Shanghai shares were up more than three percent in early afternoon trade Tuesday, having plunged more than five percent during the morning as markets took investors on a roller-coaster ride following a fortnight of losses.

The benchmark Shanghai Composite Index surged 3.22 percent, or 130.69 points, to 4,183.72. The Shenzhen Composite Index, which tracks stocks on China's second exchange, added 2.00 percent, or 47.14 points, to 2,398.54.