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.
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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.

( B* t/ c  F* d9 N2 D( G/ }5 }4 }' i"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.
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  \+ L0 l* o! t7 p! j1 t6 nSince 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.

" k) A: L/ Y3 d# ~$ j4 K! f" Q; j7 `"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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2 `0 m: |: e' J! }, S, W) Q: R"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?"
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+ R! q; y. |; v0 ZAccording to Forbes magazine Gates and Buffett have net worth of 40 billion and 37 billion dollars, respectively.

4 ?+ ~+ ~5 u! M; SDayang 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.

2 B3 A8 o' |0 a$ Y. v% L& EApart 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.

: l" Q+ c; K! @# t/ eBuffett is known as the "Oracle of Omaha" for his astute investment decisions. In China, he has been dubbed the "God of Stocks".