A new list of the world's most valuable brands has appeared, and China has taken two of the top spots for the first time.
Alibaba has placed itself in the top 10, alongside the Chinese tech group Tencent, as well as stalactites such as Google ( and ) Apple (. )
Ranked to 9th, Jack Ma's Alibaba has nearly doubled its brand value to $ 1
The Shenzhen-based Tencent ( broke 2017 into the annual BrandZ top 10 ranking and has grown over the years more and more enforced last year. It now holds fifth place – behind Google, Apple, ) Amazon [ and ) Microsoft (] but above ) Facebook ( – with a brand value of $ 179 billion, 65% more than last year. )
Tencent specializes in online games, apps, instant messaging services and online payments. It has a market capitalization of $ 490 billion, making it more valuable than America's Most Valuable Bank JPMorgan Chase (. )
Related: Alibaba pours billions into the grocery store
Here's the list of the top 10:
- Tencent  Facebook
- AT & T
Doreen Wang, head of BrandZ, said the new ranking shows that Tencent and Alibaba have overcome numerous China-specific hurdles to become global power plants.
"The challenges facing Chinese brands are by no means low," she said. "Limited brand awareness in international markets, lack of trust due to historical quality issues, and the reluctance of Chinese brands to invest in effective global advertising campaigns have put them at a disadvantage with their established competitors."
But the rise of China and the bright young consumers has created opportunities for smart entrepreneurs, she said.
"Attitudes are changing, especially among younger consumers who fall in love with Chinese brands," she said. "While market penetration in the US is still in the lead for both brands, they are being adopted by other regions."
Alibaba is gaining ground in Brazil, Chile and other Latin American countries, where its online marketplace AliExpress is fast becoming a leading e-commerce platform leader, "said Wang. It is also used in countries such as Israel, Spain and Strongly Represented South Korea.
Tencent has gained recognition in South Asian markets such as Thailand and Singapore, she said.
The BrandZ ranking is published annually by WPP () and Kantar Millward Brown.Google is at the top of the rankings in eight of the past twelve years is currently estimated at $ 302 billion, up 23% from a year ago.
CNNMoney (London) Initial release May 28, 2018: 7:01 pm ET