Investing.com -- DSC Holdings started trading on the Nasdaq below its initial public offering price on Thursday after raising $51 million. The stock opened at $16 per share compared to its IPO price of $17.

The Jinhua, Zhejiang-based company sold 3 million American depositary shares within its marketed range of $16 to $18 per share.

DSC provides digitalization tools and transaction services to used car dealers in China, the world's largest automotive market. Junhong Yao founded the company in 2012.

Chinese companies have launched fewer IPOs in New York over the past year following tariff policies implemented by U.S. President Donald Trump that increased tensions between Washington and Beijing.

API (Hong Kong) Investment, which Ant Group fully owns, had indicated interest in purchasing up to $30 million of DSC shares from the offering.