This year's survey was in sharp contrast to last year's Fortune Global 500 List, which highlighted 79 Chinese firms as among the world's top revenue earners.

The Most Admired list gauges reputation rather than earnings, and surveys top executives and directors from eligible companies along with financial analysts, said Zhou Zhanhong, acting executive editor-in-chief of the Chinese edition of the magazine.

"Lenovo's success indicated that its transparent operation and acquisition of IBM's PC business unit have gained traction among global investors," Zhou said.

In comparison, the more discreet business strategies of China's Huawei Technologies Co, while also a heavyweight player in the telecom segment, fueled suspicion among the international business community, Zhou noted.

Tom Doctoroff, the Shanghai-based North China head at advertising firm JWT, said that despite an increasing overseas presence, Chinese enterprises still have a lot of work to do on their global branding and image.

"The key question is this: When will Chinese brands move from just being recognized for their scale and stature, to those admired for their innovation and reputation, enjoying a loyal, long-term customer base?"

He said that Chinese brands currently thrive on price and value and not for being "perceived as offering superiority, or for a specific attribute or benefit".

Contact the writer at hewei@chinadaily.com.cn

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