Lang Ping (center), coach of China's women's volleyball team, celebrates with her team members after the team won gold at the Rio de Janeiro Olympics on August 21, 2016.[Photo/XINHUA]

Share prices of companies related to volleyball spiked on Monday after China's women's volleyball team won gold at the Rio de Janeiro Olympics on Sunday and people across China celebrated the victory online and offline.

Analysts said companies producing volleyball equipment and companies that have advertisements featuring Chinese women's volleyball team members and coach Lang Ping will benefit from the victory.

Yu Jie, an analyst with Sinolink Securities Co, said in his latest research note that the sponsors of China's women volleyball team will benefit from the "volleyball effect" in the short term.

"The victory will not only boost investor sentiment, but also push up the sales revenue of the products of related companies," Yu said.

The share price of Shenzhen-listed Double Elephant Group Co, a major supplier of synthesized leather, a key material for making volleyballs and athletic footwear, rose 10 percent to 26.83 yuan ($4.02), its daily limit, on Monday.