KnockoutJS nested custom binding

HTML

<ul data-bind="nestMe: name"></ul>

JavaScript

ko.bindingHandlers.nestMe = {
    init: function(element, valueAccessor, allBindings, viewModel, bindingContext) {
    	console.log('--INIT'+element.id);
        var observable = valueAccessor() || { };

    },
    update: function(element, valueAccessor, allBindings, viewModel, bindingContext) {
    	console.log('--UPDATE'+element.id);
        var observable = valueAccessor() || { };
        var unwrapped = ko.unwrap(observable);

        element.innerHTML = '<li>'+unwrapped+'<ul data-bind="foreach: children"><li data-bind="nestMe: name" /></ul></li>';

    }
};

var rootModel = function(name, children) {
    var self = this;
    self.name = ko.observable(name);
    self.children = ko.observableArray(children);
};

var basemodel = new rootModel('test');
basemodel.children.push(new rootModel('aaa',[new rootModel('111'),new rootModel('222')]));
basemodel.children.push(new rootModel('bbb'));
basemodel.children.push(new rootModel('ccc',[new rootModel('333'),new rootModel('444')]));

ko.applyBindings(basemodel);