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Top brands in China shine amidst the nation's economic recovery: Brand Finance China 500 2024 Report

09 May 2024
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  • China's media sector in the spotlight with TikTok leading as the nation’s most valuable brand and WeChat as strongest brand in rankings
  • Hot Pot of Gold: Haidilao leads China's restaurants as strongest restaurants brand while Luckin Coffee brews success with largest brand value growth
  • BYD defends crown as China’s most valuable automobiles brand amidst rising interest in Electric Vehicles
  • Tiktok/Douyin holds highest Sustainability Perceptions Value of USD9.2 billion among Chinese brands

9 May 2024, LONDON – Amidst the clash between TikTok and US regulators, TikTok/Douyin continues to grow in brand value, recording a 28% increase to USD84.2 billion. According to a new report by Brand Finance, the world’s leading brand valuation consultancy, TikTok/Douyin comes in as China’s most valuable brand among the top 500 brands ranked.

TikTok overtook ICBC, now in second place, with its brand value increasing by 3% to USD71.8 billion while WeChat emerges as the strongest brand among Chinese brands ranked in the list, clinching the title of the world’s strongest brand among the most valuable brands ranked in Brand Finance’s Global 500 2024 report, with an impressive Brand Strength Index (BSI) score of 94.3 of 100 owed to perfect scores in brand research metrics including familiarity, consideration and recommendation.

Within the restaurants sector in China which is anticipated to reach a market value of USD939 billion by 2029 after having achieved approximately USD625 billion last year, Haidilao emerges as the strongest restaurant brand among the brands ranked, boasting an outstanding brand strength rating of AAA+, closely followed by Luckin Coffee as the second strongest.

Haidilao, however, experienced a 22% decrease in brand value, dropping to USD3.1 billion, attributed to macroeconomic factors such as the rising cost of living and a decline in dining out trends. Conversely, Luckin Coffee saw remarkable growth in brand value, surging by 96% to USD1.5 billion, marking the highest growth among restaurant brands.

Making a significant entrance into the rankings, BYD sees its brand value increase by 20% to USD12.1 billion. It continues to hold the distinction of being the sole Chinese automotive brand featured in Brand Finance’s Global 500 2024 rankings. Additionally, in late 2023, it surpassed Tesla as the world's leading seller of electric vehicles for that period, while Tesla's brand value decreased by 12% to USD58.3 billion. A key part of BYD’s expansion is the fierce domestic competition in China’s market which has led to massive improvements in technology and change in reputation for the quality of its products.

Brand Finance also utilises its Global Brand Equity Monitor (GBEM) research to compile a Sustainability Perceptions Index. The study determines the role of sustainability in driving brand consideration across sectors and offers insight into which brands global consumers believe to be most committed to sustainability.

For individual brands, the Index displays the proportion of brand value attributable to sustainability perceptions. This Sustainability Perceptions Value is the financial value contingent on a brand’s reputation for acting sustainably. From here, Brand Finance’s perceptual research is analysed alongside CSRHub’s environmental, social and governance (ESG) performance data to determine a brand’s ‘gap value’. This is the value at risk or to be gained, based on the difference between sustainability perceptions and actual performance.

The 2024 Sustainability Perceptions Index finds that among Chinese brands, Tiktok/Douyin has the highest Sustainability Perceptions Value of USD9.2 billion. In assessing the gap between sustainability perceptions and performance, TSMC has the highest positive gap value of USD115 million among Chinese brands in the rankings. A positive gap value means that brand sustainability performance is stronger than perceived: brands can add value through enhanced communication about their sustainability efforts, so that perceptions are raised to fully account for the brand’s actual sustainability performance. TSMC’s gap value suggests that it could generate an additional USD115 million in potential value through enhanced communication of its impact and accomplishments in sustainability.

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Media Contacts

Andrew Ee
Communications Director – Asia Pacific
Brand Finance
Scott Chen
Managing Director

About Brand Finance

Brand Finance is the world’s leading brand valuation consultancy. Bridging the gap between marketing and finance for more than 25 years, Brand Finance evaluates the strength of brands and quantifies their financial value to help organizations of all kinds make strategic decisions.

