Senmiao Technology Announces Signing of Cooperation Agreement with Sichuan Chengfeng Intelligent Transportation
Senmiao Technology Limited (Nasdaq: AIHS) has announced a cooperation agreement with Sichuan Chengfeng Intelligent Transportation Co., Ltd. This partnership aims to enhance Senmiao's online ride-hailing services in Neijiang, Sichuan, by providing operational support and technology services. Chengfeng will assist in obtaining necessary licenses and managing local government communications. This collaboration follows an earlier agreement in September 2021, where Senmiao authorized Chengfeng’s subsidiary to manage ride-hailing operations in Neijiang. Senmiao expects this partnership to bolster its growth in the region.
- New cooperation agreement with Chengfeng to enhance ride-hailing services.
- Chengfeng's established local relationships may facilitate business growth.
- Senmiao expects to expand its footprint across Sichuan.
- None.
CHENGDU, China, Oct. 26, 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 new cooperation agreement (the "Agreement") with Sichuan Chengfeng Intelligent Transportation Co., Ltd. ("Chengfeng"), a wholly-owned subsidiary of Neijiang Chengfeng Investment Co., Ltd. ("Chengfeng Investment"). Chengfeng Investment is a state-owned company focused on customized passenger transportation, taxis, online ride-hailing, and smart technology sectors.
Chengfeng is a provider of construction and maintenance services for real-time GPS monitoring systems for mobile and fixed targets in Neijiang, Sichuan Province. Since 2002, Chengfeng has established cooperation relationships with various well-known companies such as China Telecom and China Mobile.
According to the terms of the Agreement, Senmiao will be responsible for providing operational support services for customized passenger transportation, intercity carpooling, city express, SAAS express and technology systems involved in digital transformation, as well as providing the development, introduction and technical support for Chengfeng's taxi brand. Chengfeng will provide certifications and resources for customized passenger transportation, intercity carpooling, online ride-hailing business licenses, and will also manage communications with local government officials.
The two parties initiated their first cooperation in September 2021 pursuant to a contract signed by Senmiao and Neijiang Di'An Automobile Service Ltd ("Di'An"), a subsidiary of Chengfeng. In this cooperation, Senmiao authorizes Di'An to act as an agent for online ride-hailing operation in the city of Neijiang. Di'An will recruit and provide management of drivers and vehicles suitable for online ride-hailing services, as well as take the lead on communication with local authorities.
Xi Wen, Chairman, Chief Executive Officer and President of Senmiao, stated, "We are pleased to announce this close partnership with Chengfeng, an innovative company with significant expertise in Neijiang's online ride-hailing market that possesses strong local relationships. With this cooperation with Chengfeng, Senmiao expects to accelerate the growth of its online ride-hailing business in Neijiang while exploring potential opportunities that would allow for the expansion of our footprint across Sichuan to promote both Senmiao's and Chengfeng's interests in technology systems involving digital transformation."
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
(415) 568-2255 +86 10 5661 7012
csohn@equityny.com lma@equityny.com
© 2021 Senmiao Technology Ltd. All rights reserved.
View original content:https://www.prnewswire.com/news-releases/senmiao-technology-announces-signing-of-cooperation-agreement-with-sichuan-chengfeng-intelligent-transportation-301408668.html
SOURCE Senmiao Technology Limited
FAQ
What is the significance of the agreement between Senmiao Technology and Chengfeng?
What does the cooperation agreement entail for Senmiao Technology?
When was the initial cooperation between Senmiao and Chengfeng established?
How does Senmiao Technology plan to grow its business in Sichuan?
What is Senmiao Technology's focus in the ride-hailing industry?
