Cheetah Mobile Gains in Trading Debut After $168 Million IPO
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Cheetah Mobile Inc., the Chinese maker of security software that’s backed by Kingsoft Corp. and Tencent Holdings Ltd., rose in its trading debut after raising $168 million in a U.S. initial public offering.
After rising as much as 17 percent the shares ended trading in New York today at $14.10, after the IPO was priced at $14. The company plans to use the IPO proceeds for international expansion, technology investment and research and development, as well as potential acquisitions, according to the offering prospectus.