China's DaSouChe targets a $901 million valuation for US IPO

DaSouChe plans to issue 3 million American Depositary Shares, with each share priced between $16 and $18, aiming to raise up to $54 million. DaSouChe was founded by Yao Junhong in 2012 and provides operating systems for used car dealers in China, as well as software and transaction services to dealers and other automotive businesses. According to CIC data, DaSouChe holds over 90% market share in the Chinese used car dealer platform market. The company’s investors include 5Yuan Capital, Primavera Capital, and Ant Group, which is backed by Jack Ma. API Investment, a wholly-owned subsidiary of Ant Group, plans to subscribe up to $30 million worth of DaSouChe shares in this IPO.