BEIJING -- The cumulative turnover of China's main over-the-counter (OTC) equity market has reached 93 billion yuan ($14.4 billion) so far this year.

The National Equities Exchange and Quotations (NEEQ), also known as the "new third board," registered a turnover of 4.2 billion yuan in the transaction week spanning Aug 23 to Aug 27.

As of Friday, there are 7,311 companies on the board.

Launched in 2013, the board aims to offer small and medium-sized enterprises a new financing channel with low costs and simple listing procedures.