SAIC planning to buy GM IPO shares

The Shanghai Automotive Industry Corporation is planning to purchase shares in the upcoming General Motors IPO.

GM’s prospectus was posted November 3rd, and SAIC executives have been analyzing it. It’s unknown how much the company will invest when the IPO kicks off November 18th, but they’ve got $5.7 billion in cash and cash equivalents to play around with. SAIC president Chen Hong is visiting the US to negotiate the deal.

Source: Trading Markets via TTAC

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