SunCar Technology Group Inc. (NASDAQ: SDA) shares jump Monday, an innovative leader in digitalized automotive after-sales services and online auto insurance intermediation in China, today announced an exclusive vehicle service contract with the Sichuan Branch of China Construction Bank, one of China's largest financial institutions. SunCar expects to derive cumulative revenue from the contract valued at approximately RMB 23.4 million, or US $3.3 million.
This one-year exclusive contract with the Sichuan Branch follows SunCar's recently announced agreement with the Fujian Branch of China Construction Bank, valued at RMB 25 million. These agreements with different branches of China Construction Bank validates our superior service quality and reliability and reinforces our strategic vision of expanding our client network across China's vast banking sector. SunCar will provide a comprehensive range of automotive services tailored to meet the unique needs of China Construction Bank's Sichuan Branch clientele. SunCar's extensive network, which includes over 460 car wash locations and numerous service points for other automotive needs, positions SunCar to deliver top-tier services efficiently and effectively.
This contract represents the latest milestone in our rapid commercial growth. Over the past year, SunCar has forged significant partnerships with several major banks, including China Minsheng Banking Corp., Ltd., Bank of Communications Limited (BoComm), China CITIC Bank, and the Agricultural Bank of China. Each of these agreements highlights our commitment to excellence and our ability to meet the diverse and demanding needs of institutional clients in the automotive service sector.
SDA shares progressed 11 cents, or 1.7%, to $8.41.
