BEIJING, May 9 (Xinhua) — The cumulative turnover on China’s main over-the-counter (OTC) equity market has hit 41 billion yuan ($6.36 billion) so far this year.

The National Equities Exchange and Quotation (NEEQ), also known as the “new third board”, registered a turnover of 764 million yuan during May 6-7, the first transaction week after the May Day holiday.

As of May 7, the number of companies on the board stood at 7,579.

The board was launched in early 2013 to supplement the Shanghai and Shenzhen stock exchanges, by serving small and medium-sized enterprises.

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