Senmiao Technology Receives Capacity Star Award of Chengdu from Meituan

Rhea-AI Summary

Senmiao Technology Limited (Nasdaq: AIHS) has been honored with the 2021 "Mobility Star of Chengdu" Award by Meituan, recognizing its subsidiary, Sichuan Jinkailong Automobile Leasing Co., Ltd., for completing approximately 4 million ride-hailing orders in Chengdu. Senmiao's strategic partnership with Shanghai Lutuan Technology enables its services to be integrated with the Meituan platform, enhancing its market reach. CEO Xi Wen expressed confidence in the business model and potential for expansion beyond Chengdu, emphasizing the company's commitment to serving local ride-hailing needs.

Positive

• Award recognition for completing approximately 4 million ride-hailing orders in 2021.
• Strategic partnership with Meituan enhances service reach and operational capacity.

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• None.

CHENGDU, China, Jan. 31, 2022 /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 Sichuan Jinkailong Automobile Leasing Co., Ltd. ("Jinkailong"), of which Senmiao's majority owned subsidiary Hunan Ruixi Financial Leasing Co., Ltd. is the primary beneficiary,  receives the 2021 "Mobility Star of Chengdu" Award from Meituan (HK: 3690). The award recognizes accumulated approximately 4 million orders completed by drivers served by Jinkailong in Chengdu in 2021.

Senmiao initially began its strategic cooperation with Shanghai Lutuan Technology, an affiliate of Meituan, in late 2020, whereby potential riders utilizing Meituan's application could also request transportation on the application with Senmiao's platform as one of the online ride-sharing companies available for selection. In September 2021, Senmiao announced a new cooperation agreement with Shanghai Lutuan Technology, pursuant to which Senmiao is utilizing its network of cars and drivers to complete online ride-hailing requests and orders on Meituan's platform.

Xi Wen, Senmiao's Chairman and Chief Executive Officer, stated, "We are pleased that our valued partner Meituan has recognized the achievements yielded by Senmiao's ride-hailing network and platform in 2021. It is a testament to our overall operation and ability to serve the Chengdu population for their ride-hailing needs. We remain confident in our business model over the long term given the benefits brought by our strategic partnership and look forward to potential opportunities to expand this relationship to additional cities beyond Chengdu."

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 award did Senmiao Technology receive in January 2022?

Senmiao Technology received the 2021 'Mobility Star of Chengdu' Award from Meituan.

How many orders did Senmiao's subsidiary Jinkailong complete in 2021?

Jinkailong completed approximately 4 million ride-hailing orders in 2021.

What is the significance of the partnership between Senmiao and Meituan?

The partnership allows Senmiao's services to be integrated into Meituan's platform, expanding their market presence.

What is the stock symbol for Senmiao Technology?

The stock symbol for Senmiao Technology is AIHS.

Who is the CEO of Senmiao Technology?

Xi Wen is the Chairman and CEO of Senmiao Technology.

What services does Senmiao Technology provide?

Senmiao Technology offers automobile transactions, financing, and operates its own ride-hailing platform.