Key facts
- DSC Holdings, a Chinese used-car dealer solutions provider, raised $51 million in its Nasdaq IPO.
- The IPO marks the first cross-border listing from China in 2026.
- Ant Group subscribed to $30 million of the offering.
- DSC Holdings was founded in 2013 and aims to help used-car dealers improve efficiency and profitability.
- The company reported revenues of 677 million yuan in 2025, with adjusted net losses narrowing.
DSC Holdings, a Chinese provider of solutions for used-car dealers, successfully raised $51 million in its initial public offering on the Nasdaq stock exchange. The listing on Thursday marks the first cross-border IPO from China in 2026, following regulatory approval from the China Securities Regulatory Commission in April, over two years after the company's initial application. Ant Group, a significant investor, subscribed to $30 million of the offering.
Founded in 2013 by Yao Junhong, DSC Holdings focuses on digitalizing and providing transaction services to help used-car dealers enhance efficiency, reduce costs, and improve profitability. The company's revenue for 2025 was 677 million yuan. While the company reported operating and net losses in recent years, its adjusted net losses have been consistently narrowing. In the fourth quarter of 2025, DSC Holdings reported revenue of 192 million yuan and a net loss of 6.16 million yuan, indicating it is nearing profitability. This financial performance comes after a strategic divestment of its B2B financial product referral service in December 2024, a move described as a one-time structural adjustment.
DSC Holdings has secured approximately $1.2 billion in cumulative investments from various institutions, including Ant Group, Warburg Pincus, Primavera Capital, and 5Y Capital, since its inception. Prior to the IPO, founder Yao Junhong held a 46.45% stake in the company. The successful listing is seen as a potential thaw for Chinese companies seeking to list in the U.S. market, following a period with few large Chinese tech firms going public in the U.S. since 2025.