Shares in Pacific Century CyberWorks surged 41.17 per cent yesterday following reports of an equity swap with Microsoft and a planned Nasdaq listing. Both reports were later denied by the firm, Richard Li Tzar-kai's listed technology flagship. More than $5 billion worth of CyberWorks shares changed hands, accounting for more than one-third of stock market turnover. Trading was so intense that the stock exchange's system at one stage was reportedly unable to cope. CyberWorks is now Hong Kong's eighth-largest firm by market capitalisation, less than seven months after going public. Until yesterday, it was ninth largest.