China’s top firms are increasingly non-state-owned companies, although traditional businesses still dominate, a survey of the country’s 50 most valuable brands showed on Tuesday.
The share of non-state-owned enterprises rose to 27 percent from 22 percent the year before, the communications firm WPP and research agency Millward Brown said, releasing the rankings.
The study only looked at publicly listed companies and valued brands based on interviews with consumers and companies’ business and financial performance.
State-owned China Mobile, the world’s largest telephone operator, topped the list with an estimated brand value of $51 million.
Next came two of China’s top state-owned banks, ICBC with $40 million in value and China Construction Bank with $24 million.
These were followed by two technology companies, Baidu, a leading player in China with a brand value of $23 million, and Tencent, which offers a web portal and messaging services, estimated to be worth $20 million.
The report distinguished between state-owned enterprises and “market-driven organisations”, or “those that are set up in response to market needs and motivated by profit”, although the division in China can often be blurred.
Tencent saw the greatest jump in brand value over the past year, of 60 percent, while Baidu made strides with an increase of 40 percent.
Maotai, a state-owned liquor maker came in ninth on the list with a rise in brand value of 42 percent.
Adrian Gonzalez, head of Greater China for Millward Brown, said: “Building strong brands domestically is a vital template for the increasing number of Chinese brand owners exploring international markets.”