Senmaio Hooks up with Changsha, Shares Wither

Shares in China-based Senmiao Technology Limited (NASDAQ: AIHS) Friday. As the financing and servicing company focused on the online ride-hailing industry in China announced that it has signed a strategic cooperation agreement with Changsha Yipeng Information Technology Co., Ltd. to jointly develop an AI-backed data management system aiming to improve efficiency of online ride-hailing management platforms.

Changsha Yipeng has over a decade of experience in developing integrated AI-based information systems, big data, and cloud platforms for government and private entities in China, across a variety of sectors.

Pursuant to the Agreement, Changsha Yipeng will utilize Senmiao’s data (related to drivers, vehicles and riders) from its historical operating information, to develop an AI-backed data management system to facilitate the collection and analysis of data and ultimately provide online ride-hailing service providers with efficient and safe ways to operate their service vehicles. Along with the development of the project, both parties will jointly seek necessary financing for its full development and deployment.

CEO Xi Wen said, “Following the recent sale of our online ride-hailing platform, we have been actively exploring ways to utilize the vast amount of data we have gathered over the years to generate new revenue sources for Senmiao.

“We are excited to be working with Changsha Yipeng towards the development of an advanced AI platform to achieve this goal.”

AIHS shares collapsed in price 37 cents, or 36.1%, to 66 cents.