Seven firms raise $1.19m on debut at high-tech OTC board in Shanghai

The Shanghai Equity Exchange, operator of the city's over-the-counter equity market, said that seven firms raised 7.71 million yuan ($1.19 million) on its new high-tech board, or N-board, on Monday.

The N-board, a high-tech trading platform for innovative startups, will make China's equity market multilayered and provide easier financing options for companies, said analysts. It will also provide investors with more investment channels.

Small and medium-sized enterprises which focus on high technologies, pharmaceuticals, and innovation-driven services will find the N-board a viable channel for financing, especially those backed by venture capital firms, according to Chen Yan, director of innovation at the SEE.