New York Knicks point guard Jeremy Lin has become a new star for sportswear companies after he won millions of fans overnight, and sportswear giant Nike has managed to extend a contract with Lin, Beijing Business Today reported Wednesday.

The details of the contract have not been disclosed, but the Internet is flooded with the news about Nike's contract with Lin. A public relations staff of the company told the Global Times on condition of anonymity yesterday that Nike China has not received the details from the US headquarters.

Lin signed a three-year contract with Nike as early as in August 2010, when he was not so famous. Lin's market value has reached $14 million currently, according to Forbes magazine. Due to his Chinese-American background, Lin also has a huge fan base in China.

"Lin's personal efforts and commercial packaging by the NBA contributed to the player's international fame. But his achievements can not match those of famous star Yao Ming  (who retired from the NBA last year)," Wei Guangju, a senior consultant at Adfaith Management Consulting, told the Global Times Wednesday.

Companies like to engage stars to endorse their brands because most consumers have a desire to imitate their idols. Companies can boost their profits through the "star effect," said Yang Xuezhe, another consultant from Adfaith.

However, Wei noted that companies should choose right stars whose personality matches the company brand. "Most domestic sportswear companies spend a lot of money on celebrity endorsements, but many of them can not find stars with a matching personality," Wei noted.

Besides, if a star's performance is poor, it can also adversely affect the company's image, Yang said.

"Domestic sportswear companies should focus on identifying different customer groups and offering products tailored to the needs of each group," Wei noted.

Global sportswear companies are not alone in seeking Lin to promote their brands; many Chinese domestic companies are also lining up for the basketball star, such as Li Ning Co, Peak Sports Products Co and Qiaodan Sports Co.