Senmiao Technology Limited (“Senmiao” or the “Company”), a financing and servicing company focused on the online ride-hailing industry in China, today announced that it has signed a strategic cooperation agreement (the “Agreement”) with Qinhong International Group (“Qinhong”).

Since its incorporation in 2013, Qinhong has provided financing facilitation support, financial services referral and loan consulting services, primarily to small and medium-sized enterprises (“SMEs”) and other financial institutions in Southwest China.

Pursuant to the Agreement, leveraging both companies’ existing business relationships and customer resources, Senmiao will have the opportunity to participate in  Qinhong’s business across China. Furthermore, Qinhong, relying on its extensive relationships with banks and other financial institutions, will assist Senmiao in securing financing to fund its business plan, when needed.

Xi Wen, Senmiao’s Chairman and Chief Executive Officer stated, “We believe the cooperation with Qinhong represents a new growth and expansion opportunity for Senmiao. Leveraging our combined strengths and expertise, we will be sharing resources to mutually support our businesses, expand customer base and boost revenues.”

SOURCE: GlobeNewswire