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Chinese stocks tumble amid shaky investor confidence

China stocks tumbled Nov. 27, after rising bond yields and a crackdown on shadow banking and other riskier forms of financing dented stocks last week.

The Shanghai Composite Index lost 0.94% to 3,322.23 as of market close on Nov. 27 and the CSI 300 Index fell 1.32% to 4,049.95.

The CSI 300 Index was down by 2.93% on Nov. 23, its biggest fall in percentage terms since June 13, 2016, while the Shanghai Composite Index was down by 2.26% in what was its worst day since December 2016, according to a Reuters report.

The People's Bank of China recently released draft guidelines for asset management products, tightening regulations on a business that is a key part of the country's rapidly growing shadow banking sector in a bid to reduce leverage.

China also unveiled new rules restricting micro-lending businesses.

The CSI 300 is a free-float weighted index that consists of 300 A-share stocks listed on the Shanghai or Shenzhen Stock Exchanges. China's industrial profits increased 25.1% year over year in October, down from a growth of 27.7% in September.

Meanwhile, Hong Kong's Hang Seng fell 0.60% to close at 29,686.19 and Japan's Nikkei 225 retreated 0.24% to 22,495.99.