Press Release

Senmiao Technology launches ride-hailing platform in four additional cities

Senmiao Technology Limited, 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, 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.”

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