Pacific Century CyberWorks (PCW, PCWKF) Message Board

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Technology Stocks : Pacific Century CyberWorks (PCW, PCWKF)

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To: mact who wrote (55)	12/23/1999 1:55:00 PM
From: Tom_	Read Replies (1) of 4541

PCCLF frenzy jams HK exchange... Pacific Cen CyberWorks<1186.HK> vaults to new high HONG KONG, Dec 23 (Reuters) - Tech stock leaderPacific Century CyberWorks Ltd (PCC) shares closed up 41 percent in heavy volume on Friday despite a denial to quash rumours that the company was in share swap talks with Microsoft Inc. The stock rocketed to a record high of HK$18.20 in early trade, partly fuelled by the stock's overnight surge in over-the- counter trade to close at US$2.75, or HK$21.45, brokers said. Trading in PCC shares in Hong Kong was hectic with the share ending up HK$4.55 or 41.18 percent at HK$15.60. Early gains were pared following a statement issued by the company that it was not currently in discussion with Microsoft in relation to any share exchange. "The Microsoft rumour, speculation that the company will seek a Nasdaq listing and PCC shares' sharp gains in OTC trade propelled the price upward," said Alex Wong, research manager at OSK Asia Securities. The Apple Daily newspaper on Thursday quoted market speculation that Pacific Century CyberWorks was planning a share swap with Microsoft and PCC would seek a listing on Nasdaq. PCC officials were not immediately available for comment. [Note: PCCLF has issued a press release denying it is in share-swap discussions. No mention of the Nasdaq in the release. Tom.] Brokers said the OTC trading lacked transparency, but it triggered a series of short-covering moves in the market. "Trading of PCC shares was so hectic that at one time it jammed the trading system this morning," one trader said. PCC topped the most active list with 325.9 million shares worth HK$5.06 billion changing hands. This represented more than 30 percent of the market's turnover of HK$16.59 billion for the day. Analysts said the potential of PCC, which aims to be a broadband Internet connectivity provider, was enormous on the back of its quality management team and its relationship with the Cheung Kong <0001.HK> group. PCC chairman Richard Li is the younger son of Hong Kong tycoon Li Ka-shing, chairman of Cheung Kong and Hutchison Whampoa Ltd <0013.HK>. Li Ka-shing said earlier this month that Hutchison was likely to announce plans soon to cooperate with PCC in Internet businesses. ~~~~~~~~~~ Best wishes, Tom

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