The essence of sponsorship is reciprocity. Whereas sport organizations and event promoters have increasingly relied on sponsors’ resources and financial support to stage their events, many companies have also been vigorously seeking sponsorship opportunities to actualize their marketing goals, such as enhancing brand equity. This research examines the impacts of sponsorship-linked marketing activities on perceived consumer-based brand equity elements (i.e., brand loyalty, perceived quality, and brand awareness/associations) of the sponsor. This was done through a case study of how sponsorship-linked marketing strategy has shaped the development of Li Ning Company Limited, a Chinese sports apparel and equipment company. Results show that the branding effectiveness of sponsorship directly depends on event quality, perceived event-brand congruency, and brand experience, but not level of sports involvement.