Chinese shares took a nosedive by 2.93 percent to a 16-week low Monday?as the major gauge Shanghai Composite Index?slumped ?below 2,800 points, after chairman of securities regulator said over the weekend that?it is pushing forward an international board at the Shanghai Stock Exchange.

The stock nosedive?is aslo a reflection of worries about a slowdown in China's economy, which is reinforced by??China's weak May?manufacturing data released by HSBC Monday. HSBC's preliminary purchasing managers index for China fell to a 10-month low of 51.1 in May, down from April's final reading of 51.8.

The benchmark Shanghai Composite Index moved down 2.93 percent, or?83.89 points, to 2774.57.

The Shenzhen Component Index fell?3.44 percent, or 418.84 points, to 11742.19.