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.

) Y! B5 H+ p" X1 t2 Z% G0 M6 q
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.
/ `% {  L; a# ?* y' N
"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.

. b4 v4 R! B  @4 p- x1 ?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.

  ~9 w! U: j3 [6 O6 f"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.

"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?"
+ u- C( C! l# j6 v4 j
According to Forbes magazine Gates and Buffett have net worth of 40 billion and 37 billion dollars, respectively.

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.
6 t* o8 K% Q0 D1 {. `. j
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.
+ G# ?6 U7 q9 X
& c5 M( b- y/ d- O$ X% e! V- K' CDayang Trands has 20 outlets in 11 cities across China.
+ d7 h9 [# _/ D% X0 W. B
Buffett is known as the "Oracle of Omaha" for his astute investment decisions. In China, he has been dubbed the "God of Stocks".