Chinese brands boost global presence

The brand value of Chinese firms improved significantly in the global arena during this year, a new report said on Tuesday. A record 17 Chinese companies made it to the 2020 BrandZ Top 100 Most Valuable Global Brands Ranking, compared with 15 last year, according to BrandZ, a global brand equity platform. Chinese e-commerce giant Alibaba led Chinese firms in the ranking, rising to the sixth place this year, up one spot from last year with a value of $152.53 billion. Tech giant Tencent was ranked second among Chinese companies, with its brand value surging by 15 percent to $150.98 billion.