China’s DSC Holdings, a provider of operating systems for used car dealers, saw its shares plunge 46.8% from its initial public offering (IPO) price on its Nasdaq debut, pouring cold water on the year’s first Chinese listing in the US.
The Zhejiang-headquartered company raised approximately $51 million on Thursday by offering 3 million American depositary shares (ADS) at $17 apiece–the midpoint of its proposed price range of $16-18.
Better known domestically as Dasouche, the company ended a dry spell for Chinese listings in New York. While first-time share sales by Chinese firms once flooded Wall Street, a combination of stringent US auditing rules, Beijing’s tightened regulatory oversight on offshore listings, and a broader pivot towards regional markets like Hong Kong has driven a steep decline in US-bound IPOs.
Prior to DSC, there were no Chinese IPOs on the New York Stock Exchange or Nasdaq this year. Throughout 2025, 63 companies listed in the US, raising $1.12 billion, a 41.4% decline from the $1.91 billion raised in 2024, according to Deloitte data.
The down market suggests the era of high-profile, large-scale Chinese listings in the US has decelerated. Last year’s five largest Chinese IPOs—including milk tea chain Chagee’s $411-million debut and biotech Ascentage Pharma’s $140-million listing—collectively raised $627 million, down 58.2% from the $1.5 billion generated by the top five listings a year earlier.
DSC initially filed its listing application confidentially with the US Securities and Exchange Commission (SEC) in September 2023. The China Securities Regulatory Commission (CSRC) greenlit the IPO in April, marking Beijing’s first approval for a US listing in about four months.
Founded in 2012 by CEO Junhong Yao, DSC provides digitalisation solutions, AI applications, and integrated transaction services for China’s used car industry. Citing data from China Insights Consultancy (CIC), the firm claims a market share of over 90% in operating systems for Chinese used car dealers since 2021.
The company generates revenue primarily from transaction services. Total revenue for 2025 stood at 677.1 million yuan ($99.5 million), down 28.6% year-on-year (YoY). While it has yet to turn a profit, DSC’s prospectus showed a narrowed net loss of 94.6 million yuan ($13.9 million) last year.
Its principal shareholders include 5Y Capital, Ant Group, and Primavera Capital.
