Shares in China Telecom began public trading on the Shanghai Stock Exchange, after the company raised CNY47.1 billion ($7.2 billion) from the initial sale.

In a stock market filing the company confirmed it had raised the sum without the optional over-allotment.

The move completes a process kicked-off in the wake of China Telecom and its peers delisting shares traded in the US, following a regulatory crackdown on companies deemed to be owned or controlled by China.

China Telecom is the first of China’s three major operators to raise cash from a secondary listing following the US’ actions, though its domestic rivals also have similar plans in progress.

All three have their primary listings in Hong Kong.

Earlier this week China Mobile outlined its plan to raise CNY56 billion to fund 5G and other network investments with a listing in Shanghai, while China Unicom revealed it was mulling floating a stake in its smart internet technology unit on an undisclosed domestic exchange.