Shanghai Composite Index slides below 2300

The Shanghai Composite Index has slid 1.7 percent to 2,289.87 points, hitting a three-week bottom, amid concerns a new batch of initial public offerings loomed.

The benchmark index, dragged by financial and steel stocks, closed below 2,300 points for the first time since Sept 3.

The CSI300 of the leading Shanghai and Shenzhen A-share listings slid 1.91 percent to 2,378.92 points.

The Shenzhen Component Index slumped 1.88 percent to 7,895.87 points.

Financial and steel companies led the slump. China Pacific Insurance plunged 3.84 percent to 18.79 yuan. New China Life Insurance slid 3.07 percent to 23.34 yuan. Zhongyuan Special Steel tumbled 6.55 percent to 13.55 yuan. Valin Steel edged down 4.49 percent to 2.34 yuan.

Tourism companies rose against the market, as ChangBai Mountain Tourism edged up 9.97 percent to 17.31 yuan, and Nine Dragon Resort was up 4.56 percent to 4.13 yuan.