The Shanghai stock exchange Friday approved the secondary listing application of Hong Kong-listed state-owned China Railway Signal & Communication Corp. (CRSC) on its new Nasdaq-style high tech board.

The provider of railway signal and communication technology plans to raise 10.5 billion yuan ($1.5 billion), the most so far among applicants to list on the new board.

The controlling shareholder, state-owned China Railway Signal & Communication Group Co., holds a 75.14% stake in the company. After the offering, the parent group’s stake will decrease to 60.11%.

With a slowdown in China’s high-speed rail construction, the company’s revenue growth has gradually declined in recent years. Its 2018 revenue rose 15.6% to 40 billion yuan, down from 17% and 22% growth in the previous two years.

CRSC has participated in the construction of all of China’s major high-speed rail projects and more than 100 subway projects in more than 20 cities in China. The company claims a 93% market share in core equipment for high-speed rail with a running speed of more than 300 kph.

CRSC went public in Hong Kong in August 2015. Its H-shares closed Friday at HK$5.48, up 1.86% from the previous day.

As of Friday, the review panel of the new board has approved listing applications of 21 companies.