Senmiao Technology signs strategic cooperation agreement with Zhongfu Wuyou

Senmiao Technology announced that the Company’s operating subsidiary Hunan Xixingtianxia Technology, through its subsidiary Chengdu Xixingtianxia Technology, has signed a strategic cooperation agreement with Zhongfu Wuyou Technology, a state-owned enterprise that invests in multiple areas including online ride-hailing platforms for new energy vehicles, manufacturing of new energy vehicles, vehicle financing and smart batteries, with operations in major cities and provinces across China including Beijing, Shanghai, Zhejiang Province, Shandong Province and others. Pursuant to the agreement, Zhongfu Wuyou will provide Senmiao with the necessary regulatory qualifications to operate its online ride-hailing platform in Shenzhen and other cities across the country. Senmiao will provide operational support for Zhongfu Wuyou in Shenzhen. Senmiao and Zhongfu Wuyou expect to initiate strategic cooperation in the aforementioned areas where Zhongfu Wuyou has a business focus, as well as in smart manufacturing and new material technology development, innovation and development of new energy technology applications, development of a microgrid energy security management system.