Senmiao Technology Launches Ride-Hailing Platform in Shenyang, A Major City in Northeast China

Rhea-AI Summary

On January 25, 2022, Senmiao Technology Limited (Nasdaq: AIHS) announced the launch of its proprietary online ride-hailing platform in Shenyang, China. Since its launch on December 17, 2021, over 6,000 rides were completed in Shenyang, expanding Senmiao's platform to 14 cities. With a population of approximately 9.1 million, Shenyang is a key transportation hub in Northeast China. CEO Xi Wen expressed confidence that this expansion will enhance the platform's contributions to the business in 2022.

Positive

• Launch of proprietary ride-hailing platform in Shenyang boosts market presence.
• Over 6,000 rides completed since launch, indicating strong initial traction.
• Expansion to 14 cities enhances operational footprint and market accessibility.

Negative

• None.

CHENGDU, China, Jan. 25, 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 Shenyang, China.

Over 6,000 rides have been completed in Shenyang on Senmiao's online ride-hailing platform since the platform was launched on December 17, 2021. With the addition of Shenyang, 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 9.1 million, Shenyang is the capital of Liaoning Province, and is the second-largest city in the Northeast China region. In China, Shenyang is well-known as a major industrial center, as well as a famous historic and cultural city nationwide.

Xi Wen, Senmiao's Chairman and Chief Executive Officer, stated, "We are pleased to have launched our online ride-hailing platform in 14 cities throughout China as part of our partnership with Gaode Map (AutoNavi Software Co., Ltd.). Shenyang is an important transportation hub in Northeast China with a long history. As people throughout China continue gradually returning to their normal daily routines, we believe our expansion into major cities like Shenyang will boost the ongoing development of our proprietary online ride-hailing platform. We continue to focus on executing our growth strategy and are confident that our online ride-hailing platform will make increasing contributions to our overall business in 2022."

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 recent expansion did Senmiao Technology undertake?

Senmiao Technology launched its online ride-hailing platform in Shenyang, China, on January 25, 2022.

How many rides have been completed on Senmiao's platform in Shenyang?

Since its launch on December 17, 2021, over 6,000 rides have been completed in Shenyang.

In how many cities is Senmiao's ride-hailing platform currently operational?

Senmiao's platform is currently operational in 14 cities across China.

What is the significance of Shenyang for Senmiao Technology?

Shenyang is a major transportation hub in Northeast China, making it a strategic location for Senmiao's ride-hailing platform.

What are the future growth expectations for Senmiao Technology's platform?

CEO Xi Wen expects the expansion into major cities like Shenyang to significantly contribute to the company's business growth in 2022.