(Photo/huanqiu.com)

Many Chinese brands ranked among the world’s 500 most valuable, according to the Brand Finance Global 500 report released on Jan. 22 at the World Economic Forum in Davos, Switzerland, Huanqiu.com reported on Jan. 30.

The Industrial and Commercial Bank of China ranked as the world’s 8th most valuable brand, while Huawei, China’s leading global provider of information and communications technology infrastructure and smart devices, took 12th place. China Mobile, one of China’s major telecom firms, ranked 15th on the list.

China’s leading messaging and social media apps WeChat and QQ ranked 20th and 21st, while Alibaba's Taobao and Tmall both entered the list for the first time, ranking 23rd and 35th respectively.

iQiyi, China’s primary video streaming service provider, which has seen a whopping growth of 326 percent year on year, was recognized as the world’s fastest-growing brand of 2019.

Every year, Brand Finance, the world’s leading independent branded business valuation and strategy consultancy, values the world’s most significant brands and issues an annual report including the world’s 500 most valuable brands across all sectors and countries.

Besides brand value, Brand Finance also evaluates the relative strength of a brand using a balanced scorecard that covers marketing revenue, stockholder equity, and business performance.