Senmiao Technology Announces Ride-Hailing Platform Operating Metrics for September 2021

Rhea-AI Summary

Senmiao Technology Limited (AIHS), based in Chengdu, reported a 6% increase in completed ride-hailing orders, surpassing 1 million in September 2021. This figure includes over 900,000 rides from its partnership with Meituan, initiated in August 2021. Active drivers increased by 24% from August, totaling over 7,500. Since launching its ride-hailing platform in October 2020, approximately 13.2 million rides have been completed. The company’s operational metrics indicate encouraging growth, highlighting its expanding network and rising user engagement.

Positive

• September 2021 saw over 1 million completed orders, a 6% increase from August.
• Active drivers rose by 24% in September, reaching more than 7,500.
• Partnership with Meituan contributed over 900,000 completed rides since August.

Negative

• None.

CHENGDU, China, Oct. 18, 2021 /PRNewswire/ -- Senmiao Technology Limited ("Senmiao" or the "Company") (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 operating metrics for its proprietary online ride-hailing platform for the month of September 2021. In September 2021, Senmiao reported over 1.0 million total completed orders, a 6.0% increase compared to just under 1.0 million in August 2021. Numbers reported in August and September include the number of completed orders from Meituan's ride-hailing platform ("the Major Platform") utilizing Senmiao's network of cars and drivers for a set monthly fee.

Since the launch of Senmiao's online ride-hailing platform in Chengdu (October 2020), Changsha (December 2020), Neijiang (January 2021), Guangzhou (March 2021), Nanchong (June 2021), and Panzhihua (June 2021), approximately 13.2 million rides have been completed using its platform. Over 0.9 million rides have been completed on the Major Platform under Senmiao's new partnership with Meituan, which commenced in August 2021. The number of drivers completing rides via the platform (known as Active Drivers) in September 2021 was over 7,500, an increase of approximately 24% from August 2021.

The table below presents approximate unaudited operating metrics of Senmiao's online ride-hailing platform since its launch in October 2020.

		Completed Orders under Old Model1 (in 000s)		Completed Orders under New Model2  (in 000s)		Total Completed Orders (in 000s)		Total Fares Paid by Riders (in 000s USD$)		Active Drivers
Oct 2020		161				161		531		1,800
Nov 2020		537				537		1,646		3,400
Dec 2020		620				620		1,862		5,000
Jan 2021		910				910		2,626		8,300
Feb 2021		710				710		2,164		7,000
Mar 2021		1,540				1,540		4,492		11,500
Apr 2021		1,790				1,790		5,332		16,500
May 2021		2,154				2,154		6,376		18,000
Jun 2021		2,068				2,068		6,193		18,500
Jul 2021		1,659				1,659		4,864		16,400
Aug 2021		530		432		962		3,001		6,073
Sep 2021		540		480		1,020		3,653		7,519
Cumulative		13,219		912		14,131		42,740		N/A

¹ Under the old model, a rider can search for taxi/ride-hailing services on a Senmiao partner's platform, which then provides the rider with options for online ride-sharing service providers, including Senmiao. If the rider selects Senmiao, 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.
² Under the new model, online ride-hailing requests and orders will be completed on the partner's platform utilizing Senmiao's network of cars and drivers for a set monthly fee.

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 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

© 2021 Senmiao Technology Ltd. All rights reserved.

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SOURCE Senmiao Technology Limited

FAQ

What were Senmiao Technology's operating metrics for September 2021?

Senmiao Technology reported over 1 million completed ride-hailing orders in September 2021, marking a 6% increase from August.

How many active drivers did Senmiao Technology have in September 2021?

Senmiao had over 7,500 active drivers in September 2021, an increase of approximately 24% from the previous month.

How many rides were completed under the partnership with Meituan?

Since the partnership with Meituan began in August 2021, over 900,000 rides have been completed.