Forty-four companies from Shandong province have been listed among China's 500 most valuable brands in 2020, ranking third in the country, behind Guangdong province (44) and Beijing (93).

The list of China's 500 Most Valuable Brands of 2020 and an analysis report were released by the World Brand Lab at the World Brand Summit in Beijing on Aug 5.

According to the report, State Grid tops the list with a brand value of 503.69 billion yuan ($72.28 billion), while ICBC is in second spot with 450.58 billion yuan in brand value. Haier, China's leading home appliance giant based in Shandong's Qingdao city, takes third place with a brand value of 428.65 billion yuan.

The total value of brands on the list reached 24,692.06 billion yuan, up 12.9 percent from the previous year.