CHENGDU, China, April 15, 2021&nbsp;-- Senmiao Technology Limited (“Senmiao”) (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, <a name="_Hlk65763294"></a>today announced the signing of a joint operation agreement with Hefei Cheyun Information Technology Co., Ltd. (“Hefei Cheyun”), an affiliate of Taoyun Capital, which has obtained several licenses issued by municipal administrative departments to operate its online ride-hailing business (the “Licenses”) in various cities across China. This agreement is an extension of the <a href="https://www.prnewswire.com/news-releases/senmiao-technology-announces-signing-of-framework-agreement-with-taoyun-capital-301266305.html" target="_blank">previously announced strategic relationship with Taoyun Capital</a>. Hefei Cheyun’s parent company operates Yidao, a well-known online ride-hailing platform in China (<a href="https://www.yongche.com/" target="_blank">https://www.yongche.com</a>). Senmiao will partner with Hefei Cheyun to launch its ride-hailing business in Hefei, China in the near future. &nbsp;By partnering with Hefei Cheyun, Senmiao anticipates utilizing the Licenses of Hefei Cheyun to accelerate the expansion of its online ride-hailing business into new cities in China while bringing increasing order flow to Hefei Cheyun. For the use of the Licenses in Hefei, Senmiao will pay Hefei Cheyun a monthly fee based on the total order flow with a minimum payment per month. &nbsp;Having launched in its strategic core cities of Chengdu and Changsha in late 2020 where it already provides auto financing and leasing services for the ride-hailing market, as well as in Neijiang in January 2021 and in Guangzhou in March 2021, Senmiao made the strategic decision to launch in Hefei, the capital and most populous city of Anhui province in eastern China with a population of approximately 8 million. &nbsp;Xi Wen, Senmiao’s Chairman and Chief Executive Officer, stated, “We are pleased to have entered into this collaboration with Hefei Cheyun and look forward to accelerating the growth of our businesses together. We believe this industry has a great deal of untapped potential given the success and continued demand in cities where we have already launched. Particularly in more densely populated areas, people are beginning to see that ride-hailing is extremely convenient, accessible and affordable given today’s technologies. Senmiao is excited to be a part of this revolution in transportation in China and thrilled to have found a valued and experienced partner like Hefei Cheyun.”&nbsp;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 purchase and financing, management, operating lease, guarantee and other automobile transaction services as well as operates its own ride-hailing platform aimed principally at the growing ride-hailing market in Senmiao’s areas of operation in China. For more information about Senmiao, please visit: <a href="http://www.senmiaotech.com/" target="_blank">http://www.senmiaotech.com</a>. The Company routinely provides important information on its website.&nbsp;Cautionary Note Regarding Forward-Looking Statements&nbsp;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.&nbsp;&nbsp;For more information, please contact:At the Company:Yiye ZhouEmail: <a href="mailto:edom333@ihongsen.com" target="_blank">edom333@ihongsen.com</a> Phone: +86 28 6155 4399&nbsp;Investor Relations:The Equity Group Inc.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In ChinaAdam Prior, Senior Vice President&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lucy Ma, Associate(212) 836-9606&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +86 10 5661 7012<a href="mailto:aprior@equityny.com" target="_blank">aprior@equityny.com</a> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <a href="mailto:lma@equityny.com" target="_blank">lma@equityny.com</a> &nbsp;© 2021 Senmiao Technology Ltd. All rights reserved.

Senmiao Technology Announces Cooperation with Hefei Cheyun to Launch Ride-Hailing Business in Hefei, China

Represents Next Major Step in Strategic Expansion of Ride-Hailing Platform to More Cities in China&nbsp;CHENGDU, China, April 12, 2021&nbsp;-- Senmiao Technology Limited (“Senmiao”) (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, <a name="_Hlk65763294"></a>today announced the signing of a strategic framework agreement with Taoyun Capital, a Beijing-based investment and asset management firm, whereby Senmiao has the right to utilize resources, including online ride-hailing platform licenses, obtained by Taoyun Capital and its affiliates in several cities across China, including but not limited to Beijing and Shanghai. Ride-hailing platforms in China are required to obtain a license for operation in each municipality. &nbsp;According to the terms of the framework agreement, Senmiao and Taoyun Capital will collaborate in the development of online ride-hailing business, including but not limited to jointly developing systematic solutions for the management of vehicles, platform operation and carrying capacity, and jointly lobbying for favorable industry policies by local governments. By partnering with Taoyun Capital, Senmiao anticipates utilizing these resources to accelerate the expansion of its online ride-hailing platform into new cities.&nbsp;Xi Wen, Senmiao’s Chairman and Chief Executive Officer, stated, “We look forward to working with Taoyun Capital on expanding our respective businesses through this strategic collaboration. We are pleased to be able to partner with Taoyun Capital as we eye additional expansion opportunities for our online ride-hailing platform, which has seen much success since launching in our first city of Chengdu in October 2020. We remain focused on building market share in the increasingly larger metro areas of China while targeting a launch in the largest cities as we gain market share over time.”&nbsp;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 purchase and financing, management, operating lease, guarantee and other automobile transaction services as well as operates its own ride-hailing platform aimed principally at the growing ride-hailing market in Senmiao’s areas of operation in China. For more information about Senmiao, please visit: <a href="http://www.senmiaotech.com/" target="_blank">http://www.senmiaotech.com</a>. The Company routinely provides important information on its website. &nbsp;Cautionary Note Regarding Forward-Looking Statements&nbsp;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.&nbsp;&nbsp;For more information, please contact:At the Company:Yiye ZhouEmail: <a href="mailto:edom333@ihongsen.com" target="_blank">edom333@ihongsen.com</a> Phone: +86 28 6155 4399&nbsp;Investor Relations:The Equity Group Inc.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In ChinaAdam Prior, Senior Vice President&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lucy Ma, Associate(212) 836-9606&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +86 10 5661 7012<a href="mailto:aprior@equityny.com" target="_blank">aprior@equityny.com</a> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <a href="mailto:lma@equityny.com" target="_blank">lma@equityny.com</a> &nbsp;&nbsp;© 2021 Senmiao Technology Ltd. All rights reserved.

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