Senmiao Technology Announces Signing of Strategic Cooperation Agreement with Heilongjiang Kunrui Financing Guarantee

Rhea-AI Summary

Senmiao Technology Limited has signed a strategic cooperation agreement with Kunrui, a financing services company, to provide financial resources in new energy vehicle financing and auto insurance installment services. This partnership could potentially lead to the development of a new energy auto financing system. The collaboration is expected to support the growth of Senmiao's online ride-hailing platform services business.

CHENGDU, China, Sept. 28, 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"), through its subsidiary Chengdu Xixingtianxia Technology Co., Ltd., has signed a strategic cooperation agreement with Heilongjiang Kunrui Financing Guarantee Co., Ltd. ("Kunrui"), a financing services company that provides vehicle purchasing and auto insurance installment loan guarantee services to enterprises and individuals. Kunrui provides financing guarantee services for new energy vehicles used in online ride-hailing and is a major financing and guarantee company incorporated in Heilongjiang Province serving automobile rental companies across the country.

Pursuant to the agreement, Kunrui will provide Senmiao with financial resources in new energy vehicle financing and auto insurance installment services, leveraging its chartered financial qualifications. Senmiao will introduce Kunrui to its new energy vehicle dealership partners and provide access to its auto financing technologies. Senmiao and Kunrui will also work together to support auto dealers focusing on online ride-hailing vehicles with Kunrui providing auto financing and insurance installment services to Senmiao's dealer partners. In addition, Senmiao and Kunrui are exploring the possibility of developing a new energy auto financing system, which could serve as a potential SaaS business opportunity for both companies.

Xi Wen, Senmiao's Chairman and Chief Executive Officer stated, "We are pleased to have initiated a strategic cooperation with Kunrui, a regionally recognized company with extensive experience in auto financing and insurance installment services. We believe this represents an opportunity for Senmiao as auto financing and insurance services are critical components of supporting our local online ride-hailing drivers. We look forward to building a successful relationship with Kunrui, which we believe will help us continue to empower our drivers and channel partners while supporting the growth of our online ride-hailing platform services business."

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.

View original content:https://www.prnewswire.com/news-releases/senmiao-technology-announces-signing-of-strategic-cooperation-agreement-with-heilongjiang-kunrui-financing-guarantee-301941213.html

SOURCE Senmiao Technology Limited