We advised DSC on its IPO and Nasdaq listing

Davis Polk advised DSC Holdings Ltd. on its SEC-registered initial public offering of 3,000,000 American depositary shares (ADSs), with total proceeds of approximately $51.0 million. Each ADS represents 20 Class A ordinary shares of DSC. The company has granted the underwriters an option to purchase up to an additional 450,000 ADSs. The ADSs are listed on the Nasdaq Global Market under the symbol “DSC.”

DSC is the AI application infrastructure for China’s used car industry. According to China Insights Consultancy, DSC has held over 90% market share in operating systems for China’s used car dealers since at least 2021. Building on this digital foundation, DSC further supports used car dealers with essential transaction services across their workflows. Beyond used car dealers, DSC also works with other auto merchants, including OEMs, authorized dealers and new car brokers. Its services further engage and benefit thousands of dealers’ collaborators, such as inspectors, transporters and other internet platforms, creating an ecosystem with used car dealers at its center.

The Davis Polk corporate team included partners Li He and Ran Li, counsel - registered foreign lawyer Pengyao (Raymond) Lai and associate Edwin Lee. Counsel Alon Gurfinkel and associate Ya Sheng Lin provided tax advice. Counsel Leon E. Salkin and associate Andrea Stoller provided 1940 Act advice. Members of the Davis Polk team are based in the Hong Kong, Beijing, London and New York offices.

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