Shares of chinese suit makers soar on the billionaire's endorsement
Shares of chinese suit makers soar on the billionaire's endorsementThe "Oracle of Omaha" has spoken again, and this time a Chinese suit maker is reaping the rewards.
Shares in Dayang Trands soared by over 70 per cent in less than a month since Warren Buffett said he and Microsoft founder Bill Gates, two of the world's richest men, wore the company's suits.
"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 said in a video posted on the company website on August 25.
Since then, the company's shares have surged nearly 72 per cent 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, referring to Dayang's chairwoman Li Guilian.
Dayang Trands said in a statement filed with the Shanghai stock exchange that Buffett was only a client not an investor. Buffett is known as the "Oracle of Omaha" for his astute investment decisions.
