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Senmiao Technology Announces Signing of Strategic Cooperation Agreement with Zhongfu Wuyou Shenzhen Technology
CHENGDU, China, Sept. 8, 2023 /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. 8, 2023 /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 that the Company's operating subsidiary Hunan Xixingtianxia Technology Co., Ltd. (\"XXTX\"), through its subsidiary Chengdu Xixingtianxia Technology Co., Ltd., has signed a strategic cooperation agreement with Zhongfu Wuyou (Shenzhen) Technology Co., Ltd. (\"Zhongfu Wuyou\"), a state-owned enterprise that invests in multiple areas including online ride-hailing platforms for new energy vehicles, manufacturing of new energy vehicles, vehicle financing and smart batteries, with operations in major cities and provinces across China including Beijing, Shanghai, Zhejiang Province, Shandong Province and others.\nPursuant to the agreement, Zhongfu Wuyou will provide Senmiao with the necessary regulatory qualifications to operate its online ride-hailing platform in Shenzhen and other cities across the country. Senmiao will provide operational support for Zhongfu Wuyou in Shenzhen, including support and assistance in online ride-hailing platform technologies, system and driver management solutions for airport transportation services, chartered bus services, and intercity carpool services. Senmiao and Zhongfu Wuyou expect to initiate strategic cooperation in the aforementioned areas where Zhongfu Wuyou has a business focus, as well as in smart manufacturing and new material technology development, innovation and development of new energy technology applications, development of a microgrid energy security management system. The two parties will also work together to accelerate local policy support in respective markets.\nXi Wen, Senmiao's Chairman and Chief Executive Officer stated, \"We are pleased to have garnered the support of Zhongfu Wuyou, a recognized state-owned enterprise, enabling Senmiao's online ride-hailing platform services business to enter the key market of Shenzhen. We believe there is significant potential for us to expand our business and increase our brand awareness within this new market and are excited to be partnering with Zhongfu Wuyou in various areas that would greatly benefit our diverse lines of business.\"\nAbout Senmiao Technol...