Kylian Mbappe was dropped on Tuesday by two major brands in China after a video circulated online in which the French football star apparently joked about former leader Mao Zedong.
In China jokes about Mao, the country's founding leader who died in 1976, are considered disrespectful and remain a social taboo.
"Our company firmly opposes and has a zero-tolerance policy towards any behaviour that offends national sentiments," drinks giant Dongpeng said in a statement, adding that "with immediate effect we are terminating all cooperation with Kylian Mbappe".
Mengniu, China's largest dairy producer, also cut ties with the Real Madrid and France forward.
"With immediate effect our company is terminating all cooperation with Kylian Mbappe," Mengniu said in a statement.
"Mengniu firmly opposes and has a zero-tolerance policy towards any words or actions that hurt the feelings of the Chinese people," it added.
The announcements came after a video emerged online with Mbappe saying that the funniest internet meme he had seen was of his face photoshopped onto that of "some guy – I think he's a Chinese dictator".
This was an apparent reference to a meme of Mbappe superimposed on an image of Mao, one of several using the footballer's face and other historical figures.
The authenticity of the video could not immediately be verified by AFP Fact Check.
"Dongpeng Beverage ends cooperation with Mbappe" was the top-trending topic on Chinese social media site Weibo.
One Weibo user said that the "extremely serious wrong remarks... crossed the red line. They are completely unacceptable".
Others urged Dongpeng to remove Mbappe's image from their energy drink bottles.
Dongqiudi, one of China's biggest online football outlets, said in a statement on Monday evening that Mbappe’s remarks were "offensive to China and the Chinese people" and "have hurt the feelings of Chinese football fans and the Chinese people".
Mbappe addressed the memes depicting him as historical figures, including strongmen leaders, in an interview with French sports newspaper L'Equipe in September.
"There's a part of it that's funny. You can tell that, for some people, it's all in good fun. But there is another part that's a bit less funny because of the damage such people have caused throughout history," he said.
"Being compared to individuals who murder others, or who have brought misery to millions upon millions of people – well, I don't think I've ever done anything like that in my life," he said.
The furore in China came a day after 27-year-old Mbappe lost out to Harry Kane for the Ballon d'Or, the world's most prestigious individual award in football.