LISTING ceremonies usually feature cheers and applause, but the ongoing novel coronavirus epidemic has prompted the Shanghai exchange to shun gatherings and introduce a new rite of passage for companies — instead of striking a gong at the exchange, the C-suite now participate in online livestreamed debuts.

Wuhan-based snack giant BESTORE yesterday became the first company to go public at the Shanghai Stock Exchange (SSE) with an online ceremony, which lasted for some 20 minutes and featured video speeches and a five-second countdown to a simulated gong-striking as the climax.

“We never thought we would become the first firm to go public with a remote video ceremony,” said BESTORE’s founder and chairman Yang Hongchun in his speech broadcast live on the SSE website.

Before going into the company’s market success and strategies, Yang saluted those risking their lives to support Hubei in fighting the epidemic and the resilient and vigorous corporate sector in China.

The food company generates 55 percent of its revenue from its 2,000 brick-and-mortar stores, 40 percent of which are in the central province of Hubei. Its online businesses have gained momentum to fuel new growth amid fierce competition in China’s multi-trillion-yuan snack market.

With yesterday’s debut, BESTORE raised about 487 million yuan (US$69 million) by offering 41 million shares to fund its expansion including the development of an all-channel marketing network and storage and logistics system.

(Xinhua)