Shenzhen-based tech giant Tencent is among the world’s top 10 most valuable brands, according to a report released Tuesday by global communication services provider WPP and brand consultancy Kantar Millward Brown.

Tencent, which is known for its hugely popular multi-functional app WeChat, is ranked No. 8 on the 2019 BrandZ Top 100 Most Valuable Global Brands.

The tech giant’s ranking has dropped three places compared with last year after its brand value declined 27 percent to US$130.9 billion. Tencent was ranked the most valuable Chinese brand last year in the same report.

Two other Shenzhen companies made it into the 2019 BrandZ Top 100 Most Valuable Global Brands. China Ping An is ranked No. 40 and telecom giant Huawei Technologies is in 47th place.

Alibaba, headquartered in Hangzhou, Zhejiang Province, has overtaken Tencent for the first time to become the most valuable Chinese brand this year. The e-commerce giant moved up two places to No. 7 on the list. Its brand value has grown by 16 percent year-on-year to US$131.2 billion.

Amazon, with its brand value rising by an impressive 52 percent year-on-year to US$315.5 billion, has become the world’s most valuable brand.

Technology companies have always led BrandZ’s Top 100 since its first global brand value ranking in 2006, in which Microsoft took the top spot.

Five of the top 10 on this year’s list are technology brands, including Apple in second place with a growth of 3 percent resulting in a value of US$309.5 billion, and Google in third place with a brand value of US$309 billion.

Chinese firms are making fast progress in brand value, with 16 Chinese brands now in the top 100 compared to merely one in 2006, said David Roth, CEO of The Store WPP EMEA & Asia and chairman of BrandZ.