The country is close to expanding a pilot program covering the over-the-counter equities market, China Business reported on Monday.

The cities of Chongqing, Zhengzhou, Nanjing and Suzhou could be in the second batch of candidates to build its own OTC equities markets, according to the newspaper.

Beijing, Shanghai, Tianjin and Wuhan were in the first batch of pilot cities.

So far, 121 companies have seen their shares listed on the OTC markets and the number is expected to be over 1,000.

China wants to build the OTC equities market as a supplement to its stock exchanges, which have seen their total capitalization surging in recent years. The privately traded market will also provide funding channels for small and medium-sized companies not qualified for a public listing.