Stocks in Asia were lower on Monday, as shares on a new Nasdaq-style technology board on the Shanghai Stock Exchange skyrocketed on their debut day.

In mainland China, the Shanghai composite slipped 1.27% on the day to 2,886.97, while the Shenzhen composite shed 1.785% to close at 1,532.43.

The STAR market started trading in Shanghai on Monday, as shares of the first batch of 25 companies surged following a massive oversubscription prior to their public debut.

Over in Hong Kong, the Hang Seng index slipped 1.2%, as of its final hour of trading.

The Nikkei 225 in Japan declined 0.23% to close at 21,416.79, with shares of convenience store chain Familymart dropping 3.11%. The Topix index also fell 0.49% to end its trading day at 1,556.37.

Shares of Asahi Group Holdings plunged 8.87% after the company announced it will issue up to 200 billion yen (approx. $1.85 billion) of shares to fund its planned purchase of Anheuser Busch InBev's Australian operations.

Japanese Prime Minister Shinzo Abe's ruling coalition won a majority in the country's upper house of Parliament in elections on Sunday. That came as Japan remains embroiled in a trade dispute with South Korea.

"I hope with the election out of the way, Abe feels the pressure is off him to take a hard line," Richard Martin, managing director at IMA Asia, told CNBC's "Squawk Box" on Monday.

"There is scope to come back to the table and renegotiate," Martin said. "Without that election pressure on him, i hope he can do it."

South Korea's Kospi finished its trading day fractionally lower at 2,093.34 as shares of Hyundai Motor fell 1.12%. Over in Australia, the S&P/ASX 200 declined 0.14% to close at 6,691.20.

Overall, the MSCI Asia ex-Japan index slipped 0.52%.