Chinese shares extended the plunges of recent weeks on Friday, falling more than five percent less than an hour after markets opened.

The benchmark Shanghai Composite Index slumped 5.02 percent, or 196.36 points, to 3,716.41. The Shenzhen Composite Index, which tracks stocks on China's second exchange, dived 5.77 percent, or 127.82 points, to 2087.99.