More small businesses turn to NEEQ for financing

BEIJING - More small companies are turning to the National Equities Exchange and Quotations (NEEQ), China's start-up board, for fund-raising.

During the past week, 396 companies debuted on the NEEQ, up from 231 seen a week ago and bringing NEEQ-listed companies to 8,542.

Three companies recorded transactions worth of more than 100 million yuan (around $15 million). Donghai Securities, a small brokerage firm headquartered in the eastern city of Changzhou in Jiangsu Province, became the biggest winner with shares worth 1.1 billion yuan traded.

Total turnover climbed 6.26 percent week on week to 3.32 billion yuan from Aug 8 to 12. However, the benchmark NEEQ Component Index declined 1.16 percent to 1,148.42.

The NEEQ was launched in Beijing in late 2012 and is also known as the "new third board" that supplements the main Shanghai and Shenzhen bourses.

The Chinese government is promoting a multi-level capital market to satisfy growing financial demands from both large and small companies.