☐ | REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
American depositary shares (one American depositary share representing Class A ordinary shares, par value US$0.00001 per | MOGU | The New York Stock Exchange (The New York Stock Exchange) |
* |
Large accelerated filer ☐ | ||||||||||||
Accelerated filer ☐ | Non-accelerated filer ☒ | |||||||||||
Emerging growth company ☒ | ||||||||||||
† | The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012. |
U.S. GAAP ☒ | International Financial Reporting Standards as issued | Other ☐ | |||||||
by the International Accounting Standards Board ☐ |
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2 | |||||||
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ITEM 1 | |||||||
ITEM 2 | |||||||
ITEM 3 | |||||||
ITEM 4 | |||||||
Item 4A. | |||||||
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125 | |||||||
Item 13. | 125 | ||||||
Item 14. | 125 | ||||||
Item 15. | 125 | ||||||
Item 16A. | 127 | ||||||
Item 16B. | 127 | ||||||
Item 16C. | 127 | ||||||
Item 16D. | 127 | ||||||
Item 16E. | 127 | ||||||
Item 16F. | 128 | ||||||
Item 16G. | 128 | ||||||
Item 16H. | 128 | ||||||
129 | |||||||
Item 17. | 129 | ||||||
Item 18. | 129 | ||||||
Item 19. | 129 | ||||||
131 |
ITEM 1 | IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS |
ITEM 2 | OFFER STATISTICS AND EXPECTED TIMETABLE |
ITEM 3 | KEY INFORMATION |
(1) | Each of Messrs. Qi Chen, Yibo Wei and Xuqiang Yue, a director and beneficial owner of the shares of our company, holds 58.67%, 23.62% and 17.71% equity interests in Hangzhou Juangua, respectively. |
(2) | Each of Messrs. Qi Chen, Yibo Wei and Xuqiang Yue, a director and beneficial owner of the shares of our company, holds 52.44%, 26.72% and 19.84% equity interests in Beijing Meilishikong, respectively. Mr. Yirong Xu, a beneficial owner of the shares of our company, holds the remaining 1% equity interests in Beijing Meilishikong. |
For the Year Ended March 31, | ||||||||||||||||||||||||
2017 | 2018 | 2019 | 2020 | 2021 | ||||||||||||||||||||
RMB | RMB | RMB | RMB | RMB | US$ | |||||||||||||||||||
(in thousands, except for share and per share data) | ||||||||||||||||||||||||
Selected Consolidated Statement of Operations and Comprehensive Loss Data: | ||||||||||||||||||||||||
Revenues | 1,109,877 | 973,207 | 1,074,278 | 835,314 | 482,392 | 73,627 | ||||||||||||||||||
Cost of revenues (exclusive of amortization of intangible assets shown separately below) (1) | (377,765 | ) | (317,725 | ) | (313,788 | ) | (293,757 | ) | (183,112 | ) | (27,948 | ) | ||||||||||||
Sales and marketing expenses (1) | (692,742 | ) | (747,928 | ) | (743,732 | ) | (613,183 | ) | (229,775 | ) | (35,071 | ) | ||||||||||||
Research and development expenses (1) | (418,496 | ) | (289,274 | ) | (236,446 | ) | (171,137 | ) | (103,474 | ) | (15,793 | ) | ||||||||||||
General and administrative expenses (1) | (123,404 | ) | (100,105 | ) | (168,379 | ) | (128,152 | ) | (103,038 | ) | (15,727 | ) | ||||||||||||
Amortization of intangible assets | (440,772 | ) | (384,555 | ) | (194,874 | ) | (331,294 | ) | (341,802 | ) | (52,169 | ) | ||||||||||||
Impairment of goodwill and intangible assets | (110,610 | ) | — | — | (1,382,149 | ) | — | — | ||||||||||||||||
Other (expense)/income, net | (17,429 | ) | 18,961 | 8,761 | 11,472 | 49,885 | 7,614 | |||||||||||||||||
Loss from operations | (1,071,341 | ) | (847,419 | ) | (574,180 | ) | (2,072,886 | ) | (428,924 | ) | (65,467 | ) | ||||||||||||
Interest income | 24,514 | 33,464 | 33,700 | 29,312 | 19,601 | 2,992 | ||||||||||||||||||
Gain/(loss) from investments, net | — | 172,219 | 31,236 | (66,550 | ) | 86,497 | 13,202 | |||||||||||||||||
Loss before income tax and share of results of equity investee | (1,046,827 | ) | (641,736 | ) | (509,244 | ) | (2,110,124 | ) | (322,826 | ) | (49,273 | ) | ||||||||||||
Income tax benefits/(expense) | 107,687 | 88,665 | 17,217 | 590 | (5,181 | ) | (791 | ) | ||||||||||||||||
Share of results of equity investee | — | (4,982 | ) | 5,752 | (114,104 | ) | 36 | 5 | ||||||||||||||||
Net loss | (939,140 | ) | (558,053 | ) | (486,275 | ) | (2,223,638 | ) | (327,971 | ) | (50,059 | ) | ||||||||||||
Net (loss)/income attributable to non-controlling interests | (3 | ) | 116 | — | — | — | — | |||||||||||||||||
Net loss attributable to MOGU Inc. | (939,137 | ) | (558,169 | ) | (486,275 | ) | (2,223,638 | ) | (327,971 | ) | (50,059 | ) | ||||||||||||
Accretion on convertible redeemable preferred shares to redemption value | (601,902 | ) | (688,240 | ) | (509,904 | ) | — | — | — | |||||||||||||||
Deemed dividend to holders of mezzanine equity | — | — | (89,076 | ) | — | — | — | |||||||||||||||||
For the Year Ended March 31, | ||||||||||||||||||||||||
2017 | 2018 | 2019 | 2020 | 2021 | ||||||||||||||||||||
RMB | RMB | RMB | RMB | RMB | US$ | |||||||||||||||||||
Net loss attributable to MOGU Inc.’s ordinary shareholders | (1,541,039 | ) | (1,246,409 | ) | (1,085,255 | ) | (2,223,638 | ) | (327,971 | ) | (50,059 | ) | ||||||||||||
Net loss per share attributable to ordinary shareholders | ||||||||||||||||||||||||
Basic | (2.77 | ) | (2.26 | ) | (0.87 | ) | (0.82 | ) | (0.12 | ) | (0.02 | ) | ||||||||||||
Diluted | (2.77 | ) | (2.26 | ) | (0.87 | ) | (0.82 | ) | (0.12 | )�� | (0.02 | ) | ||||||||||||
Weighted average number of shares used in computing net loss per share | ||||||||||||||||||||||||
Basic | 555,729,818 | 550,793,455 | 1,247,998,533 | 2,718,827,977 | 2,630,425,361 | 2,630,425,361 | ||||||||||||||||||
Diluted | 555,729,818 | 550,793,455 | 1,247,998,533 | 2,718,827,977 | 2,630,425,361 | 2,630,425,361 |
For the Year Ended March 31, | ||||||||||||||||||||||||
2017 | 2018 | 2019 | 2020 | 2021 | ||||||||||||||||||||
RMB | RMB | RMB | RMB | RMB | US$ | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Cost of revenues | (5,342 | ) | (4,619 | ) | (13,916 | ) | 2,747 | (2,464 | ) | (376 | ) | |||||||||||||
Sales and marketing expenses | (2,607 | ) | (2,450 | ) | (9,558 | ) | (7,927 | ) | (5,416 | ) | (827 | ) | ||||||||||||
Research and development expenses | (7,801 | ) | (6,016 | ) | (15,161 | ) | (9,265 | ) | (3,940 | ) | (601 | ) | ||||||||||||
General and administrative expenses | (4,988 | ) | (3,751 | ) | (64,433 | ) | (17,740 | ) | (14,475 | ) | (2,209 | ) | ||||||||||||
Total | (20,738 | ) | (16,836 | ) | (103,068 | ) | (32,185 | ) | (26,295 | ) | (4,013 | ) | ||||||||||||
As of March 31, | ||||||||||||||||||||||||
2017 | 2018 | 2019 | 2020 | 2021 | ||||||||||||||||||||
RMB | RMB | RMB | RMB | RMB | US$ | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Selected Consolidated Balance Sheet Data: | ||||||||||||||||||||||||
Cash and cash equivalents | 1,270,289 | 1,224,393 | 1,276,710 | 856,567 | 542,076 | 82,737 | ||||||||||||||||||
Restricted cash | 1,206 | 1,004 | 1,006 | 807 | 808 | 123 | ||||||||||||||||||
Short-term investments | 400,583 | 130,000 | 212,000 | 238,000 | 260,245 | 39,721 | ||||||||||||||||||
Inventories, net | 4,098 | 110 | 5,042 | 2,926 | 240 | 37 | ||||||||||||||||||
Loan receivables, net | 149,106 | 104,247 | 120,901 | 113,111 | 99,965 | 15,258 | ||||||||||||||||||
Prepayments and other current assets | 650,048 | 188,862 | 161,249 | 99,108 | 77,679 | 11,855 | ||||||||||||||||||
Amounts due from related parties | 420 | 7,179 | 1,789 | 57 | 6,061 | 925 | ||||||||||||||||||
Total current assets | 2,475,750 | 1,655,795 | 1,778,697 | 1,310,576 | 987,074 | 150,656 | ||||||||||||||||||
Property, equipment and software, net | 99,689 | 16,511 | 11,975 | 14,109 | 10,780 | 1,645 | ||||||||||||||||||
Intangible assets, net | 500,905 | 116,770 | 1,001,967 | 813,011 | 426,005 | 65,021 | ||||||||||||||||||
Goodwill. | 1,568,653 | 1,568,653 | 1,568,653 | 186,504 | 186,504 | 28,466 | ||||||||||||||||||
Investments | 10,935 | 201,037 | 241,721 | 102,373 | 66,382 | 10,132 | ||||||||||||||||||
Other non-current assets | 28,521 | 18,755 | 763 | 14,183 | 163,111 | 24,896 | ||||||||||||||||||
Total non-current assets | 2,208,703 | 1,921,726 | 2,825,079 | 1,130,180 | 852,782 | 130,160 | ||||||||||||||||||
Total assets | 4,684,453 | 3,577,521 | 4,603,776 | 2,440,756 | 1,839,856 | 280,816 | ||||||||||||||||||
Accounts payable | 11,104 | 12,270 | 17,989 | 17,080 | 19,938 | 3,044 | ||||||||||||||||||
Salaries and welfare payable | 36,626 | 20,654 | 22,112 | 6,032 | 4,349 | 664 | ||||||||||||||||||
Advances from customers | 236 | 37 | 1,177 | 103 | 77 | 12 | ||||||||||||||||||
Taxes payable | 4,510 | 8,523 | 5,844 | 6,342 | 1,558 | 238 | ||||||||||||||||||
Amounts due to related parties | 2,467 | 20,103 | 9,393 | 12,018 | 6,234 | 951 | ||||||||||||||||||
Accruals and other current liabilities | 1,019,037 | 608,486 | 492,385 | 393,536 | 333,127 | 50,845 | ||||||||||||||||||
Total current liabilities | 1,073,980 | 670,073 | 548,900 | 435,111 | 365,283 | 55,754 | ||||||||||||||||||
Total liabilities | 1,188,568 | 695,306 | 556,107 | 460,284 | 384,960 | 58,757 | ||||||||||||||||||
Total mezzanine equity | 6,696,632 | 7,384,872 | — | — | — | — | ||||||||||||||||||
Total shareholders’ (deficit)/equity | (3,200,747 | ) | (4,502,657 | ) | 4,047,669 | 1,980,472 | 1,454,896 | 222,059 | ||||||||||||||||
Total liabilities, mezzanine equity and shareholders’ equity | 4,684,453 | 3,577,521 | 4,603,776 | 2,440,756 | 1,839,856 | 280,816 | ||||||||||||||||||
For the Year Ended March 31, 2022 | ||||||||||||||||||||||||
MOGU Inc. | Other subsidiaries | Primary Beneficiaries of VIEs | VIEs | Eliminating adjustments | Consolidated Totals | |||||||||||||||||||
(RMB, in thousands) | ||||||||||||||||||||||||
Third-party revenues | — | 3,006 | 264,670 | 69,793 | — | 337,469 | ||||||||||||||||||
Inter-company revenues (1) | — | — | 15,779 | 31,816 | (47,595 | ) | — | |||||||||||||||||
Third-party costs and expenses | (307,017 | ) | (201,737 | ) | (336,666 | ) | (187,958 | ) | — | (1,033,378 | ) | |||||||||||||
Inter-company costs and expenses (1) | — | — | (31,816 | ) | (15,779 | ) | 47,595 | — | ||||||||||||||||
Third-party other operating income | 1,008 | 6,620 | 15,384 | 2,415 | — | 25,427 | ||||||||||||||||||
Inter-company other operating income/(expenses) (2) | — | 236,825 | (39,127 | ) | (197,698 | ) | — | — | ||||||||||||||||
Share of loss from subsidiaries and VIEs (3) | (334,730 | ) | (376,973 | ) | (269,972 | ) | — | 981,675 | — | |||||||||||||||
(Expense)/income from non-operations | (1,635 | ) | (2,294 | ) | 4,775 | 12,750 | — | 13,596 | ||||||||||||||||
Loss before income tax expense | (642,374 | ) | (334,553 | ) | (376,973 | ) | (284,661 | ) | 981,675 | (656,886 | ) | |||||||||||||
Income tax (expense)/benefit | — | (177 | ) | — | 14,689 | — | 14,512 | |||||||||||||||||
Net loss | (642,374 | ) | (334,730 | ) | (376,973 | ) | (269,972 | ) | 981,675 | (642,374 | ) | |||||||||||||
Net loss attributable to non-controlling interests | — | — | — | (2,574 | ) | — | (2,574 | ) | ||||||||||||||||
Net loss attributable to ordinary shareholders | (642,374 | ) | (334,730 | ) | (376,973 | ) | (267,398 | ) | 981,675 | (639,800 | ) |
For the Year Ended March 31, 2021 | ||||||||||||||||||||||||
MOGU Inc. | Other subsidiaries | Primary Beneficiaries of VIEs | VIEs | Eliminating adjustments | Consolidated Totals | |||||||||||||||||||
(RMB, in thousands) | ||||||||||||||||||||||||
Third-party revenues | — | 131 | 397,249 | 85,012 | — | 482,392 | ||||||||||||||||||
