A record 17 Chinese brands joined the list of the world’s most valuable brands this year, according to a Tuesday report by global communication services provider WPP and Kantar.

The world’s top 100 most valuable brands have seen their total brand value rise 5.9 percent to $5 trillion despite the impact of the COVID-19 epidemic, according to the 2020 BrandZ Top 100 Most Valuable Global Brands ranking.

China’s e-commerce giant Alibaba took sixth on the list with $152.53 billion in brand valuation, up 16 percent year-on-year, while JD.com saw a 24 percent surge to $25.49 billion, according to the report. Chinese internet heavyweight Tencent came in seventh with a brand value of $150.98 billion yuan.

Two Chinese brands, the livestreaming platform TikTok and Bank of China, are newcomers in the top 100 list, with a valuation of $16.89 billion and $13.69 billion, respectively.

Amazon maintained its position as the world’s most valuable brand, with its brand value increasing by 32 percent to $415.86 billion. Apple was ranked second on the list, valued at $352.21 billion, followed by Microsoft at $326.54 billion.

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