The Shanghai Stock Exchange approved Air China's (HKG:0753, SHA:601111) application to issue A shares to certain investors, according to a Shanghai Stock Exchange filing on Monday.

The plan is still subject to the Chinese securities regulator's approval, the airline company said.

Shares of the company rose less than 2% on the Hong Kong bourse.

Price (HKD): $3.86, Change: $+0.060, Percent Change: +1.58%