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.

& R/ w$ e+ ?* C' i0 l' C3 Q+ l3 s; B"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.
- }: a+ i& K" W6 z. A
Since 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.

) f; M8 R$ R  p" D2 v$ E5 K( b, w"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.

1 J3 W4 I; E% E' {- }' \2 N"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?"

3 |) p) K+ {2 {+ [According to Forbes magazine Gates and Buffett have net worth of 40 billion and 37 billion dollars, respectively.
+ y1 u7 ]$ b1 \/ |
  K) M/ ]# b% m  ]* A: ZDayang 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.
5 |" ^1 p1 y" M. w) `$ U' h# K. [
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.
% q: H, {# a4 H- |
' G2 J; O- Q$ {: _Dayang Trands has 20 outlets in 11 cities across China.

) e/ @9 g0 w& ]" _; Y0 F( ?Buffett is known as the "Oracle of Omaha" for his astute investment decisions. In China, he has been dubbed the "God of Stocks".