Senmiao Technology Announces Signing of Strategic Cooperation Agreement with Zhongfu Wuyou Shenzhen Technology

CHENGDU, China, Sept. 8, 2023 /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 the Company's operating subsidiary Hunan Xixingtianxia Technology Co., Ltd. ("XXTX"), through its subsidiary Chengdu Xixingtianxia Technology Co., Ltd., has signed a strategic cooperation agreement with Zhongfu Wuyou (Shenzhen) Technology Co., Ltd. ("Zhongfu Wuyou"), a state-owned enterprise that invests in multiple areas including online ride-hailing platforms for new energy vehicles, manufacturing of new energy vehicles, vehicle financing and smart batteries, with operations in major cities and provinces across China including Beijing, Shanghai, Zhejiang Province, Shandong Province and others.

Pursuant to the agreement, Zhongfu Wuyou will provide Senmiao with the necessary regulatory qualifications to operate its online ride-hailing platform in Shenzhen and other cities across the country. Senmiao will provide operational support for Zhongfu Wuyou in Shenzhen, including support and assistance in online ride-hailing platform technologies, system and driver management solutions for airport transportation services, chartered bus services, and intercity carpool services. Senmiao and Zhongfu Wuyou expect to initiate strategic cooperation in the aforementioned areas where Zhongfu Wuyou has a business focus, as well as in smart manufacturing and new material technology development, innovation and development of new energy technology applications, development of a microgrid energy security management system. The two parties will also work together to accelerate local policy support in respective markets.

Xi Wen, Senmiao's Chairman and Chief Executive Officer stated, "We are pleased to have garnered the support of Zhongfu Wuyou, a recognized state-owned enterprise, enabling Senmiao's online ride-hailing platform services business to enter the key market of Shenzhen. We believe there is significant potential for us to expand our business and increase our brand awareness within this new market and are excited to be partnering with Zhongfu Wuyou in various areas that would greatly benefit our diverse lines of business."

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 and 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
+1 408-538-4577                                                                             +86 10 5661 7012
csohn@equityny.com                                                                       lma@equityny.com

Alice Zhang, Associate
+1 212-836-9610
azhang@equityny.com

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