Inter-company revenues (1) | — | — | 32,508 | 25,679 | (58,187 | ) | — | |||||||||||||||||
Third-party costs and expenses | (331,385 | ) | (9,153 | ) | (525,209 | ) | (95,454 | ) | — | (961,201 | ) | |||||||||||||
Inter-company costs and expenses (1) | — | (17 | ) | (25,680 | ) | (32,490 | ) | 58,187 | — | |||||||||||||||
Third-party other operating income | 6,138 | 12,451 | 25,313 | 5,983 | — | 49,885 | ||||||||||||||||||
Share of loss from subsidiaries and VIEs (3) | (82,563 | ) | (88,890 | ) | 1,721 | — | 169,732 | — | ||||||||||||||||
Income from non-operations | 89,596 | 3,133 | 5,208 | 8,197 | — | 106,134 | ||||||||||||||||||
Loss before income tax expense | (318,214 | ) | (82,345 | ) | (88,890 | ) | (3,073 | ) | 169,732 | (322,790 | ) | |||||||||||||
Income tax (expense)/benefit | (9,757 | ) | (218 | ) | — | 4,794 | — | (5,181 | ) | |||||||||||||||
Net (loss)/income | (327,971 | ) | (82,563 | ) | (88,890 | ) | 1,721 | 169,732 | (327,971 | ) | ||||||||||||||
Net loss attributable to ordinary shareholders | (327,971 | ) | (82,563 | ) | (88,890 | ) | 1,721 | 169,732 | (327,971 | ) |
For the Year Ended March 31, 2020 | ||||||||||||||||||||||||
MOGU Inc. | Other subsidiaries | Primary Beneficiaries of VIEs | VIEs | Eliminating adjustments | Consolidated Totals | |||||||||||||||||||
(RMB, in thousands) | ||||||||||||||||||||||||
Third-party revenues | — | 5,147 | 735,338 | 94,829 | — | 835,314 | ||||||||||||||||||
Inter-company revenues (1) | — | — | 29,380 | 42,749 | (72,129 | ) | — | |||||||||||||||||
Third-party costs and expenses | (323,492 | ) | (1,403,961 | ) | (1,071,306 | ) | (120,913 | ) | — | (2,919,672 | ) | |||||||||||||
Inter-company costs and expenses (1) | — | (666 | ) | (42,730 | ) | (28,733 | ) | 72,129 | — | |||||||||||||||
Third-party other operating income/(expense) | 5,308 | (8,775 | ) | 13,146 | 1,793 | — | 11,472 | |||||||||||||||||
Inter-company other operating (expenses)/income (2) | — | (6,915 | ) | — | 6,915 | — | — | |||||||||||||||||
Share of loss from subsidiaries and VIEs (3) | (1,736,959 | ) | (328,916 | ) | (4,093 | ) | — | 2,069,968 | — | |||||||||||||||
(Expense)/income from non-operations | (168,495 | ) | 7,880 | 11,349 | (2,076 | ) | — | (151,342 | ) | |||||||||||||||
Loss before income tax expense | (2,223,638 | ) | (1,736,206 | ) | (328,916 | ) | (5,436 | ) | 2,069,968 | (2,224,228 | ) | |||||||||||||
Income tax (expense)/benefit | — | (753 | ) | — | 1,343 | — | 590 | |||||||||||||||||
Net loss | (2,223,638 | ) | (1,736,959 | ) | (328,916 | ) | (4,093 | ) | 2,069,968 | (2,223,638 | ) | |||||||||||||
Net loss attributable to ordinary shareholders | (2,223,638 | ) | (1,736,959 | ) | (328,916 | ) | (4,093 | ) | 2,069,968 | (2,223,638 | ) |
(1) | It represents the elimination of the intercompany service charge and other operating activities at the consolidation level. For the year ended March 31, 2020, 2021 and 2022, the service fees of variable interest entities charged by the related primary beneficiaries were RMB26.4 million, RMB27.5 million and RMB10.6 million, respectively. |
(2) | It represents the elimination of the write-off of the amounts due from other subsidiaries by primary beneficiaries of variable interest entities and variable interest entities. |
(3) | It represents the elimination of the investment among the Company, other subsidiaries, primary beneficiaries of variable interest entities, and variable interest entities. |
As of March 31, 2022 | ||||||||||||||||||||||||
MOGU Inc. | Other subsidiaries | Primary Beneficiaries of VIEs | VIEs | Eliminating adjustments | Consolidated Totals | |||||||||||||||||||
(RMB, in thousands) | ||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Cash and cash equivalents | 4,349 | 150,401 | 70,764 | 213,094 | — | 438,608 | ||||||||||||||||||
Restricted cash | — | — | — | 809 | — | 809 | ||||||||||||||||||
Short-term investments | — | 6,853 | 190,000 | — | — | 196,853 | ||||||||||||||||||
Inventories, net | — | — | 15 | 64 | — | 79 | ||||||||||||||||||
Loan receivables, net | — | — | — | 26,788 | — | 26,788 | ||||||||||||||||||
Prepayments and other current assets | 795 | 2,178 | 18,025 | 34,137 | — | 55,135 | ||||||||||||||||||
Amounts due from related party | 571 | — | 69 | — | — | 640 | ||||||||||||||||||
Amounts due from intercompany (4) | 1,066,882 | 70,087 | 1,418,077 | 76,920 | (2,631,966 | ) | — | |||||||||||||||||
Property, equipment and software | — | 182 | 6,282 | 1,238 | — | 7,702 | ||||||||||||||||||
Intangible assets, net | 46,000 | — | 718 | 43,104 | — | 89,822 | ||||||||||||||||||
Goodwill | — | — | — | 63,460 | — | 63,460 | ||||||||||||||||||
Investments | 37,789 | — | — | 34,331 | — | 72,120 | ||||||||||||||||||
Other non-current assets | — | — | 2,351 | 212,613 | — | 214,964 | ||||||||||||||||||
Investment in subsidiaries and VIEs (3) | — | 635,888 | — | — | (635,888 | ) | — | |||||||||||||||||
Total assets | 1,156,386 | 865,589 | 1,706,301 | 706,558 | (3,267,854 | ) | 1,166,980 | |||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||
Short-term borrowings | — | 10,064 | — | — | — | 10,064 | ||||||||||||||||||
Accounts payable | — | 841 | 16,557 | 552 | — | 17,950 | ||||||||||||||||||
Salaries and welfare payable | — | 84 | 7,763 | 4,464 | — | 12,311 | ||||||||||||||||||
Advances from customers | — | — | 812 | 89 | — | 901 | ||||||||||||||||||
Taxes payable | 526 | — | 1,083 | 1,656 | — | 3,265 | ||||||||||||||||||
Amounts due to related parties | — | — | 3,363 | 1,331 | — | 4,694 | ||||||||||||||||||
Accruals and other current liabilities | 1,439 | 39,939 | 13,733 | 217,527 | — | 272,638 | ||||||||||||||||||
Amounts due to intercompany (4) | 104,015 | 1,073,033 | 49,454 | 1,405,464 | (2,631,966 | ) | — | |||||||||||||||||
Share of investment in subsidiaries and VIEs (3) | 258,372 | — | 977,648 | — | (1,236,020 | ) | — | |||||||||||||||||
Deferred tax liabilities | 1,408 | — | — | 10,704 | — | 12,112 | ||||||||||||||||||
Other non-current liabilities | 890 | — | — | — | — | 890 | ||||||||||||||||||
Total liabilities | 366,650 | 1,123,961 | 1,070,413 | 1,641,787 | (3,867,986 | ) | 334,825 | |||||||||||||||||
Shareholder’s equity/(deficit): | ||||||||||||||||||||||||
Total MOGU Inc. shareholders’ equity/(deficit) (3) | 789,736 | (258,372 | ) | 635,888 | (977,648 | ) | 600,132 | 789,736 | ||||||||||||||||
Non-controlling interests | — | — | — | 42,419 | — | 42,419 | ||||||||||||||||||
Total shareholders’ equity/(deficit) (3) | 789,736 | (258,372 | ) | 635,888 | (935,229 | ) | 600,132 | 832,155 | ||||||||||||||||
Total liabilities and shareholders’ equity/(deficit) | 1,156,386 | 865,589 | 1,706,301 | 706,558 | (3,267,854 | ) | 1,166,980 |
As of March 31, 2021 | ||||||||||||||||||||||||
MOGU Inc. | Other subsidiaries | Primary Beneficiaries of VIEs | VIEs | Eliminating adjustments | Consolidated Totals | |||||||||||||||||||
(RMB, in thousands) | ||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Cash and cash equivalents | 2,072 | 314,743 | 61,885 | 163,376 | — | 542,076 | ||||||||||||||||||
Restricted cash | — | — | — | 808 | — | 808 | ||||||||||||||||||
Short-term investments | — | 245 | 200,000 | 60,000 | — | 260,245 | ||||||||||||||||||
Inventories, net | — | 6 | 130 | 104 | — | 240 | ||||||||||||||||||
Loan receivables, net | — | — | — | 99,965 | — | 99,965 | ||||||||||||||||||
Prepayments and other current assets | 7,934 | 1,803 | 10,557 | 57,385 | — | 77,679 | ||||||||||||||||||
Amounts due from related party | 5,914 | — | 142 | 5 | — | 6,061 | ||||||||||||||||||
Amounts due from intercompany (4) | 1,129,423 | 70,088 | 1,397,325 | 312,410 | (2,909,246 | ) | — | |||||||||||||||||
Property, equipment and software | — | 407 | 8,472 | 1,901 | — | 10,780 | ||||||||||||||||||
Intangible assets, net | 356,689 | 7,910 | 1,496 | 59,910 | — | 426,005 | ||||||||||||||||||
Goodwill | — | 185,576 | — | 928 | — | 186,504 | ||||||||||||||||||
Investments | 24,281 | — | — | 42,101 | — | 66,382 | ||||||||||||||||||
Other non-current assets | — | — | 2,436 | 160,675 | — | 163,111 | ||||||||||||||||||
Investment in subsidiaries and VIEs (3) | 42,294 | 921,015 | — | — | (963,309 | ) | — | |||||||||||||||||
Total assets | 1,568,607 | 1,501,793 | 1,682,443 | 959,568 | (3,872,555 | ) | 1,839,856 | |||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||
Short-term borrowings | — | — | — | — | — | — | ||||||||||||||||||
Accounts payable | — | 342 | 18,875 | 721 | — | 19,938 | ||||||||||||||||||
Salaries and welfare payable | — | — | 3,770 | 579 | — | 4,349 | ||||||||||||||||||
Advances from customers | — | — | — | 77 | — | 77 | ||||||||||||||||||
Taxes payable | 526 | — | 338 | 694 | — | 1,558 | ||||||||||||||||||
Amounts due to related parties | — | — | 4,905 | 1,329 | — | 6,234 | ||||||||||||||||||
Accruals and other current liabilities | 17,281 | 46,839 | 10,930 | 258,077 | — | 333,127 | ||||||||||||||||||
Amounts due to intercompany (4) | 92,345 | 1,412,318 | 23,086 | 1,381,497 | (2,909,246 | ) | — | |||||||||||||||||
Share of investment in subsidiaries and VIEs (3) | — | — | 699,524 | — | (699,524 | ) | — | |||||||||||||||||
Deferred tax liabilities | 1,408 | — | — | 16,118 | — | 17,526 | ||||||||||||||||||
Other non-current liabilities | 2,151 | — | — | — | — | 2,151 | ||||||||||||||||||
Total liabilities | 113,711 | 1,459,499 | 761,428 | 1,659,092 | (3,608,770 | ) | 384,960 | |||||||||||||||||
Shareholder’s equity/(deficit): | ||||||||||||||||||||||||
Total MOGU Inc. shareholders’ equity/(deficit) (3) | 1,454,896 | 42,294 | 921,015 | (699,524 | ) | (263,785 | ) | 1,454,896 | ||||||||||||||||
Total shareholders’ equity/(deficit) (3) | 1,454,896 | 42,294 | 921,015 | (699,524 | ) | (263,785 | ) | 1,454,896 | ||||||||||||||||
Total liabilities and shareholders’ equity/(deficit) | 1,568,607 | 1,501,793 | 1,682,443 | 959,568 | (3,872,555 | ) | 1,839,856 |
(3) | It represents the elimination of the investment among the Company, other subsidiaries, primary beneficiaries of variable interest entities, and variable interest entities. |
(4) | It represents the elimination of intercompany balances among the Company, other subsidiaries, primary beneficiaries of variable interest entities, and variable interest entities for intercompany service charges and treasury cash management purposes. |
For the Year Ended March 31, 2022 | ||||||||||||||||||||||||
MOGU Inc. | Other subsidiaries | Primary Beneficiaries of VIEs | VIEs | Eliminating adjustments | Consolidated Totals | |||||||||||||||||||
(RMB, in thousands) | ||||||||||||||||||||||||
Inter-company receipts/(payments) for service charge (5) | — | — | 40,409 | (40,409 | ) | — | — | |||||||||||||||||
Inter-company (payments)/receipts for other operating activities (6) | — | (40,042 | ) | (91,008 | ) | 131,050 | — | — | ||||||||||||||||
Operating activities with external parties | (1,642 | ) | (11,210 | ) | (32,492 | ) | (69,065 | ) | — | (114,409 | ) | |||||||||||||
Net cash (used in)/provided by operating activities | (1,642 | ) | (51,252 | ) | (83,091 | ) | 21,576 | — | (114,409 | ) | ||||||||||||||
Investment in intercompany (7) | — | (84,194 | ) | — | — | 84,194 | — | |||||||||||||||||
Receipt of loans repayment from subsidiaries | 24,543 | — | — | — | (24,543 | ) | — | |||||||||||||||||
