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Chinese suit maker soars on Buffett endorsement

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发表于 2009-9-18 07:54 | 显示全部楼层 |阅读模式
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The "Oracle of Omaha" has spoken again, and this time a Chinese suit maker is reaping the rewards.1 K5 y, f$ n0 T, j

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& t! @- P- {% t8 Y) P& `% QShares 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.% w4 g. L% ?% V7 c

/ |7 m7 V. M6 i) t/ @* u"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.6 v4 l9 q8 Q3 [1 ^; m2 ~

  P. U5 P4 ]% _$ P. e) rSince 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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: R, y0 }; S% E9 ?/ r$ W5 h"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.( I: s  k' b( r" {5 c7 V9 V

- n8 P- ~' ]3 @$ i9 t* 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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( G0 `% \! ^; v8 q7 c, FAccording to Forbes magazine Gates and Buffett have net worth of 40 billion and 37 billion dollars, respectively.
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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./ Z9 W' p; K+ \0 x
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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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. ]2 D# E4 M; M$ {, `Dayang Trands has 20 outlets in 11 cities across China.) i- V0 Z) Q# ]* b8 M  @

: M0 n2 H( u& }' ABuffett is known as the "Oracle of Omaha" for his astute investment decisions. In China, he has been dubbed the "God of Stocks".
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