An innovation and entrepreneurship contest for overseas talent has concluded in the eastern Chinese city of Hangzhou, an event aimed at welcoming innovative personnel to start their businesses there.

The eight-month contest starting in late March attracted 1,400 projects of more than 1,600 overseas participants from 28 countries and regions.

The development and mass production of the nanomachine for high-purity nanomaterials developed by Cui Jianxun, from the Paris-based IPAG Business School, won the top honor of the contest.

According to the organizing committee, the winners of the top-level prizes who choose Hangzhou to start their businesses for the industrial transformation of their works will be awarded up to 5 million yuan (about US$758,000).

Since its inauguration in 2015, the contest has pooled more than 4,000 projects. Among them, 129 projects have been set up in Hangzhou, with the total registered capital of the businesses exceeding 1 billion yuan.