Senmiao Technology Announces Ride-Hailing Platform Operating Metrics for January 2022


    CHENGDU, China, Feb. 11, 2022 /PRNewswire/ -- 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 January 2022. In January 2022, Senmiao reported over 0.9 million total completed orders, a 10.9% decrease from approximately 1.1 million total orders completed in December 2021, as a result of pandemic-related travel restrictions that impacted tourism in Senmiao's key cities such as Chengdu, Changsha and Guangzhou. Seasonality driven by the Lunar New Year holiday in China was also behind the decrease. The number of completed rides decreased in the weeks before and after the national holiday on February 1, 2022, which is expected to also impact the number of completed orders in February 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.

    Since the launch of Senmiao's online ride-hailing platform in October 2020, approximately 15.1 million rides have been completed using its platform. Approximately 3.0 million rides have been completed on the Major Platform under Senmiao's new partnership with Meituan, which commenced in August 2021. The number of drivers completing rides via the platform (known as Active Drivers) in January 2022 was 7,085, a decrease of approximately 10% from that of December 2021.

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



    Completed
    Orders under
    Old Model
    [1]

    (in 000s)


    Completed
    Orders under
    New Model
    [2] 
    (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

    Cumulative


    15,133


    2,977


    18,110


    56,957


    N/A


    [1] Under 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's network of cars and drivers for a set monthly fee.

    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
    +1 415-568-2255                                                                             +86 10 5661 7012
    csohn@equityny.com                                                                       lma@equityny.com  

    © 2022 Senmiao Technology Ltd. All rights reserved.

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