Tencent has become China´s most valuable brand in 2014, according to the latest Hurun report. A sign private companies are taking over the previously powerful position of state-owned companies tells Hurun founder Rupert Hoogewerf in the China Daily.
The China Daily:
It is the first time that Tencent has taken the first place on the list, overtaking the State-owned giants China Mobile Communications Corporation and Industrial and Commercial Bank of China Limited, as well as the search engine giant Baidu Inc.
Rupert Hoogewerf, chairman and chief researcher of the Hurun Report, said privately-owned Chinese brands have demonstrated more creativity than the State-owned ones. The rapid growth of Tencent can be very much attributed to the success of real-time communication application WeChat, he added.
In the Hurun Rich List 2013, Ma Huateng, co-founder and chairman of Tencent who owns a 10.25 percent stake of the company, came at third place for the first time with a personal wealth of about $10.1 billion.
ICBC remains the second most valuable Chinese brand this year although its brand value has shrunk 16 percent to reach 206 billion yuan, as it has been actively exploring the overseas market and has been somehow challenged by Internet finance.
Last year’s leading player CMCC dropped to third place this year as its brand value fell by 19 percent to 203 billion yuan. It is a combined result of the company’s setting up of its 4G network and the impact of WeChat of Tencent, said Hurun Report.
The most valuable privately-owned brand last year, Baidu, was dislodged by Tencent to the second place this year with a brand value of 190 billion yuan, up 79 percent. Among all surveyed privately-owned companies, China’s largest online marketplace Taobao.com was next to Baidu and Tencent as its brand value surged 320 percent year-on-year to reach 185 billion yuan.
Rupert Hoogewerf is a speaker at the China Speakers Bureau. Do you need him at your meeting or conference? Do get in touch or fill in our speakers´ request form.
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