Trump announces trade deal with EU following months of negotiations
CHENGDU, China - Senmiao Technology Limited (NASDAQ:AIHS), a company focused on China’s online ride-hailing industry, announced Thursday it has entered into a strategic cooperation agreement with Qinhong International Group. The micro-cap company, currently valued at $12.1 million, has shown strong momentum with a 31.43% price return over the past six months, according to InvestingPro data.
Under the agreement, Senmiao will gain opportunities to participate in Qinhong’s business operations across China. In return, Qinhong will leverage its relationships with financial institutions to help Senmiao secure funding for its business plans when needed.
Qinhong, established in 2013, provides financing facilitation support and loan consulting services primarily to small and medium-sized enterprises in Southwest China.
"We believe the cooperation with Qinhong represents a new growth and expansion opportunity for Senmiao," said Xi Wen, Senmiao’s Chairman and Chief Executive Officer, according to the press release. "Leveraging our combined strengths and expertise, we will be sharing resources to mutually support our businesses, expand customer base and boost revenues." The company has already demonstrated some positive momentum, with revenue growth of 12.21% and a gross profit margin of 22.88% in the last twelve months.
Get deeper insights into Senmiao’s financial health and access exclusive analysis with InvestingPro, which offers 8 additional key tips about the company’s performance and prospects.
Senmiao Technology, headquartered in Chengdu, Sichuan Province, provides automobile transaction and related services in China, including automobile sales, financing facilitation, management, operating leases, and other transaction services.
The announcement comes as both companies aim to utilize their existing business relationships and customer resources in this collaborative effort. The financial terms of the agreement were not disclosed in the company’s statement.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.