Photo taken on Nov. 26, 2019 shows guests attending a ceremony of Alibaba's debut on the main board of Hong Kong stock exchange in Hong Kong, south China. (Photo: Xinhua)

Chinese firms are making great strides in brand value on the global playing field, a market report showed Tuesday.

A record high of 17 Chinese companies have made it into the 2020 BrandZ Top 100 Most Valuable Global Brands Ranking, compared with 15 last year, according to BrandZ, a global brand equity platform.

Chinese e-commerce giant Alibaba led Chinese firms in the ranking, rising to the sixth place this year, up one spot from last year with a value of 152.53 billion U.S. dollars.

Tech giant Tencent ranked second among Chinese companies, with its brand value surging 15 percent to 150.98 billion U.S. dollars.

China's leading liquor maker Kweichow Moutai was the fastest growing brand in 2020 with a staggering growth of 58 percent, while internet giant Meituan and e-commerce giant JD.com also registered robust performance in brand value expansion.

Bolstered by innovation and creativity, Chinese popular video-sharing app TikTok, known as Douyin in China, entered the list for the first time and was placed at 79th, the highest-rank among other newcomers.

The ranking is commissioned by global communication services provider WPP and conducted by brand equity research consultancy Kantar. It examines market data from Bloomberg with consumer insights from over 3.8 million consumers, covering more than 17,500 brands across 51 markets.