Senmiao Technology Ltd (NASDAQ: AIHS) is a China-focused automobile transaction and related services company that provides car leasing, financing, and platform management services to online ride-hailing drivers in the People's Republic of China. Revenue comes from a mix of operating lease fees, service fees on new energy vehicle leasing, automobile purchase service fees, platform management commissions from partner ride-hailing platforms, auto financing through financing leases, and default charges on early-terminated contracts. The company is a U.S. holding company incorporated in Nevada on June 8, 2017, with operations conducted through subsidiaries and equity investee companies established in the PRC. Its key target markets are Chengdu and Changsha, where it competes against well-resourced incumbents in an intensely competitive online ride-hailing supply chain. As of the 10-K filed July 10, 2025, the company had disposed of two operating subsidiaries, XXTX (completed August 20, 2024) and Corenel (completed April 17, 2025), materially reshaping its operating structure.

Revenue model

Transactional and fee-based: automobile operating lease rental income, service fees on NEV leasing, service fees on automobile purchase facilitation, monthly commissions from partner ride-hailing platforms, financing lease income from auto financing, default charges on contract violations, and ancillary auto management services.

Products and services

Automobile operating leases (terms up to 12 months); new energy vehicle leasing services; automobile purchase facilitation services; platform management and commission services for partner online ride-hailing platforms; auto financing via financing leases; default revenue from early contract termination; auto management and related supporting services.

Customers and end markets

Individual online ride-hailing drivers in China who lease or purchase vehicles to operate on ride-hailing platforms; partner ride-hailing platform operators who pay monthly management commissions.

Value-chain role

Intermediary and asset provider in the China online ride-hailing supply chain: supplies vehicles to drivers through leasing and financing, facilitates automobile purchases, and provides platform management services to ride-hailing operators.

Geographic exposure

Substantially all operations in the PRC, with key target markets in Chengdu (Sichuan Province) and Changsha. U.S. holding company incorporated in Nevada; Hong Kong subsidiary (Senmiao Technology (Hong Kong), Ltd.) holds 99.99% by Senmiao.

Source: SEC 10-K, filed 2025-07-10

Industry: Services-Auto Rental & Leasing (No Drivers) Peers: Akso Health Group Roan Holdings Group Co., Ltd. Metalpha Technology Holding Ltd Jianpu Technology Inc J and Friends Holdings Ltd Weidai Ltd.