Senmiao Technology (AIHS) to Merge with Fliggy, an Alibaba Affiliate

May 25, 2022 9:01 AM EDT

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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. ("XXTX") has entered into an agreement with Zhejiang Feizhu Network Technology Co., Ltd. ("Feizhu") and Hangzhou Taomei Airline Service Co., Ltd. ("Hangzhou Taomei"), affiliates of Alibaba, which operate the Fliggy online travel platform in China.

Pursuant to the terms of the agreement, XXTX will provide online ride-hailing services for Fliggy users through the Fliggy platform. If XXTX is selected by the Fliggy rider, the order will then be distributed to registered drivers on Senmiao's platform for viewing and acceptance. Senmiao earns commissions for each completed order based on a certain percentage of the value of the order.

This new business cooperation has been launched in seven cities: Chengdu, Changsha, Guangzhou, Lianyungang, Wenzhou, Shenyang and Qingdao, with over 400 orders completed since mid-March 2022. XXTX expects to expand its cooperation with Hangzhou Taomei to other cities in China in the future.

Xi Wen, Chairman, Chief Executive Officer and President of Senmiao, stated, "We are pleased to announce another important cooperation with another leading travel platform in China. Fliggy, known for its discounts on hotel bookings, is one of China's most downloaded mobile apps. We look forward to working closely with Feizhu and Hangzhou Taomei and serving Fliggy customers with their ride-hailing needs."

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