The growth of China's Nasdaq-style board ChiNext appears to have stalled, despite its spectacular start less than a year ago.

Since the board began trading in October last year, several of its listed companies have grown dramatically. Beijing-based software developer UltraPower alone surpassed Shanghai-listed liquor maker Kweichow Moutai as the highest-priced stock on the mainland on March 23, only five months after being listed on ChiNext. Two weeks later, UltraPower became the only share on both the Shanghai and Shenzhen exchanges to exceed 200 yuan ($29.69).

The ChiNext Index, which was set up in June, has seen active trading, with an average daily turnover of 6 billion yuan ($896 million). The total market value of ChiNext has now reached 505.9 billion yuan. The turnover rate of ChiNext is even higher than Britain's AIM or Japan's Jasdaq, two second boards which are considered successful in terms of trading volume and activity.

However, mid-year reports of ChiNext's listed companies do not appear to be bright. Statistics from the Shanghai-based Wind Info, one of China's leading providers of financial data, show that 46 companies would drop an average of 34 percent in earnings per share year-on-year, with the sharpest being 92 percent. Only eight of the 46 companies will record a year-on-year growth.

Still, companies listed on the main board in China, have performed well, with year-on-year net profit growth on a three-year high. Operating revenues of 1,933 companies reached 7.93 trillion yuan, a 42.22 percent increase year-on-year. Such statistics seem to indicate a decline for ChiNext, similar to the many Nasdaq-style growth enterprise boards outside the United States. Nasdaq's success has spawned counterparts in economic powers such as Japan and United Kingdom, and among some European and Asian countries. Japan's Jasdaq started in 1983, followed over the next few years by Sesdaq in Singapore, AIM in Britain, Kosdaq in South Korea, the Europe-oriented Esdaq, Germany's Neuer Markt and Mesdaq in Malaysia.

In spite of their promising debuts, few have achieved their expected success, with the lack of industry support cited as a key reason. Most listed companies also have low-quality assets and low trading activity.

To save ChiNext from the trend, many say China needs to attach more importance to entity factors such as innovation, mechanisms and technology enterprises.