Alibaba and Tencent are by far the most valuable Chinese brands, according to the latest report from BrandZ. They both registered a calculated brand value of over $100bn, with Alibaba marginally ahead. This contrasts with third-placed ICBC, at just $40.7bn.

Among the top ten, technology brands fared best, placing second (Tencent), sixth (Huawei) and eighth (Baidu). Retail and banking registered two brands in the top ten, Alibaba and JD for the former and ICBC and China Construction Bank for the latter.

Alibaba also registered the largest year-on-year increase in brand value, at 59%. This contrasts with far more modest growth for Tencent, up just 4%. Despite placing fourth in brand value, China Mobile saw a steep drop of 21% from 2018 levels.

The strong position of technology and retail brands is not surprising, given the dominance of cash-free and mobile-first consumers. Indeed, Chinese retail and e-commerce continues to lead over Western markets and Alibaba has seen greater demand domestically than internationally.