China Mobile's Shanghai listing application approved

The China Securities Regulatory Commission on Thursday 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.