SAIC Motor Corp. said that a Hong Kong-based subsidiary had acquired a nearly 1 percent stake in General Motors Co. as part of the U.S. automaker's initial public offering, reports said.
Both The Wall Street Journal and the Associated Press reported today that SAIC had issued a statement confirming the investment.
SAIC Motor HK Investment Ltd. was the affiliate of the state-run automaker that made the investment in GM, the reports said.
The company paid the $33 per share IPO price for 15.15 million shares, or about $500 million, the reports said.
GM said earlier today in a statement that it was happy with SAIC's decision to participate in the IPO.
GM pulled off the biggest initial public offering in U.S. history on Wednesday, raising $20.1 billion after pricing shares at the top of the proposed range in response to huge investor demand. GM sold 478 million common shares at $33 each, raising $15.77 billion, as well as $4.35 billion in preferred shares, more than the initially planned $4 billion.
