Total turnover on the National Equities Exchange and Quotations (NEEQ), a market for Chinese startup companies to raise funds, plummeted in the past week.

From June 20 to 24, transaction volume on the NEEQ plunged 11.03 percent from the previous week to 2.7 billion yuan (nearly 410 million U.S. dollars).

During the week, 53 companies debuted on the market.

So far, there have been 7,639 companies listed on the NEEQ with total market value of more than 3.06 trillion yuan.

More small firms are turning to the NEEQ for financing as the government promotes a multi-level capital market to satisfy growing funding demands from both large and small companies.

The NEEQ was launched in late 2012 and is known as the "new third board." Endi

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