Senmiao Technology Launches Ride-Hailing Platform in Haikou, the Provincial Capital of Hainan Province

Rhea-AI Summary

Senmiao Technology Limited (Nasdaq: AIHS) has launched its proprietary online ride-hailing platform in Haikou, China, following over 2,000 rides completed since its initial launch on December 17, 2021. The platform is now operational in 14 cities across China, enhancing accessibility for users in a key growth area. Haikou, with a population of approximately 2.9 million, is a central hub in the development of the Hainan Free Trade Port. The Chairman emphasizes growth potential by focusing on major cities like Haikou to drive long-term business success.

Positive

• Launch of ride-hailing platform in Haikou, expanding to 14 cities.
• Completion of over 2,000 rides since December 2021 launch.
• Haikou's strategic position as a growing tourist destination.

Negative

• None.

CHENGDU, China, Feb. 4, 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 Haikou, China.

Over 2,000 rides have been completed in Haikou on Senmiao's online ride-hailing platform since the platform was launched on December 17, 2021. With the addition of Haikou, Senmiao's platform is now available in 14 cities across China, including six cities in Sichuan Province and eight major cities in other provinces in China.

With a population of approximately 2.9 million, Haikou is the capital, the economic center and the transportation hub of Hainan Province. Haikou is also one of the main cities included in the development of the Hainan Free Trade Port, which is anticipated to transform Hainan into a world-leading free trade hub like Hong Kong and Singapore in the decades to come. Haikou is a southern coastal city with a tropical climate. The city is known for its rich natural seaside scenery and cultural history, as it was first opened as a port back in Song Dynasty.

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 Haikou. As a core city of the Hainan Free Trade Port and the most populous city in Hainan Province, Haikou is a growing tourist destination in China for both domestic and international visitors, even locals. We look forward to serving the people in Haikou as the city continues to develop over time. Our strategy has been to launch in major cities or those poised for growth. We believe this strategy will drive steady growth in our online ride-hailing platform business in the long term."

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.                                                                 In China
Carolyne Sohn, Vice President                                                   Lucy Ma, Associate
+1 415-568-2255                                                                        +86 10 5661 7012
csohn@equityny.com                                                                  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 Haikou for AIHS stock?

The launch positions Senmiao as a key player in a growing market, potentially enhancing investor confidence in AIHS.

How many cities does Senmiao's platform operate in after the Haikou launch?

Senmiao's platform now operates in 14 cities across China.

What are the expected benefits of launching in Haikou for Senmiao?

Launching in Haikou aims to capitalize on its growth potential and drive long-term business success.

When did Senmiao begin operations in Haikou?

Senmiao launched its ride-hailing platform in Haikou on February 4, 2022.

What is the population of Haikou, where Senmiao's new platform is launched?

Haikou has a population of approximately 2.9 million.