Senmiao Technology (NASDAQ:AIHS) shares are trading higher on Wednesday after the company announced it has signed an investment agreement with Hongyi Industrial Group for roughly $7 million in the company's auto business.

Senmiao is a fintech company in Sichuan Province, China. The company's operating segment include Online Lending Services and Automobile Transaction and Related Services. It generates maximum revenue from the Automobile Transaction and Related Services segment. Geographically, it derives revenue from PRC. The company serves individual and small-to-medium-sized enterprise borrowers.

Senmiao Technology shares traded up 95.40% at $1.63 at the time of publication on Wednesday. The stock has a 52-week high of $2.26 and a 52-week low of 26 cents.