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.
' \4 L% ?. B& m. \# i) F0 q" z, Z
5 ]6 E) q) [7 Z; w4 j
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.
7 _0 J) |5 S( ~% I0 }- o
3 K1 T+ c1 M% Y3 ^"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.

# t! D6 o4 K( P0 g- mSince 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.
7 y4 g2 I+ R# h0 c# ?( ^* E
"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' [6 `3 f: ~1 {8 M5 [
"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 J# w7 ?5 E/ g4 l" L/ C
  ~/ J9 B& n, |2 O# J, S- s6 E6 sAccording to Forbes magazine Gates and Buffett have net worth of 40 billion and 37 billion dollars, respectively.
% f$ R; B- n6 O. e
+ R8 g. f/ s- _2 i3 nDayang 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.
  W' |+ d, `. r$ D# n
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.

4 M6 ~- Z0 Y5 ~0 s5 iDayang Trands has 20 outlets in 11 cities across China.

. p  k0 f& c/ h& H2 F6 F" SBuffett is known as the "Oracle of Omaha" for his astute investment decisions. In China, he has been dubbed the "God of Stocks".