Senmiao Technology Announces Business Cooperation with Online Travel Platform Fliggy, an Alibaba Affiliate

Rhea-AI Summary

Senmiao Technology Limited (Nasdaq: AIHS) has partnered with Alibaba affiliates Zhejiang Feizhu Network Technology and Hangzhou Taomei Airline Service to provide ride-hailing services on the Fliggy platform. This cooperation, operational in seven Chinese cities, has already completed over 400 orders since mid-March 2022. The partnership allows Senmiao to earn commissions on completed rides, enhancing its business model in the growing online ride-hailing market. The company anticipates expansion of this service to additional cities in the future.

Positive

• Partnership with Alibaba affiliates enhances visibility and potential market share.
• Over 400 completed orders since mid-March indicating strong demand for services.
• Potential for expansion into more cities, increasing revenue opportunities.

Negative

• None.

CHENGDU, China, May 25, 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 that its wholly-owned subsidiary, Hunan Xixingtianxia Technology Co., Ltd. ("XXTX") has entered into an agreement with Zhejiang Feizhu Network Technology Co., Ltd. ("Feizhu") and Hangzhou Taomei Airline Service Co., Ltd. ("Hangzhou Taomei"), affiliates of Alibaba, which operate the Fliggy online travel platform in China.

Pursuant to the terms of the agreement, XXTX will provide online ride-hailing services for Fliggy users through the Fliggy platform. If XXTX is selected by the Fliggy rider, the order will then be distributed to registered drivers on Senmiao's platform for viewing and acceptance. Senmiao earns commissions for each completed order based on a certain percentage of the value of the order.

This new business cooperation has been launched in seven cities: Chengdu, Changsha, Guangzhou, Lianyungang, Wenzhou, Shenyang and Qingdao, with over 400 orders completed since mid-March 2022. XXTX expects to expand its cooperation with Hangzhou Taomei to other cities in China in the future.

Xi Wen, Chairman, Chief Executive Officer and President of Senmiao, stated, "We are pleased to announce another important cooperation with another leading travel platform in China. Fliggy, known for its discounts on hotel bookings, is one of China's most downloaded mobile apps. We look forward to working closely with Feizhu and Hangzhou Taomei and serving Fliggy customers with their ride-hailing needs."

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
+1 415-568-2255                                                                             +86 10 5661 7012
csohn@equityny.com                                                                       lma@equityny.com  

© 2022 Senmiao Technology Ltd. All rights reserved.

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SOURCE Senmiao Technology Limited

FAQ

What is the recent partnership announced by Senmiao Technology?

Senmiao Technology announced a partnership with Alibaba affiliates to provide ride-hailing services on the Fliggy platform.

How many cities are involved in Senmiao's new ride-hailing service?

The service is currently operational in seven cities in China.

What is the stock symbol for Senmiao Technology?

Senmiao Technology is traded under the stock symbol AIHS.

How many orders has Senmiao completed since launching the new service?

Senmiao has completed over 400 orders since mid-March 2022.

What revenue model is Senmiao using with the Fliggy partnership?

Senmiao earns commissions on completed ride-hailing orders through the Fliggy platform.