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Senmiao Technology Limited ("Senmiao" or the "Company") (NASDAQ:AIHS), a financing and servicing company focusing on the online ride-hailing industry in China as well as an operator of its own online ride-hailing platform, today announced that its wholly owned subsidiary Hunan Xixingtianxia Technology Co., Ltd. has signed a contract to establish a cooperation with Changzhou Fire Spider Data Network Technology Co., Ltd. ("Fire Spider Data Network") to expand vehicle resources and promote Senmiao's online ride-hailing platform in Changsha. Fire Spider Data Network is a technology service company integrating finance, e-commerce and supply chain.
Pursuant to the contract, Senmiao authorizes Fire Spider Data Network to be its franchise operating partner, effective November 16, 2022. Fire Spider Data Network will support Senmiao in its expansion of vehicle resources and promotion of Senmiao's ride-hailing platform in Changsha, one of Senmiao's key cities. Fire Spider Data Network will pay a one-time franchise fee to Senmiao, and Senmiao will pay commission fees based on the actual amount of operational income accrued by Fire Spider Data Network's recruited vehicles on a monthly basis. The contract expires on November 16, 2023, on which day it will automatically renew for a one-year period, subject to early termination by Senmiao in case Fire Spider Data Network fails to fulfill its obligations under the contract.
Xi Wen, Senmiao's Chairman and Chief Executive Officer, stated, "We are pleased to be working with Fire Spider Data Network as our first franchise partner, expanding our presence in Changsha through this new cooperation model. As COVID-19-related travel restrictions and local lockdowns have gradually lifted across the country in December, we have observed a steady increase in the number of daily completed orders on Senmiao's ride-hailing platform. We believe this new cooperation model will enable us to more quickly and efficiently expand our vehicle and driver base to the benefit of our ride-hailing platform. We look forward to establishing more partnerships in key cities and remain optimistic about the opportunities ahead."
Posted In: AIHS
