Senmiao Technology Launches Ride-Hailing Platform in Four Additional Cities

News provided by

Apr 19, 2022, 09:00 ET

CHENGDU, China, 19. April 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 oprator of its own online ride-hailing platform, today announced the launch of its proprietary online ride-hailing platform for drivers in four cities in China: Qingdao, Nanchang, Jinhua, and Yancheng.

A total of over 3,600 rides have been completed in these four cities on Senmiao's online ride-hailing platform since it was launched in March 2022. With the addition of Qingdao, Nanchang, Jinhua, and Yancheng, Senmiao's platform is now available in 19 cities across China, including six cities in Sichuan Province and 13 major cities in other provinces in China.

Qingdao has a population of 10.1 million and is a major coastal international seaport as well as a commercial and financial center. Qingdao is a popular tourist destination with historical and cultural significance. As a major city lying across the Shandong peninsula, Qingdao has an economic aggregate second to only Beijing and Tianjin in Northern China.

With a population of approximately 6.4 million, Nanchang is the capital of Jiangxi Province. Nanchang is adjacent to the Yangtze River Delta, Pearl River Delta and Haixi Economic Zone, making it an important manufacturing center in China and one of the first low-carbon pilot cities in China.

Jinhua is an important city in Zhejiang Province with a population of 7.1 million. Jinhua is part of the G60 Science and Innovation Corridor, a high-tech manufacturing zone that connects Shanghai and eight other cities in the neighboring Jiangsu, Zhejiang and Anhui Provinces.

Yancheng is a major city in Jiangsu Province with a population of 7.2 million. As a transportation hub, Yancheng is famous for its transportation network integrating expressways, railways, aviation, sea transportation and inland waterway shipping, and has five first-class national open ports.

Xi Wen, Senmiao's Chairman and Chief Executive Officer, stated, "We are pleased to continue strengthening our partnership with Gaode Map (AutoNavi Software Co., Ltd.) with the launch of our platform in four new major cities, including Nanchang and Qingdao. These cities all play significant strategic roles in their regional economies and transportation networks, and we look forward to serving drivers and riders in these areas through our online ride-hailing platform as the pandemic environment continues to improve and travel restrictions within China and between countries eventually ease. We expect to launch in other major cities where we see growth potential, which may lead to increased cash flow generation from our online ride-hailing platform business."

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: [email protected]
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
[email protected] [email protected]

SOURCE Senmiao Technology Limited