Other investing activities | (10,935 | ) | (11,037 | ) | 7,776 | 28,143 | — | 13,947 |
Net cash provided by/(used in) investing activities | 13,608 | (95,231 | ) | 7,776 | 28,143 | 59,651 | 13,947 | |||||||||||||||||
Capital contribution from Group companies (7) | — | — | 84,194 | — | (84,194 | ) | — | |||||||||||||||||
Repayment of loan from Group companies | — | (24,543 | ) | — | — | 24,543 | — | |||||||||||||||||
Other financing activities | (9,689 | ) | 10,139 | — | — | — | 450 | |||||||||||||||||
Net cash (used in)/provided by financing activities | (9,689 | ) | (14,404 | ) | 84,194 | — | (59,651 | ) | 450 |
For the Year Ended March 31, 2021 | ||||||||||||||||||||||||
MOGU Inc. | Other subsidiaries | Primary Beneficiaries of VIEs | VIEs | Eliminating adjustments | Consolidated Totals | |||||||||||||||||||
(RMB, in thousands) | ||||||||||||||||||||||||
Inter-company receipts/(payments) for service charge (5) | — | — | 39,859 | (39,859 | ) | — | — | |||||||||||||||||
Inter-company (payments)/receipts for other operating activities (6) | — | (583 | ) | (67,734 | ) | 68,317 | — | — | ||||||||||||||||
Operating activities with external parties | 3,322 | (17,626 | ) | (60,495 | ) | (3,132 | ) | — | (77,931 | ) | ||||||||||||||
Net cash provided by/(used in) operating activities | 3,322 | (18,209 | ) | (88,370 | ) | 25,326 | — | (77,931 | ) | |||||||||||||||
Investment in intercompany (7) | — | (32,549 | ) | — | — | 32,549 | — | |||||||||||||||||
Loans to subsidiaries | (61,651 | ) | — | — | — | 61,651 | — | |||||||||||||||||
Other investing activities | 99,097 | 7,185 | (633 | ) | (202,312 | ) | — | (96,663 | ) | |||||||||||||||
Net cash provided by/(used in) investing activities | 37,446 | (25,364 | ) | (633 | ) | (202,312 | ) | 94,200 | (96,663 | ) | ||||||||||||||
Capital contribution from Group companies (7) | — | — | 32,549 | — | (32,549 | ) | — | |||||||||||||||||
Borrowings under loan from Group companies | — | 61,651 | — | — | (61,651 | ) | — | |||||||||||||||||
Other financing activities | (119,249 | ) | — | — | — | — | (119,249 | ) | ||||||||||||||||
Net cash (used in)/provided by financing activities | (119,249 | ) | 61,651 | 32,549 | — | (94,200 | ) | (119,249 | ) |
For the Year Ended March 31, 2020 | ||||||||||||||||||||||||
MOGU Inc. | Other subsidiaries | Primary Beneficiaries of VIEs | VIEs | Eliminating adjustments | Consolidated Totals | |||||||||||||||||||
(RMB, in thousands) | ||||||||||||||||||||||||
Inter-company receipts/(payments) for service charge (5) | — | — | — | — | — | — | ||||||||||||||||||
Inter-company (payments)/receipts for other operating activities (6) | — | 21,123 | (217,919 | ) | 196,796 | — | — | |||||||||||||||||
Operating activities with external parties | 5,803 | (10,852 | ) | (296,655 | ) | (10,085 | ) | — | (311,789 | ) | ||||||||||||||
Net cash provided by/(used in) operating activities | 5,803 | 10,271 | (514,574 | ) | 186,711 | — | (311,789 | ) | ||||||||||||||||
Investment in intercompany (7) | — | (524,183 | ) | (960 | ) | — | 525,143 | — | ||||||||||||||||
Loans to subsidiaries | (439,677 | ) | — | — | — | 439,677 | — | |||||||||||||||||
Other investing activities | 33,533 | (32,388 | ) | (75,643 | ) | (38,652 | ) | — | (113,150 | ) | ||||||||||||||
Net cash (used in)/provided by investing activities | (406,144 | ) | (556,571 | ) | (76,603 | ) | (38,652 | ) | 964,820 | (113,150 | ) | |||||||||||||
Capital contribution from Group companies (7) | — | — | 524,183 | 960 | (525,143 | ) | — | |||||||||||||||||
Borrowings under loan from Group companies | — | 439,677 | — | — | (439,677 | ) | — | |||||||||||||||||
Other financing activities | (29,332 | ) | — | — | — | — | (29,332 | ) | ||||||||||||||||
Net cash (used in)/provided by financing activities | (29,332 | ) | 439,677 | 524,183 | 960 | (964,820 | ) | (29,332 | ) |
(5) | It represents the cash flows between primary beneficiaries of variable interest entities and the variable interest entities for intercompany service charges in accordance with exclusive consultation and service agreements. There was no inter-company receipt/(payment) for service charges for the year ended March 31, 2020. |
(6) | It represents the cash flows between other subsidiaries, primary beneficiaries of variable interest entities and the variable interest entities for other intercompany service charges and treasury cash management purpose. The other intercompany service charges mainly represent the cash receipt/(payment) for services provided by the variable interest entities to other intercompany entities. |
(7) | It represents the cash flows related to capital injections among the Company, other subsidiaries, primary beneficiaries of variable interest entities, and variable interest entities. |
Tax calculation (1) | ||||||
Hypothetical pre-tax earnings | 100 | % | ||||
Tax on earnings at statutory rate of 25% (2) | (25) | % | ||||
Net earnings available for distribution | 75 | % | ||||
Withholding tax at standard rate of 10% (3) | (7.5) | % | ||||
Net distribution to Parent/Shareholders | 67.5 | % |
(1) | For purposes of this example, the tax calculation has been simplified. The hypothetical book pre-tax earnings amount, not considering timing differences, is assumed to equal taxable income in China. |
(2) | Certain of our subsidiaries qualifies for a 15% preferential income tax rate in China. For purposes of this hypothetical example, the table above reflects a maximum tax scenario under which the full statutory rate would be effective. |
(3) | The PRC Enterprise Income Tax Law imposes a withholding income tax of 10% on dividends distributed by a foreign invested enterprise to its immediate holding company outside of China. A lower withholding income tax rate of 5% is applied if the FIE’s immediate holding company is registered in Hong Kong or other jurisdictions that have a tax treaty arrangement with China, subject to a qualification review at the time of the distribution. For purposes of this hypothetical example, the table above assumes a maximum tax scenario under which the full withholding tax would be applied. |
For the Year Ended March 31, | ||||||||||||||||||||||||
2017 | 2018 | 2019 | 2020 | 2021 | ||||||||||||||||||||
RMB | RMB | RMB | RMB | RMB | US$ | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Selected Consolidated Cash Flow Data: | ||||||||||||||||||||||||
Net cash used in operating activities | (832,497 | ) | (314,862 | ) | (325,808 | ) | (311,789 | ) | (77,931 | ) | (11,895 | ) | ||||||||||||
Net cash (used in)/provided by investing activities | (541,637 | ) | 340,461 | (82,836 | ) | (113,150 | ) | (96,663 | ) | (14,754 | ) | |||||||||||||
Net cash provided by/(used in) financing activities | 194,964 | 7,136 | 414,872 | (29,332 | ) | (119,249 | ) | (18,201 | ) | |||||||||||||||
Effect of foreign exchange rate changes on cash and cash equivalents and restricted cash | 96,010 | (78,833 | ) | 46,091 | 33,929 | (20,647 | ) | (3,151 | ) | |||||||||||||||
Net (decrease)/increase in cash and cash equivalents and restricted cash | (1,083,160 | ) | (46,098 | ) | 52,319 | (420,342 | ) | (314,490 | ) | (48,001 | ) | |||||||||||||
Cash and cash equivalents and restricted cash at beginning of year | 2,354,655 | 1,271,495 | 1,225,397 | 1,277,716 | 857,374 | 130,861 | ||||||||||||||||||
Cash and cash equivalents and restricted cash at end of year | 1,271,495 | 1,225,397 | 1,277,716 | 857,374 | 542,884 | 82,860 |
12 Summary of Risk Factors Investing in our Ordinary Shares involves significant risks. You should carefully consider all of the information in this annual report before making an investment in our Ordinary Shares. Below please find a summary of the principal risks we face. These risks are discussed more fully in the section titled “Item 3. Key Information—D. Risk Factors” in this annual report. |
ITEM 4 | INFORMATION ON THE COMPANY |
A. | History and Development of the Company |
B. | Business Overview |
C. | Organizational Structure |
(1) | Each of Messrs. Qi Chen, Yibo Wei and Xuqiang Yue, a director and beneficial owner of the shares of our company, holds 58.67%, 23.62% and 17.71% equity interests in Hangzhou Juangua, respectively. |
(2) | Each of Messrs. Qi Chen, Yibo Wei and Xuqiang Yue, a director and beneficial owner of the shares of our company, holds 52.44%, 26.72% and 19.84% equity interests in Beijing Meilishikong, respectively. Mr. Yirong Xu, a beneficial owner of the shares of our company, holds the remaining 1% equity interests in Beijing Meilishikong. |
D. | Property, Plant and Equipment |
Location | Space (in thousands of square meters) | Use | Lease Term (years) | Space (in thousands of square meters) | Use | Lease Term (years) | ||||||
Hangzhou, China | 11.2 | Office | 1-5 | 9.3 | Office | 1-5 | ||||||
Beijing, China | 0.1 | Office | 1 | |||||||||
Lishui, China | 1.8 | Office | 1 | |||||||||
Shanghai, China | 0.1 | Office | 1 |
ITEM 4A. | UNRESOLVED STAFF COMMENTS |
ITEM 5. | OPERATING AND FINANCIAL REVIEW AND PROSPECTS |
A. | Operating Results |
For the Year Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2020 | 2021 | For the Year Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
RMB | % | RMB | % | RMB | US$ | % | 2020 | 2021 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except for percentages) | RMB | % | RMB | % | RMB | US$ | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commission revenues | 507,728 | 47.3 | 438,274 | 52.5 | 318,602 | 48,628 | 66.0 | 438,274 | 52.5 | 318,602 | 66.0 | 226,742 | 35,768 | 67.2 | ||||||||||||||||||||||||||||||||||||||||||
Marketing services revenues | 395,747 | 36.8 | 243,081 | 29.1 | 71,345 | 10,889 | 14.8 | 243,081 | 29.1 | 71,345 | 14.8 | 17,888 | 2,822 | 5.3 | ||||||||||||||||||||||||||||||||||||||||||
Financing solutions revenues | 49,076 | 4.6 | 53,989 | 6.5 | 49,285 | 7,522 | 10.2 | 53,989 | 6.5 | 49,285 | 10.2 | 31,852 | 5,025 | 9.4 | ||||||||||||||||||||||||||||||||||||||||||
Technology service revenues | 27,676 | 3.3 | 28,505 | 6.0 | 46,077 | 7,269 | 13.7 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other revenues | 121,727 | 11.3 | 99,970 | 11.9 | 43,160 | 6,588 | 9.0 | 72,294 | 8.6 | 14,655 | 3.0 | 14,910 | 2,352 | 4.4 | ||||||||||||||||||||||||||||||||||||||||||
Total revenues | 1,074,278 | 100.0 | 835,314 | 100.0 | 482,392 | 73,627 | 100.0 | 835,314 | 100.0 | 482,392 | 100.0 | 337,469 | 53,236 | 100.0 | ||||||||||||||||||||||||||||||||||||||||||
For the Year Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Year Ended March 31, | 2020 | 2021 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2020 | 2021 | RMB | % | RMB | % | RMB | US$ | % | |||||||||||||||||||||||||||||||||||||||||||||||
RMB | % | RMB | % | RMB | US$ | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except for percentages) | (in thousands, except for percentages) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of revenues (exclusive of amortization of intangible assets shown separately below) | (313,788 | ) | 19.0 | (293,757 | ) | 10.1 | (183,112 | ) | (27,948 | ) | 20.1 | (293,757 | ) | 10.1 | (183,112 | ) | 19.1 | (159,601 | ) | (25,176 | ) | 15.4 | ||||||||||||||||||||||||||||||||||
Sales and marketing expenses | (743,732 | ) | 45.1 | (613,183 | ) | 21.1 | (229,775 | ) | (35,071 | ) | 25.2 | (613,183 | ) | 21.0 | (229,775 | ) | 23.9 | (148,410 | ) | (23,411 | ) | 14.4 | ||||||||||||||||||||||||||||||||||
