Companies listed on China's "new third board," a financing platform for small and medium-sized enterprises (SMEs), reported stable performance last year.

A total of 6,187 companies on the board have published their annual reports, accounting for about 95 percent of the total listed companies, according to the board officially called the National Equities Exchange and Quotations. They registered combined revenues of 1.49 trillion yuan (215.59 billion U.S. dollars) in 2022, and their net profits totaled 52.77 billion yuan.

Nearly 70 percent of those companies were profitable, and 346 of them logged a net profit of more than 50 million yuan.

The number of "little giant" firms on the board had increased to 689 by April 28, up by 358 from a year ago and with over 80 percent of them engaging in advanced manufacturing or modern services. The "little giant" firms represent the novel elites of SMEs that specialize in niche markets, boast cutting-edge technologies, and show great potential.

Launched in 2013, the board offers SMEs a new financing channel with low costs and simple listing procedures. In 2022, companies on the board raised 23.2 billion yuan, up 12.62 percent year on year.