Kingsoft Corporation announced two months ago that it would spin off a business unit for Internet security and other services and list its shares in the U.S. Now, the spinoff, Cheetah Mobile, has filed with the U.S. Securities and Exchange Commission for a splashy U.S. IPO Formerly known as “Kingsoft Network” in China, the company developed a web browser called Cheetah. Cheetah Mobile plans to raise $500 million on the New York Stock Exchange.
Security software maker Cheetah Mobile Inc, a unit of Chinese software company Kingsoft Corp Ltd (3888.HK), filed with U.S. regulators on Wednesday to raise about $300 million in an initial public offering of American Depositary Shares. Beijing-based Cheetah, formerly known as Kingsoft Internet Software Holdings Ltd, told the U.S. Securities and Exchange Commission in a preliminary prospectus that Morgan Stanley, J.P.Morgan, Credit Suisse and Macquarie Capital were underwriting the IPO. The filing did not reveal how many shares the company planned to sell or their expected price.
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