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• A smaller, regional DiDi Global.
• Uber for niche Chinese cities.

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• Vehicle Leasing and Sales: Provides leasing and sales of new energy vehicles primarily to drivers for use in online ride-hailing services in China.
• Cryptocurrency Mining: Operates facilities for mining various cryptocurrencies, including Bitcoin.

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Senmiao Technology (AIHS) primarily sells to individuals, particularly those engaged in the ride-hailing ecosystem in China. Based on its business model, the company serves the following major categories of customers:

1. Ride-hailing Drivers: These are individuals (often self-employed entrepreneurs) who partner with Senmiao. They utilize Senmiao's vehicle financing and leasing services to acquire vehicles for commercial use, predominantly for ride-hailing services. Many also operate on Senmiao's proprietary ride-hailing platform, using it to find passengers and earn income.

2. Ride-hailing Passengers: These are individuals who use Senmiao's mobile application to book and pay for transportation services. They are the end-consumers of the ride-hailing services facilitated by Senmiao's platform and its network of drivers.

3. Other Individual Vehicle Financing and Leasing Customers: Beyond drivers directly involved with Senmiao's ride-hailing platform, this category includes individuals or very small businesses (e.g., sole proprietors) who seek auto finance or leasing solutions from Senmiao for general vehicle acquisition, whether for personal use or other commercial purposes outside of direct integration with Senmiao's ride-hailing operations.

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Didi Global Inc. (DIDIY)

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Xi Wen, Chief Executive Officer, Chairman of the Board, President and Secretary

Mr. Wen was appointed Chief Executive Officer of Senmiao Technology Limited on August 1, 2018. He has served as President, Secretary, and Director of the company since June 2017, and as Chairman of the board since July 20, 2017. Mr. Wen possesses over 10 years of experience in finance and investment management. Prior to his current roles at Senmiao, he served as the Executive Director of Sichuan Senmiao since February 2017, overseeing all operational aspects. Immediately before joining Senmiao, Mr. Wen was a director at Chenghexin.

Xiaoyuan Zhang, Chief Financial Officer, Principal Accounting Officer and Treasurer

Ms. Zhang serves as the Chief Financial Officer, Principal Accounting Officer, and Treasurer of Senmiao Technology Limited. She earned her bachelor's degree with dual majors in Accounting and Law from Southwestern University of Finance and Economics in 2010. Ms. Zhang is also a Certified Public Accountant in China.

Haitao Liu, Chief Operating Officer

Mr. Liu holds the position of Chief Operating Officer at Senmiao Technology Limited. Before joining Senmiao, he served as the Chief Executive Officer of Shenzhen Qianhai Tuteng Internet Financial Services Co., Ltd., a peer-to-peer online lending company specializing in auto loans, from May 2015 to April 2018. Prior to that, Mr. Liu was the Deputy General Manager of Chengdu High-Tech.

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The key risks for Senmiao Technology (AIHS) include its non-compliance with Nasdaq's listing requirements, significant financial challenges, and high stock price volatility.

1. Nasdaq Listing Non-Compliance: Senmiao Technology has received a notice from Nasdaq for failing to meet the minimum stockholders' equity requirement for continued listing on the Nasdaq Capital Market. As of September 30, 2025, the company's stockholders' equity was negative $132,073, which is significantly below the required $2.5 million under Nasdaq Listing Rule 5550(b)(1). The company also did not meet alternative standards related to the market value of listed securities or net income from continuing operations. Senmiao Technology has a limited timeframe to submit a plan to regain compliance, and failure to do so could result in delisting.
2. Significant Financial Challenges: The company has demonstrated a challenging financial landscape with recurring negative profitability. Recent reports indicate an operating cash flow deficit of $321K and a hefty net loss of approximately $164K. Senmiao Technology operates on thin margins, with profitability figures showing negative results, including EBIT margins as low as -10.4% and total profit margins reaching -148.39%. Furthermore, the company carries substantial leverage, with total liabilities towering at $48 million. Key financial ratios, such as return on assets and equity, are also sagging, pointing to operational challenges and concerns about management effectiveness.
3. High Stock Price Volatility: AIHS has experienced extreme volatility in its stock price, often driven by market sentiment and speculation rather than underlying fundamentals. The stock has seen significant fluctuations, including a 40.83% increase in September 2025 due to investor optimism in innovative services, but also a 63% plunge in June 2025 with no obvious fundamental catalyst, attributed to technical triggers, sector-wide selling, and illiquidity. Another instance saw shares nosedive 40% after the Changsha Yipeng agreement. This high volatility poses a risk to investors and reflects a company whose market valuation can be heavily influenced by short-term events and speculative trading.

