Senmiao Technology Announces Cooperation with Hefei Cheyun to Launch Ride-Hailing Business in Hefei, China
Senmiao Technology Limited (Nasdaq: AIHS) announced a joint operation agreement with Hefei Cheyun Information Technology Co., Ltd. to expand its online ride-hailing business in Hefei, China. This collaboration allows Senmiao to utilize Hefei Cheyun's operational licenses for launching its services in the city, which has a population of about 8 million. The agreement is part of a broader strategy to accelerate growth in new markets following successful launches in Chengdu and Changsha. Senmiao will compensate Hefei Cheyun with a monthly fee based on order flow.
- Signing of a joint operation agreement with Hefei Cheyun to expand into Hefei, a city with 8 million residents.
- Utilization of Hefei Cheyun's licenses to expedite business expansion.
- Builds on successful launches in Chengdu and Changsha, indicating effective growth strategy.
- None.
CHENGDU, China, April 15, 2021 /PRNewswire/ -- Senmiao Technology Limited ("Senmiao") (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 the signing of a joint operation agreement with Hefei Cheyun Information Technology Co., Ltd. ("Hefei Cheyun"), an affiliate of Taoyun Capital, which has obtained several licenses issued by municipal administrative departments to operate its online ride-hailing business (the "Licenses") in various cities across China. This agreement is an extension of the previously announced strategic relationship with Taoyun Capital. Hefei Cheyun's parent company operates Yidao, a well-known online ride-hailing platform in China (https://www.yongche.com). Senmiao will partner with Hefei Cheyun to launch its ride-hailing business in Hefei, China in the near future.
By partnering with Hefei Cheyun, Senmiao anticipates utilizing the Licenses of Hefei Cheyun to accelerate the expansion of its online ride-hailing business into new cities in China while bringing increasing order flow to Hefei Cheyun. For the use of the Licenses in Hefei, Senmiao will pay Hefei Cheyun a monthly fee based on the total order flow with a minimum payment per month.
Having launched in its strategic core cities of Chengdu and Changsha in late 2020 where it already provides auto financing and leasing services for the ride-hailing market, as well as in Neijiang in January 2021 and in Guangzhou in March 2021, Senmiao made the strategic decision to launch in Hefei, the capital and most populous city of Anhui province in eastern China with a population of approximately 8 million.
Xi Wen, Senmiao's Chairman and Chief Executive Officer, stated, "We are pleased to have entered into this collaboration with Hefei Cheyun and look forward to accelerating the growth of our businesses together. We believe this industry has a great deal of untapped potential given the success and continued demand in cities where we have already launched. Particularly in more densely populated areas, people are beginning to see that ride-hailing is extremely convenient, accessible and affordable given today's technologies. Senmiao is excited to be a part of this revolution in transportation in China and thrilled to have found a valued and experienced partner like Hefei Cheyun."
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 purchase and financing, management, operating lease, guarantee and other automobile transaction services as well as operates its own ride-hailing platform aimed principally at the growing ride-hailing market in Senmiao's areas of operation in China. For more information about Senmiao, please visit: http://www.senmiaotech.com. The Company routinely provides important information 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.
© 2021 Senmiao Technology Ltd. All rights reserved.
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.
Adam Prior, Senior Vice President
(212) 836-9606
aprior@equityny.com
In China
Lucy Ma, Associate
+86 10 5661 7012
lma@equityny.com
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SOURCE Senmiao Technology Limited
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