Established in 2015, China's National Equities Exchange and Quotations (NEEQ),or 'New Third Board' as it is called, is being described as a dumping ground for Chinese garbage companies, or "zombie companies". Xinhua News Agency reported that a total of 5,129 companies with combined market capitalization of RMB2.46 trillion (US$374 billion) were listed on China' New Third Board as of the end of 2015, up 3.26 times and 4.35 times from 2014. A total of RMB121 billion (US$18.4 billion) were raised in 2015, over nine times that of 2014. Institutional and individual investor accounts grew to 22,700 and 198,600, up nearly five times and 4.5 times from the year before, respectively.But according to Chinese official media reports over half of the listed companies have not completed any trading of their shares.