- Auto marketplace plans to sell up to 190.8 million shares in US
- Approval seen as potential signal of reopening IPO channel
Dasouche (大搜车), an online automative transaction marketplace, has received regulatory clearance from China to pursue a US listing, becoming the first Chinese company in 2026 to secure approval for an overseas initial public offering.
China’s securities regulator disclosed on April 24 that the Hangzhou-based firm has filed for an offshore share sale of up to 190,848,475 ordinary shares to be listed on the Nasdaq exchange.
The filing, issued by the international cooperation department of the China Securities Regulatory Commission (CSRC), marks a key procedural step required under China’s cross-border listing regime.
The approval suggests a potential reopening window for Chinese companies seeking US. listings, following tighter regulatory scrutiny in recent years.
Founded in 2012, Dasouche operates a digital platform spanning both used and new car distribution. In the used-car segment, its services cover hundreds of thousands of independent dealers and dealership networks, offering transaction matching, inspection and certification, vehicle delivery and marketing distribution.
In the new-car market, its solutions extend to more than 40 automakers and a wide network of secondary dealers, with services including delivery, marketing and user operations.
The company has increasingly integrated AI into its operations, leveraging more than a decade of industry data to develop AI assistants and vertical agents designed to support dealers in managing transactions and improving efficiency.
Since its founding, Dasouche has raised about $1.2 billion from investors including Ant Group, Warburg Pincus, Primavera Capital and 5Y Capital.
China introduced its filing-based system for overseas listings on March 31, 2023, replacing the previous approval regime.
Under the rules, companies seeking to list abroad must file with the CSRC within three working days of submitting listing applications to regulators such as the US Securities and Exchange Commission.
One recent example is Yimutian (一亩田), which completed the filing process and listed on Nasdaq in August 2025, making it one of the few companies using a variable interest entity structure to secure approval under the new system.
