2. ChangYu – Wine (19. US $3.1bn)

Despite a 5% year-on-year decline in ChangYu’s brand value, Millward Brown said the brand was benefiting from the Chinese domestic market while also looking abroad for opportunities.

One notable listing was with upscale UK grocer, Waitrose, which sold ChanYu Cabernet Gernischt in its 2012 ‘World of Wines’ range for £9.99 (US $16).

“This international recognition should help strengthen the brand in its domestic market where consumers associate quality with foreign labels,” ​Millward Brown said.

In addition, ChangYu planned to spend US $1bn on a wine production research and commercial center in its home city of Yantai, Shandong province, the analysts said, which is due to open by 2016.

China’s wine heritage dates back 2000 years, and Millward Brown said that ChangYu was cultivating its upscale image, with wines such as the European-style Chateaux Alifei and ChangYu ice wine, a dessert beverage made from frozen grapes.