With a value of $69.5 billion, Industrial and Commercial Bank of China has become the most valuable Chinese brand, according to consultancy Brand Finance.

Douyin ranked second, followed by China Construction Bank and State Grid.

WeChat defended its title as the strongest brand in China, maintaining its AAA+ strength rating although its value fell 19 percent to $50.2 billion.

Electric vehicle maker Seres, whose value jumped 123 percent to $739.25 million, is the fastest-growing brand in the rankings, with an unrivaled 118-place jump to 333rd position.

This year, 90 tech brands contributed $212.63 billion or 11 percent of combined value of all brands on the list. Huawei saw its value drop 38 percent to $44.29 billion, ranking 10th.

A total of 78 Chinese banks were present this year's rankings. ICBC, China Construction Bank, Agricultural Bank of China and Bank of China delivered exceptional performances, ranking first, third, fifth and 8th respectively in terms of brand value.

The Beijing-Tianjin-Hebei region, also known as Jing-Jin-Ji, was the largest contributor to the combined value of all brands in the rankings at 44 percent, with a total of 112 brands of the top 500.