Two brands from Ningbo, East China's Zhejiang province made the Hurun Most Valuable China Brands list released on Jan 21.

Civil electrical brand Bull, which has a brand value of 20 billion yuan ($3.07 billion), was ranked 93th on list of 200 companies. The Bank of Ningbo took the 140th spot with a value of 10.5 billion yuan.

A total of 15 brands from Zhejiang, including Tmall, Alipay, Nongfu Spring, Geely and Wahaha, made the list. 

The total value of the top 200 brands in China surged 20 percent year-on-year to hit a record high of 9.2 trillion yuan in 2020.

Leading Chinese baijiu brand Kweichow Moutai, which saw its brand value soar 63 percent year-on-year to top 1.04 trillion yuan in 2020, topped the list for the third consecutive year.

It was followed by Tmall, a domestic online retail platform, whose value jumped 53 percent year-on-year to reach 490 billion yuan in 2020.