Is ChiNext China's NASDAQ?

ChiNext just started its trading. After one day, things look quite frothy. So frothy that according to Business Week (link here) some foreign institutional investors interested in it are sitting on the sidelines for now. The real question is will ChiNext actually serve as a NASDAQ-style exchange for entrepreneurial high-tech companies. Given that the first 28 companies were hand-picked by the government to list on the new exchange, the signs are not that hopeful thus far. Indeed, one need only look across the river to Hong Kong's weak GEM exchange to realize that new exchanges alone cannot serve to create another NASDAQ when the other institutions supporting tech entrepreneurship are missing.