On July 20, 2026, Spain clinched the World Cup with a 1-0 victory over Argentina, courtesy of Ferran Torres's 106th-minute extra-time winner. As Chinese fans watched alongside the global audience, a different kind of spectacle was unfolding behind the scenes.

A large group of Chinese business tycoons gathered at MetLife Stadium in East Rutherford, New Jersey. Soon after, videos and messages emerged online, sparking considerable discussion across China's internet. Chinese entrepreneurs attending live sports events is nothing new, but this year was different—an unusually large number of them showed up.

A quick count revealed over a dozen individuals in the spotlight. They came from the tech sector, the consumer goods industry, some who have already retired from active management, and others who are still at the peak of their careers. Dressed in the jerseys of their favored teams, they chatted, laughed, and posed for photos, turning a football stadium's stands into a rare collective showcase for China's business elite. Clearly, there's more to this than just the appeal of football.

Business Titans at the World Cup Final

A group photo taken after the final went viral on Chinese social media. The individuals in it are all leaders in their respective fields: Lenovo's Liu Jun and Yang Yuanqing, NetEase's Ding Lei, Li Ning brand founder Li Ning, GSR Ventures' Ding Jian, Intel CEO Lip-Bu Tan, TCL's Li Dongsheng, Taikang Insurance's Chen Dongsheng, Midea's Fang Hongbo, Didi's Cheng Wei, 58.com's Yao Jinbo, Baidu's Robin Li, and his wife Ma Dongmin standing on the far right.

The widespread circulation of this photo led netizens to a common observation: This wasn't just about watching a game; it was essentially a corporate gathering transplanted to the World Cup venue. In recent years, such a large-scale public appearance by Chinese entrepreneurs has been rare, especially overseas. Naturally, these photos and videos attracted widespread attention.

Multiple eyewitnesses at the venue captured Jack Ma sitting on the second level of the general stands, wearing a simple white short-sleeved shirt and chatting animatedly with Yang Yuanqing. Others spotted at the scene included Guo Guangchang of Fosun, Wang Ning of Pop Mart, investment veteran Duan Yongping, AMD Chair and CEO Lisa Su, and Yahoo co-founder Jerry Yang.

These tycoons are not merely fans; there are real commercial ties behind their presence. As the World Cup's highest-level global partner and official exclusive technology service provider, Lenovo naturally acted as the host for this "watching group." According to reports, Yang Yuanqing visited 10 cities and watched 15 matches during the tournament, remarking that it was "more games than I've seen in my entire life."

Pop Mart is a direct FIFA-licensed partner, with its core IP LABUBU becoming the first officially licensed Chinese collectible toy IP in World Cup history. During the opening ceremony, two LABUBU mascots dressed in World Cup jerseys interacted with the audience on the pitch and appeared in the official World Cup music video, gaining exposure before billions of viewers globally.

Didi, TCL, and NetEase are all official sponsors of the Argentine national team. Data from Yuetang Sports shows that the number of Chinese partner brands for Argentina increased from 8 in 2022 to 15 this year, the highest among all participating teams. Didi is a global-level sponsor, while NetEase secured exclusive new media cooperation rights for Argentina in China. TCL adopted an even more aggressive sponsorship strategy, signing multiple strong teams like Spain, Argentina, and Germany simultaneously, turning the final into a "TCL derby."

The tycoons at the game had clear allegiances. Yang Yuanqing, Robin Li, Lip-Bu Tan, and Fang Hongbo supported Spain, while Cheng Wei and Li Dongsheng backed Argentina. The most interesting pair was Duan Yongping and Wang Ning, the largest and second-largest shareholders of Pop Mart. They wore the jerseys of Spain and Argentina respectively, smiling as they staged a mock "showdown." During the photo session, they accessorized with LABUBU football-themed items, taking their brand's on-site marketing to a new level.

Of course, some are just pure football fans, like Jack Ma.

A Tradition of Wealthy Fans

Wealthy individuals attending live matches has become less of a novelty in recent World Cups. Jack Ma is a prime example. After stepping back from the front lines, his interest in watching games has grown. He was present at Euro 2024 and is a regular at World Cups. No one knows which team he supports, but he is frequently spotted in the stands.

During the 2018 Russia World Cup semi-final between France and Belgium, Ma and Zhang Jindong were seen together, jokingly dubbed the "most expensive fans" by netizens. At that time, Forbes listed Ma's wealth at $39 billion and Zhang's at $5.8 billion, totaling nearly 300 billion yuan. In comparison, the entire France squad, then the most valuable team, was worth only 1.1 billion euros. Netizens joked the duo could buy several French teams. The jest also pointed to their involvement in football at the time—Ma was a shareholder in Guangzhou Evergrande Taobao, and Zhang owned Jiangsu Suning and Inter Milan. During the peak of China's "golden dollar football" era, scouting players at World Cups was logical.

