Maples Group Advises on First Chinese Mainland US IPO of the Year
- Published
- in Deals
Maples and Calder, the Maples Group’s law firm, is pleased to have acted as Cayman Islands legal counsel to DSC Holdings Ltd. (“DSC”) on its initial public offering of 3,000,000 American depositary shares (the “ADSs”). This transaction marks the first US IPO by a Chinese Mainland issuer in 2026 and the first red-chip structure Chinese company to pass inspection by the China Securities Regulatory Commission for US IPOs in 2026. Each ADS represents 20 Class A ordinary shares with a par value of US$0.0001 each, raising approximately US$51 million. This offering also includes up to 450,000 additional ADSs by the Company upon the exercise of the over-allotment option by the underwriters. The ADSs commenced trading on NASDAQ under the ticker “DSC” on 25 June 2026.
DSC is a leading AI application infrastructure provider serving China’s used car industry.
The Maples team was led by Corporate Partner Jessica Zhan, with support from Associate Sarena Gong, both based in Hong Kong.
Davis Polk & Wardwell LLP acted as US legal counsel and Haiwen & Partners acted as PRC counsel to the issuer. Cleary Gottlieb Steen & Hamilton LLP acted as US legal counsel and Jingtian & Gongcheng Law Firm acted as PRC counsel to the underwriters: Deutsche Bank AG, Hong Kong Branch, China International Capital Corporation Hong Kong Securities Limited, CR Global Markets and ICBC International Securities Limited.
