The Cessna 208 B, carrying 10 people, was on its maiden flight from Shanghai's Jinshan District to Zhoushan City, Zhejiang Province, when it hit the bridge around midday.
Five people died in hospital due to their injuries.
One person with serious injuries is undergoing surgery, and four others sustained injuries, which were not life threatening, state-run Xinhua quoted a doctor at Jinshan Hospital in Fudan University.
Rescuers are retrieving the wreckage from the water.
It is the first amphibian plane operator that was approved to carry passengers in east China.
Its business scope includes medical rescue, aviation exploration, air tours, private and commercial pilot training, aviation photography, air advertising and charter flight.
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