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

From Oct 8 to 11, turnover on the board dropped by 41.57 percent from the previous trading week to 925.24 million yuan ($130.82 million).

As of Friday, the board had 9,219 listed firms and a total turnover of 61.2 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.