With a brand value of 1.04 trillion yuan($150 billion), Kweichow Moutai has become the most valuable Chinese brand for the fifth consecutive year, according to Hurun Most Valuable Chinese Brand 2022 ranking released on Monday.

Kweichow Moutai, the only trillion-dollar brand, is followed by another a liquor brand Wuliangye and a cigarette brand ChungHwa.

Although its brand value dropped 33 percent to 160 billion yuan, short-video app Douyin rose one spot to tie with WeChat for the fourth place.

Chinese consumers' trust in private brands has risen significantly in recent years. Sixty-two percent of the brands on this year's list are private, up from 61 percent last year and 39 percent a decade ago, said Rupert Hoogewerf, chairman and chief researcher of Hurun Report.

Beijing, Shanghai and Shenzhen remain the top three cities with the most brands on the list, with 70, 52 and 32, respectively, collectively accounting for more than half of the top 300.

This is the 17th year for Hurun Research Institute to release Hurun Brands List and the first year for the list to expand from the top 200 to the top 300 last year, with the threshold of entry adjusted to 2.5 billion yuan from 6 billion yuan last year.