When asked by reporters at a conference in Shanghai about SAIC's interest in the GM IPO, Hu said the 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 U.S. will pick up as the economy recovers," Hu 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," he said.

In September, sources told Reuters that SAIC had reached out to GM to explore the prospect of taking a stake in the U.S. automaker. The two companies 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 again," said Huatai Securities analyst Chen Liang.

"An equity tie will bring the partnership to the next level and GM could possibly step up its technology

input in the joint venture," he said in a reference to Shanghai General Motors Co., SAIC's partnership with GM.

GM's initial public offering has been closely watched both because of its expected scale and because of the involvement of the U.S. government, which wants to reduce its 61 percent stake in the automaker.

The number of shares to be sold has not been set, and that will not be determined until GM files the final prospectus in early November, sources told Reuters. GM Chairman Ed Whitacre recently said the shares are expected to debut at $20 to $25 each.