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.
9 t# w* S" [0 b1 q. p. U
5 n  M, I* L# V& r' M& ^" e
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.

, N' ~/ F2 K1 ], u8 d( N3 d% w"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.
( [% i% R+ K6 w6 w( v
; Q' @0 `; L& a/ zSince 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.
# N! c; O3 _6 L% c& K2 T0 X
6 H, [0 n. B5 S9 d"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?"
( y# o( o# M) |, t7 v
! u6 l9 y& v' L) s8 U! IAccording to Forbes magazine Gates and Buffett have net worth of 40 billion and 37 billion dollars, respectively.

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.

% m2 z5 ^" Z% y: ]* X8 mApart from that, the company "does not have any disclosable business relationship" with the US billionaire investor or his firm Berkshire Hathaway, the statement said.

; P6 F# B! k2 W) w$ JDayang Trands has 20 outlets in 11 cities across China.
8 X* J4 Y0 s5 @. @' ~4 j" y
- Q' z3 s2 {- y& j$ W8 ?Buffett is known as the "Oracle of Omaha" for his astute investment decisions. In China, he has been dubbed the "God of Stocks".