Da Sou Che (DSC.US) landed on Nasdaq: From digitalization to AI, 13 years of building China's used car infrastructure.

On June 25th, DSC Holdings Ltd. (referred to as "Dasuche" or the "Company", NASDAQ code: "DSC") was officially listed on the NASDAQ Global Market in the United States, becoming the first Chinese company to go public in the United States in 2026. The company issued 3,000,000 American Depositary Shares (ADS) this time, with an offering price of $17.00 per ADS, and a total offering size of approximately $51 million (excluding the overallotment option). The company also granted the underwriters a 30-day overallotment option to purchase up to an additional 450,000 ADS. Yao Junhong, founder and CEO of Dasuche, said at the listing ceremony, "The development of Dasuche is a story of solving problems for others and creating value. The second-hand car circulation industry is a very complex industry with many participants, and there are many offline links. Dasuche uses digitalization and AI intelligence to improve the workflow of second-hand car dealers, eliminate transaction friction within the industry, and realize self-worth by creating value for others. Dasuche has persisted in its strategy for 13 years and will continue to do so - promoting the digitization and intelligence of the Chinese second-hand car industry." The joint lead underwriters for this Dasuche offering are Deutsche Bank, CICC, and CR Global Markets. The company's U.S. legal counsel is Davis Polk & Wardwell; Chinese legal counsel is Haiwen & Partners. The underwriters' U.S. legal counsel is Cleary Gottlieb Steen & Hamilton; and the underwriters' Chinese legal counsel is Jingtian & Gongcheng. According to the F-1/A prospectus filed by the company with the U.S. Securities and Exchange Commission (SEC), Dasuche is positioned as the "AI application infrastructure for the Chinese second-hand car industry." By using digital systems, AI intelligence agents, and integrated transaction services, the company is promoting the shift of China's second-hand car industry from offline to online, from individual upgrades to collaborative upgrades, and from manual to AI empowerment. Dasuche's AI application infrastructure comes from long-term industry data accumulation and transaction service capabilities. According to the prospectus and data from China Insights Consultancy (CIC), since 2021, Dasuche's share in the Chinese second-hand car dealer operating system market has remained above 90%. With widespread digitization, the company's system has been embedded in the daily operations of over 50% of second-hand car dealers in China and manages over 50% of second-hand car physical inventory in China at any given time (identified by vehicle identification number VIN). The prospectus shows that in January 2026, Dasuche's system managed daily transactions of over 1 billion RMB in second-hand cars. The company records over 300 data points for each dealer, covering dimensions such as location, employees, customers, and collaborators; and over 70 data points for each car, covering dimensions such as vehicle specifications, condition, purchase cost, sale price, and inventory turnover days. The proceeds from this offering will be used as follows: 60% for strengthening digital solutions and expanding transaction services for automotive dealers, 20% for additional investment in artificial intelligence technology capabilities, and the remainder for general corporate purposes and working capital. In terms of the application and prospects of AI, Dasuche has begun applying AI intelligence agents to the daily operations of second-hand car dealers, focusing on supporting data-driven processes such as procurement and sales. Vertical AI intelligence agents require not only industry data but also entry into real transaction scenarios in order to generate continuous value in procurement, pricing, matching, and fulfillment processes. As the operating system of the Chinese second-hand car industry for a long time, Dasuche's advantage in building the AI intelligence agent for the automotive circulation industry mainly comes from two aspects: the long-term accumulation of real-time, high-granularity industry data, and the execution capabilities covering detection, transactions, and deliveries. Dasuche also has transaction service capabilities from information to execution. Around the workflow of automotive dealers, the company provides B2B transaction matching, second-hand car inspection, logistics delivery, warehousing, and other services for automotive merchants.