Research and development expenses | (236,446 | ) | 14.4 | (171,137 | ) | 5.9 | (103,474 | ) | (15,793 | ) | 11.4 | (171,137 | ) | 5.9 | (103,474 | ) | 10.8 | (82,641 | ) | (13,036 | ) | 8.0 | ||||||||||||||||||||||||||||||||||
General and administrative expenses | (168,379 | ) | 10.2 | (128,152 | ) | 4.4 | (103,038 | ) | (15,727 | ) | 11.3 | (128,152 | ) | 4.4 | (103,038 | ) | 10.7 | (79,178 | ) | (12,490 | ) | 7.7 | ||||||||||||||||||||||||||||||||||
Amortization of intangible assets | (194,874 | ) | 11.8 | (331,294 | ) | 11.4 | (341,802 | ) | (52,169 | ) | 37.5 | (331,294 | ) | 11.3 | (341,802 | ) | 35.5 | (328,154 | ) | (51,765 | ) | 31.7 | ||||||||||||||||||||||||||||||||||
Goodwill impairment | — | — | (1,382,149 | ) | 47.5 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Other income, net | 8,761 | (0.5 | ) | 11,472 | (0.4 | ) | 49,885 | 7,614 | (5.5 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and intangible assets impairment | (1,382,149 | ) | 47.3 | — | — | (235,394 | ) | (37,132 | ) | 22.8 | ||||||||||||||||||||||||||||||||||||||||||||||
Total costs and expenses | (1,648,458 | ) | 100.0 | (2,908,200 | ) | 100.0 | (911,316 | ) | (139,094 | ) | 100.0 | (2,919,672 | ) | 100.0 | (961,201 | ) | 100.0 | (1,033,378 | ) | (163,010 | ) | 100.0 | ||||||||||||||||||||||||||||||||||
For the Year Ended March 31, | ||||||||||||||||||||||||||||
2020 | 2021 | 2022 | ||||||||||||||||||||||||||
RMB | % | RMB | % | RMB | US$ | % | ||||||||||||||||||||||
(in thousands, except for percentages) | ||||||||||||||||||||||||||||
Other income, net | 11,472 | (100.0 | ) | 49,885 | (100.0 | ) | 25,427 | 4,011 | (100.0 | ) |
For the Year Ended March 31, | For the Year Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2020 | 2021 | 2020 | 2021 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||
RMB | % | RMB | % | RMB | US$ | % | RMB | % | RMB | % | RMB | US$ | % | |||||||||||||||||||||||||||||||||||||||||||
(in thousands, except for percentages) | (in thousands, except for percentages) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commission revenues | 507,728 | 47.3 | 438,274 | 52.5 | 318,602 | 48,628 | 66.0 | 438,274 | 52.5 | 318,602 | 66.0 | 226,742 | 35,768 | 67.2 | ||||||||||||||||||||||||||||||||||||||||||
Marketing services revenues | 395,747 | 36.8 | 243,081 | 29.1 | 71,345 | 10,889 | 14.8 | 243,081 | 29.1 | 71,345 | 14.8 | 17,888 | 2,822 | 5.3 | ||||||||||||||||||||||||||||||||||||||||||
Financing solutions revenues | 49,076 | 4.6 | 53,989 | 6.5 | 49,285 | 7,522 | 10.2 | 53,989 | 6.5 | 49,285 | 10.2 | 31,852 | 5,025 | 9.4 | ||||||||||||||||||||||||||||||||||||||||||
Technology service revenues | 27,676 | 3.3 | 28,505 | 6.0 | 46,077 | 7,269 | 13.7 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other revenues | 121,727 | 11.3 | 99,970 | 11.9 | 43,160 | 6,588 | 9.0 | 72,294 | 8.6 | 14,655 | 3.0 | 14,910 | 2,352 | 4.4 | ||||||||||||||||||||||||||||||||||||||||||
Total revenues | 1,074,278 | 100.0 | 835,314 | 100.0 | 482,392 | 73,627 | 100.0 | 835,314 | 100.0 | 482,392 | 100.0 | 337,469 | 53,236 | 100.0 | ||||||||||||||||||||||||||||||||||||||||||
Cost of revenues (exclusive of amortization of intangible assets shown separately below) (1) | (313,788 | ) | (29.2 | ) | (293,757 | ) | (35.2 | ) | (183,112 | ) | (27,948 | ) | (38.0 | ) | (293,757 | ) | (35.2 | ) | (183,112 | ) | (38.0 | ) | (159,601 | ) | (25,176 | ) | (47.3 | ) | ||||||||||||||||||||||||||||
Sales and marketing expenses (1) | (743,732 | ) | (69.2 | ) | (613,183 | ) | (73.4 | ) | (229,775 | ) | (35,071 | ) | (47.6 | ) | (613,183 | ) | (73.4 | ) | (229,775 | ) | (47.6 | ) | (148,410 | ) | (23,411 | ) | (44.0 | ) | ||||||||||||||||||||||||||||
Research and development expenses (1) | (236,446 | ) | (22.0 | ) | (171,137 | ) | (20.5 | ) | (103,474 | ) | (15,793 | ) | (21.5 | ) | (171,137 | ) | (20.5 | ) | (103,474 | ) | (21.5 | ) | (82,641 | ) | (13,036 | ) | (24.5 | ) | ||||||||||||||||||||||||||||
General and administrative expenses (1) | (168,379 | ) | (15.7 | ) | (128,152 | ) | (15.3 | ) | (103,038 | ) | (15,727 | ) | (21.4 | ) | (128,152 | ) | (15.3 | ) | (103,038 | ) | (21.4 | ) | (79,178 | ) | (12,490 | ) | (23.5 | ) | ||||||||||||||||||||||||||||
Amortization of intangible assets | (194,874 | ) | (18.1 | ) | (331,294 | ) | (39.7 | ) | (341,802 | ) | (52,169 | ) | (70.9 | ) | (331,294 | ) | (39.7 | ) | (341,802 | ) | (70.9 | ) | (328,154 | ) | (51,765 | ) | (97.2 | ) | ||||||||||||||||||||||||||||
Goodwill impairment | — | — | (1,382,149 | ) | (165.5 | ) | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and intangible assets impairment | (1,382,149 | ) | (165.5 | ) | — | — | (235,394 | ) | (37,132 | ) | (69.7 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Other income, net | 8,761 | 0.8 | 11,472 | 1.4 | 49,885 | 7,614 | 10.3 | 11,472 | 1.4 | 49,885 | 10.3 | 25,427 | 4,011 | 7.5 | ||||||||||||||||||||||||||||||||||||||||||
Loss from operations | (574,180 | ) | (53.4 | ) | (2,072,886 | ) | (248.2 | ) | (428,924 | ) | (65,467 | ) | (88.9 | ) | (2,072,886 | ) | (248.2 | ) | (428,924 | ) | (88.9 | ) | (670,482 | ) | (105,763 | ) | (198.7 | ) | ||||||||||||||||||||||||||||
Interest income | 33,700 | 3.1 | 29,312 | 3.5 | 19,601 | 2,992 | 4.1 | 29,312 | 3.5 | 19,601 | 4.1 | 13,903 | 2,193 | 4.1 | ||||||||||||||||||||||||||||||||||||||||||
Gain/(loss) from investments, net | 31,236 | 2.9 | (66,550 | ) | (8.0 | ) | 86,497 | 13,202 | 17.9 | (66,550 | ) | (8.0 | ) | 86,497 | 17.9 | 232 | 37 | 0.1 | ||||||||||||||||||||||||||||||||||||||
Loss before income tax and share of results of equity investee | (509,244 | ) | (47.4 | ) | (2,110,124 | ) | (252.7 | ) | (322,826 | ) | (49,273 | ) | (66.9 | ) | (2,110,124 | ) | (252.7 | ) | (322,826 | ) | (66.9 | ) | (656,347 | ) | (103,533 | ) | (194.5 | ) | ||||||||||||||||||||||||||||
Income tax benefits/(expenses) | 17,217 | 1.6 | 590 | 0.1 | (5,181 | ) | (791 | ) | (1.1 | ) | 590 | 0.1 | (5,181 | ) | (1.1 | ) | 14,512 | 2,289 | 4.3 | |||||||||||||||||||||||||||||||||||||
Share of results of equity investee | 5,752 | 0.5 | (114,104 | ) | (13.7 | ) | 36 | 5 | 0.0 | (114,104 | ) | (13.7 | ) | 36 | 0.0 | (539 | ) | (85 | ) | (0.2 | ) | |||||||||||||||||||||||||||||||||||
Net loss | (486,275 | ) | (45.3 | ) | (2,223,638 | ) | (266.3 | ) | (327,971 | ) | (50,059 | ) | (68.0 | ) | (2,223,638 | ) | (266.3 | ) | (327,971 | ) | (68.0 | ) | (642,374 | ) | (101,329 | ) | (190.4 | ) | ||||||||||||||||||||||||||||
(1) | Share-based compensation expenses were allocated as follows: |
For the Year Ended March 31, | For the Year Ended March 31, | |||||||||||||||||||||||||||||||
2019 | 2020 | 2021 | 2020 | 2021 | 2022 | |||||||||||||||||||||||||||
RMB | RMB | RMB | US$ | RMB | RMB | RMB | US$ | |||||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||||
Cost of revenues | (13,916 | ) | 2,747 | (2,464 | ) | (376 | ) | 2,747 | (2,464 | ) | (1,872 | ) | (295 | ) | ||||||||||||||||||
Sales and marketing expenses | (9,558 | ) | (7,927 | ) | (5,416 | ) | (827 | ) | (7,927 | ) | (5,416 | ) | (3,905 | ) | (616 | ) | ||||||||||||||||
Research and development expenses | (15,161 | ) | (9,265 | ) | (3,940 | ) | (601 | ) | (9,265 | ) | (3,940 | ) | 108 | 17 | ||||||||||||||||||
General and administrative expenses | (64,433 | ) | (17,740 | ) | (14,475 | ) | (2,209 | ) | (17,740 | ) | (14,475 | ) | (6,789 | ) | (1,071 | ) | ||||||||||||||||
Total | (103,068 | ) | (32,185 | ) | (26,295 | ) | (4,013 | ) | (32,185 | ) | (26,295 | ) | (12,458 | ) | (1,965 | ) | ||||||||||||||||
Revenues (1) | Total Assets (1) | Revenues (1) | Total Assets (1) | |||||||||||||||||||||||||||||
For the Year Ended March 31, | As of March 31, 2021 | For the Year Ended March 31, | As of March 31, 2022 | |||||||||||||||||||||||||||||
2019 | 2020 | 2021 | 2020 | 2021 | 2022 | |||||||||||||||||||||||||||
MOGU Inc. and its wholly-owned subsidiaries | 88.7 | % | 88.6 | % | 82.4 | % | 64.8 | % | 88.6 | % | 82.4 | % | 79.3 | % | 46.0 | % | ||||||||||||||||
Consolidated variable interest entities | 11.3 | % | 11.4 | % | 17.6 | % | 35.2 | % | ||||||||||||||||||||||||
VIEs | 11.4 | % | 17.6 | % | 20.7 | % | 54.0 | % | ||||||||||||||||||||||||
Total revenues | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||||
(1) | The percentages exclude the inter-company transactions and balances between MOGU Inc. and its wholly-owned subsidiaries and the |
For the years ended March 31, | For the years ended March 31, | |||||||||||
2019 | 2020 | 2021 | 2020 | 2021 | 2022 | |||||||
Lack of marketability discount | 30% | 30% | 30% | 30% | 30% | 30% | ||||||
Risk-free rate | 2.25%-2.60% | 0.3%~2.29% | 0.5% | 0.3%~2.29% | 0.5% | 2%~3% | ||||||
Expected volatility | 45%-52.68% | 42%~54% | 45% | 42%~54% | 45% | 30%~46% | ||||||
Revenue multiple | 2.80-18.74 | 5.09~11.18 | 7.92 | 5.09~11.18 | 7.92 | 1~10 | ||||||
Net profit multiple | 21.23 | 8.95 | 16 | 8.95 | 16 | 25 |
Unobservable Inputs | ||||
Revenue growth rate | 8%~327 | % | ||
Weighted average cost of capital | 30 | % | ||
Lack of marketability discount | 30 | % | ||
EBIT margin rate | 17%~29 | % |
For the Year Ended March 31, | ||
2020 | ||
Expected term | 10 years | |
Expected volatility | 39.93% | |
Exercise multiple | 2.2 | |
Expected dividend yield | — | |
Risk-free interest rate | 1.67% | |
Expected forfeiture rate (post vesting) | 3% for staff 0% for management | |
Fair value of the underlying shares on the date of option grants (US$) | 0.10 | |
Fair value of share option (US$) | 0.09 |
B. | Liquidity and Capital Resources |
For the Year Ended March 31, | For the Year Ended March 31, | |||||||||||||||||||||||||||||||
2019 | 2020 | 2021 | 2020 | 2021 | 2022 | |||||||||||||||||||||||||||
RMB | RMB | RMB | US$ | RMB | RMB | RMB | US$ | |||||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||||
Summary Consolidated Cash Flow Data: | ||||||||||||||||||||||||||||||||
Net cash used in operating activities | (325,808 | ) | (311,789 | ) | (77,931 | ) | (11,895 | ) | (311,789 | ) | (77,931 | ) | (114,409 | ) | (18,048 | ) | ||||||||||||||||
Net cash used in investing activities | (82,836 | ) | (113,150 | ) | (96,663 | ) | (14,754 | ) | ||||||||||||||||||||||||
Net cash provided by/(used in) financing activities | 414,872 | (29,332 | ) | (119,249 | ) | (18,201 | ) | |||||||||||||||||||||||||
Net cash (used in)/provided by investing activities | (113,150 | ) | (96,663 | ) | 13,947 | 2,200 | ||||||||||||||||||||||||||
Net cash (used in)/provided by financing activities | (29,332 | ) | (119,249 | ) | 450 | 71 | ||||||||||||||||||||||||||
Effect of foreign exchange rate changes on cash and cash equivalents and restricted cash | 46,091 | 33,929 | (20,647 | ) | (3,151 | ) | 33,929 | (20,647 | ) | (3,455 | ) | (544 | ) | |||||||||||||||||||
Net (decrease)/increase in cash and cash equivalents and restricted cash | 52,319 | (420,342 | ) | (314,490 | ) | (48,001 | ) | (420,342 | ) | (314,490 | ) | (103,467 | ) | (16,321 | ) | |||||||||||||||||
Cash and cash equivalents and restricted cash at beginning of year | 1,225,397 | 1,277,716 | 857,374 | 130,861 | 1,277,716 | 857,374 | 542,884 | 85,638 | ||||||||||||||||||||||||
Cash and cash equivalents and restricted cash at end of year | 1,277,716 | 857,374 | 542,884 | 82,860 | 857,374 | 542,884 | 439,417 | 69,317 | ||||||||||||||||||||||||
