(Yicai Global) Jan. 28 -- China's mainland stock markets continued diving in the afternoon session while Shanghai's widest equity index recorded its biggest single-day loss since last July.

The Shanghai Composite Index finished 1.91 percent lower at 3,505.18. The Shenzhen Component Index was at 14,913.21, down 3.25 percent. The ChiNext Price Index, which tracks growth enterprises in Shenzhen, fell 3.63 percent to 3,161.86.

Most sectors plunged, but shipping, new energy and consumer electronics suffered the most. Several firms under state-owned Cosco Shipping all hit the 10 percent limit down, including Cosco Shipping Holdings [SHA:601919], Cosco Shipping Specialized Carriers [SHA:600428], and Cosco Shipping Development [SHA:601866], after Cosco Shipping Development said that it will issue new shares at a discounted price to buy assets from Cosco Shipping Investment Holdings.

Online entertainment, including game developers and TV drama producers, went strong against the declines. Hangzhou-based Shunwang Technology [SHE:300113], a cloud gaming service provider, surged 12.7 percent to CNY16.45 (USD2.50). Meanwhile, Shanghai's New Culture Media Group [SHE:300336] hit the 20 percent limit-up.

Editor: Emmi Laine