Senmiao Technology Announces Signing of Cooperation Agreement with Guizhou Zhongxuan Online Ride-hailing Operation Group Ltd.

Rhea-AI Summary

Senmiao Technology Limited (Nasdaq: AIHS), a company focused on the online ride-hailing sector in China, has signed a cooperation agreement with Guizhou Zhongxuan Online Ride-hailing Operation Group Ltd. This partnership aims to enhance customized passenger transportation and online ride-hailing services across Guizhou Province, leveraging Zhongxuan's local expertise. Senmiao will provide operational support and technical services, while Zhongxuan will manage local communications. The collaboration is expected to strengthen Senmiao's market position and facilitate digital transformation in the industry.

Positive

• New cooperation agreement with Guizhou Zhongxuan enhances service offerings.
• Partnership leverages Zhongxuan's expertise and local network.
• Potential for expansion and increased market presence in Guizhou.

Negative

• None.

CHENGDU, China, Nov. 3, 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 Guizhou Zhongxuan Online Ride-hailing Operation Group Ltd. ("Zhongxuan"), one of the largest online ride-hailing companies in Guizhou Province focused on tourism and charter passenger transportation, passenger station management, online ride-hailing platform operation, new energy vehicle sales and maintenance, as well as electric vehicle charging and swapping power station operations.

According to the terms of the Agreement, Senmiao will provide customized passenger transportation, intercity carpooling, city express, Gaode SAAS express operation support services, as well as the development, implementation and technical support for Zhongxuan's taxi brand in Guiyang City and other key cities and regions in Guizhou Province. Zhongxuan will provide the certifications and resources for the customized passenger transportation, intercity carpooling and online ride-hailing business and will also manage communications with local government officials. The two parties anticipate signing additional contracts to specify details surrounding this cooperation in the future.

Xi Wen, Chairman, Chief Executive Officer and President of Senmiao, stated, "We are pleased to announce this new partnership with Zhongxuan, a leader in Guizhou Province's transportation and online ride-hailing markets with unparalleled expertise in platform operation and an extensive local network. Senmiao looks forward to expanding our presence in Guizhou with this cooperation and believes this is only the beginning of a productive relationship with Zhongxuan whereby both parties can leverage their core competencies in technology systems to further digital transformation across the industry."

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.  
Carolyne Sohn, Vice President  
(415) 568-2255   
csohn@equityny.com                                                                      

In China
Lucy Ma, Associate
+86 10 5661 7012
lma@equityny.com  

© 2021 Senmiao Technology Ltd. All rights reserved.

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SOURCE Senmiao Technology Limited

FAQ

What is the new partnership announced by Senmiao Technology?

Senmiao Technology announced a partnership with Guizhou Zhongxuan to enhance ride-hailing services in Guizhou Province.

How will Senmiao Technology benefit from this cooperation with Zhongxuan?

Senmiao will gain access to Zhongxuan's local expertise and resources, enhancing its operational capabilities in the region.

What services will Senmiao Technology provide under the agreement with Zhongxuan?

Senmiao will offer customized passenger transportation, intercity carpooling, and technical support for Zhongxuan's taxi brand.

When was the cooperation agreement between Senmiao and Zhongxuan signed?

The cooperation agreement was signed on November 3, 2021.

What is the significance of the partnership for Senmiao Technology's business?

The partnership is significant as it allows Senmiao to expand its presence in Guizhou and potentially sign additional contracts for further collaboration.