Senmiao Technology Announces Signing of Cooperation Agreement with New Energy Vehicle Leasing and Charging Station Operator in Guangzhou

CHENGDU, China, Sept. 29, 2022 /PRNewswire/ -- Senmiao Technology Limited ("Senmiao" or the "Company") (Nasdaq: AIHS), a financing and servicing company focusing on the online ride-hailing industry in China as well as an operator of its own online ride-hailing platform, today announced that its wholly owned subsidiary Chengdu Xixingtianxia Technology Co., Ltd. ("XXTX") has signed an agreement with Guangzhou Tongchuang New Energy Ltd. ("Tongchuang"), a first-tier new energy vehicle leasing company approved by the Guangzhou Municipal Transportation Commission.

Tongchuang operates 42 electric vehicle ("EV") charging stations in Guangzhou, 13 of which have maintenance service points. Tongchuang offers vehicle leasing and maintenance through its network of super charging stations and currently has more than 200 vehicles under lease. Tongchuang is among the first in the leasing industry to offer free charging for its leased vehicles. Their leased vehicles are able to charge for free at any of Tongchuang's EV charging stations. Tongchuang's business partners include China Investment Development Limited, Minci Group, and State Power Investment Corporation.

Similar to the recently announced agreement with Guangzhou Baishi Haoyun Leasing Services Ltd., Tongchuang will utilize Senmiao's online ride-hailing platform to provide ride-hailing services by appointment in Guangzhou, using its own vehicle and driver resources while remaining in compliance with relevant regulations. Tongchuang will be responsible for the management services of its own drivers. Senmiao will assign online ride orders to Tongchuang's drivers and provide real-time information including service types and prices. Senmiao will pay commission fees to Tongchuang on a monthly basis, which are based on fares collected from customers. The partnership commenced in September 2022 for a term through September 12, 2023, subject to agreement renewal or early termination.

Xi Wen, Senmiao's Chairman and Chief Executive Officer stated, "We are excited to begin this cooperation with Tongchuang, an innovative company in the leasing industry that has cultivated longstanding relationships with its drivers. We believe this new partnership will accelerate the growth of for Senmiao's online ride-hailing platform services in Guangzhou and may also serve as a catalyst for new business opportunities to expand our current scope of services. We look forward to establishing similar cooperations with leading companies to continue strengthening our position as a leading provider of online ride-hailing services serving a growing customer base in Guangzhou and other key cities."  

About Senmiao Technology Limited

Headquartered in Chengdu, Sichuan Province, Senmiao provides automobile transaction and related services including sales of automobiles, facilitation and services for automobile purchases, financing, management, operating leases, guarantees and other automobile transaction services as well as operates its own ride-hailing platform aimed principally at the growing online ride-hailing market in Senmiao's areas of operation in China. For more information about Senmiao, please visit: http://www.senmiaotech.com. Senmiao routinely provides important updates on its website.

Cautionary Note Regarding Forward-Looking Statements 

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements (including those relating to the operation of Senmiao's ride-hailing platform) are subject to significant risks, uncertainties and assumptions, including those detailed from time to time in the Senmiao's filings with the SEC, and represent Senmiao's views only as of the date they are made and should not be relied upon as representing Senmiao's views as of any subsequent date. Senmiao undertakes no obligation to publicly revise any forward-looking statements to reflect changes in events or circumstances. 

For more information, please contact:

At the Company:

Yiye Zhou
Email: edom333@ihongsen.com
Phone: +86 28 6155 4399

Investor Relations:

The Equity Group Inc.                                                                      In China
Carolyne Sohn, Vice President                                                        Lucy Ma, Associate
+1 415-568-2255                                                                             +86 10 5661 7012
csohn@equityny.com                                                                       lma@equityny.com

© 2022 Senmiao Technology Ltd. All rights reserved.

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Source: Senmiao Technology Limited Related Stocks: NASDAQ:AIHS
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