A contestant introduces her project at the Sydney qualifier for the sixth Global New Material Startups Contest of Ningbo. [Photo/zjol.com.cn]

An overseas qualifier for the sixth Global New Material Startups Contest of Ningbo was held in Sydney, Australia on July 27, aiming to attract overseas talents in the new materials field.

Twelve startups participated in the qualifier. Six of them made the semifinals, which will be held in September.

According to the organizing committee, winners of the contest can obtain up to 40 million yuan ($5.76 million) in funds and other forms financial support. In addition, a startup will receive up to 10 million yuan in financial subsidies if it is listed overseas after it sets up operations in Ningbo.

The contest connected the entrepreneurs, capital and markets of two cities – Sydney and Ningbo, which are quite similar in terms of economic development, as both rely heavily on the port economy, said local authorities.

Since it began in 2014, the contest has been held six times. It has introduced 27 projects in total to the Ningbo High-Tech Zone and has facilitated about 2 billion yuan in investment and financing.