For the Year Ended March 31, | ||||||||||||||||||||
(in RMB thousands) | ||||||||||||||||||||
Total | 2023 | 2024 | 2025 | 2026 | ||||||||||||||||
Operating lease obligations (1) | 19,491 | 10,800 | 5,815 | 2,876 | — | |||||||||||||||
Asset purchase remaining obligations (2) | 10,450 | — | 10,450 | — | — | |||||||||||||||
Total | 29,941 | 10,800 | 16,265 | 2,876 | — | |||||||||||||||
(1) | Operating lease obligations consist of the obligations under the lease agreements covering various facilities. |
(2) | Asset purchase remaining obligations arising from our remaining installment payments for purchase of the office building located at the Hangzhou Zijingang Technology Zone in August 2020. |
C. | Research and Development |
D. | Trend Information |
For the Year Ended March 31, | ||||||||||||||||||||
(in RMB thousands) | ||||||||||||||||||||
Total | 2022 | 2023 | 2024 | 2025 | ||||||||||||||||
Operating lease obligations (1) | 37,129 | 14,166 | 12,451 | 7,636 | 2,876 | |||||||||||||||
Asset purchase remaining obligations (2) | 62,700 | 52,250 | — | 10,450 | — | |||||||||||||||
Total | 99,829 | 66,416 | 12,451 | 18,086 | 2,876 | |||||||||||||||
ITEM 6. | DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES |
A. | Directors and Senior Management |
Directors and Executive Officers | Age | Position/Title | ||
Qi Chen | Co-founder, Chairman of the Board of Directors and Chief Executive Officer | |||
Xuqiang Yue | Co-founder, Director and Chief Operating Officer | |||
Yibo Wei | Co-founder and Director | |||
Andrew Hong Teoh | Independent Director | |||
Shengwen Rong | Independent Director | |||
Qi Feng | Financial Controller |
B. | Compensation |
Name | Ordinary Shares Underlying Options and Restricted Share Units | Average Exercise Price of Options (US$/Share) | Date of Grant | Date of Expiration | ||||||||
Andrew Hong Teoh | * | 0.30 | May 1, 2016 | April 30, 2026 | ||||||||
Qi Feng | * | 0.14 | | Various dates from April 1, 2014 to January 1, 2019 | | | Various dates from March 31, 2024 to December 31, 2028 | | ||||
Total | * | * | | Various dates from April 1, 2014 to January 1, 2019 | | | Various dates from March 31, 2024 to December 31, 2028 | |
* | Aggregate number of shares represented by all grants of options and restricted share units to the person accounted for less than 1% of our total outstanding ordinary shares on an June 30, 2022.as-converted basis as of |
C. | Board Practices |
D. | Employees |
Operations | Number of Employees | |||
Platform and branding operation | ||||
Sales and marketing | ||||
Technology | ||||
Administration and management | ||||
Total | ||||
E. | Share Ownership |
Ordinary Shares Beneficially Owned | Ordinary Shares Beneficially Owned | |||||||||||||||||||||||||||||||||||||||
Class A Ordinary Shares | Class B Ordinary Shares | Total ordinary shares | % of Total ordinary Shares | % of Aggregate voting Power *** | Class A Ordinary Shares | Class B Ordinary Shares | Total ordinary shares | % of Total ordinary Shares | % of Aggregate voting Power *** | |||||||||||||||||||||||||||||||
Directors and Executive Officers**: | ||||||||||||||||||||||||||||||||||||||||
Qi Chen (1) | — | 303,234,004 | 303,234,004 | 12.1 | % | 80.5 | % | — | 303,234,004 | 303,234,004 | 12.2 | % | 80.6 | % | ||||||||||||||||||||||||||
Xuqiang Yue (2) | 79,914,375 | — | 79,914,375 | 3.2 | % | * | 79,914,375 | — | 79,914,375 | 3.2 | % | * | ||||||||||||||||||||||||||||
Yibo Wei (3) | 107,643,285 | — | 107,643,285 | 4.3 | % | * | 107,643,285 | — | 107,643,285 | 4.3 | % | * | ||||||||||||||||||||||||||||
Andrew Hong Teoh (4) | * | — | * | * | * | * | — | * | * | * | ||||||||||||||||||||||||||||||
Shengwen Rong | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Qi Feng | * | — | * | * | * | * | — | * | * | * | ||||||||||||||||||||||||||||||
All Directors and Executive Officers as a Group | 189,455,810 | 303,234,004 | 492,689,814 | 19.7 | % | 82.2 | % | 189,942,360 | 303,234,004 | 493,176,364 | 19.8 | % | 82.3 | % | ||||||||||||||||||||||||||
Principal Shareholders: | ||||||||||||||||||||||||||||||||||||||||
Entities affiliated with Tencent (5) | 460,141,266 | — | 460,141,266 | 18.4 | % | 4.1 | % | 460,141,266 | — | 460,141,266 | 18.4 | % | 4.1 | % | ||||||||||||||||||||||||||
Entities affiliated with Qi Chen (6) | — | 303,234,004 | 303,234,004 | 12.1 | % | 80.5 | % | — | 303,234,004 | 303,234,004 | 12.2 | % | 80.6 | % | ||||||||||||||||||||||||||
Entities affiliated with Hillhouse (7) | 261,174,255 | — | 261,174,255 | 10.4 | % | 2.3 | % | 261,174,255 | — | 261,174,255 | 10.5 | % | 2.3 | % | ||||||||||||||||||||||||||
Trustbridge Partners IV, L.P. (8) | 208,698,484 | — | 208,698,484 | 8.3 | % | 1.8 | % | 208,475,509 | — | 208,475,509 | 8.4 | % | 1.8 | % | ||||||||||||||||||||||||||
Bertelsmann China Holding GmbH (9) | 200,662,100 | — | 200,662,100 | 8.0 | % | 1.8 | % | 200,662,100 | — | 200,662,100 | 8.0 | % | 1.8 | % | ||||||||||||||||||||||||||
Entities affiliated with Qiming (10) | 159,665,557 | — | 159,665,557 | 6.4 | % | 1.4 | % |
* | Less than 1% of our total outstanding ordinary shares or aggregate voting power on an as-converted basis. |
** | Except as indicated otherwise below, the business address of our directors and executive officers is Huanglong Wanke Center, 23/F, Building No. G, No. 77 Xueyuan Road, Xihu District, Hangzhou, 310012, People’s Republic of China. |
*** | For each person or group included in this column, percentage of total voting power represents voting power based on both Class A and Class B ordinary shares held by such person or group with respect to all outstanding shares of our Class A and Class B ordinary shares as a single class. Each holder of our Class A ordinary shares is entitled to one vote per share. Each holder of our Class B ordinary shares is entitled to 30 votes per share. Our Class B ordinary shares are convertible at any time by the holder into Class A ordinary shares on a one-for-one |
(1) | Represents 220,151,966 Class B ordinary shares held by Elevenhalf MG International Limited, a BVI business company, and 83,082,038 Class B ordinary shares held by Elevenhalf MG Holding Limited, a BVI business company. Elevenhalf MG International Limited and Elevenhalf MG Holding Limited are ultimately owned by SharkBay Captain Trust. Mr. Chen is the settlor of the trust, and Mr. Chen and others designated by Mr. Chen are its beneficiaries. Under the terms of the trust, Mr. Chen has the power to direct the retention or disposal of, and the exercise of any voting and other rights attached to the shares held by Elevenhalf MG International Limited and Elevenhalf MG Holding Limited in our company. The registered address of each of Elevenhalf MG International Limited and Elevenhalf MG Holding Limited is OMC Chambers, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands. |
(2) | Represents 79,914,375 Class A ordinary shares held by Plus Performance MG Limited, a BVI company. Plus Performance MG Limited is ultimately held by Plus Performance Trust. Mr. Yue is the settlor of Plus Performance Trust, and Mr. Yue and his family members are its beneficiaries. Under the terms of this trust, Mr. Yue has the power to direct the trustee with respect to the retention or disposal of, and the exercise of any voting and other rights attached to the shares held by Plus Performance MG Limited in our company. The registered address of Plus Performance MG Limited is OMC Chambers, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands. |
(3) | Represents 107,643,285 Class A ordinary shares held by Exceed Intelligence Limited, a BVI company. Exceed Intelligence Limited is ultimately held by Exceed Intelligence Trust. Mr. Wei is the settlor of Exceed Intelligence Trust, and Mr. Wei and his family members are its beneficiaries. Under the terms of this trust, Mr. Wei has the power to direct the trustee with respect to the retention or disposal of, and the exercise of any voting and other rights attached to the shares held by Exceed Intelligence Limited in our company. The registered address of Exceed Intelligence Limited is OMC Chambers, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands. |
(4) | Represents the Class A ordinary shares represented by ADSs Mr. Teoh held as of 18-20 Lyndhurst Terrace, Central, Hong Kong. |
(5) | Represents (i) 444,989,552 Class A ordinary shares held by Image Future Investment (HK) Limited, a Hong Kong limited liability company, and (ii) 15,151,714 Class A ordinary shares held by Tencent Growth Holdings Limited, a Hong Kong limited liability company. Tencent Holdings Limited, a company listed on the Hong Kong Stock Exchange, is the ultimate beneficial owner of both Image Future Investment (HK) Limited and Tencent Growth Holdings Limited. The registered address of each of Image Future Investment (HK) Limited and Tencent Growth Holdings Limited is 29/F, Three Pacific Place, No. 1 Queen’s Road East, Wanchai, Hong Kong. |
(6) | Represents (i) 220,151,966 Class B ordinary shares held by Elevenhalf MG International Limited, a BVI business company, and (ii) 83,082,038 Class B ordinary shares held by Elevenhalf MG Holding Limited, a BVI business company. Elevenhalf MG International Limited and Elevenhalf MG Holding Limited are ultimately owned by SharkBay Captain Trust. Mr. Chen is the settlor of SharkBay Captain Trust, and Mr. Chen and others designated by Mr. Chen are its beneficiaries. Under the terms of the trust, Mr. Chen has the power to direct the retention or disposal of, and the exercise of any voting and other rights attached to the shares held by Elevenhalf MG International Limited and Elevenhalf MG Holding Limited in our company. The registered address of Elevenhalf MG International Limited and Elevenhalf MG Holding Limited is OMC Chambers, Wickhams Cay 1, Road Town, Tortola, British Virgin |
(7) | Represents (i) 163,016,634 Class A ordinary shares held by Hillhouse MGJ Holdings Limited, a BVI business company, and (ii) 98,157,621 ordinary shares held by Hillhouse MLS Holdings Limited, a BVI business company. Each of Hillhouse MGJ Holdings Limited and Hillhouse MLS Holdings Limited is owned by Hillhouse Fund II, L.P., Gaoling Fund, L.P. and YHG Investment, L.P. Hillhouse Capital Management, Ltd. acts as the sole management company of Hillhouse Fund II, L.P. and Gaoling Fund, L.P., and the sole general partner of YHG Investment, L.P. The registered address of each of Hillhouse MGJ Holdings Limited and Hillhouse MLS Holdings Limited is Citco B.V.I. Limited of Flemming House, Wickhams Cay, P.O. Box 662, Road Town, Tortola, British Virgin Islands. |
(8) | Represents KY1-9005, Cayman Islands. The business address of each of Messrs. Shujun Li, Feng Ge, David Ning Lin, Hongyan Guan and Xiaodong Liang is 2001, Agricultural Bank of China Tower, 50 Connaught Road Central, Central, Hong Kong. |
(9) | Represents 200,662,100 Class A ordinary shares held by Bertelsmann China Holding GmbH, a German company with limited liability, as reported in a as reported in a Schedule 13G amendment jointly filed by Bertelsmann SE & Co. KGaA and Bertelsmann China Holding GmbH on February 8, 2021. Bertelsmann China Holding GmbH is a wholly-owned subsidiary of Bertelsmann SE & Co. KGaA. The business address of Bertelsmann China Holding GmbH is Carl-Bertelsmann-Strasse 270, 33311 Gütersloh, Germany. |
