BEIJING - China's Nasdaq-style ChiNext board has raised 195.9 billion yuan($30.99 billion) for the country's start-up firms by the end of 2011, according to statistics from China Securities Regulatory Commission (CSRC).

Statistics show that by the end of 2011, 281 companies were listed on the ChiNext board of Shenzhen Stock Exchange, with a combined market value of 743.4 billion yuan.

During the 2008-2010 period, ChiNext-listed companies reported a 38.4 percent year-on-year rise in profits on average. Moreover, more investors have opened ChiNext trading accounts with the institutional investors holding around one third of the market value.

The board has been very supportive of the development of high-growth companies and those in the strategically important emerging industries, according to the CSRC.

Statistics show that companies in the strategically important emerging industries, including new energy, new-type materials, environmental protection and energy conservation, information technology and bio-pharmaceutical sectors, account for 88.19 percent of all the listed companies.

The ChiNext Board, which started trading on October 30, 2009, mainly lists hi-tech companies and those with high growth potential.

By the end of 2011, 630 companies applied for ChiNext IPO and 314 companies have got the IPO approval.