Senmiao Technology Announces Strategic Cooperation Agreement with Electric Vehicle Charging Operator Chengdu Xingchong

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Feb 01, 2021, 09:00 ET

CHENGDU, China, Feb. 1, 2021 /PRNewswire/ -- Senmiao Technology Limited ("Senmiao") (NASDAQ: AIHS), a provider of automobile transaction and related services targeting the online ride-hailing industry in China as well as an operator of its own online ride-hailing platform, today announced the signing of a strategic cooperation agreement with Chengdu Xingchong New Energy Technology Co., Ltd. ("Chengdu Xingchong"), a subsidiary of Star Charge.

Star Charge is a leading electric vehicle ("EV") charging operator in China focused on the research & development and manufacturing of new EV charging equipment. According to data released by the China Electric Charging Infrastructure Development Alliance, Star Charge had the second highest number of charging terminals in China as of December 2020.

The strategic cooperation agreement serves as a framework for future business terms under which Senmiao's ride-hailing drivers and their clients will receive more favorable rates at Chengdu Xingchong charging stations, and the two companies expect to leverage their respective brands and resources to promote the use of EVs. This includes but is not limited to jointly developing system solutions for cars, charging terminals, stations and networks, and working together to gain support from local governments.

According to its website, Star Charge has more than 100,000 self-built charging terminals in 226 cities with a daily charging capacity of more than 5.6 million kwh. Star Charge also has been awarded three national level projects in China and is a strategic partner of 59 globally recognized automobile companies, including Mercedes Benz, Porsche, BMW, Jaguar Land Rover, Volkswagen, BYD, and BAIC.

Xi Wen, Senmiao's Chairman and Chief Executive Officer, stated, "We are thrilled to have entered into this strategic framework understanding with Chengdu Xingchong, a group member of China's top EV charging provider, with the goal of making their extensive network of charging stations available to our drivers at a preferred rate. We believe this arrangement will bring immediate benefits to both parties as we work together to accelerate the growth of our businesses and position ourselves in the market in China that is increasingly looking to adopt environmentally friendly practices."

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 online 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 also are subject to 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
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SOURCE Senmiao Technology Limited