ChiNext shares plunge after debut

Stocks traded on the ChiNext startup board in Shenzhen yesterday plunged after surging heavily on their Oct 30 debut, challenging the ability of regulators to control volatility in the new bourse.

All but three of the 28 new stocks on ChiNext declined. Twenty scrips dropped to their daily limits of 10 percent yesterday, the second day of trading.

Huayi Brothers Media Corp, backed by Alibaba Group Holding Ltd Chairman Ma Yun (Jack Ma) and famous director Feng Xiaogang, tumbled to the daily 10-percent limit, to 63.73 yuan after rallying 148 percent on Friday.