BEIJING — China's National Equities Exchange and Quotations, also known as the "new third board," said its total turnover reached 49.5 billion yuan (about $7 billion) as of Aug 9 this year.

From Aug 5 to Aug 9, turnover on the board remained flat from the previous week at 1.9 billion yuan (about $275 million).

As of Aug 9, the board had 9,507 listed firms.

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.