China's new third board NEEQ, raises 491b yuanBusiness | 28 Oct 2019 10:53 am
China's National Equities Exchange and Quotations (NEEQ), also known as the "new third board," has raised 491.139 billion yuan since its establishment in 2013, Xinhua reports.
A total of 6,388 firms listed on the board made 10,516 stocks issuances by the end of September, data from the NEEQ showed.
A number of small and medium-sized enterprises, as well as private enterprises, were financed via the new third board, according to the NEEQ. A total of 1,498 companies listed on the board received financing, and many firms obtained support from the capital market during the R&D stage.
The new third board has broadened the channels for China's capital market in serving small- and medium-sized firms and the private sector, and has made positive contributions to supporting sci-tech innovation, said Xu Ming, general manager of NEEQ Co.
The NEEQ was launched in early 2013 to supplement the Shanghai and Shenzhen stock exchanges to serve small and medium-sized enterprises, which functions as an easier financing channel with low costs and simpler listing procedures.