Senmiao Technology’s operating subsidiary Hunan Xixingtianxia Technology, or XXTX, through its subsidiary Chengdu Xixingtianxia, has signed a strategic cooperation agreement with Heilongjiang Kunrui Financing Guarantee, a financing services company that provides vehicle purchasing and auto insurance installment loan guarantee services to enterprises and individuals. Kunrui provides financing guarantee services for new energy vehicles used in online ride-hailing and is a financing and guarantee company incorporated in Heilongjiang Province serving automobile rental companies across the country. Kunrui will provide Senmiao with financial resources in new energy vehicle financing and auto insurance installment services. Senmiao will introduce Kunrui to its new energy vehicle dealership partners and provide access to its auto financing technologies. In addition, Senmiao and Kunrui are exploring the possibility of developing a new energy auto financing system, which could serve as a potential SaaS business opportunity for both companies.
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