CHENGDU, China, Sept. 27, 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 that its wholly owned subsidiary Chengdu Xixingtianxia Technology Co., Ltd. ("XXTX") has signed an agreement with Guangzhou Baishi Haoyun Automobile Leasing Services Ltd. ("Baishi Haoyun"), a leading automobile leasing company that has operated locally in Guangzhou for 20 years.

Similar to the recently announced agreement with Chengdu Rongcheng Yueda Technology Ltd., Baishi Haoyun will utilize Senmiao's online ride-hailing platform to provide ride-hailing services by appointment in Guangzhou, using its own vehicle and driver resources while remaining in compliance with relevant regulations. Baishi Haoyun will be responsible for the management services of its own drivers. Senmiao will assign online ride orders to Baishi Haoyun's drivers and provide real-time information including service types and prices. Senmiao will pay commission fees to Baishi Haoyun on a monthly basis, which are based on fares collected from customers. The partnership commenced in August 2022 for a term through August 2, 2023, subject to agreement renewal or early termination.

Xi Wen, Senmiao's Chairman and Chief Executive Officer stated, "We are excited to announce our cooperation with Baishi Haoyun, an established company that possesses a competitive advantage in Guangzhou with its 20 years of local operating history. Guangzhou is one of the key cities in which Senmiao has an opportunity to increase its market share, and we feel we are well positioned to serve a larger population in this city with the support of vehicles and drivers from Baishi Haoyun."

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: 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.                                                                       In China

Carolyne Sohn, Vice President                                                        Lucy Ma, Associate

+1 415-568-2255                                                                             +86 10 5661 7012

csohn@equityny.com                                                                       lma@equityny.com

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