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Senmiao Technology Achieves Initial Success in Its New Business Initiative Targeting Didis Ride-Hailing Drivers

postdate: 2019-06-17

CHENGDU,  China, April 8, 2019 /PRNewswire/ -- Senmiao Technology Limited  (Senmiao) (NASDAQ: AIHS), an operator of an online lending marketplace  connecting Chinese investors with individual and small-to-medium-sized  enterprise borrowers, and a provider of automobile transaction and  financing services in China, announced today that Senmiao's majority  owned subsidiary, Hunan Ruixi Financial Leasing Co., Ltd. (Ruixi), has  completed 193 vehicles sales transactions worth approximately RMB12.7  million (US$1.9 million) to ride-hailing drivers of Didi Chuxing  Technology Co., Ltd. (Didi), a leading ride-hailing and ride-sharing  platform in China.  These vehicle sales occurred in the Chengdu, China  market and represent the initial results of this corporate effort since  the official launch of Ruixi's automobile sales business in Chengdu in  late January 2019. As the fleet of Didi drivers in the Chengdu region is  expanding, Senmiao believes Ruixi is well positioned to continue to  place purchase orders on vehicles catering to Didi drivers.

 

To  meet demand, Ruixi plans to draw on a credit facility of RMB400 million  (US$59.7 million) granted by Bank of Changsha to fund vehicle  purchases.  For 2019, Ruixi plans to sell up to 2,000 vehicles in the  Chengdu market, including up to 500 electronic vehicles.

 

"The  ride-hailing market is growing significantly in cities like Chengdu  with Didi leading the way. Thanks to the credit facility by Bank of  Changsha and the cooperation with Didi,  our automobile transaction and  financing services business is starting off on the right foot in the  Chengdu markets," commented Xi Wen, Chairman, Chief Executive Officer  and President of Senmiao.

 

About Senmiao

 

Headquartered  in Chengdu, Sichuan Province, Senmiao operates an online lending  platform, www.ihongsen.com, which connects Chinese investors with  individual and small-to-medium-sized enterprise borrowers. Senmiao also  owns a majority interest in a Chinese automobile financial leasing  services and automobile sales company offering sales, facilitation,  purchase services, management, guarantee and other automobile  transaction services.  For more information about Senmiao, please visit:  http://ir.ihongsen.com/index.

 

Cautionary Note Regarding Forward-Looking Statements

 

This  press release of Senmiao Technology Limited (Senmiao) contains  forward-looking statements as defined by the Private Securities  Litigation Reform Act of 1995.  Forward-looking statements include  statements concerning the Chinese online P2P industry, the development  of Senmiao's automobile transaction and financing services and the  Chinese vehicle financial leasing market, and Senmiao's plans,  objectives, goals, strategies, and performance, as well as the  assumptions such statements and other statements that are not statements  of historical facts. When Senmiao uses words such as "may," "will,"  "intend," "should," "believe," "expect," "anticipate," "project,"  "estimate" or similar expressions that do not relate solely to  historical matters, it is making forward-looking statements.  Forward-looking statements are not guarantees of future performance and  involve risks and uncertainties that may cause actual results to differ  materially from Senmiao's expectations, including, but not limited to,  risks and uncertainties relating to the following:  the risk that the  anticipated growth of the Company's automobile transaction and financing  services may not be realized; Senmiao's future business development;  product and service demand and acceptance; changes in technology;  economic conditions; reputation and brand; the impact of competition and  pricing; the impact of government regulations; fluctuations in general  economic and business conditions in China and other risks expressed in  reports filed by Senmiao with the U.S. Securities and Exchange  Commission. For these reasons, among others, investors are cautioned not  to place undue reliance on any forward-looking statements. Senmiao's  filings with the U.S. Securities and Exchange Commission are available  for review at www.sec.gov. 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:

Julie Zhu

Email: julie@ihongsen.com

Phone: +86-181-9085-0098

 

Investor Relations:

Tony Tian, CFA         

Weitian Group LLC

Email: ttian@weitianco.com

Phone: +1-732-910-9692

 

SOURCE Senmiao Technology Limited