Investors are buying shares associated with soccer as the country's leadership unveils plans to revitalize the game and reform the way it is run.

However, analysts say few of the target companies are in fact closely linked to soccer, and some of the shares have been overbought.

The news that Vice-Premier Liu Yandong will lead a panel responsible for the soccer reforms sparked the latest buying frenzy last week.

Nine listed companies with ties to the national soccer league have surged by an average of 158 percent since March 2014, when President Xi Jinping first signaled plans to revive a game that has been troubled by bribery and match-fixing scandals, according to Bloomberg.

The so-called soccer concept shares, which include stocks of club operators, football manufacturers and game sponsors, have seen corrections this week, with the benchmark index surrendering some of its gains and falling by the largest amount in three months on Tuesday. However, many investors still have faith in the sector.

"The appointment of Vice-Premier Liu Yandong shows the direct support and supervision from the central government," Shanghai-based analyst Xie Gang of Qilu Securities said in a research note released on Monday. "It pushes soccer reform up as a national strategy now. We believe the sports and soccer industry will develop well in the long run."

According to a 50-point road map, released in March, the country has set a long-term target of qualifying for the World Cup. The national government will provide more funding for the national team, and set up two new training camps and 50,000 soccer schools by 2025.

Some companies in the "soccer concept shares" sector actually have a limited relationship with the game, said Tao Ye, an analyst at Beijing's Minsheng Securities.

"The surge in share prices is mainly triggered by concept speculation," he added.