In the 2022 Qatar World Cup final, Ma was again in attendance. By then, he had been away from Alibaba's frontline for a while, quietly blending in with the crowd in a dark coat and hat to watch Messi and Mbappe's epic showdown. From Russia to Qatar to the United States, across three World Cups in eight years, Ma has been a constant presence, cementing his status as a devoted fan.

Another regular attendee is Wang Jianlin, whose ties to football are even deeper. In the 1990s, his club Dalian Wanda was the pinnacle of Chinese professional football, winning three league titles in four years and setting a 55-match unbeaten streak. Though Wanda later withdrew from Chinese football, Wang's passion never waned. In 2016, at the peak of his career as China's richest man, he famously said, "Set a small goal first, earn 100 million yuan." That same year, Wanda signed a 15-year, $850 million super contract with FIFA, covering four World Cups from 2018 to 2030, making it a top-tier global partner alongside Adidas, Coca-Cola, and Visa—the first Chinese company to achieve this level of rights.

With this status, Wang was naturally present at the 2018 Russia World Cup and 2022 Qatar World Cup. For the 2018 opener, six teenagers from Danzhai, Guizhou, sponsored by Wanda, served as flag bearers, marking the first time Chinese children stood on the World Cup opening ceremony pitch, one of the most prominent Chinese elements of that tournament.

However, circumstances changed. The golden dollar football era faded, Ma withdrew from Evergrande, Zhang's Suning football became history, and Wanda's partnership with FIFA also evolved. The tycoons largely exited the football industry, but their presence in the World Cup stands continued.

America as the New Attraction

In previous World Cups, the faces of Chinese entrepreneurs at the venue were a familiar few. This year, the situation changed dramatically, with a broad cross-section of industry leaders making a collective "business trip." This shift is directly linked to the host country.

The hosting locations of the last three World Cups—Russia, Qatar, and the United States—hold vastly different appeal for Chinese entrepreneurs. FIFA predicted total revenue of $13 billion for the 2023-2026 cycle, a 72% increase from the Qatar cycle, making it the most commercially valuable World Cup ever. After the semi-finals, FIFA announced that actual revenue would exceed $15 billion, well above the initial target. This reflects the underpinning of the U.S., the world's largest economy. A World Cup in the U.S. inherently commands higher commercial value.

"A key reason for this World Cup's success is where they chose to host it," said Rob Wilson, Dean of the UCFB. "You are seeing the world's biggest sports event in the world's most mature commercialized market." For Chinese entrepreneurs, the appeal of the U.S. market extends far beyond the World Cup. It is a strategic high ground for any Chinese company seeking globalization. The World Cup in the U.S. provides an ideal entry point for companies aiming to enter the American market, allowing them to network and negotiate while enjoying the matches, potentially more efficiently than a dedicated business trip.

Almost every tycoon spotted in the stands has companies aggressively expanding into the U.S. market. Pop Mart has made the U.S. its primary growth engine, with sales nearing 7 billion yuan in 2025, far exceeding expectations. The company has set up a U.S. regional headquarters in Los Angeles, plans to open over 100 stores by 2026, and aims for a flagship store on New York's Fifth Avenue. LABUBU's appearance at the World Cup opening ceremony was a major marketing push for the U.S. market.

Lenovo, taking over from Wanda as FIFA's top global partner and first official technology partner, deployed over 17,000 devices across 16 venues, with 200+ engineers. It provided a suite of solutions including "FIFA AI Pro," 3D digital human visualization, and AI-enhanced referee video systems. Lenovo claims it successfully delivered the first "AI World Cup" in human history. China Securities Co., Ltd. notes that this show of strength has a clear market objective: breaking into the North American commercial PC and AI server market.

Midea's overseas revenue reached 195.9 billion yuan in 2025, up 15.92% year-on-year, with the U.S. as a key component. TCL's overseas sales now account for over 60% of its total, with North America as its largest foreign market. Beyond the consumer market, the U.S. is a hub for global cutting-edge technology and capital, explaining the high turnout of tech tycoons at this World Cup.

Unlike in Russia or Qatar, where the focus was purely on viewing matches and brand exposure, a trip to the U.S. offers a multi-faceted value: seeing clients, exploring the market, discussing technology, and connecting with capital. It's a highly efficient journey. From using football for brand building in the past to leveraging sports for international expansion today, the way Chinese companies engage with the World Cup is evolving, along with the underlying business logic. The game remains the same, but those in the stands are thinking about entirely different things.