Rumors Send Pacific Century CyberWorks Surging on Hang Seng
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Shares of Pacific Century Cyberworks rose 41 percent by Thursday's close on Hong Kong's Hang Seng Index following market rumors.
The increase was fueled by rumors in the Chinese-language press that PCCW had arranged an equity swap with Microsoft and was planning a Nasdaq listing. Both rumors were denied by PCCW chairman and CEO Richard Li.
More than HK$5 billion (US$650 million) worth of PCCW stocks changed hands. That's in excess of a third of total Hang Seng volume for the day.
The stock reached an intra-day high of HK$18.20 before closing at HK$15.60.
PCCW was formed seven months ago by Richard Li, the younger son of Hong Kong tycoon Li Ka-shing, chairman of Cheung Kong and Hutchison Whampoa Ltd.