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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 Heilongjiang Kunrui Financing Guarantee Co., Ltd. ("Kunrui"), a financing services company that provides vehicle purchasing and auto insurance installment loan guarantee services to enterprises and individuals. Kunrui provides financing guarantee services for new energy vehicles used in online ride-hailing and is a major financing and guarantee company incorporated in Heilongjiang Province serving automobile rental companies across the country.
Pursuant to the agreement, Kunrui will provide Senmiao with financial resources in new energy vehicle financing and auto insurance installment services, leveraging its chartered financial qualifications. Senmiao will introduce Kunrui to its new energy vehicle dealership partners and provide access to its auto financing technologies. Senmiao and Kunrui will also work together to support auto dealers focusing on online ride-hailing vehicles with Kunrui providing auto financing and insurance installment services to Senmiao's dealer partners. In addition, Senmiao and Kunrui are exploring the possibility of developing a new energy auto financing system, which could serve as a potential SaaS business opportunity for both companies.
Xi Wen, Senmiao's Chairman and Chief Executive Officer stated, "We are pleased to have initiated a strategic cooperation with Kunrui, a regionally recognized company with extensive experience in auto financing and insurance installment services. We believe this represents an opportunity for Senmiao as auto financing and insurance services are critical components of supporting our local online ride-hailing drivers. We look forward to building a successful relationship with Kunrui, which we believe will help us continue to empower our drivers and channel partners while supporting the growth of our online ride-hailing platform services business."
Posted In: AIHS
