BEIJING — This year's cumulative turnover of China's main over-the-counter (OTC) equity market has reached 101 billion yuan (about $15.7 billion) as of Sept 3.

The National Equities Exchange and Quotations (NEEQ), also known as the "new third board", registered a turnover of over 7.9 billion yuan in the transaction week spanning Aug 30 to Sept 3.

As of Sept 3, there were 7,299 companies on the board.

Launched in 2013, the board aims to offer small and medium-sized enterprises a new financing channel with low costs and simple listing procedures.