Senmiao Technology Announces Signing of Strategic Cooperation Agreement with Anhui Lianma Technology

Core Viewpoint - Senmiao Technology Limited has entered into a strategic cooperation agreement with Anhui Lianma Technology Co., Ltd to enhance its online ride-hailing platform operations in major Chinese cities, aiming to increase completed orders and operational efficiency amidst rising competition and compliance challenges [1][2][3]. Group 1: Strategic Cooperation - The agreement, signed on November 30, 2023, involves Senmiao and Lianma collaborating on ride-hailing platform operations in cities such as Chengdu, Changsha, and Guangzhou [2]. - Lianma will manage various operational aspects for Senmiao, including business development, driver and vehicle resource management, platform management, and customer service, with service fees based on completed orders [2][3]. Group 2: Operational Impact - Senmiao's Chairman and CEO, Xi Wen, expressed confidence that the partnership with Lianma will lead to an increase in monthly completed orders and improved operational efficiency, which is crucial given the competitive landscape and compliance scrutiny from Gaode [3]. - The original model allows orders from partner platforms to be fulfilled by Senmiao's platform, enabling riders to access Senmiao's services through partner platforms [3]. Group 3: Company Overview - Senmiao Technology Limited, headquartered in Chengdu, Sichuan Province, provides automobile transaction services and operates its own ride-hailing platform, targeting the growing online ride-hailing market in China [4].