Senmiao Technology Launches Ride-Hailing Platform in Guiyang, the Capital of Guizhou Province

Rhea-AI Summary

Senmiao Technology Limited (Nasdaq: AIHS) has officially launched its proprietary online ride-hailing platform in Guiyang, the capital of Guizhou Province, as of June 14, 2022. Since its launch, the platform has successfully completed over 2,300 rides. This addition marks a significant expansion, bringing Senmiao's services to 20 cities across China. Guiyang, with a population of approximately 6.1 million, is acknowledged as a key city in Southwest China, presenting substantial growth opportunities for Senmiao as they anticipate further launches in other major cities.

Positive

• Launch of ride-hailing platform in Guiyang, expanding to 20 cities in China.
• Over 2,300 rides completed since launch in Guiyang.
• Guiyang recognized as a key growing city, enhancing potential market growth.

Negative

• None.

CHENGDU, China, June 23, 2022 /PRNewswire/ -- Senmiao Technology Limited ("Senmiao" or the "Company") (Nasdaq: AIHS), a financing and servicing company focusing on the online ride-hailing industry in China as well as an operator of its own online ride-hailing platform, today announced the launch of its proprietary online ride-hailing platform for drivers in Guiyang, the capital of Guizhou Province.

A total of over 2300 rides have been completed in Guiyang on Senmiao's online ride-hailing platform since it was launched on June 14, 2022. With the addition of Guiyang, Senmiao's platform is now available in 20 cities across China, including six cities in Sichuan Province and 14 major cities in other provinces in China.

With a population of approximately 6.1 million, Guiyang is one of the fastest-growing provincial capital cities in China. Guiyang is recognized as one of the key central cities in Southwest China by the State Council and has become the political, economic, cultural, scientific and educational center of Guizhou Province, following the establishment of the Guiyang Free Trade Zone in 2013. Guiyang is also an important transportation and communication hub, driving industry, business and tourism in the southwest region of China.

Xi Wen, Senmiao's Chairman and Chief Executive Officer, stated, "We are pleased to continue strengthening our partnership with Gaode Map (AutoNavi Software Co., Ltd.) with the launch of our platform in Guiyang. We believe there is significant opportunity for Senmiao to expand our business in Guizhou. Here we see synergies with Guizhou Zhongxuan Online Ride-hailing Operation Group Ltd., one of the largest online ride-hailing companies in Guizhou Province, with which we announced a cooperation agreement in November 2021. Guiyang is an important transportation and tourism center in Southwest China, and we look forward to serving the people in this growing city. We expect to launch our platform in other major cities with growth potential, which we anticipate will help improve cash flow in the coming quarters."

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, 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.
Carolyne Sohn, Vice President  
+1 415-568-2255
csohn@equityny.com                                                                    

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

© 2022 Senmiao Technology Ltd. All rights reserved.

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SOURCE Senmiao Technology Limited

FAQ

What is the significance of Senmiao's launch in Guiyang?

The launch signifies Senmiao's expansion into a fast-growing city, aiming to enhance its market presence in the ride-hailing sector.

How many cities does Senmiao operate in after launching in Guiyang?

After launching in Guiyang, Senmiao operates in a total of 20 cities across China.

What is the population of Guiyang?

Guiyang has a population of approximately 6.1 million.

How many rides has Senmiao completed in Guiyang since the launch?

Senmiao has completed over 2,300 rides in Guiyang since the platform's launch.

When was Senmiao's platform launched in Guiyang?

Senmiao's ride-hailing platform was launched in Guiyang on June 14, 2022.