BEIJING, Nov. 21, 2023 /PRNewswire/ -- On November 18th, the 17th China Brand Festival 2023 focusing on the theme 'Recovery and Growth,' took place at the Yunqi Town Convention and Exhibition Center (a.k.a. Cloud Town) in Hangzhou. This prestigious event gathered over 6,000 distinguished guests, spanning a wide range of sectors across government, commerce, industry, academia, and media. They convened to celebrate the ascent of national brands and collaboratively orchestrate what could be likened to an "Asian Games for Brand Owners," a gathering unparalleled in its scope and ambition.
TopBrand Union chairman, Dr. Wang Yong, unveils the TopBrand 2023 Top 500 Global Brands List
The opening ceremony was marked by a series of high-profile speeches. Chen Changzhi, Vice-Chairman of the Standing Committee of the 11th and 12th National People's Congress (NPC), former Chairman of China Democratic National Construction Association Central Committee, and Chairman of the China Siyuan Foundation, took the stage to address the audience. The conference was officially inaugurated by Liu Jie, a member of the Standing Committee of the Zhejiang Provincial Party Committee and Secretary of the CPC Hangzhou Municipal Committee.
Highlighting the event were keynote addresses from industry leaders. Dong Mingzhu, Chairman and President of Gree Electric, and Wang Zhentao, Chairman of Aokang Group and Vice Chairman of the Zhejiang Federation of Industry and Commerce, shared their insights, representing the diverse spectrum of brands present. Rounding out the list of notable attendees was Shi Yigong, Academician of the Chinese Academy of Sciences, and President of Westlake University.
At the event, Dr. Wang Yong, the initiator and Secretary-General of the China Brand Festival and Chairman of TopBrand Union, unveiled the TopBrand 2023 Top 500 Global Brands List. Top executives from Sinopec, NVIDIA, China Communications Construction, Zhejiang Geely Holding Group, PowerChina, Baidu, and Xiuzheng were called to the stage to receive the honorary certificates for their inclusion in the list.
Apple led the list with a brand valuation of $942.2 billion, followed by Saudi Aramco at $822.3 billion, and Microsoft in third place at $724.1 billion. Amazon, Google, ExxonMobil, NVIDIA, and UnitedHealth Group occupied positions four through nine, respectively. PetroChina, as the only Chinese brand in the top 10, claimed the tenth spot with a valuation of $273.6 billion.
Hangzhou, the host city for the event, boasts seven brands on the list. Alibaba leads the local contingent, ranking 42nd with a brand valuation of $123.5 billion. The other Hangzhou-based brands include WZ Group, Zhejiang Geely Holding Group, NetEase, Rongsheng Petrochemical, Hikvision, and Wanxiang Group, showcasing the city's diverse corporate strength.
This year's list featured 31 countries, an increase from 26 last year, with one dropping off. The United States led, with 172 brands, followed by China with 140. Japan came in third with 23, while India and France, each with five, tied for fourth place.
The technology sector led in industry representation with 51 brands on the list. Artificial intelligence (AI), a key driver in the current wave of technological innovation and industry evolution, is now pivotal in transforming economic structures across numerous sectors. The medical and pharmaceutical industry followed closely, with 47 brands, underscoring the global impact of innovative drug R&D not just within the industry but for humanity at large. Banking came in third with 38 entries, while the energy sector placed fourth with 34. General finance and metal mining each had 31 brands, tying for the fifth spot.
The list is compiled from a significant sample of 37,164 leading global companies, including those in 47 key stock market indices as well as prominent non-listed companies. It evaluates brand value across five key metrics: market penetration, brand equity, global presence, brand awareness, and competitive advantage. This extensive evaluation framework provides an in-depth and nuanced analysis of each brand's position in the market.
In 2022, TopBrand Union made its inaugural release of the TopBrand 2023 Top 500 Global Brands List, marking a significant global perspective shift from a Chinese vantage point. The momentous release garnered attention from 557 media outlets across 30 countries worldwide. Dominique Turpin, Chairman of the Top 500 Global Brands review committee and European Dean of China Europe International Business School (CEIBS), commented: "The TopBrand 2022 Top 500 Global Brands List and the The TopBrand 2022 Top 500 Chinese Brands List, both published by TopBrand Union, were built upon an effective and insightful brand evaluation framework, providing a precise snapshot of a brand's current global standing and serving as a valuable platform for companies to showcase their strengths."
Additionally, the TopBrand 2023 Top 500 Chinese Brands List was unveiled during the event.
