Senmiao Technology Signs Strategic Cooperation Agreement with New Energy Infrastructure Provider to Further Expand into New Energy Vehicle Charging Industry

CHENGDU,China,Dec. 8,2022 --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 Sichuan Senmiao Zecheng Business Consulting Co.,Ltd. has signed a strategic cooperation agreement with Chongqing Huicheng Future Intelligent Electrical Co.,Ltd. ("Huicheng Future"),a wholly owned subsidiary of Shenzhen Hifuture Information Technology Co.,Ltd. ("Hifuture"),a company listed on Shenzhen Stock Exchange (Stock Code: 002168) since 2007.

Huicheng Future specializes in Internet of Energy and related infrastructure,including the manufacture of smart electrical facilities and equipment,production and operation of charging piles,and construction and operation of charging infrastructure for new energy vehicles. Huicheng Future possesses extensive experience in the research and development of charging piles,construction and operation of charging stations,and the building and daily operations of regional charging infrastructure. Huicheng Future aims to become a leader in the new energy industry through its innovative technologies.

Pursuant to the agreement,Senmiao and Huicheng Future will begin collaboration on a new energy vehicle ("NEV") charging business by promoting the construction of new energy charging infrastructure in cities where Senmiao operates across China. Huicheng Future will provide Senmiao with favorable prices on equipment,construction and operations consulting services,equipment after-sales services,charging station construction,and technology upgrade and maintenance,among other services. Senmiao will prioritize selection and purchasing of charging station equipment from Huicheng Future and encourage its NEV drivers to utilize Huicheng's charging infrastructure.

Xi Wen,Senmiao's Chairman and Chief Executive Officer,stated: "We are pleased with this strategic cooperation agreement with Hifuture's subsidiary,Huicheng Future. Hifuture has operated for over 20 years,with one of its two core businesses being new energy charging pile solutions. Senmiao is excited by this opportunity to further expand its business into the new energy vehicle industry,which would further support our drivers in addition to our existing vehicle rental and ride-hailing businesses. This agreement aligns with and strengthens our strategic expansion in the NEV industry,including the recently announced cooperation with new energy vehicle leasing and charging station operators in Guangzhouand in Sichuan Province. We look forward to working closely with Huicheng Future and are confident that this new business will further solidify Senmiao's offerings and contribute to revenue 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 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

+1 408-538-4577 +86 10 5661 7012

csohn@equityny.com lma@equityny.com

Alice Zhang,Investor Relations Analyst

+1 212-836-9610

azhang@equityny.com

© 2022 Senmiao Technology Ltd. All rights reserved.

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