BEIJING - China's small and medium-sized enterprises (SMEs) raised 5.98 billion yuan on the country's "new third board" in November, according to China's National Equities Exchange and Quotations (NEEQ) on Sunday.

It marks a growth rate of 46.6 percent from that recorded a month ago. The fund was collected from 94 stock issuances in November.

In the first 11 months, 1,267 SMEs raised 57.67 billion yuan through 1,322 stock issuances.

Weekly turnover stands at 1.61 billion yuan ($232 million), up 7.06 percent compared with a week earlier.

Founded in 2013, the NEEQ was launched to supplement the Shanghai and Shenzhen stock exchanges and is seen as a more beneficial financing channel for small businesses, with low costs and simple listing procedures.

China has worked to build a multi-level capital market that satisfies growing funding demand from all kinds of companies, no matter how big or small, with measures taken to reform the stock market and encourage direct financing.