This rare kanji has no clear standalone meaning. Treat its meaning as uncertain.
幖 combines 巾 (cloth) with 票, which likely contributes the sound. The exact historical development is uncertain.
The left side 巾 suggests cloth, and the right side 票 looks like a ticket or label. Picture a cloth banner or flag used as a sign or marker.
For ヒョウ, imagine a cloth banner flapping in the wind with a loud 'hyow' sound: hyow -> ヒョウ.