Senmiao Technology Announces Over 710,000 Completed Rides on its Ride-Hailing Platform in February 2021

CHENGDU,China,March 8,2021 -- 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 operating metrics for its proprietary online ride-hailing platform for the month of February 2021,which showed a sequential decrease in number of completed rides (known as orders) and active ride-hailing drivers who completed rides and earned income via the platform (known as Active Drivers) from January as a result of seasonality driven by the Lunar New Year holiday in China. The number of completed rides decreased in the two weeks of mid-February 2021 due to the national holiday but rose back to pre-holiday levels in the last week of the month.

Since its launch in Chengdu in October 2020,in Changsha in December 2020 and in Neijiang in January 2021,over 2.9 million rides have been completed using Senmiao's online ride-hailing platform,including over 710,000 rides during February 2021. The growth rate of the number of completed orders and Active Drivers from December 2020 to February 2021 was approximately 15% and 16%,respectively.

The table below presents approximate unaudited operating metrics of Senmiao's online ride-hailing platform since its launch in October 2020.

Completed Orders (Approximate,

in thousands)

Total Fares Paid by

Riders

(Approximate,$ in

thousands USD)

Active Drivers

(Approximate)

October 2020

161

531

1,800

November 2020

537

1,646

3,400

December 2020

620

1,862

5,000

January 2021

910

2,626

8,300

February 2021

710

2,164

7,000

Cumulative

2,938

8,829

N/A

In addition,at the end of February 2021,approximately 32% of Active Drivers also lease automobiles from Senmiao,which demonstrates early results from Senmiao's strategy to cross sell its core ride-hailing focused automobile finance and leasing business with the newer ride-hailing business.

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.

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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