Mobile and digital companies overtake banks and oilcos as China's most valuable brands
How much is your brand worth? Image: Tencent |
New data from branding agency Millward Brown, a unit of global communications giant WPP, has ranked Tencent, Alibaba and China Mobile as the three most valuable brands in the country, besting traditional rivals like ICBC, Baidu, China Construction Bank, Sinopec and PetroChina.
The research shows the value China's top 100 brands increased by 22% last year to $464bn, with Alibaba rocketing to second place with a brand value of around $60bn, just behind Tecent $66bn valuation.
Chinese majors Sinopec and PetroChina claimed the 7th and 9th spots, with respective valuations of $15.5bn and $12bn. Sinopec's brand value increased by 18% last year, according to the agency, while PetroChina's decreased 11%.
Automakers BYD and Great Wall Motors also saw their brands enter onto the top 100 list. Great Wall Motors' affordable SUV range has been popular with Chinese consumers while BYD has invested into innovative branding and marketing.