(Yicai Global) Oct. 18 -- Tencent Holdings has pushed aside Alibaba Group Holding to become China’s most valuable brand, according to a new ranking.

The internet behemoth’s brand value is USD280 billion, compared with second-ranked Alibaba at USD201.9 billion, according to the 2021 Top 100 Most Valuable Chinese Brands released today by consulting firm Kantar BrandZ.

Distiller Kweichow Moutai and food delivery giant Meituan came third and fourth at USD110.6 billion and USD52.9 billion, respectively, while telecoms equipment titan Huawei Technologies was fifth at almost USD46.6 billion.

The total brand value of the top 100 Chinese firms jumped 57 percent to USD1.56 trillion this year from a year ago, buoyed by a strong economic recovery.

Short-video platforms Douyin, the Chinese version of TikTok, and Kuaishou entered the top 10 for the first time, at USD38.9 billion and USD32.6 billion. Some 17 brands, including food and beverage firm Nongfu Spring, over-the-top streaming platform Mango TV, and electric carmaker Nio, joined the list for the first time, reflecting growth in the brand value of the F&B, media and entertainment, auto, and household appliance sectors.

To boost their valuations, Chinese brands should be consistent with consumers’ spiritual values and community personality, said Doreen Wang, Kantar China president and global chair of BrandZ. China’s dual circulation development requires firms to further activate domestic demand to solve societal issues and invigorate brand building in the countryside and lower-tier cities, she added.

In June, Kantar BrandZ also released with Google the Top 50 Chinese Global Brand Builders. The companies that do better abroad do not have strong brand positioning in the domestic market. For instance, the top Chinese brands in the global market are mainly in video games, robotics, and household appliances, while those big in the domestic market are mostly in internet and finance firms.

BrandZ has been releasing brand value lists globally since 1998. They are based on research and interviews with 4 million consumers and 18,500 brands in 51 markets.

Editor: Futura Costaglione