CHENGDU, China, November 8, 2022 -- 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 operating metrics for its proprietary online ride-hailing platform for the month of October 2022. In October 2022, Senmiao and its affiliates reported over 0.9 million total completed orders, a 71.6% increase from over 0.5 million total orders completed in September 2022, as a result of online ride-hailing service restrictions being lifted following their suspension in Chengdu in the first half of September 2022.

Numbers reported since August 2021 include the number of completed orders from Meituan’s ride-hailing platform (“the Major Platform”) utilizing Senmiao’s network of cars and drivers for a set monthly fee. Numbers reported since April 2022 include the number of completed orders from three other ride-hailing platforms in Chengdu, Xiehua, Anma and Xiaoma, under the same cooperation model as Meituan.

Since the launch of Senmiao’s online ride-hailing platform in October 2020, nearly 20.0 million rides have been completed using its platform. Over 5.0 million rides have been completed on the Major Platform under Senmiao’s partnership with Meituan since August 2021. Over 1.0 million rides have been completed on Xiehua, Anma and Xiaoma since April 2022. The number of drivers completing rides via the platforms (known as Active Drivers) in October 2022 was 7,574, up approximately 25.6% from 6,030 in September 2022.

The table below presents approximate unaudited operating metrics of Senmiao and its affiliates’ online ride-hailing platform since its launch in October 2020.

	Completed Orders under Old Model¹ (in 000s)	Completed Orders under New Model² (in 000s)	Total Completed Orders (in 000s)	Total Fares Paid by Riders (in 000s USD$)	Active Drivers
Oct 2020	161		161	531	1,800
Nov 2020	537		537	1,646	3,400
Dec 2020	620		620	1,862	5,000
Jan 2021	910		910	2,626	8,300
Feb 2021	710		710	2,164	7,000
Mar 2021	1,540		1,540	4,492	11,500
Apr 2021	1,790		1,790	5,332	16,500
May 2021	2,154		2,154	6,376	18,000
Jun 2021	2,068		2,068	6,193	18,500
Jul 2021	1,659		1,659	4,864	16,400
Aug 2021	530	432	962	3,001	6,073
Sep 2021	540	480	1,020	3,653	7,519
Oct 2021	531	505	1,036	3,780	7,010
Nov 2021	436	497	933	3,236	7,480
Dec 2021	492	571	1,063	3,788	7,845
Jan 2022	455	492	947	3,413	7,085
Feb 2022	344	371	715	2,651	6,008
Mar 2022	534	480	1,014	3,660	7,091
Apr 2022	502	369	871	3,009	6,095
May 2022	581	357	938	3,286	5,989
Jun 2022	602	319	921	3,290	5,862
Jul 2022	636	337	973	3,504	5,928
Aug 2022	617	400	1,017	3,583	6,778
Sep 2022	414	114	528	1,712	6,030
Oct 2022	600	306	906	2,794	7,574
Cumulative	19,963	6,030	25,993	84,446	N/A

¹Under the old model, a rider can search for taxi/ride-hailing services on a Senmiao partner’s platform, which then provides the rider with options for online ride-sharing service providers, including Senmiao. If the rider selects Senmiao, the order will then be distributed to registered drivers on Senmiao’s platform for viewing and acceptance. Senmiao earns commissions for each completed order based on a certain percentage of the value of the order.

² Under the new model, online ride-hailing requests and orders will be completed on the partner’s platform utilizing Senmiao and its affiliates’ network of cars and drivers for a set monthly fee. Starting from April 2022, the number includes orders completed on the Xiehua, Anma and Xiaoma platforms, in addition to those completed on the Major Platform since August 2021.

About Senmiao Technology Limited

Headquartered in Chengdu, Sichuan Province, Senmiao provides automobile transaction and related services including sales of automobiles, facilitation and services for automobile purchases and financing, management, operating leases, guarantees 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.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements (including those relating to the operation of Senmiao’s ride-hailing platform) are subject to significant risks, uncertainties and assumptions, including those detailed from time to time in the Senmiao’s filings with the SEC, and represent Senmiao’s views only as of the date they are made and should not be relied upon as representing Senmiao’s views as of any subsequent date. Senmiao undertakes no obligation to publicly revise any forward-looking statements to reflect changes in events or circumstances.

For more information, please contact:

At the Company:

Yiye Zhou

Email: edom333@ihongsen.com

Phone: +86 28 6155 4399

Investor Relations:

The Equity Group Inc. In China

Carolyne Sohn, Vice President Lucy Ma, Associate

+1 408-538-4577 +86 10 5661 7012

csohn@equityny.com lma@equityny.com

Alice Zhang, Investor Relations Analyst

+1 212-836-9610

azhang@equityny.com

© 2022 Senmiao Technology Ltd. All rights reserved.

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