China will allow small and medium-sized enterprises to sell bonds through private placements starting next month as part of measures to broaden financing channels for businesses struggling for funds.

The first batch of bonds under a trial program will be introduced in mid-June, the Shenzhen Stock Exchange said in a statement on its website.

Property and finance-related companies are barred from the trial, it said. The bonds will be sold through Shenzhen's exchange, with no more than 200 investors allowed to take part in any placement, according to the statement.