Senmiao is a holding company that leases automobiles to ride-hailing drivers in Changsha, China, primarily through its subsidiary Hunan Ruixi. The company simplifies the complex regulatory and logistical requirements for drivers seeking to operate on major ride-hailing platforms like Didi. Senmiao operates through two primary business models: operating leases and finance leases. In the operating lease model, Senmiao owns or subleases vehicles and charges drivers a fixed monthly rental fee. In the finance lease model, Senmiao retains the vehicle title and earns interest over the lease term, transferring ownership to the driver upon full repayment. Senmiao also generates revenue through ancillary services, including New Energy Vehicle (NEV) support, driver training, licensing assistance, and credit assessments. To manage credit risk, the company monitors driver earnings through partner platforms and tracks vehicle locations using GPS. Senmiao recently consolidated its operations by divesting its business in Sichuan and exiting its proprietary ride-hailing platform. The company is also evaluating a potential expansion into AI infrastructure and data center services. Senmiao acquires customers through third-party sales networks, cooperating lease companies, and direct advertising.