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To: freeus who wrote (1437)	6/6/2001 10:39:00 AM
From: T L Comiskey	Read Replies (1) \| Respond to of 13815

L...One never knows...... up 18% today on this news NORWALK, Conn. (CBS.MW) -- Priceline.com's shares surged Wednesday morning, one day after two Hong Kong-based investors raised their stakes in the name-your-price online service. Hutchison Whampoa Ltd. and Cheung Kong Holdings have agreed to buy about 25 million shares of the company in exchange for two more board seats, Priceline (PCLN: news, msgs, alerts) said Tuesday. Hutchison already had one seat on Priceline's board. The companies now own 15 percent each of Priceline.com. Cheung Kong and Hutchison Whampoa are buying common shares from Priceline founder Jay Walker and his trust. Walker still owns 15 million shares. Four months ago, Cheung Kong (CHEUY: news, msgs, alerts) and Hutchison (HUWHY: news, msgs, alerts) jointly purchased 23.8 million common shares from Priceline.com and 11.3 million shares from the founder. Priceline Chairman Richard Braddock said in a statement that the Hong Kong backers' increased investment broadens the company's relationship with strategic partners that are strong in industries and technologies that would benefit future growth of the struggling service. On Wall Street, shares of Priceline climbed $1.24, or 22 percent, to $6.69 on volume of 6.1 million. U.S.-listed shares of Cheung Kong rose 40 cents to $11.35. Hutchison's stock was flat at $54.75. Hutchison boasts holdings in telecommunications, e-commerce, real estate, hotels, retail, manufacturing, ports and shipping, energy and infrastructure. Hutchison is half owned by Cheung Kong Holdings, founded by Li Ka-shing, one of world's richest men, according to Hoovers.com. Hutchison also owns 65 percent of Hutchison-Priceline Ltd., its joint venture in Asia with the name-your-own-price Web site. Priceline.com lets users bid prices for such things as airline tickets, hotel rooms, rental cars, long distance calling and others. Cheung Kong's main business is real estate development. It also has operations in ports and container terminals, retail, telecom and oil. Deborah Adamson is a reporter for CBS.MarketWatch.com in Los Angeles.