Senmiao Technology Launches Ride-Hailing Platform in Guangzhou, China's Third Largest City

CHENGDU, China, March 31, 2021 /PRNewswire/ -- Senmiao Technology Limited ("Senmiao") (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 launch of its proprietary online ride-hailing platform for drivers in Guangzhou, China. Guangzhou is the fourth city in China in which Senmiao has launched its ride-hailing platform.

Having launched in its strategic core cities of Chengdu in October 2020 and Changsha in December 2020 where it already provides auto financing and leasing services for the ride-hailing market, as well as in the smaller city of Neijiang in January 2021, Senmiao made the strategic decision to launch in Guangzhou, the capital and most populous city of Guangdong province in southern China. Guangzhou is the third largest city in China after Beijing and Shanghai with a population of more than 15 million.

Xi Wen, Senmiao's Chairman and Chief Executive Officer, stated, "We are pleased to expand our online ride-hailing business to Guangzhou as our platform continues to be one of the top performers in the market in our existing markets of Chengdu and Changsha. We believe the initial success of our online ride-hailing platform is due to the excellent partnerships we have forged with trusted companies such as Gaode Map, Meituan (HK: 3690), BYD Company Limited ("BYD", HK:1211 and SZSE: 002594) and Guangzhou Star Charge. We have seen an incredible increase in activity on the platform throughout the month of March and anticipate continued growth with our launch in Guangzhou and as we look to expand to other potential cities."

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 ride-hailing market in Senmiao's areas of operation in China. For more information about Senmiao, please visit: http://www.senmiaotech.com.

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 in Guangzhou and the potential expansion of the platform to other cities in China) 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. 

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