Shanghai Stock Exchange has approved an application by Shenzhen Expressway (HKG:0548, SHA:600548) and its parent Shenzhen International (HKG:0152) to issue up to 654.2 million new A-shares to specific targets.

The shares represent 30% of Shenzhen Expressway's share capital.

Shenzhen Expressway expects to raise 6.5 billion yuan from the share sale, according to an earlier filing.

Shenzhen International subsidiary XTC will subscribe for up to 1.51 billion yuan of the shares.