Analyze the relationship between 'Xero' and 'New Zealand' within the context of the input sentence.
Options: legal form, location of formation, owner of, industry

Shareholders in New Zealand company Xero made 330 per cent in 2013 and lost 50 per cent in 2014; MYOB's share price has lost 10 per cent since its float in May; 1-Page is up 780 per cent in one year.
location of formation