Private companies have for long been trailing behind their state-owned competitors, but times are changing, says chief researcher Rupert Hoogewerf of the Hurun Brand List. Branding is blurring that old difference, although the process is slower than expected, he tells in WARC.
Private companies have seen their brand value increase and now outnumber state-owned enterprises in the latest survey of the 200 most valuable Chinese brands.
The Hurun brand list, compiled annually by the Hurun Research Institute since 2007, includes 98 privately owned companies with an average brand value of 6.97bn yuan ($1.13bn) as well as 94 state-owned organisations, such as China National Petroleum Corporation.
Highlights from the report include information that Baidu, the web services company, topped the list of the most valuable private sector brands with a valuation of 106bn yuan. It has won the title for three years in a row.
Rupert Hoogewerf, founder of the Hurun report, observed that effective branding is key for any company whether they are private or state-owned. “The top brands usually communicate efficiently with customers on new media platforms using innovative campaigns,” he said.Although the value of Chinese brands is increasing slower than Hoogewerf expected, he said he recognised that Chinese companies have been investing more in brand-building in recent years and have also “come up with a lot of innovations, including the use of new media”.
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