The mainland’s attempt to expand the over-the-counter market through the so-called New Third Board is unlikely to satisfy small companies’ fundraising needs, say analysts, but a market-making system would help boost transactions.

The New Third Board, an equity transfer system that lets non-listed companies in four high-technology industrial zones register or list their shares, was launched in Beijing on January 16 after a seven-year trial.

The new platform is seen as a milestone for the OTC market, but analysts were sceptical about its role as a fundraising platform.