DSC Holdings Ltd. (Ticker: DSC US) is a Cayman Islands-domiciled company operating in China’s used car industry, providing AI application infrastructure, dealer operating systems and integrated transaction services for used car dealers and other auto merchants. The company says it has held more than 90% market share in operating systems for China’s used car dealers since at least 2021, according to CIC.

DSC Holdings is expected to list on Nasdaq on June 25, 2026, after pricing 3.0 million American Depositary Shares at $17.00 per ADS, raising $51 million. Each ADS represents 20 ordinary shares. The company’s estimated market capitalization is approximately $905 million.

Founded in 2012, DSC supports workflows across China’s used car commerce market, including services for used car dealers, OEMs, authorized dealers, new car brokers, inspectors, transporters and internet platforms. For the 12 months ended Dec. 31, 2025, the company reported revenue of approximately $97 million and a net loss of approximately $14 million. Founder and CEO Junhong Yao previously co-founded CAR Inc. Deutsche Bank Securities, CICC and CR Global Markets are joint bookrunners, with ICBC International as co-manager.