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

From July 22 to July 26, turnover on the board dropped by 20 percent from the previous week to 1.64 billion yuan ($240 million).

As of Friday, the board had 9,629 listed firms and a total turnover of 45.7 billion yuan this year.

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.