Shareholders are making profits aggressively by selling old shares via placement in a bid to capitalise on the recent market rally. Wong Cho-tung, chief executive and president of SIM technology, a mainland mobile phone designer, was seeking to realise as much as HK$283 million by selling 100 million SIM shares at an offer price of HK$2.77 to HK$2.83 per share, according to a sale document obtained by institutional investors. The selling price range represents an up to 5.8 per cent discount on SIM's closing price of HK$2.94 yesterday. Mr Wong's stake in the company will be reduced to about 60 per cent from 66.66 per cent. He has promised not to sell more shares in the 180 days after the placement. Morgan Stanley is the bookrunner for the offering. Meanwhile, the controlling shareholder of China Flavors and Fragrances Company plans to cash in up to HK$99 million via a placement. The shareholder was offering 18.7 million old shares at HK$5 to HK$5.30 per share as a part of a top-up share placement, while the company plans to raise as much as HK$197 million by selling 37.3 million new shares to fund future acquisitions, market sources said. The deal's sole bookrunner is Cazenove. 'The order book was well covered in a short time,' said a source close to the offering. The stock has risen almost 50 per cent since the beginning of last month and reached a new high of HK$5.84 yesterday. An ICEA report said management has plans to acquire in the second half an upstream extraction company in Shandong with annual sales of more than 120 million yuan for long-term raw materials supply and exports.