General Motors Pulls Off Biggest IPO in US History

This is a transcript of top stories presented by China's CCTV Business Channel as produced by CNBC Asia Pacific.

A big hello to our viewers across China.

I'm Saijal Patel from CNBC and you're watching "Asia Market Daily".

General Motors has made history pulling off the biggest IPO in U.S. history.

The listing will see the U.S. government slash its stake in the firm, from 61 percent, to about 33 percent.

But what will the $20 billion-plus listing mean for the U.S. auto sector?

Analysts say Wall Street's change of sentiment points to renewed confidence in the industry.

U.S. President Barack Obama says it "marks a major milestone" - not just for the iconic firm, but for "the entire American auto industry".

Peter Bible - who worked at GM for a decade, including as Chief Accounting Officer - is cautiously optimistic.

(SOT) Peter Bible, Partner-In-Charge, Public Companies Division:

“I think this is exciting news, I think this is great news for South East Michigan. Great news for GM people and those reliant on GM like the unions and dealers and suppliers. And I think it's great news, and hopefully great news for the U.S. tax payers. So I think there's a lot of energy around this IPO and I think it's all positive. What's important to note is there are three communities that rely very heavily on the autos, and that's the unions, the suppliers and the dealer network.”

But Bible says it might not be a smooth ride ahead for the auto giant.

He believes GM's success hinges on whether consumers like its new cars, as well as the firm's ability to control costs.

(SOT) Peter Bible, Partner-In-Charge, Public Companies Division:

“If you look at the fundamentals of GM, the bankruptcy did a great deal to fix the balance sheet and cost structure of GM. GM's got two big issues in my mind and I refer to myself as cautiously optimistic. But I think one is market acceptance of their vehicles, and two is the cost structure.”

Those issues aside though, Bible is confident General Motors has a strong team at the helm to steer the manufacturer in the right direction.

(SOT) Peter Bible, Partner-In-Charge, Public Companies Division:

“The current management that's in there I think is very, very good. I think a lot of it is developing the right relationships with the UAW and making them partners in the company going forward. Using the word 'partners' with labor unions is not done very often but I think there's a real way forward for both of them.”

That's the latest “Asia Market Daily”

I'm Saijal Patel from CNBC, have a great night.

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