Woofun AI reports that DSC Holdings Ltd., operating as Daxiu Che, officially listed on the Nasdaq Global Markets on June 25, 2026, Beijing time, marking the first U.S. listing by a Chinese enterprise in 2026. The company issued 3,000,000 American Depositary Shares at an issue price of $17.00 per ADS, generating a total issuance amount of approximately $51 million, excluding the over-allotment option. Underwriters were granted a 30-day option to purchase an additional 450,000 ADS at the same issue price to accommodate potential demand fluctuations. This capital injection follows a 13-year operational trajectory focused on resolving friction within the complex, multi-participant used car sector through digital intervention.

Yao Junhong, founder and CEO of Daxiu Che, articulated the company's enduring strategy during the listing ceremony, emphasizing a model of solving problems for others to create value. He noted that the used car industry is characterized by numerous participants and heavy reliance on offline processes, which Daxiu Che addresses by deploying digital technology and AI intelligence to streamline dealer workflows. The executive stated that the company's strategy has remained unchanged for 13 years, with a continued commitment to promoting the digitalization and intelligentization of China's used car industry. By eliminating transaction frictions, the platform aims to achieve its own value creation through the value it generates for its dealer partners.

The financial and legal architecture of the offering involved a robust consortium of global and domestic institutions. Deutsche Bank, CICC, and CR Global Markets served as the joint lead underwriters for the transaction. Legal representation was equally comprehensive, with Davis Polk & Wardwell acting as U.S. legal counsel for the Company and Haiwen & Partners serving as Chinese legal counsel. The underwriters secured their own legal representation through Cleary Gottlieb Steen & Hamilton for U.S. matters and Jingtian & Gongcheng for Chinese regulatory compliance. This structure underscores the complexity of navigating cross-border regulatory environments for a company deeply embedded in the Chinese automotive supply chain.

According to the F-1/A prospectus filed with the U.S. Securities and Exchange Commission, Daxiu Che positions itself as the AI application infrastructure for China's used car industry. The company's objective is to facilitate a structural transition from offline to online operations, shifting from individual dealer models to collaborative ecosystems, and moving from manual processes to AI-driven solutions.

Woofun AI data shows that since 2021, the company has maintained a market share exceeding 90% in the Chinese used car dealer operating system market. This dominance has allowed the company's systems to integrate into the daily operations of more than 50% of China's used car dealers, managing the physical inventory of over 50% of used cars in the country at any given time, identified by Vehicle Identification Number. In January 2026 alone, the Daxiu Che system managed daily transaction amounts surpassing 1 billion yuan for used cars.

The depth of the company's data infrastructure is critical to its AI capabilities, with the platform recording more than 300 data points for each dealer and over 70 data points for each vehicle. Dealer data encompasses location, employee counts, customer bases, and collaborator networks, while vehicle data includes specifications, condition assessments, purchase costs, sales prices, and inventory turnover days. This granular data collection forms the foundation for the company's vertical AI solutions, which are designed to be integrated directly into actual transaction processes rather than serving as isolated analytical tools. The prospectus indicates that these solutions target procurement and sales, two areas where data-driven approaches yield the most significant efficiency gains in the automotive circulation sector.

The allocation of the raised capital reflects a strategic prioritization of technological expansion and service enhancement. Sixty percent of the funds will be dedicated to enhancing digital solutions and expanding transaction services specifically for auto dealers. An additional 20% is earmarked for investment in further AI technology capabilities to deepen the company's competitive moat. The remaining funds will be utilized for general corporate expenses and working capital to support ongoing operational liquidity. This distribution highlights a clear intent to double down on the core infrastructure that has driven the company's market dominance over the past decade.

Daxiu Che's advantage in building AI solutions for the automotive circulation sector stems from two primary factors: its extensive accumulation of real-time, high-precision industry data and its capability to execute tasks across detection, transaction, and delivery stages. Unlike generic AI models, the company's vertical solutions require industry-specific data and must be embedded within the actual workflow of dealers to create lasting value in procurement, pricing, matching, and fulfillment. The company possesses a full range of transaction services, spanning from initial information collection to final execution, centering around the specific workflow needs of auto dealers. Services include B2B transaction matchmaking, used car inspection, logistics and delivery, and warehousing facilities, creating a closed-loop ecosystem that competitors struggle to replicate.

This listing represents a pivotal moment for the digitization of China's fragmented used car market, validating a business model that has successfully scaled over 13 years. The ability to manage over half of the nation's used car inventory while maintaining a 90% share in dealer operating systems suggests a level of market penetration that few platforms achieve in other sectors. The integration of AI into such a data-rich environment positions the company to redefine operational standards for the industry, moving beyond simple digitization to intelligent automation. This marks a significant milestone for Chinese tech enterprises seeking to leverage deep industry data for global capital markets.