A list released by Brand Alliance revealed that tech giant Huawei has become China’s most valuable brand, worth some 815.1 billion yuan ($117 billion). The total value of the top 20 Chinese brands reached 6.12 trillion yuan.
The report, seen by the China Daily, puts internet services company Tencent Holdings in second place, valued at 746 billion yuan ($107.13 billion). It is followed by Alibaba (671.64 billion yuan or $96.4 billion), Industrial and Commercial Bank of China (588.15 billion yuan or $84.4 billion) and China Mobile (430.28 billion yuan or $61.7 billion).
Pharmaceuticals and medical equipment, electronics, internet, and food and beverages represented the majority of industries among the top 500 brands in the ranking.
A total of 55 brands came from the pharmaceutical and medical equipment sector as demand for masks, respirators, nucleic acid tests and vaccines has increased amid the coronavirus pandemic, driving up the brand value of the entire industry.
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The list also revealed that 43 electronics brands entered the top 500 ranking, with Xiaomi (85.97 billion yuan or $12.3 billion) becoming the most valuable electronic enterprise.
This year, 41 brands on the list came from the internet sector, as the pandemic has driven more consumers online. The report said that online shopping, entertainment and offices have significantly benefited as a result of Covid-19.
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