After 13 years, used car trading platform DCar has finally landed on the Nasdaq.
Beijing Time, June 25, 2026, DSC Holdings Ltd. (hereinafter referred to as "DASOUCHE" or "the Company", NASDAQ code: "DSC") was officially listed on the NASDAQ Global Market in the United States, becoming the first Chinese enterprise to be listed in the United States in 2026. The Company issued 3,000,000 American Depositary Shares (ADSs) this time. The offering price was set at US$17.00 per ADS, and the total offering size was approximately US$51 million (excluding the over - allotment option). The Company also granted the underwriters a 30 - day over - allotment option to purchase up to 450,000 additional ADSs at the offering price.
DASOUCHE is listed on the NASDAQ
Yao Junhong, the founder and CEO of DASOUCHE, said at the listing ceremony: "The development process of DASOUCHE is a story of solving problems and creating value for others. The used - car circulation industry is very complex, with many participants and numerous offline processes. DASOUCHE uses digitalization and AI intelligence to improve the workflow of used - car dealers, eliminate trading frictions in the industry, and realize self - value by creating value for others. DASOUCHE has adhered to its 13 - year strategy without change and will continue to do so - to promote the digitalization and intelligence of the Chinese used - car industry."
The representatives of the joint lead underwriters for this offering of DASOUCHE are Deutsche Bank, China International Capital Corporation (CICC), and CR Global Markets. The Company's U.S. legal counsel is Davis Polk & Wardwell; the Company's Chinese legal counsel is Haiwen & Partners. The underwriters' U.S. legal counsel is Cleary Gottlieb Steen & Hamilton; the underwriters' Chinese legal counsel is Jingtian & Gongcheng.
According to the F - 1/A prospectus submitted by the Company to the U.S. Securities and Exchange Commission (SEC), DASOUCHE positions itself as "the AI application infrastructure for the Chinese used - car industry". The Company promotes the Chinese used - car industry to move from offline to online, upgrade from individual operations to collaborative operations, and shift from manual work to AI - empowered operations through digital systems, AI agents, and integrated trading services.
The AI application foundation of DASOUCHE comes from the long - term accumulated industry data and trading service capabilities. According to the prospectus and data from China Insights Consultancy (CIC), since 2021, DASOUCHE's market share in the Chinese used - car dealer operating system market has continuously been higher than 90%. With the wide penetration of digitalization, the Company's system has been embedded in the daily operation processes of more than 50% of used - car dealers in China and manages more than 50% of the physical inventory of used cars in China (identified by Vehicle Identification Number - VIN) at any given time. The prospectus shows that in January 2026, the daily used - car trading volume managed by DASOUCHE's system exceeded RMB 1 billion. The Company records more than 300 data points for each dealer, covering dimensions such as location, employees, customers, and collaborators; and records more than 70 data points for each vehicle, covering dimensions such as vehicle specifications, vehicle condition, procurement cost, selling price, and inventory turnover days.
The uses of the funds raised in this offering are as follows: 60% will be used to strengthen digital solutions and expand trading services for automobile dealers, 20% will be used for additional investment in artificial intelligence technology capabilities, and the rest will be used for general corporate purposes and working capital.
In terms of the implementation and prospects of AI applications, DASOUCHE has started to apply AI agents to the daily operation scenarios of used - car dealers, focusing on supporting two data - driven links, namely procurement and sales. Vertical AI agents not only need industry data but also need to enter real - world trading scenarios to create continuous value in links such as procurement, pricing, matching, and fulfillment. As the long - standing operating system in the Chinese used - car industry, DASOUCHE's advantages in building AI agents for the automobile circulation industry mainly come from two aspects: one is the long - term accumulated real, real - time, and high - granularity industry data; the other is the execution ability covering links such as inspection, trading, and delivery.
DASOUCHE also has the trading service ability from information to execution. Centering around the workflow of automobile dealers, the Company provides B2B trading matching, used - car inspection, logistics and delivery, warehousing, and other services for automobile merchants.