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.

) e* S3 [2 X2 `, P6 \5 x, ?
! P1 f/ v6 \& [+ t  EShares 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.

5 f5 c5 u9 O  w# Y/ f$ l, ?8 V* ^"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.

3 Y' q3 T% d8 I; R. vSince 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.

% d' r4 R- L9 l0 n; r2 \, q7 W" i"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.
2 e: F) e5 E' J( N+ N: V
* p4 A% k8 [- V2 }; c, V, p"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?"
5 f7 c6 ^- [3 c% H2 `' K8 `5 E$ Z
2 W7 c+ Y* S" G; nAccording to Forbes magazine Gates and Buffett have net worth of 40 billion and 37 billion dollars, respectively.
7 [* I( L) g% G" j7 V4 a1 Q
+ q2 d" S/ S1 I. Z6 dDayang 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.
+ A0 L! q2 R0 x$ y3 c
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.
8 B$ n  Z9 g+ U' Q: D, I: |/ [
. W2 `# @# u" {Dayang Trands has 20 outlets in 11 cities across China.
3 v1 Z) P4 }7 s( M$ y7 D' F
. E' s) m" H# M8 l4 U* tBuffett is known as the "Oracle of Omaha" for his astute investment decisions. In China, he has been dubbed the "God of Stocks".