China Mobile, one of the country's leading telecom operators, has approved plans for a listing on the Shanghai Stock Exchange, according to the company's statement at the Hong Kong bourse Monday.

It plans to sell no more than 964.8 million shares, or 4.5 percent of its total issued shares.

Funds raised will be used on infrastructure construction of 5G networks, cloud resources and digital ecology, as well as telecom technology research and development, the statement showed.

Early in March this year, Yang Jie, chairman of China Mobile, said making a debut in the A-share market is helpful for the company's development, as most of its clients are in the Chinese mainland.

The telecom giant also noticed the various preferential policies that domestic capital market has issued, creating a favorable environment for red chip enterprises returning to the A-share market.

The financial report of China Mobile shows its revenue reached 198.4 billion yuan ($30.84 billion) in the first quarter of 2021, up 9.5 percent year-on-year.

By the end of March, mobile subscribers of the company came in at 940 million, with 5G network subscribers reaching 92.76 million, and 4G at 788 million.

Among the three Chinese telecom operators, China Unicom has already listed on the Shanghai Stock Exchange, while China Telecom also announced this March it will make its debut on the Shanghai bourse.