Senmiao Technology Launches Ride-Hailing Platform in Tianjin and Foshan

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Aug 18, 2022, 09:00 ET

CHENGDU, China, Aug. 18, 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 the launch of its proprietary online ride-hailing platform for drivers in two cities: Tianjin, China, and Foshan, Guangdong Province.

Senmiao launched its online ride-hailing platform in Tianjin and Foshan in late July 2022. With the addition of Tianjin and Foshan, Senmiao's platform is now available in 24 cities across China, including six cities in Sichuan Province and 18 major cities in other provinces in China. Since the launch in Tianjin and Foshan, Senmiao has completed over 2,000 orders in these two cities through its online ride-hailing platform as of August 15, 2022.

With a population of approximately 13.7 million, Tianjin is a municipality directly governed by the Central Government and is a coastal mega city in Northern China on the shore of the Bohai Sea. It is the largest port city in Northern China and is a global shipping and logistics center, international transportation hub and modern manufacturing base. Tianjin is one of the core functioning cities in the "Jing-Jin-Ji" Metropolitan Region, also known as the Beijing-Tianjin-Hebei Capital Economic Zone, the biggest urbanized region in Northern China.

As a mega city in Guangdong Province with one of the most developed private economies in the country, Foshan is an important manufacturing base in China, a key region in the economic development of Guangdong Province, and a major transportation hub. Foshan is working with Guangzhou to form the "Guangzhou-Foshan Metropolis Circle", actively promoting Guangzhou-Foshan urbanization. Foshan has a population of 9.5 million and is the core region of Cantonese culture with rich historical and cultural influences.

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 Tianjin and Foshan, which are both strategically significant cities in the areas of transportation and economy in their respective metropolitan regions. We believe the launch in Tianjin will be the catalyst that provides us with better opportunity to capture greater market share in Northern China. Senmiao launched its online ride-hailing platform in Guangzhou in March 2021, and the addition of Foshan allows us to further capture the benefits brought by the urbanization of the Guangzhou-Foshan area. We will continue to explore opportunities to launch our platform in other major cities with growth potential as we seek to expand this business into the future."

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