Benzinga | Aug 3, 2020 11:13AM EDT

Why Senmmiao's Stock Is Trading Higher Today

Senmmiao Technologies (NASDAQ:AIHS) shares are trading higher on Monday after the company announced a strategic cooperation deal with a large auto dealer to expand access to electric vehicles.

Senmiao Technology is engaged in automobile transaction and related services comprised of facilitation of automobile transaction and financing where the company connects the prospective ride-hailing drivers to financial institutions to buy, or get financing on the purchase of, cars to be used to provide ride-hailing services; automobile sales where it procures new cars from dealerships and sell them to customers in the automobile financing facilitation business; automobile operating lease where it provides car rental services to individual customers to meet their personal needs with lease term no more than twelve months; and automobile financing where the company provide customers with auto finance solutions through financing leases.

Senmmiao Technologies shares were trading up 18.21% to 81 cents at time of publication on Monday. The stock has a 52-week high of $2.35 and a 52-week low of 26 cents.