When Li Ning, the celebrated Chinese gymnast turned sportswear entrepreneur, flew around Beijing’s Bird’s Nest stadium to light the Olympic torch last week, he instantly called the powerful nationalism of the opening ceremony into the service of his eponymous brand.

Shares in the Hong Kong-listed company have since bucked a falling Hang Seng index to rise by almost 6 per cent. Doubtless millions in China now assume that Li Ning is an official Olympic sponsor. The irony is that it is not, although Chinese consumers regularly identify it as one of the domestic companies they associate most closely with the games.