ChiNext stocks mostly down in third session

Twenty-three of the 28 stocks listed on the Shenzhen-based ChiNext fell, and analysts said the new board would continue to see volatility in the near-term, with profit-taking in most shares.

Among the losers, four stocks were limit down 10 percent.

"The performance of start-ups are mixed with more gainers than Monday, but the prices of many are still too high compared with their fair value," said Zhang Qi, an analyst with Haitong Securities.

More than two-thirds of the shares listed on ChiNext ended limit-down on Monday, following Friday's massive opening-day surge.

"There are good quality companies on the board. After the correction, investors will gradually find out which companies they should pour funds in," Zhang said.

Chengdu Geeya Technology Co Ltd -- which posted the biggest gains on Friday, finishing up 209.73 percent from its initial public offering (IPO) price -- fell by the daily limit to 28.35 yuan.

Anhui Anke Biotechnology (Group) Ltd, which soared nearly 200 percent from its IPO price in Friday's debut, was limit down at 46.67 yuan.

Aier Eye Hospital Group Co Ltd led the five gainers, jumping 4.56 percent to 50.70 yuan.

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