Business
Senmiao Technology Achieves Initial Success in Its New Business Initiative Targeting Didi's Ride-Hailing Drivers
CHENGDU, China, April 8, 2019 /PRNewswire/ -- Senmiao Technology Limited (Senmiao) (NASDAQ: AIHS), an operator of an online lending marketplace connecting
About this update from Senmiao Technology Limited
[{"type":"text","content":"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.\nTo 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.\n\"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.\nAbout Senmiao \nHeadquartered 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. \nCautionary Note Regarding Forward-Looking Statements\nThis press release of Senmiao Technology Limited (Senmiao) contains forward-looking statements as...