Looks like the Elite Chinese daytraders aren't too excited about the plunge: http://news.yahoo.com/s/ap/20070530/ap_on_bi_ge/china_markets;_ylt=As3blEDA4eOfXiBlEsbqDtbMWM0F
I wouldn't call it an "implosion" but it's worth noting that the B-share market closed down 9% last night and is 20% off from it's high set earlier this month.