Hangzhou of Zhejiang province has overtaken Beijing, Shanghai, and Guangzhou for the first time to become the top choice for entrepreneurship among China's under-30 founders, according to the Hurun China Under30s 2024 list released on Thursday.

Shenzhou rose to secure the second position, followed by Shanghai and Beijing in third place.

This year's list features 131 entrepreneurs from 37 cities, among whom males account for 79 percent and females 21 percent. The demographic shows that 95 individuals are first-generation entrepreneurs with an average age of 28.

According to Rupert Hoogewerf, chairman and chief researcher of the Hurun Report, the U30s tend to favor potential sectors closely related to emerging technologies and high market demands.

The top three popular sectors for first-generation entrepreneurs are software and services, education and training, and consumer goods.

These young entrepreneurs see great promise in artificial intelligence, healthcare, new energy, low-altitude economy, cross-border e-commerce, and mixed reality.