Business
Senmiao Technology Announces New Cooperation Agreement with Leading E-commerce Platform for Servicing Major Cities of Chengdu and Guangzhou
CHENGDU, China, Sept. 14, 2021 /PRNewswire/ -- Senmiao Technology Limited ("Senmiao" or the "Company") (Nasdaq: AIHS), a financing and servicing company
About this update from Senmiao Technology Limited
[{"type":"text","content":"CHENGDU, China, Sept. 14, 2021 /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 signing of a new contract with Shanghai Lutuan Technology, an affiliate of Meituan (HK: 3690), China's leading e-commerce platform for services focused on its \"Food + Platform\" strategy. \nAccording to this new cooperation agreement, online ride-hailing requests and orders will be completed on Meituan's platform (\"the major platform\") utilizing Senmiao's network of cars and drivers for a set monthly fee. This new agreement will have no impact on drivers' incomes, and drivers' incentives will be paid by the major platform going forward. \nIn August 2021, Senmiao leased cars and provided related services to approximately 1,200 drivers in Chengdu who operated their online ride-hailing businesses through the major platform under the new partnership model. \nXi Wen, Chairman, Chief Executive Officer and President of Senmiao, stated, \"We are pleased to continue our partnership with Meituan under this new model, whereby we provide Meituan with access to our network of cars and drivers in Chengdu and Guangzhou. In turn, our drivers benefit from increased access to potential riders utilizing the major platform for various services. We believe this arrangement will become even more favorable to Senmiao's operations over the long term, and we look forward to the potential opportunity to expand this relationship to other cities.\"\nAbout Senmiao Technology Limited \nHeadquartered in Chengdu, Sichuan Province, Senmiao provides automobile transaction and related services including sales of automobiles, facilitation and services for automobile purchase and financing, management, operating lease, guarantee 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: http://www.senmiaotech.com. Senmiao routinely provides important updates on its website.\nCautionary Note Regarding Forward-Looking Statements \nThis press release contains forward-looking statements as define...