Four Israeli patents were auctioned during the China-Israel Innovation and Investment Summit in Zhuhai, Guangdong province, earlier this month.
In China, it was the first auction of patents designed for an Israeli university, organizers said.
One of the patents from Tel Aviv University - a method and system to test neuropathy - was secured by Kingdonn, a Chongqing-based intellectual property service group, at the price of 330,000 yuan ($48,570).
The other three were related to drug testing, monitoring and warning signs for the elderly suffering falls, and pharmaceuticals.
"It is our first time to participate in an international auction of patents and we are excited to reach a deal," Huang Wenli, an executive of the patent agency at Kingdonn, told China Intellectual Property News.
Recent years have witnessed a growing number of patent auctions in China.
At an online auction of patents in March, the Chinese Academy of Sciences in cooperation with e-commerce giant Alibaba presented more than 1,110 patents covering a variety of sectors, such as medical services and education.
Such an auction on the internet, as a new exploration of IP operation modes, can add a path to commercialization and industrialization of IP assets, Li said.
Source：China Daily