Press Release

Senmiao Technology announces signing of agreement with SOE Affiliate for online ride-hailing vehicle and driver resources in Chengdu

Senmiao Technology Limited, 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, announced that its wholly owned subsidiary Chengdu Xixingtianxia Technology Co., Ltd. has signed an agreement with Chengdu Rongcheng Yueda Technology Ltd., an affiliate of Chengdu City Construction Investment & Management Group Co., Ltd., a state-owned enterprise in Chengdu with RMB160 billion in assets.

Pursuant to the agreement, Yueda will utilize Senmiao’s online ride-hailing platform to provide ride-hailing services by appointment in Chengdu, using its own vehicle and driver resources while remaining in compliance with relevant regulations. Yueda will be responsible for the management services of its own drivers. Senmiao will assign online ride orders to Yueda’s drivers and provide real-time information including service types and prices. Senmiao will pay commission fees to Yueda on a monthly basis, which are based on fares collected from customers. The partnership commenced in August 2022 for a term through July 31, 2023, subject to agreement renewal or early termination.

Xi Wen, Senmiao’s Chairman and Chief Executive Officer stated, “We are pleased to announce our cooperation with Yueda, which marks the first business agreement that Senmiao has signed with an affiliate of CDCI, a large SOE with significant resources in various industries in Chengdu. With the addition of Yueda’s vehicles and drivers to our platform network in Chengdu, Senmiao expects to expand the scope of our services in the city, strengthening our competitive advantages in the local market.”

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