Soft Chinese Tech IPOs Test Next Wave of Listings

Lackluster returns could affect the timing and valuation of the many firms angling to list shares

HONG KONG—More than a dozen technology companies from China are rushing to go public abroad, in an enticing opportunity for investors but one that has generated poor returns recently.

Shares of most Asian tech companies that have listed in New York and Hong Kong since the start of 2017 have notched lackluster performances, with the bulk trading below their initial public offering prices after strong early gains.

That...