Refer to the input text as context and select the correct relationship between 'Panshi' and 'Hangzhou' from the available options.
Options: location of formation, stock exchange, headquarters location, owned by

Other Chinese unicorns that did not make the Top 10 cut include the following:Mobile software: Apus Group -This youngest member of the billion-dollar club, mobile software maker Apus surpassed 200 million users worldwide since a July 2014 launch in Beijing Fintech: China Rapid Finance - A leader in mobile and online lending with one of China’s largest platforms for online consumer lending marketplaces Social: Mogujie - A social shopping service specializing in women’s fashion formed by two former employees of Alibaba’s Taobao marketplace Adtech: Panshi – An adtech player from Hangzhou focusing on serving small and medium-sized enterprises eCommerce: Tujia - A popular vacation rental service often compared with AirBNB that is expanding into Asian destinations popular with Chinese tourists Fanli - An online discount provider claiming to be the largest e-commerce store pinpointing rebate-based loyalty shopping Beibei – A maternal and infant-supplies platform based in Hangzhou that offers discount clothing, shoes and toys iwjw.com – A mobile Internet-based real estate agency firm that helps young people in tier 1 cities find apartments to buy or rent (*The rankings were drawn from CBI Insights and news reports with additional research by Silicon Dragon contributor Ying-Ying Lu.)
headquarters location