Senmiao Technology Announces Ride-Hailing Platform Operating Metrics for August 2021

CHENGDU, China, Sept. 15, 2021 /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 the operating metrics for its proprietary online ride-hailing platform for the month of August 2021. In August 2021, Senmiao's platform reported 530,000 completed orders, compared to approximately 1.7 million in July 2021. The decrease was a result of a new contract entered by the Company and Shanghai Lutuan Technology, an affiliate of Meituan (HK: 3690), China's leading e-commerce platform for services, as announced in a press release on September 14, 2021. According to this new cooperation agreement, online ride-hailing requests and orders will be completed on Meituan's platform ("the major platform") utilizing Senmiao's network of cars and drivers for a set monthly fee.

In August 2021, Senmiao leased cars and provided related services to approximately 1,200 drivers in Chengdu who operated their online ride-hailing businesses through the major platform under the new partnership model. Senmiao also began its services with Gaode Maps in Guangzhou, reporting over 55,000 completed orders and nearly 48,000 newly registered drivers in the city for the month.

Since the launch of Senmiao's online ride-hailing platform in Chengdu (October 2020), Changsha (December 2020), Neijiang (January 2021), Guangzhou (March 2021), and Nanchong and Panzhihua (June 2021), approximately 12.7 million rides have been completed using its platform. With the cooperation agreement between the Company and Meituan, the number of completed orders is no longer the most relevant metric of the Company's business performance. Senmiao will provide updates on the number of newly registered drivers each month in addition to previously provided metrics to offer additional insight into the business' progress.

The table below presents approximate unaudited operating metrics of Senmiao's online ride-hailing platform since its launch in October 2020.

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 purchase and financing, management, operating lease, guarantee 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: https://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

© 2021 Senmiao Technology Ltd. All rights reserved.

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SOURCE Senmiao Technology Limited