China Shipping Container Lines (CSCL) says more tycoons may step aboard its initial public offering, after yesterday setting prices that value the deal at HK$10.1 billion. The company was holding discussions with Hong Kong corporate heavyweights that might include Sun Hung Kai Properties, with a view to supporting the issue, CSCL chairman Li Kelin said. 'We have settled deals with Hutchison Whampoa, Cheung Kong and Chow Tai Fook. We are finalising agreements with others,' he said. Henderson Land Development was also thought to be considering taking a stake, possibly worth HK$100 million, sources said. The 2.42 billion share offering represents 40.13 per cent of the total share capital and will be sold at between HK$3.175 and $4.175 per share, equating to a price-earnings ratio of 6.5 to 8.5 times. The public will be eligible for 5 per cent of the offering, which starts today. Pricing will be finalised next Thursday, with trading to begin on June 16. 'Hutchison is our strategic investor and we have co-operation on many fronts. We use Hutchison's ports all over the world, including the ones at Yantian [Shenzhen] and Hong Kong,' Mr Li said. Li Ka-shing's Hutchison agreed to take 9.99 per cent of the total shares offered. Cheung Kong (Holdings), another listed vehicle of Mr Li, will take 4.99 per cent. Cheng Yu-tung, who, like SHKP, has a share in Asia Container Terminals (ACT) through NWS Holdings, stumped up US$30 million through his private arm. An analyst at a Singaporean brokerage said the developer purchases were strategic moves. 'Instead of thinking of this as a good investment, it's probably a matter of propping up their client,' the analyst said. Separately, China Mengniu Dairy saw the institutional tranche of its stock offering more than five times subscribed, with the public portion - which closes at noon today - at least 50 times covered, sources close to the deal said. The company raised its price range 16 per cent to between HK$3.125 and $3.925 per share - a price-earnings ratio of 15 to 19 times forecast earnings this year. Philip Securities research director Louis Wong Wai-kit said he expected the offering to be fixed near the high end of its indicative range.