ITEM 7. | MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS |
A. | Major Shareholders |
B. | Related Party Transactions |
C. | Interests of Experts and Counsel |
ITEM 8. | FINANCIAL INFORMATION |
A. | Consolidated Statements and Other Financial Information |
B. | Significant Changes |
ITEM 9. | THE OFFER AND LISTING |
A. | Significant Changes |
B. | Plan of Distribution |
C. | Markets |
D. | Selling Shareholders |
E. | Dilution |
F. | Expenses of the Issue |
ITEM 10. | ADDITIONAL INFORMATION |
A. | Share Capital |
B. | Memorandum and Articles of Association |
C. | Material Contracts |
D. | Exchange Controls |
E. | Taxation |
F. | Dividends and Paying Agents |
G. | Statement by Experts |
H. | Documents on Display |
I. | Subsidiary Information |
ITEM 11. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
ITEM 12. | DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES |
A. | Debt Securities |
B. | Warrants and Rights |
C. | Other Securities |
D. | American Depositary Shares |
Persons depositing or withdrawing Class A ordinary shares or ADS holders must pay: | For: | |
$5.00 (or less) per 100 ADSs (or portion of 100 ADSs) | • Issuance of ADSs, including issuances resulting from a distribution of Class A ordinary shares or rights or other property | |
• Cancellation of ADSs for the purpose of withdrawal, including if the deposit agreement terminates | ||
$0.05 (or less) per ADS | • Any cash distribution to ADS holders | |
A fee equivalent to the fee that would be payable if securities distributed to you had been Class A ordinary shares and the Class A ordinary shares had been deposited for issuance of ADSs | • Distribution of securities distributed to holders of deposited securities (including rights) that are distributed by the depositary to ADS holders | |
$0.05 (or less) per ADS per calendar year | • Depositary services | |
Registration or transfer fees | • Transfer and registration of Class A ordinary shares on our share register to or from the name of the depositary or its agent when you deposit or withdraw Class A ordinary shares | |
Expenses of the depositary | • Cable and facsimile transmissions (when expressly provided in the deposit agreement) | |
• Converting foreign currency to U.S. dollars | ||
Taxes and other governmental charges the depositary or the custodian has to pay on any ADSs or Class A ordinary shares underlying ADSs, such as stock transfer taxes, stamp duty or withholding taxes | • As necessary | |
Any charges incurred by the depositary or its agents for servicing the deposited securities | • As necessary |
ITEM 13. | DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES |
ITEM 14. | MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS |
ITEM 15. | CONTROLS AND PROCEDURES |
ITEM 16A. | AUDIT COMMITTEE FINANCIAL EXPERT |
ITEM 16B. | CODE OF ETHICS |
ITEM 16C. | PRINCIPAL ACCOUNTANT FEES AND SERVICES |
For the Year Ended March 31, | ||||||||||||||||||||||||||||||||
For the Year Ended March 31, | 2021 | 2022 | ||||||||||||||||||||||||||||||
2020 | 2021 | |||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||||
Audit fees (1) | RMB | 6,600 | RMB | 6,400 | RMB | 6,400 | RMB | 5,900 | ||||||||||||||||||||||||
Tax fees (2) | RMB | 186 | RMB | 328 | RMB | 328 | RMB | 203 | ||||||||||||||||||||||||
Other fees (3) | RMB | 393 | RMB | 60 | RMB | 60 | RMB | 54 |
(1) | “Audit fees” means the aggregate fees billed for professional services rendered by our principal external auditors for the audit of our annual financial statements and the |
(2) | “Tax fees” means the aggregate fees billed in each of the fiscal years listed for professional services rendered by our principal external auditors for tax compliance, tax advice, and tax planning. |
(3) | “Other fees” means the aggregate fees billed for professional services rendered by our principal external auditors associated with other advisory services. |
ITEM 16D. | EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES |
ITEM 16E. | PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS |
Period | Total Number of Class A Ordinary Shares Purchased | Average Price Paid Per Class A Ordinary Share | Total Number of Class A Ordinary Shares Purchased as Part of the Publicly Announced Plans | Approximate Dollar Value of Class A Ordinary Shares that May Yet Be Purchased Under the Plans | ||||||||||||
April 1 – April 30, 2020 | — | — | — | US$ | 14,048,742 | |||||||||||
May 1 – May 31, 2020 | — | — | — | US$ | 10,000,000 | |||||||||||
June 1 – June 30, 2020 | 11,533,175 | US$0.07 | 11,533,175 | US$ | 9,200,733 | |||||||||||
July 1 – July 31, 2020 | 152,500 | US$0.08 | 152,500 | US$ | 9,188,615 | |||||||||||
August 1 - August 31, 2020 | — | — | — | US$ | 9,188,615 | |||||||||||
September 1 - September 30, 2020 | 164,837,075 | US$0.09 | 164,837,075 | US$ | 5,120,945 | |||||||||||
October 1 – October 31, 2020 | 391,475 | US$0.09 | 391,475 | US$ | 5,084,163 | |||||||||||
November 1 – November 30, 2020 | 528,475 | US$0.09 | 528,475 | US$ | 5,035,074 | |||||||||||
December 1 – December 31, 2020 | 11,539,275 | US$0.09 | 11,539,275 | US$ | 3,966,926 | |||||||||||
January 1 – January 31, 2021 | 2,827,175 | US$0.08 | 2,827,175 | US$ | 3,727,037 | |||||||||||
February 1 – February 28, 2021 | 208,750 | US$0.09 | 208,750 | US$ | 3,709,085 | |||||||||||
March 1 – March 31, 2021 | 14,498,075 | US$0.08 | 14,498,075 | US$ | 2,559,318 | |||||||||||
Total | 206,515,975 | US$0.08 | 206,515,975 | US$ | 2,559,318 |
Period | Total Number of Class A Ordinary Shares Purchased | Average Price Paid Per Class A Ordinary Share | Total Number of Class A Ordinary Shares Purchased as Part of the Publicly Announced Plans | Approximate Dollar Value of Class A Ordinary Shares that May Yet Be Purchased Under the Plans | ||||||||||||
April 1 – April 30, 2021 | 7,776,900 | US$ | 0.07 | 7,776,900 | US$ | 2,026,271 | ||||||||||
May 1 – May 31, 2021 | 10,066,100 | US$ | 0.06 | 10,066,100 | US$ | 1,385,068 | ||||||||||
June 1 – June 30, 2021 | — | — | — | US$ | 1,385,068 | |||||||||||
July 1 – July 31, 2021 | 750,000 | US$ | 0.05 | 750,000 | US$ | 1,345,091 | ||||||||||
August 1 - August 31, 2021 | 2,051,050 | US$ | 0.04 | 2,051,050 | US$ | 1,264,567 | ||||||||||
September 1 - September 30, 2021 | — | — | — | US$ | 1,264,567 | |||||||||||
October 1 – October 31, 2021 | 4,500,000 | US$ | 0.04 | 4,500,000 | US$ | 9,810,964 | ||||||||||
November 1 – November 30, 2021 | 500,000 | US$ | 0.04 | 500,000 | US$ | 9,792,173 | ||||||||||
December 1 – December 31, 2021 | — | — | — | US$ | 9,792,173 | |||||||||||
January 1 – January 31, 2022 | — | — | — | US$ | 9,792,173 | |||||||||||
February 1 – February 28, 2022 | — | — | — | US$ | 9,792,173 | |||||||||||
March 1 – March 31, 2022 | — | — | — | US$ | 9,792,173 | |||||||||||
Total | 25,644,050 | US$ | 0.06 | 25,644,050 | US$ | 9,792,173 |
ITEM 16F. | CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT |
ITEM 16G. | CORPORATE GOVERNANCE |
ITEM 16H. | MINE SAFETY DISCLOSURE |
ITEM 17. | FINANCIAL STATEMENTS |
ITEM 18. | FINANCIAL STATEMENTS |
ITEM 19. | EXHIBITS |
* | Filed herewith |
** | Furnished herewith |
MOGU Inc. | ||||
By: | /s/ Qi Chen | |||
Name: | Qi Chen | |||
Title: | Chief Executive Officer |
Page | ||||
F-2 | ||||
F-3 | ||||
F-5 | ||||
F-6 | ||||
F-8 | ||||
F-9 |
As of March 31, | ||||||||||||||
Note | 2021 | 2022 | ||||||||||||
RMB | RMB | US$ Note 2(f) | ||||||||||||
ASSETS | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | 542,076 | 438,608 | 69,189 | |||||||||||
Restricted cash | 808 | 809 | 128 | |||||||||||
Short-term investments | 7 | 260,245 | 196,853 | 31,053 | ||||||||||
Inventories, net | 240 | 79 | 12 | |||||||||||
Loan receivables, net | 8 | 99,965 | 26,788 | 4,226 | ||||||||||
Prepayments and other current assets | 9 | 77,679 | 55,135 | 8,697 | ||||||||||
Amounts due from related parties | 18 | 6,061 | 640 | 101 | ||||||||||
Total current assets | 987,074 | 718,912 | 113,406 | |||||||||||
Non-current assets: | ||||||||||||||
Property, equipment and software, net | 11 | 10,780 | 7,702 | 1,215 | ||||||||||
Intangible assets, net | 12 | 426,005 | 89,822 | 14,169 | ||||||||||
Goodwill | 13 | 186,504 | 63,460 | 10,011 | ||||||||||
Investments | 10 | 66,382 | 72,120 | 11,377 | ||||||||||
Other non-current assets | 9 | 163,111 | 214,964 | 33,910 | ||||||||||
Total non-current assets | 852,782 | 448,068 | 70,682 | |||||||||||
Total assets | 1,839,856 | 1,166,980 | 184,088 | |||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||
Current liabilities | ||||||||||||||
Short-term borrowings | 2(r) | — | 10,064 | 1,588 | ||||||||||
Accounts payable | 19,938 | 17,950 | 2,832 | |||||||||||
Salaries and welfare payable | 4,349 | 12,311 | 1,942 | |||||||||||
Advances from customers | 77 | 901 | 142 | |||||||||||
Taxes payable | 1,558 | 3,265 | 515 | |||||||||||
Amounts due to related parties | 18 | 6,234 | 4,694 | 740 | ||||||||||
Accruals and other current liabilities (including accruals and other current liabilities of the consolidated VIEs and VIEs’ subsidiaries without recourse to the primary beneficiaries of RMB258,077 and RMB217,527 as of March 31, 2021 and 2022, respectively. Note 1) | 14 | 333,127 | 272,638 | 43,009 | ||||||||||
Total current liabilities | 365,283 | 321,823 | 50,768 | |||||||||||
Non-current liabilities: | ||||||||||||||
Deferred tax liabilities | 15 | 17,526 | 12,112 | 1,911 | ||||||||||
Other non-current liabilities | 14 | 2,151 | 890 | 140 | ||||||||||
Total non-current liabilities | 19,677 | 13,002 | 2,051 | |||||||||||
Total liabilities | 384,960 | 334,825 | 52,819 | |||||||||||
As of March 31, | ||||||||||||||
Note | 2020 | 2021 | ||||||||||||
RMB | RMB | US$ Note 2(f) | ||||||||||||
ASSETS | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | 856,567 | 542,076 | 82,737 | |||||||||||
Restricted cash | 807 | 808 | 123 | |||||||||||
Short-term investment s | 7 | 238,000 | 260,245 | 39,721 | ||||||||||
Inventories, net | 2,926 | 240 | 37 | |||||||||||
Loan receivables, net | 8 | 113,111 | 99,965 | 15,258 | ||||||||||
Prepayments and other current assets | 9 | 99,108 | 77,679 | 11,855 | ||||||||||
Amounts due from related parties | 19 | 57 | 6,061 | 925 | ||||||||||
Total current assets | 1,310,576 | 987,074 | 150,656 | |||||||||||
Non-current assets: | ||||||||||||||
Property, equipment and software, net | 11 | 14,109 | 10,780 | 1,645 | ||||||||||
Intangible assets, net | 12 | 813,011 | 426,005 | 65,021 | ||||||||||
Goodwill | 13 | 186,504 | 186,504 | 28,466 | ||||||||||
Investments | 10 | 102,373 | 66,382 | 10,132 | ||||||||||
Other non-current assets | 9 | 14,183 | 163,111 | 24,896 | ||||||||||
Total non-current assets | 1,130,180 | 852,782 | 130,160 | |||||||||||
Total assets | 2,440,756 | 1,839,856 | 280,816 | |||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||
Current liabilities | ||||||||||||||
Accounts payable (including accounts payable of the consolidated VIEs and VIEs’ subsidiaries without recourse to the primary beneficiaries of RMB852 and RMB721 as of March 31, 2020 and 2021, respectively. Note 1) | 17,080 | 19,938 | 3,044 | |||||||||||
Salaries and welfare payable (including salaries and welfare payable of the consolidated VIEs and VIEs’ subsidiaries without recourse to the primary beneficiaries of RMB663 and RMB579 as of March 31, 2020 and 2021, respectively. Note 1) | 6,032 | 4,349 | 664 | |||||||||||
