The logo of Alibaba Group is seen during Alibaba Group's Singles Day global shopping festival at the company's headquarters in Hangzhou, East China's Zhejiang province on Nov 10, 2019. [Photo/Agencies]

Brand Finance, a global brand value evaluation consultancy, released its latest ranking for the world's fastest growing brands in value recently in its China 500 2020 report.

According to the report, China saw more brand value growth over the past decade than any other country in the world and claimed nine spots among the top 10 brands with the largest increase in brand value over the last decade.

The consultancy said the report is based on key metrics across all industries and brands. It researched over 1,500 brands each year, covering 29 countries and 10 sectors, and more than 50,000 respondents are surveyed annually.

The Hangzhou-based tech and retail giant Alibaba topped the list for registering 4,029 percent of increase in brand value over the last decade and realizing a brand value of $18,82 billion.