Five enterprises from Yantai, a coastal city in East China's Shandong province made China's 500 Most Valuable Brands list of 2022, which is formulated based on financial data, brand strength and consumer behavior analysis. The list was revealed at the 19th World Brand Summit in Beijing on July 26.

The five enterprises are Zhaojin Group, Linglong Tire Company, Luhua Group, Wanhua Chemical Group, and Changyu Group, all of which have a total brand value of 252.84 billion yuan ($37.43 billion).

Brands play an important role in promoting regional development, as it drives the growth of the regional economy, which in turn promotes the growth of more local brands.

In recent years, Yantai has been focusing heavily on the development of local high-quality brands. The city government plans to continue improving its regional branding and expanding its market in order to stimulate local industrial development.

The World Brand Summit was hosted by the World Brand Lab, which is recognized as an authoritative international brand value research institute. Management gurus from Harvard, Yale and Oxford attended the event and delivered online speeches.

Tires made by Linglong Tire are on display at the Exhibition on Multinationals and China in Qingdao, East China's Shandong province, on June 19. [Photo/Iqilu News]