College student-owned startups generate record high sales
2017-05-10 Source:Hangzhou China

The city’s human resources and social security bureau published last year’s financial statistics for startups owned by Hangzhou-based college students. The number of such startups with annual revenue of more than 1 million RMB rose by 130 last year. Total annual sales increased 116.8% YoY. Total tax paid last year rose 159.3% YoY. These numbers all set record highs.


Hangzhou had 547 college student-owned startups with annual revenue of more than CNY 1 million by the end of 2016. Specifically, the urban area has 455 such startups, compared to 377 by the end of 2015. The combined number of such startups in the seven counties and county-level cities – Xiaoshan, Yuhang, Fuyang, Lin’an, Tonglu, Jiande and Chun’an – under Hangzhou’s administration amounted to 92, compared to 40 by the end of 2015. The annual sales of the 547 startups totaled 5.4 billion RMB, 4.36 billion of which were contributed by such startups in urban Hangzhou, up 102.6% YoY. The annual sales of the 92 startups in the seven counties and county-level cities amounted to 1.04 billion, up 206.7% YoY.


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