Headquartered in London, Brand Finance has offices in over 20 countries, offering services on all continents. Every year, Brand Finance conducts more than 5,000 brand valuations, supported by original market research, and publishes over 100 reports which rank brands across all sectors and countries.

Brand Finance also operates the Global Brand Equity Monitor, conducting original market research annually on over 5,000 brands, surveying more than 150,000 respondents across 38 countries and 31 industry sectors. Combining perceptual data from the Global Brand Equity Monitor with data from its valuation database enables Brand Finance to arm brand leaders with the data and analytics they need to enhance brand and business value.

Brand Finance is a regulated accountancy firm, leading the standardization of the brand valuation industry. Brand Finance was the first to be certified by independent auditors as compliant with both ISO 10668 and ISO 20671 and has received the official endorsement of the Marketing Accountability Standards Board (MASB) in the United States.

Definition of Brand

Brand is defined as a marketing-related intangible asset including, but not limited to, names, terms, signs, symbols, logos, and designs, intended to identify goods, services, or entities, creating distinctive images and associations in the minds of stakeholders, thereby generating economic benefits.

Brand Strength

Brand strength is the efficacy of a brand’s performance on intangible measures relative to its competitors. Brand Finance evaluates brand strength in a process compliant with ISO 20671, looking at Marketing Investment, Stakeholder Equity, and the impact of those on Business Performance. The data used is derived from Brand Finance’s proprietary market research programme and from publicly available sources.

Each brand is assigned a Brand Strength Index (BSI) score out of 100, which feeds into the brand value calculation. Based on the score, each brand is assigned a corresponding Brand Rating up to AAA+ in a format similar to a credit rating.

Brand Valuation Approach

Brand Finance calculates the values of brands in its rankings using the Royalty Relief approach – a brand valuation method compliant with the industry standards set in ISO 10668. It involves estimating the likely future revenues that are attributable to a brand by calculating a royalty rate that would be charged for its use, to arrive at a ‘brand value’ understood as a net economic benefit that a brand owner would achieve by licensing the brand in the open market.

The steps in this process are as follows:

1 Calculate brand strength using a balanced scorecard of metrics assessing Marketing Investment, Stakeholder Equity, and Business Performance. Brand strength is expressed as a Brand Strength Index (BSI) score on a scale of 0 to 100.

2 Determine royalty range for each industry, reflecting the importance of brand to purchasing decisions. In luxury, the maximum percentage is high, while in extractive industry, where goods are often commoditised, it is lower. This is done by reviewing comparable licensing agreements sourced from Brand Finance’s extensive database.

3 Calculate royalty rate. The BSI score is applied to the royalty range to arrive at a royalty rate. For example, if the royalty range in a sector is 0-5% and a brand has a BSI score of 80 out of 100, then an appropriate royalty rate for the use of this brand in the given sector will be 4%.

4 Determine brand-specific revenues by estimating a proportion of parent company revenues attributable to a brand.

5 Determine forecast revenues using a function of historic revenues, equity analyst forecasts, and economic growth rates.

6 Apply the royalty rate to the forecast revenues to derive brand revenues.

7 Discount post-tax brand revenues to a net present value which equals the brand value.


Brand Finance has produced this study with an independent and unbiased analysis. The values derived and opinions presented in this study are based on publicly available information and certain assumptions that Brand Finance used where such data was deficient or unclear. Brand Finance accepts no responsibility and will not be liable in the event that the publicly available information relied upon is subsequently found to be inaccurate. The opinions and financial analysis expressed in the study are not to be construed as providing investment or business advice. Brand Finance does not intend the study to be relied upon for any reason and excludes all liability to any body, government, or organisation.

The data presented in this study form part of Brand Finance's proprietary database, are provided for the benefit of the media, and are not to be used in part or in full for any commercial or technical purpose without written permission from Brand Finance.

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