UPDATE 3-China's Nasdaq-style market sizzles on debut

* All 28 stocks more than double from IPO prices

* Film maker Huayi most active, lifted by celebrity appeal

* Frequent trading halts point to heavy speculation

* Huge interest creates billionaires, good for upcoming IPOs (Adds quotes, detail on wealth creation in paras 3-5)

By Lu Jianxin and Edmund Klamann

SHANGHAI, Oct 30 (Reuters) - The ChiNext stock market <0#CHINEXT.SZ>, China's long-awaited Nasdaq-style second board, debuted on Friday with a speculative surge that more than doubled the price of all its 28 stocks -- a good sign for firms lining up to list on China's main stock markets. [ID:nSHA43023]

The bubbly open to a market that hopes to turn local start-up firms into budding Microsofts or Intels stirred concerns about speculative froth, but analysts said circuit-breakers would curb excesses while a steady supply of new shares would help to keep mainland stock valuations under control.

"We certainly won't build positions at such high prices," said a senior manager at a Chinese mutual fund, who could not be quoted by name as he was not authorised to talk to the media.

The huge interest has created dozens of yuan billionaires overnight among the firms' founding shareholders, while retail investors lucky enough to win an IPO subscription lottery could cash in on the debut day for up to 40,000 yuan ($6,000) -- a small fortune for China's small investors.

"I got 2,000 shares in the primary market and I've sold out," said veteran retail investor Lao Yao. "I won't buy on the secondary market. Only die-hards would trade at such high prices."

ChiNext, part of the Shenzhen Stock Exchange in booming southern China, started out with a market capitalisation more than 100 times that of China's main Shanghai Stock Exchange, which launched in 1990, and vastly deepens China's capital markets by expanding funding channels for small innovative firms. [ID:nSHA239834]

BILLIONAIRES

Market players had expected at least a third of the stocks to more than double on the first day. It is typical for IPOs listing in Shenzhen to double or triple on their debut because of their low capitalisation.

ChiNext halted trade in all 28 new stocks at least once for 30 minutes during the morning after they rose 20 percent from their opening price, triggering exchange circuit-breakers intended to curb excessive speculation.

About half the stocks were hit with a second 30-minute halt by extending their gains to 50 percent. Trading in Chengdu Geeya Technology Co (300028.SZ) was later halted until three minutes before the close after its stock shot up 80 percent.

Film maker Huayi Brothers Media Corp (300027.SZ) was the most actively traded stock, with investors drawn by the famous celebrities associated with the company.