An auctioneer invites seated business delegates to bid at an auction sale organized by the management committee of Hangzhou Qiantang New Area and Hangzhou Vocational and Technical College on Dec 16. [Photo/Hangzhou.com.cn]

An auction of technological findings was held by the management committee of Hangzhou Qiantang New Area and Hangzhou Vocational and Technical College on Dec 16.

Seventeen technological findings in the fields of intelligent manufacturing, healthcare, education, new materials and agriculture were auctioned for a total of 9.59 million yuan ($1.47 million).

The event was attended by more than 300 representatives from over 10 companies in Zhejiang and other provinces.

A business delegate bids on a technological finding at the auction organized by the management committee of Hangzhou Qiantang New Area and Hangzhou Vocational and Technical College on Dec 16. [Photo/Hangzhou.com.cn]

A lithium battery pack used for a specific type of electric fork-lift was auctioned for 1.2 million yuan, more than any other item at the event.

A business delegate at the event said that it was worth attending the auction, adding that the whole process was transparent and fair.

A signing ceremony was also held to facilitate cooperation between universities and companies and accelerate the application of technological findings.

Xu Shiqing, president of Hangzhou Vocational and Technical College, said that whether the technological findings could be put into actual industrial use is of great concern to researchers' productivityand economic growth.

He said that more auctions would be held to help find real-world applications for research findings and propel local economic growth.