The World Brand Lab, an intangible asset valuation institute, ranked three Shanxi companies among the top-500 most valuable brands in China.

The Fenjiu Group, a leading Chinese liquor maker, was evaluated at around 14 billion yuan ($2.09 billion) in 243th place, while the Taiyuan Iron and Steel Group, the largest stainless steel company in the world by scale, ranked 258th with a value of 12.96 billion yuan ($1.94 billion).

The Shanxi Mature Vinegar Group, a time-honored Chinese brand with vinegar-making technology also listed as a national intangible cultural heritage, came in at 481th place with a brand value of 3.87 billion yuan ($0.58 billion).

The evaluation is based on company finance, consumer behavior and brand recognition. Other enterprises included in the top-500 list have a brand value of at least 2.27 billion yuan ($0.34 billion), up by 0.25 billion yuan ($0.04 billion) than last year.