The company achieved a brand value of $132.2bn according to the rankings – a 25% increase on last year. It is closely followed by e-commerce company Alibaba, which grew 53% year-on-year to $88.6bn.

Telecoms company China Mobile ranked third in the list, followed by bank ICBC ( 4^th) and search engine Baidu ( 5^th). The full top 10 is listed below. 

The ranking combines financial data from Bloomberg and Kantar Worldpanel with data gathered from interviews with 400,000 Chinese consumers since the ranking launched in 2011.  

The 100 brands in the report grew their combined brand value by 23% in the past year, from $557.1bn to $683.9bn.

Doreen Wang, global head of BrandZ at Kantar Millward Brown said: “Chinese brands are quickly learning how to raise their profile through impactful and memorable advertising. A combination of having the right media mix, message and memorable communication is a sure bet towards accelerating brand value growth.

"The importance of ‘brand’ to Chinese consumers is proven by our Brand Power index, with only those brands with a high Brand Power score – a measurement of consumer predisposition to buy a brand – managing to stay in this competitive ranking, indicating the importance of brand to sustain success in China’s rapidly changing market.”