Senmiao Technology Ltd. Files 2024 Annual Report
Ticker: AIHS · Form: 10-K · Filed: Jun 27, 2024 · CIK: 1711012
Sentiment: neutral
Topics: annual-report, finance-services, sec-filing
TL;DR
Senmiao Tech filed its 2024 10-K. Full financials out.
AI Summary
Senmiao Technology Ltd. filed its 10-K for the fiscal year ended March 31, 2024. The company, incorporated in Nevada, operates in the finance services sector from its headquarters in Chengdu, Sichuan. This filing provides a comprehensive overview of its financial performance and business operations for the past fiscal year.
Why It Matters
This 10-K filing provides investors and stakeholders with a detailed look at Senmiao Technology Ltd.'s financial health and strategic direction for the fiscal year ending March 31, 2024.
Risk Assessment
Risk Level: medium — As a publicly traded company, Senmiao Technology Ltd. is subject to various market and regulatory risks inherent in the finance services industry.
Key Numbers
- 20240331 — Fiscal Year End (The report covers the period ending on this date.)
- 001-38426 — SEC File Number (Identifies the company's filing with the SEC.)
Key Players & Entities
- Senmiao Technology Ltd. (company) — Registrant
- March 31, 2024 (date) — Fiscal Year End
- 001-38426 (other) — Commission File Number
- Nevada (jurisdiction) — State of Incorporation
- Chengdu, Sichuan (location) — Business Address
FAQ
What is the primary business of Senmiao Technology Ltd.?
Senmiao Technology Ltd. operates in the finance services sector, with its Standard Industrial Classification code being 6199.
In which state was Senmiao Technology Ltd. incorporated?
Senmiao Technology Ltd. was incorporated in Nevada.
What is the filing date of this 10-K report?
This 10-K report was filed on June 27, 2024.
What is the fiscal year end date for this report?
The fiscal year ended on March 31, 2024.
Where is Senmiao Technology Ltd. headquartered?
The company's business address is located at 16F, Shihao Square, Middle Jiannan Blvd., High-Tech Zone, Chengdu, Sichuan.
Filing Stats: 4,451 words · 18 min read · ~15 pages · Grade level 15.3 · Accepted 2024-06-27 13:51:02
Key Financial Figures
- $0.0001 — h registered: Common Stock , par value $0.0001 per share AIHS The Nasdaq Stock Market
- $ — subsidiary of Senmiao Consulting; "US$," "U.S. dollars," "$," and "dollars" re
- $485 — monthly rental income of approximately $485 per automobile for the year ended March
- $196,099 — her companies. We generated revenues of $196,099 from the monthly services commissions d
- $57,677 — e recognized a total interest income of $57,677 for the year ended March 31, 2024. NEV
- $45,231 — ess Entities had revenue of services of $45,231 from NEVs leasing and $36,637 from auto
- $36,637 — rvices of $45,231 from NEVs leasing and $36,637 from automobile purchase, for the year
- $16,246 — purchasers. Hunan Ruixi had revenue of $16,246 from the management and guarantee servi
- $8,822 — -automobiles, resulting in an income of $8,822 during the year ended March 31, 2024.
- $5.3 m — les with a total value of approximately $5.3 million, sold an aggregate of 1,516 autom
- $14.5 million — les with a total value of approximately $14.5 million and delivered 1,892 automobiles under o
- $15.1 million — rides with gross fare of approximately $15.1 million were completed through Xixingtianxia an
- $2.5 m — platform service fees of approximately $2.5 million, after netting off approximately
- $0.3 million — illion, after netting off approximately $0.3 million incentives paid to Active Drivers. Our
- $10.1 million — eration of RMB69,690,000 (approximately $10.1 million). Prior to the Acquisition, Sichuan Sen
Filing Documents
- ea0207335-10k_senmiao.htm (10-K) — 2489KB
- ea020733501ex10-21_senmiao.htm (EX-10.21) — 10KB
- ea020733501ex10-22_senmiao.htm (EX-10.22) — 77KB
- ea020733501ex10-23_senmiao.htm (EX-10.23) — 29KB
- ea020733501ex21-1_senmiao.htm (EX-21.1) — 12KB
- ea020733501ex23-1_senmiao.htm (EX-23.1) — 3KB
- ea020733501ex31-1_senmiao.htm (EX-31.1) — 14KB
- ea020733501ex31-2_senmiao.htm (EX-31.2) — 14KB
- ea020733501ex32-1_senmiao.htm (EX-32.1) — 7KB
- ea020733501ex32-2_senmiao.htm (EX-32.2) — 7KB
- ea020733501ex97-1_senmiao.htm (EX-97.1) — 31KB
- image_001.jpg (GRAPHIC) — 11KB
- image_002.jpg (GRAPHIC) — 22KB
- image_003.jpg (GRAPHIC) — 95KB
- image_004.jpg (GRAPHIC) — 65KB
- ex23-1_001.jpg (GRAPHIC) — 6KB
- 0001213900-24-056536.txt ( ) — 13730KB
- aihs-20240331.xsd (EX-101.SCH) — 124KB
- aihs-20240331_cal.xml (EX-101.CAL) — 81KB
- aihs-20240331_def.xml (EX-101.DEF) — 569KB
- aihs-20240331_lab.xml (EX-101.LAB) — 953KB
- aihs-20240331_pre.xml (EX-101.PRE) — 562KB
- ea0207335-10k_senmiao_htm.xml (XML) — 2005KB
Business
Business 1 Item 1A.
