Senmiao Technology Announces Ride-Hailing Platform Operating Metrics for May 2022

CHENGDU,China,June 9,2022 -- Senmiao Technology Limited ("Senmiao" or the "Company") (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 operating metrics for its proprietary online ride-hailing platform for the month of May 2022. In May 2022,Senmiao and its affiliates reported over 0.93 million total completed orders,a 7.8% increase from approximately 0.87 million total orders completed in April 2022. Numbers reported since August 2021 include the number of completed orders from Meituan's ride-hailing platform ("the Major Platform") utilizing Senmiao's network of cars and drivers for a set monthly fee.

Since the launch of Senmiao's online ride-hailing platform in October 2020,more than 17.0million rides have been completed using its platform. Over 4.3 million rides have been completed on the Major Platform under Senmiao's partnership with Meituan. Additionally,Senmiao and its affiliates have begun partnering with two new online platforms in Chengdu,which are Xiehua and Anma,under which approximately 214,700 rides were completed. The number of drivers completing rides via the platforms (known as Active Drivers) in May 2022 was 5,989,down approximately 1.7% from 6,095 in April 2022.

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

Completed Orders under Old Model[1]

(in 000s)

Completed Orders under New Model[2](in 000s)

Total Completed Orders

(in 000s)

Total Fares Paid by Riders

(in 000s USD$)

Active Drivers

Oct 2020

161

161

531

1,800

Nov 2020

537

537

1,646

3,400

Dec 2020

620

620

1,862

5,000

Jan 2021

910

910

2,626

8,300

Feb 2021

710

710

2,164

7,000

Mar 2021

1,540

1,540

4,492

11,500

Apr 2021

1,790

1,790

5,332

16,500

May 2021

2,154

2,154

6,376

18,000

Jun 2021

2,068

2,068

6,193

18,500

Jul 2021

1,659

1,659

4,864

16,400

Aug 2021

530

432

962

3,001

6,073

Sep 2021

540

480

1,020

3,653

7,519

Oct 2021

531

505

1,036

3,780

7,010

Nov 2021

436

497

933

3,236

7,480

Dec 2021

492

571

1,063

3,788

7,845

Jan 2022

455

492

947

3,413

7,085

Feb 2022

344

371

715

2,651

6,008

Mar 2022

534

480

1,014

3,660

7,091

Apr 2022

502

369

871

3,009

6,095

May 2022

581

357

938

3,286

5,989

Cumulative

17,094

4,554

21,648

69,563

N/A

[1] Under the old model,a rider can search for taxi/ride-hailing services on a Senmiao partner's platform,which then provides the rider with options for online ride-sharing service providers,including Senmiao. If the rider selects Senmiao,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.

[2]Under the new model,online ride-hailing requests and orders will be completed on the partner's platform utilizing Senmiao and its affiliate's network of cars and drivers for a set monthly fee. Starting from April 2022,the number includes orders completed on the Xiehua and Anma platforms,in addition to those completed on Meituan's platform since August 2021.

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 purchases and financing,management,operating leases,guarantees and other automobile transaction services,as well as operates its own ride-hailing platform aimed principally at the growing online ride-hailing market in Senmiao's areas of operation in China. For more information about Senmiao,please visit: http://www.senmiaotech.com. Senmiao routinely provides important updates 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

Carolyne Sohn,Vice President Lucy Ma,Associate

+1 415-568-2255 +86 10 5661 7012

csohn@equityny.com lma@equityny.com

© 2022 Senmiao Technology Ltd. All rights reserved.

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