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TikTok has become the most important brand in China

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The value of social network brand TikTok/Douyin rose 28% year-over-year (to $84.2 billion), while ICBC rose just 3.3% (to $71.8 billion).

In China, TikTok has become the most valuable brand in China, surpassing the Industrial and Commercial Bank of China (ICBC) and the other three largest state-owned PRC banks. This is stated in the annual report of Brand Finance China 500, Interfax-Ukraine reports.

It was noted that the brand value of the TikTok/Douyin social network increased by 28% over the year (to $84.2 billion), while ICBC only increased by 3.3% (to $71.8 billion).

In third place was construction company State Grid Corporation of China (+21%, to $71.15 billion), pushing China Construction Bank into fourth place (+4.7%, to $60.4 billion).

In fifth place is the Agricultural Bank Of China.

Bank of China (+6.6%, to $50.5 billion) climbed to sixth place from eighth. The seventh position was retained by the strong alcoholic drink brand Moutai (+0.7%, to $50.1 billion).

Insurance brand Ping An reportedly fell in price by 0.7% (up to $44.4 billion), but at the same time rose to eighth place in the ranking from ninth. China Mobile’s telecom brand value rose 2% to $44.2 billion, taking it to ninth place compared to eleventh last year.

WeChat Messenger dropped to tenth place from sixth as its value fell by 16.8% (to $41.8 billion).

Recall that US President Joe Biden signed a bill that could lead to a nationwide ban on TikTok.

It was also reported that the head of the European Commission, Ursula von der Leyen, does not rule out introducing a ban on TikTok in the European Union.

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Source: korrespondent

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