BEIJING - Some 102 small and medium-sized enterprises (SMEs) were added to China's New Third Board this week, down from 156 the previous week.

The number of companies listed on the board rose to 9,736 as of Friday.

Turnover on the board reached 4.4 billion yuan (around $637 million), down 9.9 percent from a week ago.

The New Third Board, or National Equities Exchange and Quotation (NEEQ) system, is a national system for SMEs to transfer shares and raise funds.

It began in 2006 as an experimental platform for non-listed, small, high-tech enterprises in Beijing's Zhongguancun Science Park. The present system was established in January 2013.

The NEEQ complements existing stock exchanges as an easier financing channel with low costs and simple listing procedures.