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CHENGDU, China, Oct. 12, 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 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."
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 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 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:
Phone: +86 28 6155 4399
The Equity Group Inc.
Carolyne Sohn, Vice President
Lucy Ma, Associate
+86 10 5661 7012
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SOURCE Senmiao Technology Limited