Huawei Technologies, the world’s largest telecom equipment supplier, is the most authentic brand in China, according to a report by New York-based communications agency Cohn&Wolfe.

The privately held maker of networking systems and smartphones climbed from fourth last year to unseat the Bank of China (BOC) at the top of the China rankings in Cohn&Wolfe’s fifth Authentic Brands Study, an annual consumer survey in 15 markets around the world on the role of authenticity in business. It marks a big leap for Shenzhen-based Huawei in terms of raising the domestic and global awareness for its brand.

It recently placed 49th in this year’s BrandZ study of the most valuable global brands, an annual survey conducted by British multinational advertising company WPP and market research firm Kantar Millward Brown. Matt Stafford, Asia-Pacific President at Cohn&Wolfe, said that the company’s own study showed “consumers value authenticity and will reward brands that work on being reliable, respectful and real – the three main drivers of brand authenticity”. In China, 68% of consumers indicated higher purchase intent with brands they perceive to be authentic. The global average is 62%, according to Cohn&Wolfe.

It said consumers in Asian countries displayed the most positive sentiments towards brand authenticity, with 43% of consumers in China and 37% in India perceiving brands to be “open and honest”, compared to a global average of 22%.

Huawei, which recorded CNY521.6 billion in revenue last year, is best known to consumers through its range of smartphones, led by its flagship Mate and popular Honor models. The company recently captured the second spot for global smartphone shipments for the first time in June and July, moving ahead of Apple, according to Counterpoint.

The other companies that made it to the top 10 most authentic brands in China were personal computer maker HP, Bank of China, Intel, Haier, Visa, Tong Ren Tang, Siemens, Lenovo Group and Gree Electric. The Cohn&Wolfe survey’s global top 10 consist of Amazon.com, Apple, Microsoft, Google, PayPal, Adidas, Intel, Lego, BMW and HP, the South China Morning Post reports.