ChiNext, China’s long-awaited Nasdaq-style stock exchange, opened on Friday with frenzied trading that more than doubled the prices of all 28 newly listed companies. Investors piled into the fledging market in the hope that its technology and innovation-driven start-ups would become future heavyweights. But some experts were sceptical. “There’s a lot of belief that somehow the next Microsoft is lurking in there, which you’d be a fool to believe,” said Fraser Howie, author of Privatizing China: Inside China’s Stock Markets. One of the most popular stocks was Huayi Brothers Media, the movie maker famed for putting kung fu stars Jet...