Advances from customers (including advances from customers of the consolidated VIEs and VIEs’ subsidiaries without recourse to the primary beneficiaries of RMB74 and RMB77 as of March 31, 2020 and 2021, respectively. Note 1) | 103 | 77 | 12 | |||||||||||
Taxes payable (including taxes payable of the consolidated VIEs and VIEs’ subsidiaries without recourse to the primary beneficiaries of RMB2,599 and RMB694 as of March 31, 2020 and 2021, respectively. Note 1) | 6,342 | 1,558 | 238 | |||||||||||
Amounts due to related parties (including amounts due to related parties of the consolidated VIEs and VIEs’ subsidiaries without recourse to the primary beneficiaries of RMB1,323 and RMB1,329 as of March 31, 2020 and 2021, respectively. Note 1) | 19 | 12,018 | 6,234 | 951 | ||||||||||
Accruals and other current liabilities (including accruals and other current liabilities of the consolidated VIEs and VIEs’ subsidiaries without recourse to the primary beneficiaries of RMB306,337 and RMB258,077 as of March 31, 2020 and 2021, respectively. Note 1) | 14 | 393,536 | 333,127 | 50,845 | ||||||||||
Total current liabilities | 435,111 | 365,283 | 55,754 | |||||||||||
Non-current liabilities: | ||||||||||||||
Deferred tax liabilities | 15 | 21,529 | 17,526 | 2,675 | ||||||||||
Other non-current liabilities | 14 | 3,644 | 2,151 | 328 | ||||||||||
Total non-current liabilities | 25,173 | 19,677 | 3,003 | |||||||||||
Total liabilities | 460,284 | 384,960 | 58,757 | |||||||||||
As of March 31, | ||||||||||||||||
Note | 2021 | 2022 | ||||||||||||||
RMB | RMB | US$ Note 2(f) | ||||||||||||||
Commitments and contingencies (Note 21) | 0 | 0 | 0 | |||||||||||||
SHAREHOLDERS’ EQUITY | ||||||||||||||||
Class A ordinary shares (US$0.00001 par value; 49,000,000,000 shares authorized as of March 31, 2021 and 2022; 2,432,015,450 and 2,433,353,800 shares issued as of March 31, 2021 and 2022, respectively; 2,215,043,400 and 2,190,737,700 shares outstanding as of March 31, 2021 and 2022, respectively) | 16 | 165 | 165 | 26 | ||||||||||||
Class B ordinary shares (US$0.00001 par value; 500,000,000 shares authorized as of March 31, 2021 and 2022; 303,234,004 shares issued and outstanding as of March 31, 2021 and 2022, respectively) | 16 | 16 | 16 | 3 | ||||||||||||
Treasury stock (US$0.00001 par value; 216,972,050 and 242,616,100 shares as of March 31, 2021 and 2022, respectively) | 2(ab), 16 | (126,424 | ) | (136,113 | ) | (21,471 | ) | |||||||||
Additional paid-in capital | 9,458,643 | 9,471,101 | 1,494,029 | |||||||||||||
Statutory reserves | 3,331 | 3,331 | 525 | |||||||||||||
Accumulated other comprehensive income | 97,145 | 69,016 | 10,887 | |||||||||||||
Accumulated deficit | (7,977,980 | ) | (8,617,780 | ) | (1,359,421 | ) | ||||||||||
Total MOGU Inc. shareholders’ equity | 1,454,896 | 789,736 | 124,578 | |||||||||||||
Non-controlling interests | — | 42,419 | 6,691 | |||||||||||||
Total shareholders’ equity | 1,454,896 | 832,155 | 131,269 | |||||||||||||
Total liabilities and shareholders’ equity | 1,839,856 | 1,166,980 | 184,088 | |||||||||||||
As of March 31, | ||||||||||||||||
Note | 2020 | 2021 | ||||||||||||||
RMB | RMB | US$ Note 2(f) | ||||||||||||||
Commitments and contingencies (Note 22) | ||||||||||||||||
SHAREHOLDERS’ EQUITY | 0 | 0 | ||||||||||||||
Class A ordinary shares (US$0.00001 par value; 49,000,000,000 shares authorized as of March 31, 2020 and 2021; 2,418,910,250 and 2,432,015,450 shares issued as of March 31, 2020 and 2021, respectively; 2,408,454,175 and 2,215,043,400 shares outstanding as of March 31, 2020 and 2021, respectively) | 16 | 164 | 165 | 25 | ||||||||||||
Class B ordinary shares (US$0.00001 par value; 500,000,000 shares authorized as of March 31, 2020 and 2021; 303,234,004 shares issued and outstanding as of March 31, 2020 and 2021, respectively) | 16 | 16 | 16 | 2 | ||||||||||||
Treasury stock (US$0.00001 par value; 10,456,075 and 216,972,050 shares as of March 31, 2020 and 2021, respectively) | 2(aa), 16 | (6,566 | ) | (126,424 | ) | (19,296 | ) | |||||||||
Additional paid-in capital | 9,431,740 | 9,458,643 | 1,443,671 | |||||||||||||
Statutory reserves | 2,630 | 3,331 | 508 | |||||||||||||
Accumulated other comprehensive income | 201,796 | 97,145 | 14,827 | |||||||||||||
Accumulated deficit | (7,649,308 | ) | (7,977,980 | ) | (1,217,678 | ) | ||||||||||
Total shareholders’ equity | 1,980,472 | 1,454,896 | 222,059 | |||||||||||||
Total liabilities and shareholders’ equity | 2,440,756 | 1,839,856 | 280,816 | |||||||||||||
For the year ended March 31, | For the year ended March 31, | |||||||||||||||||||||||||||||||||||||||
Note | 2019 | 2020 | 2021 | Note | 2020 | 2021 | 2022 | |||||||||||||||||||||||||||||||||
RMB | RMB | RMB | US$ Note 2(f) | RMB | RMB | RMB | US$ Note 2(f) | |||||||||||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||||||||||||||
Commission revenues | 507,728 | 438,274 | 318,602 | 48,628 | 438,274 | 318,602 | 226,742 | 35,768 | ||||||||||||||||||||||||||||||||
Marketing services revenues | 395,747 | 243,081 | 71,345 | 10,889 | 243,081 | 71,345 | 17,888 | 2,822 | ||||||||||||||||||||||||||||||||
Financing solutions revenues | 49,076 | 53,989 | 49,285 | 7,522 | 53,989 | 49,285 | 31,852 | 5,025 | ||||||||||||||||||||||||||||||||
Technology services revenues | 27,676 | 28,505 | 46,077 | 7,269 | ||||||||||||||||||||||||||||||||||||
Other revenues | 5 | 121,727 | 99,970 | 43,160 | 6,588 | 5 | 72,294 | 14,655 | 14,910 | 2,352 | ||||||||||||||||||||||||||||||
Total revenues | 1,074,278 | 835,314 | 482,392 | 73,627 | 835,314 | 482,392 | 337,469 | 53,236 | ||||||||||||||||||||||||||||||||
Cost of revenues (exclusive of amortization of intangible assets shown separately below, including transactions with related parties of RMB69,333, RMB92,591 and RMB45,757 for the years ended March 31, 2019, 2020 and 2021, respectively) | (313,788 | ) | (293,757 | ) | (183,112 | ) | (27,948 | ) | ||||||||||||||||||||||||||||||||
Cost of revenues | (293,757 | ) | (183,112 | ) | (159,601 | ) | (25,176 | ) | ||||||||||||||||||||||||||||||||
Sales and marketing expenses | (743,732 | ) | (613,183 | ) | (229,775 | ) | (35,071 | ) | (613,183 | ) | (229,775 | ) | (148,410 | ) | (23,411 | ) | ||||||||||||||||||||||||
Research and development expenses | (236,446 | ) | (171,137 | ) | (103,474 | ) | (15,793 | ) | (171,137 | ) | (103,474 | ) | (82,641 | ) | (13,036 | ) | ||||||||||||||||||||||||
General and administrative expenses | (168,379 | ) | (128,152 | ) | (103,038 | ) | (15,727 | ) | (128,152 | ) | (103,038 | ) | (79,178 | ) | (12,490 | ) | ||||||||||||||||||||||||
Amortization of intangible assets | 12 | (194,874 | ) | (331,294 | ) | (341,802 | ) | (52,169 | ) | 12 | (331,294 | ) | (341,802 | ) | (328,154 | ) | (51,765 | ) | ||||||||||||||||||||||
Goodwill impairment | 13 | — | (1,382,149 | ) | — | — | ||||||||||||||||||||||||||||||||||
Impairment of goodwill and intangible assets | 12, 13 | (1,382,149 | ) | — | (235,394 | ) | (37,132 | ) | ||||||||||||||||||||||||||||||||
Other income, net | 6 | 8,761 | 11,472 | 49,885 | 7,614 | 6 | 11,472 | 49,885 | 25,427 | 4,011 | ||||||||||||||||||||||||||||||
Loss from operations | (574,180 | ) | (2,072,886 | ) | (428,924 | ) | (65,467 | ) | (2,072,886 | ) | (428,924 | ) | (670,482 | ) | (105,763 | ) | ||||||||||||||||||||||||
Interest income | 33,700 | 29,312 | 19,601 | 2,992 | 29,312 | 19,601 | 13,903 | 2,193 | ||||||||||||||||||||||||||||||||
Gain/(Loss) from investments, net | 10 | 31,236 | (66,550 | ) | 86,497 | 13,202 | ||||||||||||||||||||||||||||||||||
(Loss)/gain from investments, net | 10 | (66,550 | ) | 86,497 | 232 | 37 | ||||||||||||||||||||||||||||||||||
Loss before income tax and share of results of equity investee | (509,244 | ) | (2,110,124 | ) | (322,826 | ) | (49,273 | ) | (2,110,124 | ) | (322,826 | ) | (656,347 | ) | (103,533 | ) | ||||||||||||||||||||||||
Income tax benefits/(expenses) | 15 | 17,217 | 590 | (5,181 | ) | (791 | ) | 15 | 590 | (5,181 | ) | 14,512 | 2,289 | |||||||||||||||||||||||||||
Share of results of equity method investees | 10 | 5,752 | (114,104 | ) | 36 | 5 | 10 | (114,104 | ) | 36 | (539 | ) | (85 | ) | ||||||||||||||||||||||||||
Net loss | (486,275 | ) | (2,223,638 | ) | (327,971 | ) | (50,059 | ) | (2,223,638 | ) | (327,971 | ) | (642,374 | ) | (101,329 | ) | ||||||||||||||||||||||||
Net loss attributable to non-controlling interests | — | — | (2,574 | ) | (406 | ) | ||||||||||||||||||||||||||||||||||
Net loss attributable to MOGU Inc. | (486,275 | ) | (2,223,638 | ) | (327,971 | ) | (50,059 | ) | (2,223,638 | ) | (327,971 | ) | (639,800 | ) | (100,923 | ) | ||||||||||||||||||||||||
Accretion on convertible redeemable preferred shares to redemption value | 17 | (509,904 | ) | — | — | — | ||||||||||||||||||||||||||||||||||
Deemed dividends to preferred shareholders | 17 | (89,076 | ) | — | — | — | ||||||||||||||||||||||||||||||||||
Net loss attributable to MOGU Inc.’s ordinary shareholders | (1,085,255 | ) | (2,223,638 | ) | (327,971 | ) | (50,059 | ) | ||||||||||||||||||||||||||||||||
Net loss | (486,275 | ) | (2,223,638 | ) | (327,971 | ) | (50,059 | ) | (2,223,638 | ) | (327,971 | ) | (642,374 | ) | (101,329 | ) | ||||||||||||||||||||||||
Other comprehensive income/(loss): | ||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments, net of NaN tax | 2 | (e) | 55,440 | 105,433 | (72,993 | ) | (11,141 | ) | 2(e) | 105,433 | (72,993 | ) | (17,400 | ) | (2,745 | ) | ||||||||||||||||||||||||
Share of other comprehensive income/(loss) of equity method investees | 938 | (145 | ) | — | — | |||||||||||||||||||||||||||||||||||
Share of other comprehensive loss of equity method investees | (145 | ) | — | — | — | |||||||||||||||||||||||||||||||||||
Unrealized securities holding gains/(losses), net of tax | 25,067 | 18,713 | (31,658 | ) | (4,832 | ) | 18,713 | (31,658 | ) | (10,729 | ) | (1,692 | ) | |||||||||||||||||||||||||||
Total comprehensive loss | (404,830 | ) | (2,099,637 | ) | (432,622 | ) | (66,032 | ) | (2,099,637 | ) | (432,622 | ) | (670,503 | ) | (105,766 | ) | ||||||||||||||||||||||||
Total comprehensive loss attributable to non-controlling interests | — | — | (2,574 | ) | (406 | ) | ||||||||||||||||||||||||||||||||||
Total comprehensive loss attributable to MOGU Inc. | (404,830 | ) | (2,099,637 | ) | (432,622 | ) | (66,032 | ) | (2,099,637 | ) | (432,622 | ) | (667,929 | ) | (105,360 | ) | ||||||||||||||||||||||||
Net loss attributable to MOGU Inc.’s ordinary shareholders | (1,085,255 | ) | (2,223,638 | ) | (327,971 | ) | (50,059 | ) | ||||||||||||||||||||||||||||||||
Net loss per share attributable to ordinary shareholders | ||||||||||||||||||||||||||||||||||||||||
Net loss per ordinary share | ||||||||||||||||||||||||||||||||||||||||
Basic | (0.82 | ) | (0.12 | ) | (0.25 | ) | (0.04 | ) | ||||||||||||||||||||||||||||||||
Diluted | (0.82 | ) | (0.12 | ) | (0.25 | ) | (0.04 | ) | ||||||||||||||||||||||||||||||||
Net loss per ADS | ||||||||||||||||||||||||||||||||||||||||
Basic | (0.87 | ) | (0.82 | ) | (0.12 | ) | (0.02 | ) | (245.36 | ) | (37.41 | ) | (76.17 | ) | (12.02 | ) | ||||||||||||||||||||||||
