IPO Stock Watch: China’s Cheetah Mobile Hits New High
Cheetah Mobile’s (CMCM) stock rose 11.7% to 23.64 Tuesday, a new high. The China-based company provides mobile and PC applications that offer security and anti-virus protection. The company, a spinoff of Chinese software company Kingsoft, priced its May 8 initial public offering at 14, and raised $168 million. In the first quarter, Cheetah Mobile reported revenue of $50.8 million, up 131% from the same quarter a year ago. It was the seventh