BEIJING - Turnover on China's main over-the-counter equity market hit 2.18 billion yuan ($335 million) last week after an auction trading scheme went into effect.

The National Equities Exchange and Quotation, also known as the "new third board", launched call auction trading last week to boost market liquidity.

During January 15-19, a turnover of 1.28 billion yuan were made through call auction mechanism.

Total market value stood at 4.59 trillion yuan as the number of companies on the board reached 11,607.

The board was launched in early 2013 to supplement the Shanghai and Shenzhen stock exchanges, by serving small and medium-sized enterprises.

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