Li Shufu, chairman of one of China's biggest privately owned auto manufacturers, told reporters his company was following the turmoil in the industry, and studying the restructurings, potential bankruptcies and possible mergers.

"Geely is paying close attention," Li told reporters on the sidelines of China's annual legislative session.

"If there is an opportunity we will participate" in those events, as long as it is in the interests of Geely's shareholders and the company's long-term development, he said in remarks partly read from a written statement.

A day earlier, Li told reporters that Geely did not plan to buy Volvo from troubled US automaker Ford Motor, or General Motors Corp.'s Saab brand, which is also expected to be sold.

He dismissed on Thursday a Wall Street Journal report from earlier this week saying Geely was likely to submit a bid this month to acquire Volvo from Ford.

For months, Geely has denied persistent rumours emanating from Hong Kong finance circles that a deal was close. But the Wall Street Journal cited unidentified "people familiar with the situation" as saying that a bid remained on track.

-- Dow Jones Newswires contributed to this report.

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