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

CHENGDU,China,Dec. 14,2022 -- 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 November 2022. In November 2022,Senmiao and its affiliates reported approximately 0.8 million total completed orders,compared to over 0.9 million total orders completed in October 2022. The decrease was the result of operating restrictions placed on online ride-hailing services in Chengdu and Guangzhou,two of Senmiao's key cities,due to local resurgences in COVID-19 cases.

Numbers reported since August 2021 include the number of completed orders from Meituan's ride-hailing platform ("the Meituan platform") utilizing Senmiao's network of cars and drivers for a set monthly fee. Numbers reported since April 2022 include the number of completed orders from three other ride-hailing platforms in Chengdu (Xiehua,Anma and Xiaoma platforms),under the same cooperation model as Meituan.

Since the launch of Senmiao's online ride-hailing platform in October 2020,nearly 20.4million rides have been completed using its own platform. Over 5.1 million rides have been completed on the Meituan platform under Senmiao's partnership with Meituan since August 2021. Over 1.2 million rides have been completed on Xiehua,Anma and Xiaoma platforms since April 2022. The number of drivers completing rides via all the platforms (known as Active Drivers) in November 2022 was 7,019,down approximately 7.3% from 7,574 in October 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

Original

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

Jun 2022

602

319

921

3,290

5,862

Jul 2022

636

337

973

3,504

5,928

Aug 2022

617

400

1,017

3,583

6,778

Sep 2022

414

114

528

1,712

6,030

Oct 2022

600

306

906

2,794

7,574

Nov 2022

456

298

754

2,267

7,019

Cumulative

20,419

6,328

26,747

86,713

N/A

[1]Under the original model,orders go throughSenmiao'sown platform. A rider can search for taxi/ride-hailing

services on aSenmiaopartner's platform,which then provides the rider with options for online ride-sharing service

providers,includingSenmiao. If the rider selectsSenmiao,the order will then be distributed to registered drivers on

Senmiao'sown platform for viewing and acceptance.Senmiaoearns commissions for each completed order based

on a certain percentage of the value of the order.

[2]Under the new model,orders go through partners' platform but notSenmiao's. Online ride-hailing requests and

orders will be completed on the partner's platform utilizingSenmiaoand its affiliates' network of cars and drivers

for a set monthly fee. Starting from April 2022,the number includes orders completed on theXiehua,Anmaand

Xiaomaplatforms,in addition to those completed on theMeituanplatform 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

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

csohn@equityny.com lma@equityny.com

Alice Zhang,Investor Relations Analyst

+1 212-836-9610

azhang@equityny.com

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