Senmiao Technology Announces Launch of Ride-Hailing Platform in Changsha, its Second Major City in China

News provided by

Dec 18, 2020, 09:00 ET

CHENGDU, China, Dec. 18, 2020 /PRNewswire/ -- Senmiao Technology Limited ("Senmiao") (Nasdaq: AIHS), a financing and servicing company focused on the online ride-hailing industry in China as well as an operator of its own online ride-hailing platform, today announced the launch of its proprietary online ride-hailing platform, Xixingtianxia, for drivers in Changsha, China. Changsha is the second city in China in which Senmiao has launched its platform (along with Chendgu in late October 2020).

The expansion to Changsha is strategic for Senmiao, as it has previously served as a core city in which Senmiao initially provided auto financing and leasing services for the ride-hailing market. Changsha is the capital and highest populated city in Hunan Province in China, with approximately 8 million people.

In recent weeks, Senmiao has strengthened the total solution it provides to ride-hailing drivers through collaborations with integration platforms in China, such as Gaode Map and Meituan (HK: 3690). Senmiao expects its service in Changsha to grow through the integration of these applications with its platform in the near future. In addition, the Company recently signed agreements with affiliates of BYD Company Limited (electric vehicle manufacturer (HK:1211 and SZSE:002594)) for the purchase of electronic vehicles in Changsha.

Mr. Xi Wen, Senmiao's Chairman and Chief Executive Officer stated, "We are pleased to have launched Xixingtianxia in Changsha following a successful roll-out in Chengdu. We remain cautious as to the impact of further COVID-19 developments on the ride-hailing industry, but feel that the efforts made over the second half of 2020 have prepared Senmiao to take advantage of a recovery in the coming year. Senmiao remains hyper-focused on growing market share in two large metropolitan markets in China, as Chengdu and Changsha have a total population of approximately 24 million people. With the partnerships Senmiao has implemented, we are confident in our ability to expand our market position."

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 purchase and financing, management, operating lease, guarantee and other automobile transaction services as well as operates its own ride-hailing platform aimed principally at the growing ride-hailing market in Senmiao's areas of operation in China. For more information about Senmiao, please visit: http://www.senmiaotech.com.

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 in Changsha and Chengdu, China) 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: [email protected]
Phone: +86 28 6155 4399

Investor Relations:
The Equity Group Inc.                                                                       In China
Adam Prior, Senior Vice President                                                   Lucy Ma, Associate
(212) 836-9606                                                                                 +86 10 5661 7012
[email protected]                                                                        [email protected]

SOURCE Senmiao Technology Limited