Senmiao Technology Announces Signing of Framework Agreement with Taoyun Capital
Senmiao Technology Limited (Nasdaq: AIHS) has signed a strategic framework agreement with Taoyun Capital to enhance its online ride-hailing operations in China. This partnership will allow Senmiao to utilize Taoyun's resources, including essential platform licenses across major cities like Beijing and Shanghai. Both companies will work together to develop systematic solutions for vehicle management and operation while lobbying for favorable industry policies. Senmiao aims to expand its market share in larger Chinese metro areas, building on its success since launching in Chengdu in October 2020.
- Strategic partnership with Taoyun Capital to enhance ride-hailing operations.
- Access to necessary licenses for operation in cities like Beijing and Shanghai.
- Joint development of systematic solutions for efficient platform management.
- Opportunity to lobby for favorable industry policies with local governments.
- Plan to expand market share in larger Chinese metropolitan areas.
- None.
CHENGDU, China, April 12, 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 strategic framework agreement with Taoyun Capital, a Beijing-based investment and asset management firm, whereby Senmiao has the right to utilize resources, including online ride-hailing platform licenses, obtained by Taoyun Capital and its affiliates in several cities across China, including but not limited to Beijing and Shanghai. Ride-hailing platforms in China are required to obtain a license for operation in each municipality.
According to the terms of the framework agreement, Senmiao and Taoyun Capital will collaborate in the development of online ride-hailing business, including but not limited to jointly developing systematic solutions for the management of vehicles, platform operation and carrying capacity, and jointly lobbying for favorable industry policies by local governments. By partnering with Taoyun Capital, Senmiao anticipates utilizing these resources to accelerate the expansion of its online ride-hailing platform into new cities.
Xi Wen, Senmiao's Chairman and Chief Executive Officer, stated, "We look forward to working with Taoyun Capital on expanding our respective businesses through this strategic collaboration. We are pleased to be able to partner with Taoyun Capital as we eye additional expansion opportunities for our online ride-hailing platform, which has seen much success since launching in our first city of Chengdu in October 2020. We remain focused on building market share in the increasingly larger metro areas of China while targeting a launch in the largest cities as we gain market share over time."
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.
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 |
Adam Prior, Senior Vice President | Lucy Ma, Associate |
(212) 836-9606 | +86 10 5661 7012 |
© 2021 Senmiao Technology Ltd. All rights reserved.
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SOURCE Senmiao Technology Limited
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