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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.7 a/ ~9 d, d4 e5 w: O- H/ p) j

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" U0 I9 j: k. JShares 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  Z9 N+ k/ b1 E

7 E8 @, ]) ~6 I. Q( 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.* D4 k2 q) B5 U' I' `) G7 J: k, @0 S
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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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3 L9 D: o3 s8 X4 [1 R, _3 v"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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. I2 _" |3 H, Q"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?"; k8 L+ f: b# K9 q# _* D0 x

" H1 g! d  x( DAccording to Forbes magazine Gates and Buffett have net worth of 40 billion and 37 billion dollars, respectively.
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$ M$ ]! v0 ]5 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.* [1 \/ {- T* S6 ?, g3 r# @/ N
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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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6 C/ f' W, W% B5 a4 PDayang Trands has 20 outlets in 11 cities across China.0 ?3 K# K+ D" H3 ~5 a1 {5 y% E

5 @" b& @( ]/ ~2 a8 \) j1 TBuffett 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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