Shanghai shares fell more than five percent on Wednesday morning, extending a plunge of more than six percent the previous day.

The benchmark Shanghai Composite Index dropped 5.04 percent, or 188.74 points, to 3,559.42 during the morning session. The Shenzhen Composite Index, which tracks stocks on China's second exchange, dropped 5.17 percent, or 112.50 points, to 2,061.92.