More than 80 patents and high-tech innovations were auctioned recently in Hangzhou, bringing in combined sales of more than 120 million yuan ($19.2 million). A package of five patents in the chemical sector owned by the Zhejiang University was sold for 10 million yuan, the highest price in the auction. A professor at the university said the five patents could play important roles in biomedical and magnetic research.

(Source: China Daily)