BEIJING - China's over-the-counter market, or the New Third Board, has helped small firms raise 26.47 billion yuan ($4.07 billion) so far this year.

The number of the firms on the board reached 5,878 and their market value hit 2.64 trillion yuan as of Friday.

The New Third Board was initiated in 2006 as an experimental platform for non-listed enterprises to transfer shares.

The present system, known as the National Equities Exchange and Quotations, was officially established on Jan 16, 2013 after years of trials in cities including Shanghai, Wuhan and Tianjin.

It complements the existing main board, the SME board and the ChiNext board, being seen as an easier financing channel with low costs, simple listing procedures and a short application period for start-up firms unqualified to be listed on major exchanges.