China is continuing its rise as a technology powerhouse, with Tencent becoming the first Chinese brand to top the $100 billion mark, according to a ranking of the most valuable brands in the country.

Tencent, owner of messaging app WeChat, is valued at $106.2 billion and ranks as China's most valuable brand, says the annual BrandZ listing compiled by advertising agency WPP and Kantar Millward Brown. It has gained more than $24 billion in value, or 29 percent, since 2016.

E-commerce giant Alibaba is next on the Chinese ranking, with a brand value rising 22 percent to just over $58 billion, a $10 billion increase on last year. It overtakes China Mobile to the second spot. Meanwhile, social network Baidu ranks fifth, with a valuation of $23.9 billion – down 11 percent on last year.