Online travel company Priceline.com Inc. on Tuesday said two Chinese companies had sold 8.9 million shares of its stock, or 70 percent of the shares they owned.
The shares would be worth US$304 million if based on the closing price of US$34.16 on Tuesday.

Priceline, in a statement, said conglomerate Hutchison Whampoa Ltd. and sister property developer Cheung Kong (Holdings) held about 12.7 million shares before the sale.

Both companies, controlled by Hong Kong billionaire Li Ka-shing, will continue to have the right to appoint representatives to Priceline.com's board.

Shares of Priceline had risen to US$34.29 on Tuesday, their highest level since September 2003 when the stocks hit US$36.15.

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