CHENGDU, China, Feb. 19, 2019 /PRNewswire/ — Senmiao Technology Limited (“Senmiao” ) (NASDAQ: AIHS), an operator of online lending market connecting Chinese buyers with character and small-to-medium-sized company borrowers and a provider of car transaction and financing services in China, these days announced its unaudited monetary results for the fiscal region ended December 31, 2018.
For the three months ended December 31, 2018, overall revenues multiplied by using 37.6% over the prior 12 months zone to $209,857, a file-level for Senmiao, due to the contribution from Senmiao’s lately obtained car transaction and financing services enterprise (which takes the form of a 60% fairness hobby in Hunan Ruixi Financial Leasing Co., Ltd. (Ruixi), which changed into obtained on November 22, 2018).
Revenues from Senmiao’s online lending business reduced over the prior yr sector using 40.3% to $91,121. They accounted for 43% of overall sales, highlighting continuing headwinds facing China’s online peer-to-peer (P2P) lending enterprise amidst regulatory uncertainties.
Revenues from Ruixi-related automobile transactions and financing services were $118,736. They accounted for 57% of overall sales, marking an effective transformation of Senmiao from a single-sales circulate, P2P online lending middleman to an assorted financial services provider presenting facilitation, buy offerings, management, guarantee, and other vehicle transaction offerings.
Revenues from vehicle transaction-related services have been generated through Sichuan Jinkailong Automobile Leasing Co., Ltd. (Jinkailong), a variable hobby entity of Ruixi. Through partnerships with main Chinese ride-hailing platform run via Didi Chuxing Technology Co., Ltd. (“Didi”) as well as multiple monetary institutions, Jinkailong presents automobile transaction and financing offerings for car customers, consisting of transaction facilitation, automobile purchase services, management, and assurance services, and so on. From November 22, 2018, to December 31, 2018, Jinkailong facilitated 52 new automobile purchase transactions with a mixture transaction fee of approximately RMB5 million (approximately $750,000).
For the area that ended December 31, 2018, Senmiao incurred a net lack of $768,292 (or $zero.03 in keeping with share) versus $301,217 (or $zero.01 in step with proportion) in the earlier year quarter.
For the 9 months ended December 31, 2018, general revenues were $406,391, in comparison to $335,498 inside the prior year duration, and internet loss was $2,488,661 (or $0.10 per share) as opposed to $ 1,111,140 (or $0.05 in keeping with proportion) inside the earlier year duration.
“While China’s online P2P lending enterprise stays appreciably challenged, with the intention to in all likelihood preserve to pull on our near-term outlook, we are very pleased with the instant contribution of the brand new car transaction associated services following the Ruixi acquisition in overdue November 2018. With Ruixi’s treasured monetary leasing license and Jinkailong’s sturdy partnerships with Didi and more than one monetary institution, we consider we have the capability to jump-begin our automobile transaction and monetary leasing enterprise in 2019” commented Xi Wen, Chairman, Chief Executive Officer and President of Senmiao
Further info regarding Senmiao’s outcomes of operations and economic situation for and as of the area ended December 31, 2018, maybe discovered in Senmiao’s Quarterly Report on Form 10-Q, which has been filed with the U.S. Securities and Exchange Commission.