Chinese firms are making fast progress in brand value, a report showed.

A total of 14 Chinese companies have made it into the 2018 BrandZ Top 100 Most Valuable Global Brands, according to an annual report released by global communication services provider WPP and brand consultancy Kantar Millward Brown.

Chinese internet giant Tencent led Chinese firms in the ranking, rising to the fifth spot this year after making it into the top 10 for the first time last year.

Trailblazing Chinese brands dominate the fastest risers this year, with e-commerce giant JD leading the march with a staggering 94% rise in brand value.

Alibaba came second, entering the top 10 for the first time this year with 92% growth, due to expanding global reach and the success of the Single's Day shopping spree.

The third fastest riser was Moutai, whose brand value surged by 89%.