In Hong Kong Friday, shareholders overwhelmingly approved the plan to sell up to 1.8 billion A shares.

Shenhua will use the proceeds of the sale to invest in and improve the group's coal, power and transportation sectors, acquire assets in China and overseas, and strengthen the group's working capital base, Shenhua chairman Chen Biting said Friday.

Shenhua is already listed on the Hong Kong Stock Exchange. If the Shanghai listing goes ahead, it will be the first time the group has sold shares to mainland Chinese investors.

This year China Shenhua ranked 423rd in Forbes' Top 2000 Largest Public Companies. Forty-four companies from mainland China were listed.