Senmiao Technology unit signs contract with Fire Spider Data Network

Senmiao Technology 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. 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.