DSC Holdings, a China-based provider of operating systems and transaction services for used car dealers, raised $51 million by offering 3 million ADSs at $17, within the $16 to $18 range. An existing shareholder had indicated on $30 million worth of ADSs in the offering (59% of the deal).
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.
The Jinhua, China-based company will trade on the Nasdaq under the symbol DSC. Deutsche Bank, CICC, and CR Global Markets acted as joint bookrunners on the deal.
