With a brand value of 2.26 billion yuan ($3,304 million), the Jiangsu-based publishing giant Phoenix Publishing and Media Inc ranked 16th among China’s top 50 cultural enterprises. 

The ranking was announced at an annual gathering of China's top cultural enterprises in Beijing on Dec 28, 2018, gaining concerted support from the Ministry of Culture and Tourism and the Renmin University of China. 

PPM was named top among the press and publications sector, closely followed by Zhejiang Daily Digital Culture and China South Publishing and Media Group. 

Internet cultural giants Tencent, Baidu and NetEase took the top three places on the list, with their brands worth 358.4, 56.8 and 32.0 billion yuan respectively. The aggregated value of top 50 enterprises reached 571.9 billion yuan this year. 

Liu Feng, vice president of PPM, delivered a speech at a forum held following the event, sharing his vision on brand building for publishing industries in the digital age. 

Zhu Xinkai, vice president of the Renmin University of China, and some 100 business representatives from Tencent, Poly Culture, and Perfect World were in attendance.