Senmiao Technology’s operating subsidiary Hunan Xixingtianxia Technology has signed a strategic cooperation agreement with Sichuan Xingyuan Ronghe New Energy. Xingyuan provides automobile supply chain financing to major online ride-hailing platforms in China and invests, builds and operates new energy battery swap stations. With more than 10,000 new energy vehicles in operation for online ride-hailing services in 12 cities in China, including Hangzhou, Shenzhen and Guangzhou, Xingyuan operates the fifth-largest number of owned NEVs for online ride-hailing enterprises nationwide. Xingyuan will provide comprehensive financing solutions for Senmiao and its channel and merchandise partners. Senmiao will introduce Xingyuan to its online ride-hailing services partners. In addition, Xingyuan will provide Senmiao with resources such as discounted NEV purchasing channels and new energy battery swapping vehicle operations.
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