China’s ‘new third board’ helps SMEs pool funds

30 March, 2020 12:00 AM printer

BEIJING: A hundred firms listed on China's National Equities Exchange and Quotations, also known as the "new third board," have issued shares since the start of this year, raising 5.1 billion yuan (718.9 million U.S. dollars).

From March 23 to 27, turnover on the board reached 1.789 billion yuan. As of Friday, the board had 8,762 listed firms, reports Xinhua.

Ucar, a Chinese chauffeured car service provider, recorded the highest weekly transaction on the board, raising 182 million yuan.

The exchange was launched in early 2013 to supplement the Shanghai and Shenzhen stock exchanges to serve small- and medium-sized enterprises.

It is seen as an easier financing channel for small businesses, with low costs and simple listing procedures.