PR Newswire | Oct 18, 2021 09:04AM EDT

September 2021

10/18 08:00 CDT

Senmiao Technology Announces Ride-Hailing Platform Operating Metrics for September 2021 CHENGDU, China, Oct. 18, 2021

CHENGDU, China, Oct. 18, 2021 /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 September 2021. In September 2021, Senmiao reported over 1.0 million total completed orders, a 6.0% increase compared to just under 1.0 million in August 2021. Numbers reported in August and September 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 Chengdu (October 2020), Changsha (December 2020), Neijiang (January 2021), Guangzhou (March 2021), Nanchong (June 2021), and Panzhihua (June 2021), approximately 13.2 million rides have been completed using its platform. Over 0.9 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 September 2021 was over 7,500, an increase of approximately 24% from August 2021.

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

Completed Completed Total Total Fares Paid Orders under Orders under Completed by Riders Active Old Model^1 New Model^2 Orders (in 000s USD$) Drivers (in 000s) (in 000s) (in 000s)

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

Cumulative 13,219 912 14,131 42,740 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 LimitedHeadquartered 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 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 StatementsThis 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 In ChinaInc.

Carolyne Sohn, Vice President Lucy Ma, Associate

+1 +86 10 5661 7012415-568-2255

csohn@equityny.com lma@equityny.com

(c) 2021 Senmiao Technology Ltd. All rights reserved.

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SOURCE Senmiao Technology Limited