Four Guangdong-based companies including Tencent (5), Ping An (43), Huawei (48) and SF (90) now feature in the world's 100 most valuable brands, according to an annual ranking.
They appear in the "BrandZ Top 100" for 2018, which was released recently and is produced annually by the advertising and public relations company WPP and its market research unit, Kantar Millward Brown.
This was the first year non-US brands grew faster than US brands. Fourteen Chinese brands now appear in the Top 100 ranking compared to just one (China Mobile) in 2006.
The total value of China's Top 10 grew year-on-year by 47%, more than double that of the US brands (23%).
Eight out of the top ten are technology or tech-related brands like Tencent.
The ranking shows that Tencent has risen to fifth place ahead of Facebook (6) growing 65% in brand value to $179 billion, up three places from last year's ranking.
Tencent’s increased brand value is mainly due to the company’s comprehensive service provision including social media, mobile payment and public transport ticket booking. Wechat alone now has over one billion users worldwide.
“Tencent's brand value has benefited from China's rapid digital growth, now Internet and new technology has as been integrated into the nation’s economy, culture and people's daily lives, the global influence of Chinese brands is increasingly strong,” said Liu Shengyi, Senior Executive Vice President, Chairman of Tencent Advertising, Chairman of Group Marketing and Global Branding.
In future, Tencent will help industries achieve digital transformation and upgrades, and allow more Chinese brands to innovate.
Another technology giant, Huawei (48), penetrated the top 50, growing 22% in brand value to $24.92 billion thanks to a strong worldwide presence in the smartphone and laptop markets. According to statistics, Huawei shipped 16.6 million smartphones in Q1, the highest volume of all smartphone makers in China, furthermore the company’s market share has steadily increased by 11.7%.
The report suggests that a successful combination of technology and consumer-oriented business practice is key to enjoying considerable brand value.
Other Chinese brands on the list are Alibaba (9), China Mobile (21), ICBC (22), Moutai (34), Baidu (41), China Construction Bank (49), JD.com (59), Agricultural Bank of China (69), China Life (79), and Bank of China (84).
About the BrandZ™ Top 100 Most Valuable Global Brands Ranking
Carried out by WPP's marketing and brand consultancy Kantar Millward Brown, the BrandZ™ Top 100 Most Valuable Global Brands ranking is now in its thirteenth year. As the world's largest and most definitive brand equity platform, BrandZ reflects the brands that are integrated into today's consumer lifestyles.
It is the only brand valuation study to combine interviews with over three million consumers globally with analysis of the financial and business performance of each company (using data from Bloomberg and Kantar Worldpanel).
It combines measures of brand equity based on interviews with over three million consumers about thousands of brands, with rigorous analysis of the financial and business performance of each company.
Reported by Will
Edited by Simon