Senmiao Technology Announces Cooperation with Travelgo.com

CHENGDU,China,April 28,2021 -- Senmiao Technology Limited ("Senmiao") (Nasdaq: AIHS),a financing and servicing company focused on the online ride-hailing industry in China as well as an operator of its own online ride-hailing platform,today announced the signing of a cooperation agreement with Nanjing Tongyou Tianxia Auto Leasing Co.,Ltd.,an affiliate of Tongcheng-Elong Holdings Limited (HKSE: 0780) that operates Travelgo.com,which is part of LY.com,a leading provider of leisure travel in China.

As a leading travel website in China focused on providing custom travel itineraries for consumers,including domestic and international flights,train and hotel,Travelgo.com serves over 200 million customers. Under Senmiao's collaboration with the platform operated by Travelgo.com,when a traveler makes a booking through Travelgo.com,they will be provided with the option to book an online ride-hailing vehicle for a trip from the airport or train station to their final destination. If a traveler books an online-ride hailing vehicle,the order will then be sent to a registered driver on Senmiao's platform for viewing and acceptance. Senmiao willearn commissions for each completed order based on a certain percentage of the value of the order.

Xi Wen,Senmiao's Chairman and Chief Executive Officer,stated,"We are pleased to begin this cooperation with a leader in China's travel industry Travelgo.com at a time when the demand for travel and tourism is beginning to see some resurgence post pandemic. We expect to see a strong recovery in tourism during the upcoming May Day holiday in China as individuals are increasingly beginning to make travel plans. We believe that adding our online ride-hailing services as an option for TravelGo customers increases the ease and convenience of completing their itineraries. We anticipate this cooperation will help drive increased order flow from airports and railway stations to the urban district where our online ride-hailing drivers run their businesses through Senmiao's platform,which will serve to accelerate its continued growth."

About Senmiao Technology Limited

Headquartered in Chengdu,Sichuan Province,Senmiao provides automobile transaction and related services including sales of automobiles,facilitation and services for automobile purchase and financing,management,operating lease,guarantee and other automobile transaction services as well as operates its own ride-hailing platform aimed principally at the growing ride-hailing market in Senmiao's areas of operation in China. For more information about Senmiao,please visit: http://www.senmiaotech.com. The Company routinely provides important information on its website.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements (including those relating to the operation of Senmiao's ride-hailing platform) are subject to significant risks,uncertainties and assumptions,including those detailed from time to time in the Senmiao's filings with the SEC,and represent Senmiao's views only as of the date they are made and should not be relied upon as representing Senmiao's views as of any subsequent date. Senmiao undertakes no obligation to publicly revise any forward-looking statements to reflect changes in events or circumstances.

For more information,please contact:

At the Company:

Yiye Zhou

Email: edom333@ihongsen.com

Phone: +86 28 6155 4399

Investor Relations:

The Equity Group Inc. In China

Adam Prior,Senior Vice President Lucy Ma,Associate

(212) 836-9606 +86 10 5661 7012

aprior@equityny.com lma@equityny.com

© 2021 Senmiao Technology Ltd. All rights reserved.

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