The Tsai family, the controlling shareholders of Yue Yuen Industrial (Holdings), raised HK$373 million yesterday as investors continued to take advantage of the market upturn to raise funds. The Tsais, through investment vehicle Quicksilver Profits, sold 20 million shares at HK$18.65 each, a 6.75 per cent discount to the lunchtime close of HK$20, market sources said. The price was the lowest end of a range marketed to investors that went as high as HK$19.20 a share. The shares fell 13.33 per cent to close at HK$17.94 yesterday, 3.81 per cent below the sale price. Investment bank Morgan Stanley organised the sale. Yue Yuen is the largest global supplier of athletic and casual shoe brands such as Nike and Adidas. After the sale, the Tsai family's holding in the company fell to 59.4 per cent from 60.7 per cent. The Tsais control Yue Yuen through Pou Chen Corp. Companies and their shareholders have initiated a string of share sales as the market rallies. Last week, Shimao Property Holdings raised HK$1.93 billion while Morgan Stanley and Credit Suisse tried to sell up to half of their stakes in gas distributor China Resources Gas Group. A group of shareholders in Renhe Commercial Holdings, an operator of underground shopping malls on the mainland, reaped HK$680 million from a placement on April 3. The day before, Huabao International chairwoman Chu Lam-yiu reaped HK$1.16 billion after paring her stake in the mainland flavours and fragrances maker to 6.18 per cent from 15.3 per cent via a share placement. There have been 20 share placements so far this year raising a total of US$6.88 billion, Dealogic data shows. Much of that has come from multibillion-dollar sales from cash-starved western financial institutions selling their holdings in Chinese banks to help repair their balance sheets. 'When the market rallies and sentiment turns more positive, it's a good time for some companies if they want to do a share placement to get more cash,' First Shanghai Securities strategist Linus Yip said. 'The market has shot up too fast, so for some fund managers, they may not have accumulated enough stock in their portfolios. If a company wants to do a share placement [now], some fund managers may take this chance to buy some of it and buy it at a discount.' The Hang Seng Index has staged a stunning rally over the past month, stretching out a six-week winning streak that has seen the index soar 37.52 per cent since March 9. Investors have piled back into the market on the rebound, suggesting the rally has some staying power. Daily main-board turnover has topped HK$70 billion five times this month after doing so only once in the previous five months. Investors might have more interest in companies that could tap into the expected economic recovery across the border, Mr Yip said. Export-oriented companies could still be avoided because of their exposure to the global economy.