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The increasing direct entry and expansion of major automotive manufacturers (OEMs) into operating their own ride-hailing platforms and integrated mobility services in China. These OEMs, such as Geely (Cao Cao Mobility) and SAIC (Xiangdao Chuxing), can leverage their vehicle manufacturing capabilities, direct access to vehicle supply (especially New Energy Vehicles), and often robust financial backing to offer integrated solutions to drivers (e.g., vehicle purchase/lease combined with platform access) that could be more attractive than independent platforms. This trend poses a structural competitive threat by potentially reducing the pool of drivers reliant on third-party financing and platforms like Senmiao Technology, and intensifying competition for users.

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Automobile Transaction and Related Services (China)

This segment encompasses car sales (new and used), auto finance solutions (including financing leases and loan facilitation), and car rental services.

• The China automotive finance market generated an estimated revenue of USD 18,740.0 million in 2024 and is projected to reach USD 31,560.0 million by 2030, demonstrating a Compound Annual Growth Rate (CAGR) of 9.1% from 2025 to 2030.
• Another estimate for the China automotive loan market indicates a value of USD 18.76 billion in 2024, with an expected growth to USD 32.78 billion by 2030, at a CAGR of 9.75% during the forecast period.
• In terms of loan volume for new and used automobiles, the retail automobile finance market in China expanded from 11.0 million units in 2018 to 13.6 million units in 2022. It is anticipated to further grow to 29.3 million units by 2027.
• The retail automobile finance lease market in China, measured by loan volume, is projected to reach approximately 3.3 million units by 2027.

Online Ride-Hailing Platform (China)

Senmiao Technology operates its own online ride-hailing platform, Xixingtianxia, and provides related management services to partner platforms. This also includes the leasing of new energy vehicles for ride-hailing drivers.

• The shared mobility market in China, which includes ride-hailing, generated a revenue of USD 65.2 million in 2023 and is expected to reach USD 297.3 million by 2040, with a CAGR of 9.3% from 2024 to 2040.
• Historically, the e-hailing market in China was projected to reach $72 billion by 2020.
• China's ride-hailing market had approximately 360 million registered users and 30 million registered drivers.

New Energy Vehicle (NEV) Charging Infrastructure (China)

While Senmiao's direct involvement is in NEV leasing for ride-hailing, the growth of EV charging infrastructure directly supports this service.

• The China electric vehicle charging infrastructure market was valued at USD 19,135.8 million in 2024 and is expected to grow to USD 75,311.8 million by 2030, with a CAGR of 25.6% from 2025 to 2030.
• Another report indicates the China EV charging infrastructure market reached USD 25.60 billion in 2025 and is projected to increase to USD 182.90 billion by 2030, exhibiting a CAGR of 48.56%.
• Further data shows the China EV Charging Market, valued at USD 9.98 billion in 2022, is predicted to reach USD 61.35 billion by 2030, with a CAGR of 26.2% from 2023 to 2030.
• The electric vehicle charging stations market in China is anticipated to expand from US$11.40 billion in 2024 to US$58.15 billion by 2029, with a CAGR of 38.52%.

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Senmiao Technology (AIHS) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Expansion of Automobile Transaction and Related Services: The company's primary continuing business is its automobile transaction and related services, including sales, financing, management, and operating leases. Growth is anticipated through increasing the volume of these services, particularly to support the evolving ride-sharing market in China.
2. Strategic Partnerships and Collaborations: Senmiao Technology is actively pursuing strategic alliances to expand its market reach and service offerings. For example, a cooperation agreement with Qinhong International Group is designed to provide opportunities for Senmiao to participate in Qinhong's business operations across China, share resources, expand the customer base, and boost revenues.
3. Development and Commercialization of AI-driven Technology Solutions: The company is pivoting towards providing AI-powered solutions for the transportation industry. This includes agreements for AI-driven application development and strategic cooperation to develop AI-backed data management systems for online ride-hailing service providers, signaling a shift to being a technology provider within the ecosystem rather than solely operating its own ride-hailing platform.
4. Geographic Expansion within China: Senmiao Technology is exploring opportunities to extend its services into new geographic regions and demographic segments within the Chinese market. This expansion is expected to unlock additional revenue streams as the company broadens the reach of its automobile transaction services and newly developed AI solutions.

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Share Issuance

• Senmiao Technology completed a private placement of approximately $5 million with certain institutional investors on November 10, 2021, involving the sale of Series A Convertible Preferred Stock.
• A 1-for-10 reverse stock split was implemented on July 29, 2025, which also reduced the company's authorized shares from 500 million to 50 million.
• Another 0.1:1 (1-for-10) stock split occurred on April 5, 2022.

Inbound Investments

• On November 10, 2021, Senmiao Technology completed a private placement, receiving approximately $5 million from institutional investors.

Capital Expenditures

• Capital expenditures were approximately $2.29 million in fiscal year 2021, $3.22 million in fiscal year 2022, $1.15 million in fiscal year 2023, and $0.67 million in fiscal year 2024.
• As of the trailing twelve months ending March 2025 and June 2025, capital expenditures were approximately $0 million.