(ATF) A record 17 Chinese companies have made it into the 2020 BrandZ Top 100 Most Valuable Global Brands Ranking, compared with 15 last year, according to BrandZ, a global brand equity platform.
Chinese e-commerce giant Alibaba led Chinese firms in the ranking, rising to sixth place, up one spot from last year with a value of $152.5 billion.
Tech giant Tencent ranked second among Chinese companies, with its brand value surging 15% to $152bn.
China's leading liquor maker Kweichow Moutai was the fastest-growing brand in 2020, with a growth of 58%, while internet giant Meituan and e-commerce giant JD.com also increased their brand value.
Bolstered by innovation and creativity, Chinese popular video-sharing app TikTok, known as Douyin in China, entered the list for the first time and was placed at 79th, the highest-rank among other newcomers.
The ranking is commissioned by global communication services provider WPP and conducted by brand equity research consultancy Kantar. It examines market data from Bloomberg with consumer insights from over 3.8 million consumers, covering more than 17,500 brands across 51 markets.
The Geely Automobile Holdings said it’s board has approved the proposed sale of yuan-denominated shares on the STAR Market.
The China Insurance Regulatory Commission has approved Shanghai Pudong Development Bank’s plan to issue as much as 80 billion yuan ($11.2bn) of tier-two capital bonds.
Minsheng Bank announced on Tuesday that executive director Gao Yingxin has been elected as the chairman of the company.