* SAIC to study GM IPO, won't rule out taking part -chairman
* GM restructuring good; moving in healthy direction -SAIC
* SAIC eyes green cars taking 20 pct of China mkt in 5 yrs (Adds background, chairman quote)
SHANGHAI, Oct 15 (Reuters) - China's top automaker SAIC Motor Corp's (600104.SS) does not rule out the possibility of participating in General Motors' [GM.UL] initial public offering, its chairman said on Friday.
Sources told Reuters in September that SAIC Motor Corp reached out to General Motors to explore the prospect of taking a stake in the U.S. automaker. [ID:nN17205524]
The contact between state-backed SAIC -- which has a 13-year relationship with GM -- and GM has been informal and SAIC has expressed an interest in acquiring a "single digit" share in GM, sources said.
"We are positive on GM we believe the restructuring is very good for GM. We can see that it is moving to a healthy direction of development," SAIC's Chairman Hu Maoyuan told reporters at a conference.
"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 said.
Hu also said SAIC hopes its green cars will account for 20 percent of the overall Chinese market for those vehicles within five years.
SAIC said this week it expects net profit for the first nine months of the year to grow by at least 140 percent from a year earlier on strong vehicle demand.
The firm, which runs vehicle manufacturing ventures with General Motors and Volkswagen (VOWG.DE), sold 324,831 vehicles last month, it said in a statement to the Shanghai Stock Exchange on Monday.
China, which overtook the United States as the world's biggest auto market last year, has been a major bright spot as the global industry struggles to recover from a steep downturn.
But the market has been slowing since May as Beijing has taken measures to keep the economy from overheating.
