Press Release

Senmiao Technology announces strategic cooperation with the top online ride-hailing platform in China

Senmiao Technology Limited, a financing and servicing company focused on the online ride-hailing industry in China and an operator of its own online ride-sharing platform, announced the signing of a cooperation agreement with a leading global platform for mobile transportation and local services. Under the terms of the agreement, Senmiao will collaborate with its Partner to aggregate riders on their platforms. Senmiao has had a longstanding partnership with this Partner related to automobile transaction and related services since November 2018.

Under this cooperation agreement, the Company’s Partner will serve as a ride-hailing order aggregator for Senmiao. Senmiao will receive orders from riders utilizing its Partner’s online ride-hailing applications in certain cities, beginning with Chengdu. Once orders are received by its Partner, they will be distributed to registered drivers on Senmiao’s platform for viewing and acceptance. Senmiao will pay information technology service fees to a technology company cooperating with its Partner for each completed order based on a certain percentage of the value of the order.

Xi Wen, Senmiao’s Chairman and Chief Executive Officer stated, “We are thrilled to be collaborating with our long-term partner. Our focus has been on forging partnerships with major players in the space. Since our initial launch in October 2020, Senmiao’s online ride-hailing platform has seen impressive growth as we have expanded into additional cities with plans to launch in other major metropolitan areas where ride-hailing has become increasingly popular as a convenient and affordable mode of transportation. We are pleased to have the support of a major player in the space like our partner and look forward to this expanded partnership.”

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