 CHENGDU, China, July 8, 2021 PRNewswire -- Senmiao Technology Limited Senmiao or the Company Nasdaq: AIHS, a financing and servicing company focused on the online ride-hailing industry in China and an operator of its own online ride-sharing platform, today announced financial results for the fiscal year ended March 31, 2021. Fiscal 2021 Financial and Operating Highlights Total revenues of 6.2 million, compared to 15.7 million in the prior fiscal year, primarily as a result of fewer newly facilitated automobile purchases and automobiles sold due to the adverse effects of the COVID-19 pandemic on online ride-hailing and the greater transportation industry as public travel restrictions were instituted Significant decrease in revenues from automobile sales was offset by a 2.1 million increase in operating lease revenues from automobile rentals as Senmiao shifted its focus to this business in direct response to the pandemic, as well as 0.9 million in revenues from its online ride-hailing platform, which launched in October 2020 and has seen a significant ramp over the past several months, which is expected to continue given new and expanded partnerships and plans to expand to other cities From October 23, 2020, the date Senmiao launched its online ride-hailing platform, to March 31, 2021, 4.4 million rides were completed through the platform with fares paid by riders totaling 12.4 million Net cash used in operating activities from continuing operations of 2.2 million, compared to 4.5 million in the prior fiscal year Management Commentary Xi Wen, Chairman, Chief Executive Officer and President of Senmiao, stated, We believe Senmiao is better positioned today to become the leading financing and servicing company for the online ride-hailing industry in China as a result of the business decisions made in response to the challenges we overcame during the global pandemic. 