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Senmiao Technology Teams Up with Feiniu Transportation to Offer Intercity Ride Sharing Services in Chengdu, China

postdate: 2019-06-17

CHENGDU,  China, May 21, 2019 /PRNewswire/ -- Senmiao Technology Limited  ("Senmiao") (NASDAQ: AIHS), an operator of an online lending marketplace  for loan facilitation, and a provider of automobile transaction and  financing services in China, announced today that Sichuan Jinkailong  Automobile Leasing Co., Ltd. ("Jinkailong"), a variable interest entity  of Senmiao's majority owned subsidiary, entered into a cooperation  agreement (the "Agreement") with Sichuan Feiniu Automobile  Transportation Co., Ltd. ("Feiniu"), a provider of intercity passenger  transportation and freight logistics services, to jointly develop an  intercity long-distance carpool business in the metropolitan area of  Chengdu, Sichuan, China via the ridesharing platform of Didi Chuxing  Technology Co., Ltd. ("Didi"), China's largest ridesharing platform,  which offers a full range of app-based transportation options for 550  million users.


Pursuant  to the Agreement, Jinkailong will be Feiniu's exclusive partner  providing transportation services in the metropolitan area of Chengdu,  Sichuan Province, which has a population of over 16 million people. Such  services are to be carried out through Didi's platform pursuant to a  service agreement between Feiniu and Didi.


"Today's  announcement marks yet another milestone on our journey to becoming a  significant player in the automobile transaction and financing services  market in Chengdu through the collaboration among Didi, Feiniu and our  affiliate Jinkailong. Through this collaboration, we are seeking to take  full advantage of the booming ride-sharing market in second and  third-tier cities in China, like Chengdu. Based on our market research,  we hope to launch up to 5,000 vehicles for intercity carpool services in  Chengdu market over the next 12 months, which will potentially generate  revenues up to $7.5 million for Senmiao." said Xi Wen, Chairman, Chief  Executive Officer and President of Senmiao.


About Senmiao


Headquartered  in Chengdu, Sichuan Province, Senmiao operates an online lending  marketplace, www.ihongsen.com, which connects Chinese investors with  individual and small-to-medium-sized enterprise borrowers. Senmiao also  owns majority equity interest in a financial leasing company.  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" or the  "Company") contains forward-looking statements as defined by the Private  Securities Litigation Reform Act of 1995.  Forward-looking statements  include statements concerning market of Chinese intercity carpool  business, the relationship among Jinkailong, Feiniu and Didi, 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 intercity carpool facilitation  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

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