Risk Factors
Risk Factors 29 Item 1B. Unresolved Staff Comments 69 Item 1C Cybersecurity 69 Item 2.
Properties
Properties 70 Item 3.
Legal Proceedings
Legal Proceedings 70 Item 4. Mine Safety Disclosures 70 PART II 71 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 71 Item 6. [Reserved] 72 Item 7.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 72 Item 7A.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 87 Item 8.
Financial Statements and Supplementary Data
Financial Statements and Supplementary Data F-1 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 88 Item 9A.
Controls and Procedures
Controls and Procedures 88 Item 9B. Other Information 88 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 88 PART III 89 Item 10. Directors, Executive Officers and Corporate Governance 89 Item 11.
Executive Compensation
Executive Compensation 93 Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 96 Item 13. Certain Relationships and Related Transactions, and Director Independence 97 Item 14. Principal Accounting Fees and Services 99 PART IV 100 Item 15. Exhibits and Financial Statement Schedules 100 Item 16. Form 10-K Summary 100 i Unless otherwise stated in this Annual Report on Form 10-K (this "Report"), references to: "China" or the "PRC" refers to the People's Republic of China, excluding, for the purposes of this Report only, Hong Kong, Macau and Taiwan; "Corenel" refers to Chengdu Corenel Technology Limited, a PRC limited liability company and wholly owned subsidiary of Senmiao Consulting; "Hunan Ruixi" refers to Hunan Ruixi Financial Leasing Co., Ltd., our majority owned subsidiary in China; "Jiekai" refers to Chengdu Jiekai Technology Ltd., a PRC limited liability company in China and a majority owned subsidiary of Corenel; "Jinkailong" refers to Sichuan Jinkailong Automobile Leasing Co., Ltd., a PRC limited liability company with 35% equity interest held by Hunan Ruixi; "Operating Entities" refers to Corenel, Hunan Ruixi, Jiekai, Senmiao Consulting, XXTX and Yicheng; "Partner Platforms" refers to other online ride-hailing platforms our Operating Entities cooperate with; "Restructuring" refers to the establishment of a wholly foreign owned entity and the execution of a series of agreements among the Company, Senmiao Consulting, Sichuan Senmiao and the equity holders of Sichuan Senmiao, pursuant to which we have gained control of and become the primary beneficiary to Sichuan Senmiao; "RMB" and "Renminbi" refer to the legal currency of China; "Senmiao" refers to Senmiao Technology Limited; "Senmiao Group," "we," "us," "the Company", "our company" and "our" refer to Senmiao Technology Limited. and its subsidiaries; "Senmiao Consulting" refers to Sichuan Senmiao Zecheng Business Consulting Co., Ltd.; "Sichuan Se
Business
Item 1. Business Overview Senmiao is not a Chinese operating company but a U.S. holding company incorporated in the State of Nevada on June 8, 2017. As a holding company with no material operations of its own, Senmiao conducts a substantial majority of its operations through its operating entities established in the PRC, including its subsidiaries and the equity investee company. Since November 2018, we have been providing automobile transaction and related services focusing on the online ride-hailing industry in the People's Republic of China ("PRC" or "China") through our wholly owned subsidiaries, Yicheng and Corenel, and our majority owned subsidiaries, Jiekai, and Hunan Ruixi, and its equity investee company, Jinkailong. Since October 2020, we have been operating an online ride-hailing platform through XXTX, which is a wholly owned subsidiary of Senmiao Consulting. XXTX's platform enables qualified ride-hailing drivers to provide transportation services mainly in Chengdu, Changsha and other 20 cities in China as of the date of this Report. Our business includes Automobile Transaction and Related Services (as defined herein below) and Online Ride-hailing Platform Services, which constituted a series of services as follows: Automobile Transactions and Related Services Our automobile transaction and related services (the "Automobile Transaction and Related Services") are mainly comprised of (i) automobile operating lease where we provide car rental services to individual customers to meet their personal needs with lease term no more than twelve months (the "Auto Operating Leasing"); (ii) monthly services where we provide management and related services to Partner Platforms and other companies and earn commission from them (the " Auto Commissions" ); (iii) automobile financing where we provide our customers with auto finance solutions through financing leases (the "Auto Financing"); (iv) service fees from new energy vehicles ("NEVs") leasing, automobile pur