China's stocks shot up on Monday, sending the benchmark Shanghai Composite index above 2,900 points in the afternoon trading, led by strong financial and cement companies.

The Shanghai Composite Index added 2.7 percent as of 2:38 p.m. after opening 0.04 percent higher in the morning. The Shenzhen Component Index, which opened 0.21 percent higher, gained about 3.8 percent.