SAIC eyes interest in GM's IPO
By Soo Ai Peng and David Lin |
October 16, 2010, Saturday
|
Print Edition
Print Edition
CHINA'S top auto maker SAIC Motor Corp does not rule out the possibility of investing in General Motors' initial public offering, the chairman of the Chinese firm said.
Sources told Reuters that United States-based GM is on track to move ahead with an IPO in mid-November after a recent round of meetings with sovereign wealth funds.
When asked by reporters at a conference in Shanghai yesterday about SAIC's interest in GM's IPO, SAIC Chairman Hu Maoyuan said the Shanghai-based company was undecided but would not rule out taking a stake.
"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 US will pick up as the economy recovers," Hu said.
"We are positive on GM, we believe the restructuring is good for GM. We can see it is moving to a healthy direction of development," he said.
In September, sources told Reuters that SAIC had reached out to GM to explore the prospect of taking a stake in the US auto maker. The two have a 13-year-old relationship.
"SAIC and GM have had a solid partnership all these years. Many expect SAIC to take a stake in GM when it goes public," Huatai Securities analyst Chen Liang said.
Sources told Reuters that United States-based GM is on track to move ahead with an IPO in mid-November after a recent round of meetings with sovereign wealth funds.
When asked by reporters at a conference in Shanghai yesterday about SAIC's interest in GM's IPO, SAIC Chairman Hu Maoyuan said the Shanghai-based company was undecided but would not rule out taking a stake.
"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 US will pick up as the economy recovers," Hu said.
"We are positive on GM, we believe the restructuring is good for GM. We can see it is moving to a healthy direction of development," he said.
In September, sources told Reuters that SAIC had reached out to GM to explore the prospect of taking a stake in the US auto maker. The two have a 13-year-old relationship.
"SAIC and GM have had a solid partnership all these years. Many expect SAIC to take a stake in GM when it goes public," Huatai Securities analyst Chen Liang said.
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