Tencent becomes China’s first $100 billion brand: WPP survey
China is continuing its rise as a technology powerhouse, with Tencent becoming the first Chinese brand to top the $100 billion mark, according to a ranking of the most valuable brands in the country.
Tencent, owner of messaging app WeChat, is valued at $106.2 billion and ranks as China’s most valuable brand, says the annual BrandZ listing compiled by advertising agency WPP and Kantar Millward Brown. It has gained more than $24 billion in value, or 29 percent, since 2016.
E-commerce giant Alibaba is next on the Chinese ranking, with a brand value rising 22 percent to just over $58 billion, a $10 billion increase on last year. It overtakes China Mobile to the second spot. Meanwhile, social network Baidu ranks fifth, with a valuation of $23.9 billion – down 11 percent on last year.
Chinese technology brands are becoming more powerful globally. When BrandZ’s global ranking was published in June 2016, Facebook’s brand value was $102.6 billion. And while Facebook’s value may change when this year’s global ranking is published, Tencent’s current value of $106.2 billion suggests that it is now competing on a global scale.
Chinese tech goes global
While Facebook is banned in China, Baidu, Alibaba and Tencent, known as the BAT, are heavily investing in U.S. start-ups. The BAT, as well as e-commerce company JD.com, invested $5.6 billion in 48 tech deals in the U.S. over the past two years, according to data from CBI Insights.