Refer to the input text as context and select the correct relationship between 'Xero' and 'New Zealand' from the available options.
Options: owner of, industry, legal form, location of formation

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