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For two consecutive years, Tencent has been China’s most valuable brand. According to Millward Brown's BrandZ Global Top 100 in 2024, the tech giant’s brand value was valued at over 135 billion U.S. dollars. The alcohol manufacturer Moutai replaced Alibaba with 86 billion U.S. dollars. The former long-term champion Alibaba fell one place to third, with about 70 billion U.S. dollars.

Changes in China’s brand portfolio

The rise of Chinese brands cannot be overlooked in the recent decade. Back in 2013, western brands Apple, Google, and IBM topped the global brand ranking. Only two Chinese candidates - China Mobile and ICBC could make into the top 20 chart, ranking tenth and sixteenth respectively with less than 60 billion U.S. dollars in brand values. Fast forward to 2023, three Chinese companies appeared in the top 20 ranking, with Tencent claiming the seventh place and Alibaba taking the fourteenth. In 2024, only Tencent and Moutai managed to get into the list. Overall, the most outstanding Chinese brands have shifted from finance and banking to internet and technology industries.

The rising stars: TikTok and SHEIN

A couple of fast-emerging Chinese brands have taken the internet world by storm. TikTok is the first successful case. The short video pioneer attracted the highest number of downloads among all mobile apps worldwide in 2022. In the online shopping scene, Temu and SHEIN dethroned Amazon as the world’s most downloaded-shopping app in 2023. That year, the ultra-fast fashion clothing company SHEIN rose to the second most-valued apparel brand in the world.

Most valuable brands of China in 2024, based on BrandZ evaluation (in million U.S. dollars)

Characteristic	Brand value in million U.S. dollars
Tencent (media & entertainment)	135,215
Moutai (alcohol)	85,565
Alibaba (retail)	69,946
TikTok (media & entertainment)	60,401
Haier (IoT ecosystem)	32,347
China Mobile (telecom)	31,017
ICBC (bank)	27,734
Huawei (consumer technology)	26,670
Ping An (insurance)	21,134
Pinduoduo (retail)	20,369
Nongfu Spring (food & beverages)	19,968

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Release date

June 2024

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Region

China

Survey time period

2024

Supplementary notes

*The ranking combines rigorously analyzed market data from Bloomberg with extensive consumer insights from over 3.8 million consumers around the world, covering more than 17,801 different brands in 51 markets.
There are four eligibility criteria for selecting the Chinese brands: 1) each brand was originally created by a mainland China enterprise; 2) each brand is owned by a publicly traded enterprise, or its financials are publicly published; 3) bank brands derive at least 20 percent of earnings from retail banking; 4) Chinese unicorn brands have their most recent valuation freely accessible.

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