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.
& T6 o$ f6 ?  z  }* 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.
$ M' p0 M- j* B$ v6 C" \" m
0 J; x( h# ~& g/ a' p  o" e+ F% _9 N, J"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.
" N0 o3 G/ O/ q" p) _
5 ]/ @1 ?6 @+ S) o9 LSince 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.

"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.

- s( e# x3 ]" o; }0 e"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?"
7 i/ L" P! v4 t7 ]* z2 w5 d
/ @9 @( C$ O6 S- YAccording to Forbes magazine Gates and Buffett have net worth of 40 billion and 37 billion dollars, respectively.
3 n  ]. I1 R6 V( l! t8 A* Y
0 s& n' P+ w( O' VDayang 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.
. F9 a  F, n- j1 ~- A
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.
2 _& L3 q( \8 h  a3 g' l) G1 a; M
Dayang Trands has 20 outlets in 11 cities across China.

: s: D8 n- o  RBuffett is known as the "Oracle of Omaha" for his astute investment decisions. In China, he has been dubbed the "God of Stocks".