BEIJING - More small firms are turning to the market for startup companies to transfer their shares for financing as the government opens more channels to help companies raise money.

Last week, 223 enterprises debuted on the National Equities Exchange and Quotations (NEEQ). The figure more than doubled on a week-on-week basis.

The transaction volume on the NEEQ rose more than 11 percent from the previous week to 4.64 billion yuan ($710 million) although its major indices were dragged down by the bearish main board market.

As of Friday, the number of companies listed on the NEEQ amounted to 6,806, with total market capitalization near 3 trillion yuan.

The expansion of the NEEQ can be attributed to government promotion of a multi-level capital market that satisfies growing funding demand from Chinese companies. China has vowed to continue its stock market reform, encourage direct financing and guide Internet funding platforms.