An egg and a name
It used to be that the baby's head was shaved during the feast. The girls' head was shaved before the image of "Mother", the Goddess of Children, and the boy's head was shaved before the ancestral table. The symbolism of this practice is not entirely known, but it is speculated that this is the removing of the birth hair, to mark the point of the child's independent existence. traditionally, a big banquet is thrown, with thirty to forty people in attendance. The guests often bring gifts of clothing, or "lucky money" envelopes, which are called Li-shihs. The baby is is taken around the room to be introduced and admired. After that, the guests eat and visit with each other.
Instead of sending thank you cards to the guests for their gifts, the baby's parents send presents to them. This gift usually consists of small round biscuits with pork in them, a little like char-sui baus, or pork buns. Although the meaning behind these used to be more pronounced they are still considered an adequate thank you, even though the families do not usually send the 50 to 100 they might have sent in the past.
As you can see, this ceremony is very important because the Chinese believe that one's name can influence everything that happens in life. How this ritual is celebrated depends more on each specific family than on traditional rules. There are many other traditions surrounding the baby's birth, up through adulthood, but the naming ritual takes precedence over them all.