BEIJING - China's National Equities Exchange and Quotations, also known as the "new third board," saw the debut of five new small- and medium-sized enterprises (SMEs) in the past week.

The number of companies on the board now totals 10,583.

From Jan 21 to 25, turnover at the board stood at 1.89 billion yuan ($279 million), skyrocketing 46.67 percent from the previous week.

The system 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. In 2018, the exchange helped China's SMEs raise 60 billion yuan.