Da Sou Che (DSC.US) is listed in the United States and plans to raise $51 million: Ant Group holds nearly 60% of the shares, with an estimated valuation of $900 million.

Chinese used car dealer operating system and transaction service provider Dasuche (DSC Holdings) announced the terms of its IPO on Wednesday. The company plans to issue 3 million ADS at a price range of $16 to $18 to raise $51 million. At the midpoint of the proposed price range, Dasuche's fully diluted market value will reach $905 million. Dasuche was still a darling of capital 10 years ago. From November 2016 to September 2018, Dasuche completed rounds C to F of financing led by Ant Financial, Warburg Pincus, Alibaba, Chunhua Capital and Morningside Capital, with individual amounts increasing from $100 million to $578 million. After the F round of financing, Dasuche's valuation reached a historical peak of $3.5 billion, with total financing reaching $1.2 billion. Existing shareholder Ant Group plans to subscribe to $30 million worth of ADS (59% of the IPO shares) in this issuance. Dasuche mainly provides digital tools and transaction services for Chinese used car dealers, claiming that as of early 2026, its system manages over 50% of China's used car inventory by Vehicle Identification Number (VIN). Dasuche's flagship digital product "Dasuche" is a basic free platform positioned as an integrated core hub that includes ERP (Enterprise Resource Planning) and CRM (Customer Relationship Management) functions, while also providing access to inventory management, marketing, sales, business analysis, internal administrative management, and various trading services. Transaction services contribute most of the revenue, including vehicle sourcing, inspection, logistics, and storage. As of 2025, the platform has approximately 228,000 active users and 30,297 dealers and brokers who have realized monetization. In addition to its core B2B used car dealer customer base, the company has also expanded its services to OEMs and new car dealers. Established in 2012, Dasuche recorded revenues of $100 million for the 12 months ended December 31, 2025. In 2022, Dasuche divested its controversial car financing leasing business "Dangeche", which has since been dormant for several years. The prospectus data shows that from 2023 to 2025, Dasuche's total revenue was 909 million yuan, 948 million yuan, and 677 million yuan respectively, with net losses of 187 million yuan, 157 million yuan, and 94.56 million yuan, still a distance from breaking even. In 2025, Dasuche's revenue plummeted by 28.6% year-on-year. This sharp decline is not simply due to deteriorating external conditions, but the company actively made changes to meet listing compliance requirements. In December 2024, Dasuche completely divested its B2B financial product intermediation service. In 2022, Dasuche had already spun off its C-end car financing leasing product "Dangeche", which had once single-handedly generated billions in revenue but led to thousands of complaints and legal disputes. The company plans to list on NASDAQ with the ticker symbol DSC. Deutsche Bank, CICC, and CR Global Markets are the joint bookrunners for this transaction.