BEIJING, Oct. 23 (Xinhua) -- A total of 59 small and medium-sized enterprises (SMEs) were newly added to China's New Third Board, a further expansion of the country's over-the-counter market since the board was officially established in early 2013.
The number of companies listed on the board was 9,227 as of Oct. 21 and represents China's efforts to encourage the development of SMEs amid downward economic pressure.
Turnover on the New Third Board reached 4.24 billion yuan (633 million U.S. dollars) last week, according to RoyalFlush Information, a financial information service provider.
The New Third Board, or National Equities Exchange and Quotation (NEEQ) system, serves as a national share transfer system for SMEs to transfer shares and raise funds.
It was founded in 2006 as an experimental platform to facilitate financing for China's non-listed small and promising high-tech enterprises in Beijing's Zhongguancun Science Park.
The present system was officially established on Jan. 16, 2013 after trials in cities including Shanghai, Wuhan and Tianjin.
It complements the existing stock exchange, the SME board and the ChiNext board. The board is seen as an easy financing channel with low costs, simple listing procedures, and a short application period for companies not qualified for listing on the major exchanges.