China’s SAIC does not rule out taking part in GM IPO

SHANGHAI (BestGrowthStock) – SAIC Motor Corp’s (600104.SS: ) Chairman Hu Maoyuan said on Friday that he does not rule out the possibility of the Chinese automaker taking part in General Motors’ (GM.UL: ) initial public offering.

“We will study and pay close attention to it, and yes, this is such a big IPO, and GM is moving to a very positive direction. I believe demand in the U.S. will pick up as the economy recovers. We are positive on GM,” Hu told reporters at a conference.

He also said that SAIC hopes its green cars will account for 20 percent of the overall Chinese market for those vehicles within five years.

(Reporting by Soo Ai Peng; Editing by Jacqueline Wong)

China’s SAIC does not rule out taking part in GM IPO