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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.- ~0 u% c8 _& O8 S  V

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4 ]8 i( G. s1 O0 [, V, \; ^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.
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) O5 b" }: Q# y0 q0 {  t, v. 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.- ?( A! ?" V2 o( Y+ h; U6 t
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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.
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/ T# N3 f' z6 |( O% P  C/ V5 z"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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0 [2 h& u, t7 V' {* [/ K8 N$ T"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?"" v2 H  ~) Y9 n. Z9 c
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According to Forbes magazine Gates and Buffett have net worth of 40 billion and 37 billion dollars, respectively.) D' O+ ]; E# v# w, v  ]- {
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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.. f( R- p7 v2 O9 K( n1 f

' _. L. t" G7 q6 h9 `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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Dayang Trands has 20 outlets in 11 cities across China.7 B& v8 v* u0 s7 \! s, |

# L3 h1 x# l) u- e2 p. Q5 o4 tBuffett 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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