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China's e-commerce powerhouse Taobao has surpassed Tencent to become the nation's most valuable brand, according to a report published Tuesday.

Taobao's brand value stands at 230 billion yuan (34 billion U.S. dollars), followed by China Mobile at 227 billion yuan, and Baidu at 218 billion yuan, according to Hurun Research Institute.

Last year's champion Tencent fell to fifth position at 210 billion yuan, as its instant messaging service WeChat was counted independently this year.

Wechat, which has 700 million users, debuted at seventh place on the list, with a brand value of 132 billion yuan.

The combined brand value of the 200 Chinese companies listed in the report reached 4.6 trillion yuan, up 7 percent year on year, and a record high. Of the 200 companies listed, 139 have seen their brand values grow, and 97 are private businesses. The value of state-owned brands has decreased by about 3 percent on average, while those of private businesses are up by about 20 percent on average.

Financial and property sectors have the most brands on the list, but technology brands recorded the biggest rise, with their average value increasing by about 59 percent. The rapid expansion of China's technology industry in recent years contributed to the growth, according to the institute.