As the Chinese national soccer team continues to struggle on the international stage, Chinese companies have stepped up as sponsors of major global sporting events, showcasing the country’s rising technological prowess and global ambitions.
At the ongoing UEFA European Championship, or Euro 2024, Chinese companies account for more than one-third of the 13 top-tier sponsors, making China the single biggest source of sponsorship for the prestigious soccer tournament.
Five Chinese companies – Ant Group, Hisense, AliExpress, Vivo, and BYD – have joined the roster of official sponsors for Euro 2024, which runs from June 14 to July 15 in Germany.
Experts say this strong presence of Chinese brands as sponsors of top-notch global sporting events not only helps these enterprises expand their overseas footprint and boost brand awareness but also showcases China’s growing technological capabilities and international influence.
“Continued investment in world-class sporting events represents these Chinese companies’ determination to become global brands,” said Jia Shaoqian, chairman of home appliance giant Hisense, which is sponsoring the Euro tournament for the third consecutive time.
As the official payment sponsor, Ant Group’s Alipay+ platform is looking to expand its cross-border digital payment services and provide convenient payment options for global soccer fans during the event. The company is accelerating its expansion in European markets, with over 400,000 merchants in the region now accepting Alipay+ payments.
“Sponsoring the Euro 2024 highlights Chinese enterprises’ determination to go global and leverage the major sports event to showcase their latest products and achievements in innovation,” said Hong Yong, an associate research fellow at the Chinese Academy of International Trade and Economic Cooperation’s e-commerce research institute.
The strong presence of Chinese brands as sponsors also indicates their desire to expand sales channels and increase their voice in international cooperation, said Ouyang Rihui, assistant dean of the Central University of Finance and Economics’ China Center for Internet Economy Research.
“The move will help more overseas consumers learn about China’s technological advantages,” Ouyang added.
