Senmiao Technology Ltd

Senmiao

Overview

Senmiao is a U.S. holding company incorporated in Nevada on June 8, 2017. Its primary operations are conducted in the People’s Republic of China through operating entities, in particular Hunan Ruixi and its equity investee Jinkailong. The company operates a single segment: Automobile Transaction and Related Services, which provides leasing, financing, and ancillary services for vehicles used in online ride-hailing.

Core services

• Auto Operating Leasing

  • Leases company-owned automobiles, subleases vehicles leased from third parties, and subleases vehicles provided by pre-approved ride-hailing drivers to individuals.
  • Operations in China are conducted primarily through Hunan Ruixi (and Jinkailong as an equity investee).
  • 340 automobiles were leased during the year ended March 31, 2026, with average monthly rental income of approximately $381 per automobile.

• Auto Financing

  • Self-operated financing where Hunan Ruixi acts as lessor and retains title during the lease; ownership typically transfers to the customer at lease end after a nominal payment.
  • Interest income recognized: $68,011 for the year ended March 31, 2026.

• Service for NEVs Leasing

  • Provides services to NEV lessees including training, regulatory assistance, driver qualification, and operation/management services.
  • Revenue from NEV leasing: $64,833 for the year ended March 31, 2026.

• Auto Commissions

  • Monthly management and related services to partner platforms and other companies.
  • Revenue: $17,485 for the year ended March 31, 2026.

• Service for Automobile Purchase

  • Services during the purchase process such as credit assessment, GPS installation, driver qualification, and administrative procedures; fees are priced according to vehicle sales price and services provided.
  • Revenue: $10,046 for the year ended March 31, 2026.

• Default Revenue

  • Fees for early termination or other contract violations, plus related charges.
  • Default revenue: $26,025 for the year ended March 31, 2026.

• Other Services

  • Various ancillary services related to the above activities.
  • Revenue: $11,185 for the year ended March 31, 2026.

Operational history and recent transitions

• Discontinued ride-hailing platform services (XXTX)

  • October 2020–August 2024: Operated the XXTX online ride-hailing platform via Senmiao Consulting’s stake in XXTX.
  • August 8, 2024: Entered into an acquisition agreement under which the purchaser acquired all equity interests in XXTX for zero consideration, and Senmiao assumed specified liabilities.
  • August 20, 2024: Acquisition completed and platform operations ceased.

• Disposition in Sichuan

  • December 2025: Entered into a Sichuan acquisition agreement with HMST to transfer Yicheng, Senmiao Consulting, and their Sichuan subsidiaries for nil consideration, while Senmiao assumed liabilities of $518,388.
  • Disposition completed on December 31, 2025, and former Sichuan-based automobile transaction activities ceased.

Corporate structure and related-party arrangements

• Hunan Ruixi is a primary operating entity. Arrangements include Hunan Ruixi’s relationships with Jinkailong (equity investee) and related voting agreements.
• In February 2024, a share swap increased Senmiao’s ownership in Hunan Ruixi to 60%. Subsequent arrangements and capital contributions to Hunan Ruixi totaled $6,000,000.
• As of March 31, 2026, Jinkailong’s paid-in capital was zero.
• The company completed dispositions of former Sichuan entities including XXTX and Corenel/Jiekai.

AI data center initiative

• In 2026, Senmiao began evaluating opportunities to expand into AI infrastructure.
• Appointed David Nichols as strategic advisor to support AI infrastructure, digital infrastructure, and new energy initiatives, with a focus on power infrastructure origination, capital formation, and institutional partnerships.
• Management is conducting diligence on several potential AI data center projects.

Customers and workforce

• Primary customers are online ride-hailing drivers.
• The company serviced approximately 1,000 customers for Automobile Transaction and Related Services in the year ended March 31, 2026.
• Total full-time employees: 28 (including three executive officers).
  • Functional breakdown: Management (2), Legal & Risk Management (2), Operations (4), Marketing (1), Drivers & Automobile Management and Services (6), Human Resources & Administration (2), Finance and Accounting (3).

Financial snapshot (year ended March 31, 2026)

• Auto Operating Leasing: 340 cars leased; average monthly income ~$381 per car → estimated revenue ≈ $1,554,480 for the year.
• Auto Financing (interest income): $68,011.
• NEV Leasing Service: $64,833.
• Auto Commissions: $17,485.
• Service for Automobile Purchase: $10,046.
• Default Revenue: $26,025.
• Other Services: $11,185.
• Estimated total revenue (sum of the above, including the auto operating leasing estimate): approximately $1,752,065 for the year ended March 31, 2026.

Business summary

Senmiao transitioned away from operating a national ride-hailing platform and completed related dispositions in 2024 and 2025. It now focuses on automobile transaction and related services through its PRC entities, with revenue streams from leasing, financing, NEV services, commissions, purchase services, default fees, and ancillary services. The company is evaluating expansion into AI data center projects and has engaged a strategic advisor to support that initiative.