CHENGDU, China, April 8, 2019 /PRNewswire/ -- Senmiao Technology Limited (Senmiao) (NASDAQ: AIHS), an operator of an online lending marketplace connecting Chinese investors with individual and small-to-medium-sized enterprise borrowers, and a provider of automobile transaction and financing services in China, announced today that Senmiao's majority owned subsidiary, Hunan Ruixi Financial Leasing Co., Ltd. (Ruixi), has completed 193 vehicles sales transactions worth approximately RMB12.7 million (US$1.9 million) to ride-hailing drivers of Didi Chuxing Technology Co., Ltd. (Didi), a leading ride-hailing and ride-sharing platform in China. These vehicle sales occurred in the Chengdu, China market and represent the initial results of this corporate effort since the official launch of Ruixi's automobile sales business in Chengdu in late January 2019. As the fleet of Didi drivers in the Chengdu region is expanding, Senmiao believes Ruixi is well positioned to continue to place purchase orders on vehicles catering to Didi drivers.
To meet demand, Ruixi plans to draw on a credit facility of RMB400 million (US$59.7 million) granted by Bank of Changsha to fund vehicle purchases. For 2019, Ruixi plans to sell up to 2,000 vehicles in the Chengdu market, including up to 500 electronic vehicles.
"The ride-hailing market is growing significantly in cities like Chengdu with Didi leading the way. Thanks to the credit facility by Bank of Changsha and the cooperation with Didi, our automobile transaction and financing services business is starting off on the right foot in the Chengdu markets," commented Xi Wen, Chairman, Chief Executive Officer and President of Senmiao.
Headquartered in Chengdu, Sichuan Province, Senmiao operates an online lending platform, www.ihongsen.com, which connects Chinese investors with individual and small-to-medium-sized enterprise borrowers. Senmiao also owns a majority interest in a Chinese automobile financial leasing services and automobile sales company offering sales, facilitation, purchase services, management, guarantee and other automobile transaction services. For more information about Senmiao, please visit: http://ir.ihongsen.com/index.
Cautionary Note Regarding Forward-Looking Statements
This press release of Senmiao Technology Limited (Senmiao) contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning the Chinese online P2P industry, the development of Senmiao's automobile transaction and financing services and the Chinese vehicle financial leasing market, and Senmiao's plans, objectives, goals, strategies, and performance, as well as the assumptions such statements and other statements that are not statements of historical facts. When Senmiao uses words such as "may," "will," "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause actual results to differ materially from Senmiao's expectations, including, but not limited to, risks and uncertainties relating to the following: the risk that the anticipated growth of the Company's automobile transaction and financing services may not be realized; Senmiao's future business development; product and service demand and acceptance; changes in technology; economic conditions; reputation and brand; the impact of competition and pricing; the impact of government regulations; fluctuations in general economic and business conditions in China and other risks expressed in reports filed by Senmiao with the U.S. Securities and Exchange Commission. For these reasons, among others, investors are cautioned not to place undue reliance on any forward-looking statements. Senmiao's filings with the U.S. Securities and Exchange Commission are available for review at www.sec.gov. 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:
Tony Tian, CFA
Weitian Group LLC
SOURCE Senmiao Technology Limited