Senmiao Technology Announces Ride-Hailing Platform Operating Metrics for May 2022

CHENGDU, China, June 9, 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 the operating metrics for its proprietary online ride-hailing platform for the month of May 2022. In May 2022, Senmiao and its affiliates reported over 0.93 million total completed orders, a 7.8% increase from approximately 0.87 million total orders completed in April 2022. Numbers reported since August 2021 include the number of completed orders from Meituan's ride-hailing platform ("the Major Platform") utilizing Senmiao's network of cars and drivers for a set monthly fee.

Since the launch of Senmiao's online ride-hailing platform in October 2020, more than 17.0 million rides have been completed using its platform. Over 4.3 million rides have been completed on the Major Platform under Senmiao's partnership with Meituan. Additionally, Senmiao and its affiliates have begun partnering with two new online platforms in Chengdu, which are Xiehua and Anma, under which approximately 214,700 rides were completed. The number of drivers completing rides via the platforms (known as Active Drivers) in May 2022 was 5,989, down approximately 1.7% from 6,095 in April 2022.

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

^[1] Under the old model, a rider can search for taxi/ride-hailing services on a Senmiao partner's platform, which then provides the rider with options for online ride-sharing service providers, including Senmiao. If the rider selects Senmiao, the order will then be distributed to registered drivers on Senmiao's platform for viewing and acceptance. Senmiao earns commissions for each completed order based on a certain percentage of the value of the order.

^[2] Under the new model, online ride-hailing requests and orders will be completed on the partner's platform utilizing Senmiao and its affiliate's network of cars and drivers for a set monthly fee. Starting from April 2022, the number includes orders completed on the Xiehua and Anma platforms, in addition to those completed on Meituan's platform since August 2021.

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: 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  

© 2022 Senmiao Technology Ltd. All rights reserved.

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SOURCE Senmiao Technology Limited