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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.5 P( s/ v/ ?, O2 a3 ^
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1 q& i' M' N4 Z: i+ H: T/ N$ ?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., W! v" e; K; j2 C6 O: \

/ M3 R( T( ~9 _3 V- L' ^6 O; t"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.; w* _3 {4 q0 ]5 ?
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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., Y* X, ]6 F6 t6 R
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"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?"0 }* D4 m3 Q2 M& d( q' F

4 r$ ~% r0 }- Q* iAccording to Forbes magazine Gates and Buffett have net worth of 40 billion and 37 billion dollars, respectively.0 U* _4 J% r' j9 w
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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.. c& u& U# O1 K
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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.: V) f) b8 `" |- C
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Dayang Trands has 20 outlets in 11 cities across China.
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% p3 d+ U: E/ d. ]# hBuffett 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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