Taobao, Tencent and Baidu dominate China’s top 10 brands
December 12, 2017 Category China News Round-up, Weekly
Technology companies and banks have the most valuable brands in China, as Alibaba’s e-commerce platform Taobao held onto the top spot from the company’s rivals, Tencent and Baidu, in the latest brand value rankings by Shanghai-based media and research firm, the Hurun Report. The top 10 brands saw their total brand value rise by nearly 40%, as the strength of new economy brands continued to grow.
Alibaba Group Holding and Tencent Holdings each had two brands among the 10 most valuable. Tencent’s WeChat was China’s fifth most valuable, and Alibaba’s Tmall, the tenth. They were joined in the top 10 list by two of the big four banks, China Construction Bank (CCB) and the Industrial and Commercial Bank of China (ICBC), and insurer Ping An Insurance (Group).
“This year, brands belonging to science and technology and lifestyle services companies saw the greatest increase in value. From this we can see the greater influence that new economy companies are having on our lives,” said Rupert Hoogewerf, Chairman of the Hurun Report. For example, China’s two largest bike-sharing companies, Ofo and Mobike, both entered the top 200 this year, with the brands worth USD640 million and USD450 million respectively, according to the report. They still have a way to go to catch up with the most valuable brands in China. The Taobao brand was worth USD68 billion, the Tencent brand USD53 billion, and the Baidu brand USD48 billion, the South China Morning Post reports.
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