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.
2 p& E9 |4 B$ ]- K" d
6 T( D0 b- ?, n5 X" u
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.

"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.
* Z' b- }, J4 z  O
3 ]! e! p( T/ k: Y- }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.
  J9 Z# w* z# p5 B+ A
"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.
: Y  P0 v% @  t- n- m& x
5 p+ ]# T/ a$ u* j* y& g"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?"
' D8 Q0 ]% e0 M# c" c
- _) S: X; q" e9 ^( e( L7 EAccording to Forbes magazine Gates and Buffett have net worth of 40 billion and 37 billion dollars, respectively.
/ N: F& o$ s# J0 ?1 n) t- B: L
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.

% M$ L) ^, S, Y, 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.

7 ^0 `8 p# {0 _( jDayang Trands has 20 outlets in 11 cities across China.

  y& p* G8 p1 x5 h8 \Buffett is known as the "Oracle of Omaha" for his astute investment decisions. In China, he has been dubbed the "God of Stocks".