DSC Holdings, a China-based provider of operating systems and transaction services for used car dealers, filed on Tuesday with the SEC for an initial public offering. The company included a placeholder proposed deal size of $50 million.
DSC Holdings provides digitalization tools and transaction services primarily to used car dealers in China, and claims that its system manages over 50% of China's used car inventory by vehicle identification number as of early 2026. DSC's flagship digitalization product, DaFengChe, is a largely free of charge platform pitched as an all-in-one hub that combines ERP and CRM functionality, along with inventory management, marketing, sales, business analysis and internal administration, and access to its various transaction services. Transaction services drive the majority of revenue, including vehicle sourcing, inspection, logistics, and warehousing. As of 2025, the platform had approximately 228,000 active users and 30,297 monetized dealers and brokers. In addition to the DSC Holdings' core B2B used car dealer customer base, the company has also expanded to services for OEMs and new car merchants.
Based in Jinhua, in China's Zhejiang province, DSC Holdings was founded in 2012 and booked $100 million in revenue for the 12 months ended December 31, 2025. It plans to list on the Nasdaq, although it has not yet selected a symbol (RC ticker: DSC.RC). DSC Holdings filed confidentially on September 14, 2023. Deutsche Bank, CICC, CR Global Markets, and ICBC International are the joint bookrunners on the deal.
