Utilize the input text as a context reference, choose the right relationship between Xero and New Zealand from the options. Options: product/material produced, manufacturer, distributed by, industry, position held, original broadcaster, owned by, founded by, distribution format, headquarters location, stock exchange, currency, parent organization, chief executive officer, director/manager, owner of, operator, member of, employer, chairperson, platform, subsidiary, legal form, publisher, developer, brand, business division, location of formation, creator.

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.

Answer: location_of_formation