Utilize the input text as a context reference, choose the right relationship between Panshi and Hangzhou 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.

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.)

Answer: headquarters_location