Huawei, with a brand value of 815.1 billion yuan ($117.05 billion), takes the crown as China's most valuable brand, according to a list released by Brand Alliance.

Tencent, which was valued at 746 billion yuan, came in second place, followed by Alibaba (671.64 billion yuan), Industrial and Commercial Bank of China (588.15 billion yuan) and China Mobile (430.28 billion yuan).

The total value of the top 20 brands reached 6.12 trillion yuan.

Pharmaceuticals and medical equipment, electronics, internet, food and beverages represented the majority industries among the top 500 brands in the ranking.

A total of 55 brands came from the pharmaceutical and medical equipment sector. Due to the COVID-19 pandemic, market demands and brand awareness for masks, respirators, nucleic acid tests and vaccines have improved, driving up the brand value of the whole industry.

Meanwhile, 43 electronics brands entered the top 500 ranking, with Xiaomi (85.97 billion yuan) becoming the most valuable electronic enterprise.

This year, 41 brands came from the internet sector. Due to the COVID-19 pandemic, people are spending more time staying at home. Online shopping, online entertainment and online offices significantly benefit from this.

Beijing has 156 brands among the top 500, taking the first spot, followed by South China's Guangdong province and Shanghai with 78 and 61, respectively.