The illusion of never-ending growth at ChiNext, China's Nasdaq-like growth enterprises board, dissipated like morning fog as companies released 2010 annual and 2011 first quarter financial reports.

With almost every report, the ChiNext index slipped another notch. Altogether the index fell nearly 9.5 percent in April alone, bottoming at around 897 points at month's end.

Some 55 stocks have lost more than 30 percent of their value since the beginning of the year, and share prices for 37 percent of the listed companies have fallen below initial public offering levels.