BEIJING (Xinhua) -- The total value of China's top 100 brands exceeded 1 trillion US dollars for the second year in a row, hitting 1.24 trillion US dollars in 2022, according to a report released Thursday by Kantar International Market Research.

The company's report indicated that among the top 10 on the list in 2022 was Tencent, with a brand value of $204.4 billion, ranking first for the second year in a row, while e-commerce giant Alibaba and Kuicho Maotai ranked first. The famous wine maker ranked second and third, with $137 billion and $108.5 billion, respectively.

Among the newcomers at the top of the list, lifestyle-focused social networking platform Xiaohongshu ranked 37th with a value of $6.6 billion, while iFlightic, a smart speech and AI technology company, had a brand value of $4.2 billion, ranking 53rd. in the list.

The report indicated that the popularity of Chinese brands in markets outside China has increased significantly over the past year. Overall, overseas business accounts for about 8.8 percent of the business volume of these companies on the list of the top 100 Chinese brands.

And about that; Strong brands have inherent strengths to effectively absorb the impact of difficult economic times, Doreen Wang, executive director of Kantar's Greater China Division, said, suggesting Chinese enterprises should embrace the concept of sustainable development, while enhancing the sector's full-chain innovation capacity.