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

From Dec 30, 2019 to Jan 3, turnover on the board dropped by 17.6 percent from the previous trading week to 2.39 billion yuan (about $343 million).

The board had 8,943 listed firms as of Jan 3.

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.