Senmiao Technology Announces Signing of Strategic Cooperation Agreement with Sichuan Xingyuan Ronghe New Energy Group

Rhea-AI Summary

Senmiao Technology Limited announces strategic cooperation agreement with Sichuan Xingyuan Ronghe New Energy

Positive

• Xingyuan provides automobile supply chain financing to major online ride-hailing platforms in China
• Xingyuan operates the fifth-largest number of owned NEVs for online ride-hailing enterprises nationwide
• Xingyuan will provide comprehensive financing solutions for Senmiao and its partners
• Senmiao will introduce Xingyuan to its online ride-hailing services partners
• Xingyuan will provide Senmiao with discounted NEV purchasing channels and new energy battery swapping vehicle operations
• The cooperation is expected to accelerate the growth of Senmiao's automobile rental business and online ride-hailing platform services

Negative

• None.

CHENGDU, China, Oct. 17, 2023 /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 that the Company's operating subsidiary Hunan Xixingtianxia Technology Co., Ltd. ("XXTX"), has signed a strategic cooperation agreement with Sichuan Xingyuan Ronghe New Energy Co., Ltd. ("Xingyuan"). Xingyuan provides automobile supply chain financing to major online ride-hailing platforms in China and invests, builds and operates new energy battery swap stations. With more than 10,000 new energy vehicles ("NEVs") in operation for online ride-hailing services in 12 cities in China, including Hangzhou, Shenzhen and Guangzhou, Xingyuan operates the fifth-largest number of owned NEVs for online ride-hailing enterprises nationwide.

Senmiao and Xingyuan initiated a strategic cooperation in automobile supply chain financing. Pursuant to the agreement, Xingyuan will provide comprehensive financing solutions for Senmiao and its channel and merchandise partners. Senmiao will introduce Xingyuan to its online ride-hailing services partners, providing them with access to Xingyuan's efficient financing services for vehicle purchases. In addition, Xingyuan will provide Senmiao with resources such as discounted NEV purchasing channels and new energy battery swapping vehicle operations.

Xi Wen, Senmiao's Chairman and Chief Executive Officer stated, "We are pleased to have formed a strategic cooperation with Xingyuan, a company with extensive experience and resources in automobile supply chain financing. We believe the additional financing and operational support from Xingyuan, will enable Senmiao to accelerate the growth of our automobile rental business and online ride-hailing platform services by lowering the cost to purchase NEVs for drivers."

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 purchases and financing, management, operating leases, guarantees 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
+1 408-538-4577                                                                             +86 10 5661 7012
csohn@equityny.com                                                                       lma@equityny.com

Alice Zhang, Associate
+1 212-836-9610
azhang@equityny.com 

© 2023 Senmiao Technology Ltd. All rights reserved.

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SOURCE Senmiao Technology Limited

FAQ

What is the strategic cooperation agreement between Senmiao and Xingyuan about?

The agreement focuses on automobile supply chain financing.

What does Xingyuan provide?

Xingyuan provides automobile supply chain financing to major online ride-hailing platforms in China.

What is the significance of Xingyuan's operations?

Xingyuan operates the fifth-largest number of owned NEVs for online ride-hailing enterprises nationwide.

What will Xingyuan provide to Senmiao?

Xingyuan will provide comprehensive financing solutions, discounted NEV purchasing channels, and new energy battery swapping vehicle operations.

How will the cooperation benefit Senmiao?

The cooperation is expected to accelerate the growth of Senmiao's automobile rental business and online ride-hailing platform services.