China Mobile's Shanghai Listing Application Approved

The China Securities Regulatory Commission on Nov 4 approved the application of China Mobile for listing on the Shanghai Stock Exchange.

The move means the world's largest telecom operator will soon return to the A-share market, and its initial public offering in Shanghai is expected to be the largest IPO of the A-share market in the past 10 years.

China Mobile said it plans to raise 56 billion yuan ($8.75 billion), and nearly 73 percent of the amount will be used to build 5G networks.