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
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SOURCE Senmiao Technology Limited