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BESTORE strikes a gong at an online ceremony marking its formal listing. February 24, 2020. /Shanghai Stock Exchange
The Shanghai Stock Exchange (SSE) hosted its very first online listing ceremony on Monday to shun gatherings as a consequence of the ongoing novel coronavirus epidemic.
Wuhan-based snack giant BESTORE became the first company to go public at the SSE via
an online ceremony
, which lasted for some 20 minutes and featured video speeches and a five-second countdown to a simulated gong-strike as the climax.
The C-suite of the company participated in online live-streamed debuts, instead of striking a gong at the exchange's listing ceremony that is usually accompanied by cheers and applause.
"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.
BESTORE's founder and chairman Yang Hongchun delivers a speech at the online ceremony, February 24, 2020. /Shanghai Stock Exchange
Before going into the company's market success and strategies, Yang saluted those risking their lives to support the province of Hubei in fighting the epidemic as well as the resilient and vigorous corporate sector in China.
"They are the most admirable heroes in harm's way of our time," he said.
The food company generates 55 percent of its revenue from its 2,000 brick-and-mortar stores, 40 percent of which are in Hubei, the worst-hit region in the coronavirus epidemic. Its online businesses have gained momentum to fuel new growth amid fierce competition in China's multi-trillion-yuan snack market.
Yang also visited the brand's live-streaming channel on e-commerce platform Taobao, a major source of the company's revenue.
"Thank you all! We are now a listed company! BESTORE be strong! Wuhan be strong! China be strong!" he told the online audience.
With Monday's debut, BESTORE raised about 487 million yuan (about 69 million U.S. dollars) by offering 41 million shares to fund its expansion including the development of an all-channel marketing network and storage and logistics system. With listing fees deducted, the company collected about 420 million yuan in net capital.
BESTORE saw its market capitalization reach 6.87 billion yuan with shares skyrocketing 44.03 percent in Monday morning's trading session.
Organizing online listing ceremonies is part of SSE's efforts to strike a balance between offering services and disease control. The exchange has pledged to reduce or exempt listing fees and one-to-one remote services to companies.
(With input from Xinhua)
