Senmiao Technology Limited announced that its wholly owned subsidiary Chengdu Xixingtianxia Technology Co. Ltd. ("XXTX") has signed an agreement with Chengdu Rongcheng Yueda Technology Ltd. ("Yueda"), an affiliate of Chengdu City Construction Investment & Management Group Co. Ltd. ("CDCI"), a state-owned enterprise ("SOE") in Chengdu with RMB160 billion in assets.

Pursuant to the agreement, Yueda will utilize Senmiao's online ride-hailing platform to provide ride-hailing services by appointment in Chengdu, using its own vehicle and driver resources while remaining in compliance with relevant regulations. Yueda will be responsible for the management services of its own drivers. Senmiao will assign online ride orders to Yueda's drivers and provide real-time information including service types and prices.

Senmiao will pay commission fees to Yueda on a monthly basis, which are based on fares collected from customers.