China Mobile Cleared for $8.6 Billion Shanghai Share Sale

What’s new: China Mobile Ltd. won approval to sell shares on the Shanghai bourse, becoming the third state-controlled mobile phone giant to be cleared for listing on China’s A-shares market after being kicked off U.S. exchanges.

China Mobile, the world’s largest wireless telecom operator based on number of subscribers, aims to raise 56 billion yuan ($8.6 billion) from the Shanghai secondary listing, topping rival China Telecom Corp. Ltd.’s 54.4 billion yuan fundraising in August.