CHENGDU, China, March 17, 2023 -- 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 February 2023. In February 2023, Senmiao and its affiliates recorded over 0.7 million total completed orders, a 28.3% increase from approximately 0.6 million total orders completed in January 2023, as a result of ride-hailing activity returning to pre-holiday levels following the Lunar New Year in late January.

Numbers reported since August 2021 include the number of completed orders from Meituan’s ride-hailing platform (“the Meituan 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 several other ride-hailing platforms in Chengdu (Xiehua, Anma and other platforms), under the same cooperation model as Meituan.

Since the launch of Senmiao’s online ride-hailing platform in October 2020, over 21.6 million rides have been completed using its own platform. Approximately 5.4 million rides have been completed on the Meituan platform under Senmiao’s partnership with Meituan since August 2021. Over 1.7 million rides have been completed on Xiehua, Anma and other platforms since April 2022. The number of drivers completing rides via all the platforms (known as Active Drivers) in February 2023 was 5,973, up approximately 23.7% from 4,830 in January 2023.

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

	Completed Orders under Original 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-Dec 2020	1,318		1,318	4,039	N/A
Jan-Dec 2021	13,360	2,485	15,845	49,505	N/A
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
Nov 2022	456	298	754	2,267	7,019
Dec 2022	390	267	657	1,973	6,682
Jan 2023	338	239	577	1,928	4,830
Feb 2023	460	276	736	2,328	5,973
Cumulative	21,607	7,110	28,717	92,942	N/A

¹Under the original model, orders come from partner platforms and are completed by Senmiao’s own platform. A rider can search for taxi/ride-hailing services on Senmiao’s partner platforms, which then provide 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 own platform for viewing and acceptance and then completed by Active Drivers. Senmiao earns commissions for each completed order based on a certain percentage of the value of the order.

² Under the new model, orders go through partner platforms but do not utilize Senmiao’s own platform. Online ride-hailing requests and orders will be completed on the partner platforms 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 other platforms, in addition to those completed on the Meituan 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, Associate

+1 212-836-9610

azhang@equityny.com

© 2023 Senmiao Technology Ltd. All rights reserved.

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