Senmiao Technology Announces Signing of Strategic Cooperation Agreement with Anhui Lianma Technology

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01/19/2024 - 09:00 AM

CHENGDU, China, Jan. 19, 2024 /PRNewswire/ -- Senmiao Technology Limited ("Senmiao" or the "Company") (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 that the Company's operating subsidiary Hunan Xixingtianxia Technology Co., Ltd., and its subsidiaries, Haikou Xixingtianxia Technology Co., Ltd., and Chengdu Xixingtianxia Technology Co., Ltd., have signed a strategic cooperation agreement (the "Agreement") with Anhui Lianma Technology Co., Ltd ("Lianma"), a company with extensive experience in online ride-hailing platform operation in multiple cities in China.

Pursuant to the Agreement signed on November 30, 2023, Senmiao and Lianma have initiated a strategic cooperation in online ride-hailing platform operations in several major cities in China, including Chengdu, Changsha and Guangzhou. Lianma is responsible for the comprehensive operation of Senmiao's online ride-hailing platform services under the original model^[1] with its partner Gaode. Lianma is to provide Senmiao with support in operating areas including but not limited to business development, driver and vehicle resource management, platform management and customer service. Senmiao will pay Lianma service fees based on the number of completed orders per month.

Xi Wen, Senmiao's Chairman and Chief Executive Officer stated, "We believe partnering with Lianma will help Senmiao increase our total completed orders each month and improve overall efficiency in operations. This will help mitigate the negative impact of increased competition and ongoing compliance checks by Gaode in recent months."

^[1]Under the original model, orders coming from partner platforms are completed by Senmiao's own platform. A rider can search for taxi/ride-hailing services on Senmiao's partner platforms, which then provide the rider with options for online ride-sharing service providers, including Senmiao. If the rider selects Senmiao, the order will then be distributed to registered drivers on Senmiao's own platform for viewing and acceptance and then completed by Active Drivers. Senmiao earns commissions for each completed order based on a certain percentage of the value of the order.

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 and 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
+1 408-538-4577	+86 10 5661 7012
csohn@equityny.com	lma@equityny.com

Alice Zhang, Associate
+1 212-836-9610
azhang@equityny.com