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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"), has signed a strategic cooperation agreement with Sichuan Xingyuan Ronghe New Energy Co., Ltd. ("Xingyuan"). Xingyuan provides automobile supply chain financing to major online ride-hailing platforms in China and invests, builds and operates new energy battery swap stations. With more than 10,000 new energy vehicles ("NEVs") in operation for online ride-hailing services in 12 cities in China, including Hangzhou, Shenzhen and Guangzhou, Xingyuan operates the fifth-largest number of owned NEVs for online ride-hailing enterprises nationwide.
Senmiao and Xingyuan initiated a strategic cooperation in automobile supply chain financing. Pursuant to the agreement, Xingyuan will provide comprehensive financing solutions for Senmiao and its channel and merchandise partners. Senmiao will introduce Xingyuan to its online ride-hailing services partners, providing them with access to Xingyuan's efficient financing services for vehicle purchases. In addition, Xingyuan will provide Senmiao with resources such as discounted NEV purchasing channels and new energy battery swapping vehicle operations.
Xi Wen, Senmiao's Chairman and Chief Executive Officer stated, "We are pleased to have formed a strategic cooperation with Xingyuan, a company with extensive experience and resources in automobile supply chain financing. We believe the additional financing and operational support from Xingyuan, will enable Senmiao to accelerate the growth of our automobile rental business and online ride-hailing platform services by lowering the cost to purchase NEVs for drivers."
Posted In: AIHS
