BEIJING — China's National Equities Exchange and Quotations, also known as the "new third board," saw higher turnover last week.

From Oct 14 to 18, turnover on the board rose by 42.07 percent from the previous trading week to 1.31 billion yuan (about $185.86 million).

The board had 9,205 listed firms as of Oct 18.

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.