* CSI300 +0.2 pct; SSEC +0.1 pct; HSI: +2.4
* ChiNext falls 2.3 pct while Hong Kong's GEM jumps 2.5 pct
* China CNR and CSR both surge 37 pct as Hong Kong reopens
* Hang Seng reaches highest since May 2008
By Samuel Shen and Pete Sweeney
SHANGHAI, April 8 (Reuters) - Chinese stocks rose to another seven-year high early Wednesday in volatile trading, but the Nasdaq-style ChiNext board was down more than 4 percent from record highs at one point.
Hong Kong stocks, trading for the first time since Thursday, reaching their highest since May 2008 as they played catch-up with mainland shares, which carry a 30 percent premium.
In a sign of rising mainland interest in Hong Kong shares, a record 7.8 billion yuan ($1.26 billion) of the southbound quota was snapped up under the Shanghai-Hong Kong Stock Connect scheme.
Some liquidity is moving "as some wealthy individuals and hedge funds in China start investing in Hong Kong," said Qi Yifeng, analyst at consultancy CEBM Group Ltd in Shanghai.
"For mainland stocks, the second quarter will likely be a period of consolidation, as the market faces tighter liquidity, as well as rising pressure of profit-taking after almost uninterrupted rises recently."
The latest batch of 30 mainland initial public offerings will open subscriptions next week, which analysts say could tie up as much as 3.7 trillion yuan ($596.24 billion).
The CSI300 index rose 0.2 percent at the break and the Shanghai Composite Index 0.1 percent. The ChiNext board for high-growth start-ups lost 2.3 percent.
Hong Kong's Hang Seng index added 2.4 percent, while its China Enterprises Index jumped nearly 4 percent.
The Growth Enterprise Market in Hong Kong continued its climb, advancing 2.8 percent. The index jumped 11 percent last week on expectations mainland investors would bargain-hunt in Hong Kong.
The index measuring price differences between dual-listed companies in Shanghai and Hong Kong was around 129, compared with its March peak of 137.
Analysts say Hong Kong stocks, especially small caps, are increasingly attractive to investors, partly because regulators are broadening mainland investors' investment channels and encouraging institutions to invest in Hong Kong.
Both China CNR Corp and CSR Corp surged 37 percent in Hong Kong, and jumped to their 10 percent daily limit in Shanghai, following regulatory approval for their merger.
The firms' Hong Kong-listed shares were suspended on March 30 and resumed trading on Wednesday. Their Shanghai-listed shares resumed trading Tuesday.
China's blue chip stocks such as banks, industrial firms and machinery makers rose on signs investors are shifting money out of ChiNext, which trades at nearly 100 times companies' earnings. ($1 = 6.2046 Chinese yuan renminbi) (Editing by Richard Borsuk)