Chinese technology firms are suffering from a shift in sentiment. Even Cheetah Mobile, a spin-off from popular Chinese software developer Kingsoft, had to rely on support from shareholders Xiaomi and Baidu to get its initial public offering over the line earlier this month.
It wasn’t supposed to be like that. Hong Kong-listed Kingsoft chose to spin off Cheetah in New York as a way to join the party that other US-listed Chinese tech firms have enjoyed over the past few years rich valuations and abundant liquidity.
Cheetah managed to price its IPO close to the top of its targeted range but even the help...
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