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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" {7 B/ V( T! HShares 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.

$ s5 X# I6 P' ^4 {8 h) S7 v"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.

- _  B  b: H: r9 r7 D6 l! ^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.
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2 a& K3 [- `4 ^; D: C) d"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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! \! \: G- t) j- 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?"

2 H3 o& j8 `$ ^! K- C( l. l9 YAccording to Forbes magazine Gates and Buffett have net worth of 40 billion and 37 billion dollars, respectively.

; s" Y) r3 J% m7 g5 HDayang 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.
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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.
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) H' I$ C+ F- U0 [) FDayang Trands has 20 outlets in 11 cities across China.
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Buffett is known as the "Oracle of Omaha" for his astute investment decisions. In China, he has been dubbed the "God of Stocks".