BEIJING — A total of 31 small and medium-sized enterprises (SMEs) went on China's New Third Board last week, new data showed.

The newcomers brought the number of companies listed on the National Equities Exchange and Quotation (NEEQ) to 11,240.

Turnover on the board stood at 5.18 billion yuan (about $754 million) last week, up 12.65 percent from the previous week.

NEEQ, also known as the "New Third Board," was officially launched in early 2013 to supplement the Shanghai and Shenzhen stock exchanges in serving SMEs.

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