China-based DSC Holdings, the operator of the Dasouche used-car dealer platform, is pursuing a U.S. initial public offering that would place the company at a valuation of up to $901 million, the firm said on Wednesday. Headquartered in Jinhua, Zhejiang, the company plans to sell 3 million American depositary shares (ADS) at a price range of $16 to $18 apiece, aiming to raise as much as $54 million.
The planned listing would be on the Nasdaq under the symbol "DSC." DSC named Deutsche Bank, China International Capital Corp (CICC), CR Global Markets, and ICBC International as the underwriters for the offering.
Regulatory developments facilitating the move include approval from the China Securities Regulatory Commission earlier this year. The CSRC signed off on DSC s proposed New York IPO in April, the first approval of a U.S. listing application in four months, according to the filing details cited by the company.
Founded in 2012 by Junhong Yao, DSC develops digital tools and transaction services targeted at used-car dealers operating in China, which it describes as the world s largest automotive market. DSC reported it holds in excess of 90% market share for operating systems used by China s used-car dealers, citing data from CIC. Its core digital platform, DaFengChe, is offered largely free to dealers and encompasses functionality for inventory sourcing and management, marketing, sales, and business analysis.
DSC counts several institutional backers among its investors, including venture capital firm 5Y Capital, investment firm Primavera Capital, and Ant Group. API (Hong Kong) Investment, a vehicle wholly owned by Ant Group, has committed to purchasing up to $30 million of DSC shares from the offering.
The filing comes against a backdrop of slower issuance of Chinese listings in New York over the past year. The company s plans were announced amid heightened geopolitical tensions between Washington and Beijing that followed tariff moves by U.S. President Donald Trump, and alongside increased scrutiny from Beijing of Chinese firms seeking offshore IPOs, including those targeting U.S. exchanges.
The prospectus and underwriting roster reflect the company s intention to raise capital through U.S. investors while maintaining strategic support from prominent Chinese and international backers. DSC s filing lays out the terms of the ADS offering and confirms the intended Nasdaq ticker, but it does not alter the facts around pricing, the number of shares to be sold, or the stated commitments by API (Hong Kong) Investment and the listed underwriters.
Deal specifics
- Valuation target: up to $901 million.
- Offering: 3 million ADS at $16 to $18 each, raising up to $54 million.
- Ant Group affiliate API (Hong Kong) Investment to potentially buy up to $30 million from the offering.
- Underwriters: Deutsche Bank, CICC, CR Global Markets, ICBC International.
- Planned listing venue and ticker: Nasdaq - "DSC."