Trading opened Friday on China's long-awaited Nasdaq-style board, ChiNext, with all 28 listed small- and medium-sized firms surging in early trade.

The biggest gainer was movie production house Huayi Brothers Media Corp., up 130.93 percent from its initial public offering price of 28.58 yuan at 66.00.

The other 27 stocks were up at least 45 percent in the first few minutes of trading.

The board, based in the southern boomtown of Shenzhen, is expected to give small- and medium-sized companies access to financing and encourage private equity firms and venture capitalists to back start-ups.