UPDATE 4-Stocks sizzle as China debuts start-ups market

* All 28 stocks double from IPO prices in intraday trading

* Film maker Geeya, Huayi outperform on celebrity appeal

* Frequent trading halts point to heavy speculation

* Huge interest creates billionaires, good for upcoming IPOs

* Large number of firms in pipeline to go public on ChiNext (Adds details on listings in paras 6-7; share price details in paras 7, 10-12; updates prices/values)

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 28 stocks during intraday trade -- a good sign for companies lining up to list on China's stock markets.

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. [ID:nSHA43023]

"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.

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:nSHA46073] [ID:nSHA239834]

Regulators are reviewing more than 100 IPO applications for ChiNext and industry officials estimate that at least 1,000 firms are preparing to float shares on the market next year.

China has 10 million small and mid-sized companies starved for loans from domestic banks, which favour big state-owned enterprises. Spurred in part by a lack of immediate access to funds at home, 22 Chinese start-ups have joined the U.S. Nasdaq Stock Market this year, bringing the total of such firms listed on the U.S. market to 116.

BILLIONAIRES

Market players had expected at least one-third of the ChiNext stocks to more than double on the first day, and while all 28 achieved that goal at some point during the session, only 36 percent managed to retain those gains to the close.

It is typical for IPOs listing in Shenzhen to double or triple on their debut because of their low capitalisation.