Senmiao Technology Announces Ride-Hailing Platform Operating Metrics for February 2023

20 March 2023

Senmiao Technology Limited 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.

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: 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: [email protected]
Phone: +86 28 6155 4399

Investor Relations:

The Equity Group Inc.                                                                     
Carolyne Sohn, Vice President                                                      
+1 408-538-4577                                                                             
[email protected]

Alice Zhang, Associate
+1 212-836-9610
[email protected]                                                      

In China

Lucy Ma, Associate
+86 10 5661 7012
[email protected]