Benzinga | Oct 12, 2021 09:04AM EDT

Senmiao Technology Reports Cooperation Deal With Xintianjie Culture Media Co., No Terms Disclosed

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 signing of a new cooperation agreement (the "Agreement") with Sichuan Xintianjie Culture Media Co., Ltd ("Xintianjie"), a company listed on the National Equities Exchange and Quotations of China (NEEQ: 834884) and focused on outdoor media, SME brand consulting management, and business growth incubation services in China.

According to the terms of the Agreement, Senmiao and Xintianjie will collaborate in the area of online ride-hailing vehicle services based on 5G+blockchain digital streaming media, including but not limited to in-vehicle digital screens, digital screens on rear windows, in-ride central entertainment control platforms and mobile data phone systems, and safety assistance systems.

Senmiao will be responsible for providing ride-hailing vehicles and the related platforms to Xintianjie. Xintianjie will provide the screen devices as well as installation and intelligent media support for smart devices, technical systems, 5G, blockchain, artificial intelligence and big data on Senmiao's ride-hailing vehicles, allowing Senmiao to earn commissions and integrate ride hailing-related media, e-commerce and targeted content for drivers and passengers.

The two parties have initiated their first cooperation contract, pursuant to which Senmiao guarantees the installation of Xintianjie media devices in 2,000 of Senmiao's ride-hailing vehicles (number subject to change based on actual deployment) beginning October 2021, including but not limited to car body, headrest screens and rear window screens, and will maintain the sustainability of the media projects and the deployed vehicles. Senmiao will receive an initial set-up fee from Xintianjie, in addition to ongoing distributed payments from various advertising services Xintianjie provides to its customers. The contract is in effect through October 2024.

Xi Wen, Chairman, Chief Executive Officer and President of Senmiao, stated, "We are pleased to begin this partnership with Xintianjie, a well-known, comprehensive advertising platform in China. This cooperation provides a new revenue stream for Senmiao, and we look forward to the various possibilities for deepening our relationship with Xintianjie into other business areas such as big data, driver safety as we help them establish a national intelligent media ride-hailing network."