Diluted | (0.87 | ) | (0.82 | ) | (0.12 | ) | (0.02 | ) | (245.36 | ) | (37.41 | ) | (76.17 | ) | (12.02 | ) | ||||||||||||||||||||||||
Weighted average number of shares used in computing net loss per share | ||||||||||||||||||||||||||||||||||||||||
Basic | 1,247,998,533 | 2,718,827,977 | 2,630,425,361 | 2,630,425,361 | 2,718,827,977 | 2,630,425,361 | 2,519,948,060 | 2,519,948,060 | ||||||||||||||||||||||||||||||||
Diluted | 1,247,998,533 | 2,718,827,977 | 2,630,425,361 | 2,630,425,361 | 2,718,827,977 | 2,630,425,361 | 2,519,948,060 | 2,519,948,060 | ||||||||||||||||||||||||||||||||
Share-based compensation expenses included in: | ||||||||||||||||||||||||||||||||||||||||
Cost of revenues | (13,916 | ) | 2,747 | (2,464 | ) | (376 | ) | 2,747 | (2,464 | ) | (1,872 | ) | (295 | ) | ||||||||||||||||||||||||||
General and administrative expenses | (64,433 | ) | (17,740 | ) | (14,475 | ) | (2,209 | ) | (17,740 | ) | (14,475 | ) | (6,789 | ) | (1,071 | ) | ||||||||||||||||||||||||
Sales and marketing expenses | (9,558 | ) | (7,927 | ) | (5,416 | ) | (827 | ) | (7,927 | ) | (5,416 | ) | (3,905 | ) | (616 | ) | ||||||||||||||||||||||||
Research and development expenses | (15,161 | ) | (9,265 | ) | (3,940 | ) | (601 | ) | (9,265 | ) | (3,940 | ) | 108 | 17 |
Class A ordinary shares ($0.00001 par value) | Class B ordinary shares ($0.00001 par value) | Treasury Stock ($0.00001 par value) | Additional paid-in | Statutory | Accumulated | Accumulated other comprehensive | Total shareholders’ | |||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | capital | reserves | deficit | income | equity | ||||||||||||||||||||||||||||||||||
RMB | RMB | RMB | RMB | RMB | RMB | RMB | RMB | |||||||||||||||||||||||||||||||||||||
Balances at April 1, 2019 | 2,371,289,450 | 161 | 303,234,004 | 16 | — | — | 9,392,737 | 2,475 | (5,425,515 | ) | 77,795 | 4,047,669 | ||||||||||||||||||||||||||||||||
�� | ||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | (2,223,638 | ) | — | (2,223,638 | ) | |||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | — | 32,185 | — | — | — | 32,185 | |||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | — | — | — | — | 105,433 | 105,433 | |||||||||||||||||||||||||||||||||
Share of other comprehensive loss of equity method investee | — | — | — | — | — | — | — | — | — | (145 | ) | (145 | ) | |||||||||||||||||||||||||||||||
Unrealized securities holding gains, net of tax | — | — | — | — | — | — | — | — | — | 18,713 | 18,713 | |||||||||||||||||||||||||||||||||
Appropriations to statutory reserves | — | — | — | — | — | — | — | 155 | (155 | ) | — | — | ||||||||||||||||||||||||||||||||
Repurchase of ordinary shares (Note 16) | (10,456,075 | ) | — | — | — | 10,456,075 | (6,566 | ) | — | — | — | — | (6,566 | ) | ||||||||||||||||||||||||||||||
Exercise of option and RSUs | 47,620,800 | 3 | — | — | — | — | 9,027 | — | — | — | 9,030 | |||||||||||||||||||||||||||||||||
Others | — | — | — | — | — | — | (2,209 | ) | — | — | — | (2,209 | ) | |||||||||||||||||||||||||||||||
Balances at March 31, 2020 | 2,408,454,175 | 164 | 303,234,004 | 16 | 10,456,075 | (6,566 | ) | 9,431,740 | 2,630 | (7,649,308 | ) | 201,796 | 1,980,472 | |||||||||||||||||||||||||||||||
Class A ordinary shares ($0.00001 par value) | Class B ordinary shares ($0.00001 par value) | Treasury Stock ($0.00001 par value) | Additional paid-in capital | Statutory reserves | Accumulated deficit | Accumulated other comprehensive income | Total MOGU Inc. Shareholders’ equity | Noncontrolling interests | Total Equity | |||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||
RMB | RMB | RMB | RMB | RMB | RMB | RMB | RMB | RMB | RMB | |||||||||||||||||||||||||||||||||||||||||||
Balances at March 31, 2020 | 2,408,454,175 | 164 | 303,234,004 | 16 | 10,456,075 | (6,566 | ) | 9,431,740 | 2,630 | (7,649,308 | ) | 201,796 | 1,980,472 | — | 1,980,472 | |||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | (327,971 | ) | — | (327,971 | ) | — | (327,971 | ) | ||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | — | 26,295 | — | — | — | 26,295 | — | 26,295 | |||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | — | — | — | — | (72,993 | ) | (72,993 | ) | — | (72,993 | ) | ||||||||||||||||||||||||||||||||||||
Unrealized securities holding losses, net of tax | — | — | — | — | — | — | — | — | — | (31,658 | ) | (31,658 | ) | — | (31,658 | ) | ||||||||||||||||||||||||||||||||||||
Appropriations to statutory reserves | — | — | — | — | — | — | — | 701 | (701 | ) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Repurchase of ordinary shares (Note 16) | (206,515,975 | ) | — | — | — | 206,515,975 | (119,858 | ) | — | — | — | — | (119,858 | ) | — | (119,858 | ) | |||||||||||||||||||||||||||||||||||
Exercise of option and RSUs | 13,105,200 | 1 | — | — | — | — | 608 | — | — | — | 609 | — | 609 | |||||||||||||||||||||||||||||||||||||||
Balances at March 31, 2021 | 2,215,043,400 | 165 | 303,234,004 | 16 | 216,972,050 | (126,424 | ) | 9,458,643 | 3,331 | (7,977,980 | ) | 97,145 | 1,454,896 | — | 1,454,896 | |||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | (639,800 | ) | — | (639,800 | ) | (2,574 | ) | (642,374 | ) | |||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | — | 12,458 | — | — | — | 12,458 | — | 12,458 | |||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | — | — | — | — | (17,400 | ) | (17,400 | ) | — | (17,400 | ) | ||||||||||||||||||||||||||||||||||||
Unrealized securities holding losses, net of tax | — | — | — | — | — | — | — | — | — | (10,729 | ) | (10,729 | ) | — | (10,729 | ) | ||||||||||||||||||||||||||||||||||||
Repurchase of ordinary shares (Note 16) | (25,644,050 | ) | — | — | — | 25,644,050 | (9,689 | ) | — | — | — | — | (9,689 | ) | — | (9,689 | ) | |||||||||||||||||||||||||||||||||||
Exercise of option and RSUs | 1,338,350 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Non-controlling interests on acquisition of subsidiaries (Note 3) | — | — | — | — | — | — | — | — | — | — | — | 44,993 | 44,993 | |||||||||||||||||||||||||||||||||||||||
Balances at March 31, 2022 | 2,190,737,700 | 165 | 303,234,004 | 16 | 242,616,100 | (136,113 | ) | 9,471,101 | 3,331 | (8,617,780 | ) | 69,016 | 789,736 | 42,419 | 832,155 | |||||||||||||||||||||||||||||||||||||
Class A ordinary shares ($0.00001 par value) | Class B ordinary shares ($0.00001 par value) | Class C ordinary shares ($0.00001 par value) | Additional paid-in | Statutory | Accumulated | Accumulated other comprehensive | Total shareholders’ | |||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | capital | reserves | deficit | income/(loss) | (deficit)/ equity | ||||||||||||||||||||||||||||||||||
RMB | RMB | RMB | RMB | RMB | RMB | RMB | RMB | |||||||||||||||||||||||||||||||||||||
Balances at April 1, 2018 | 335,534,850 | 21 | — | — | 215,243,513 | 10 | — | 1,979 | (4,501,017 | ) | (3,650 | ) | (4,502,657 | ) | ||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | (486,275 | ) | — | (486,275 | ) | |||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | — | 103,068 | — | — | — | 103,068 | |||||||||||||||||||||||||||||||||
Accretion of convertible redeemable preferred shares to redemption value | — | — | — | — | — | — | (161,253 | ) | — | (348,651 | ) | — | (509,904 | ) | ||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | — | — | — | — | 55,440 | 55,440 | |||||||||||||||||||||||||||||||||
Share of other comprehensive income of equity method investee | — | — | — | — | — | — | — | — | — | 938 | 938 | |||||||||||||||||||||||||||||||||
Unrealized securities holding gains, net of tax | — | — | — | — | — | — | — | — | — | 25,067 | 25,067 | |||||||||||||||||||||||||||||||||
Appropriations to statutory reserves | — | — | — | — | — | — | — | 496 | (496 | ) | — | — | ||||||||||||||||||||||||||||||||
Conversion and redesignation of mezzanine equity | 1,914,881,850 | 132 | — | — | — | — | 8,964,396 | — | — | — | 8,964,528 | |||||||||||||||||||||||||||||||||
Issuance of ordinary shares, net of issuance cost | 120,872,750 | 8 | — | — | — | — | 389,356 | — | — | — | 389,364 | |||||||||||||||||||||||||||||||||
Deemed dividend to holders of mezzanine equity | — | — | — | — | — | — | 89,076 | — | (89,076 | ) | — | — | ||||||||||||||||||||||||||||||||
Issuance of ordinary shares pursuant to share incentive plan | — | — | — | — | 87,990,491 | 6 | 5,527 | — | — | — | 5,533 | |||||||||||||||||||||||||||||||||
Redesignation of Class C ordinary shares | — | — | 303,234,004 | 16 | (303,234,004 | ) | (16 | ) | — | — | — | — | — | |||||||||||||||||||||||||||||||
Others | — | — | — | — | — | — | 2,567 | — | — | — | 2,567 | |||||||||||||||||||||||||||||||||
Balances at March 31, 2019 | 2,371,289,450 | 161 | 303,234,004 | 16 | — | — | 9,392,737 | 2,475 | (5,425,515 | ) | 77,795 | 4,047,669 | ||||||||||||||||||||||||||||||||
Class A ordinary shares ($0.00001 par value) | Class B ordinary shares ($0.00001 par value) | Treasury Stock ($0.00001 par value) | Additional paid-in | Statutory | Accumulated | Accumulated other comprehensive | Total shareholders’ | |||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | capital | reserves | deficit | income/(loss) | equity | ||||||||||||||||||||||||||||||||||
RMB | RMB | RMB | RMB | RMB | RMB | RMB | RMB | |||||||||||||||||||||||||||||||||||||
Balances at March 31, 2019 | 2,371,289,450 | 161 | 303,234,004 | 16 | — | — | 9,392,737 | 2,475 | (5,425,515 | ) | 77,795 | 4,047,669 | ||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | (2,223,638 | ) | — | (2,223,638 | ) | |||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | — | 32,185 | — | — | — | 32,185 | |||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | — | — | — | — | 105,433 | 105,433 | |||||||||||||||||||||||||||||||||
Share of other comprehensive income of equity method investee | — | — | — | — | — | — | — | — | — | (145 | ) | (145 | ) | |||||||||||||||||||||||||||||||
Unrealized securities holding gains, net of tax | — | — | — | — | — | — | — | — | — | 18,713 | 18,713 | |||||||||||||||||||||||||||||||||
Appropriations to statutory reserves | — | — | — | — | — | — | — | 155 | (155 | ) | — | — | ||||||||||||||||||||||||||||||||
Repurchase of ordinary shares (Note 16) | (10,456,075 | ) | — | — | — | 10,456,075 | (6,566 | ) | — | — | — | — | (6,566 | ) | ||||||||||||||||||||||||||||||
Exercise of option and RSUs (Note 18) | 47,620,800 | 3 | — | — | — | — | 9,027 | — | — | — | 9,030 | |||||||||||||||||||||||||||||||||
Others | — | — | — | — | — | — | (2,209 | ) | — | — | — | (2,209 | ) | |||||||||||||||||||||||||||||||
Balances at March 31, 2020 | 2,408,454,175 | 164 | 303,234,004 | 16 | 10,456,075 | (6,566 | ) | 9,431,740 | 2,630 | (7,649,308 | ) | 201,796 | 1,980,472 | |||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | (327,971 | ) | — | (327,971 | ) | |||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | — | 26,295 | — | — | — | 26,295 | |||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | — | — | — | — | (72,993 | ) | (72,993 | ) | |||||||||||||||||||||||||||||||
Unrealized securities holding gains, net of tax | — | — | — | — | — | — | — | — | — | (31,658 | ) | (31,658 | ) | |||||||||||||||||||||||||||||||
Appropriations to statutory reserves | — | — | — | — | — | — | — | 701 | (701 | ) | — | — | ||||||||||||||||||||||||||||||||
Repurchase of ordinary shares (Note 16) | (206,515,975 | ) | — | — | — | 206,515,975 | (119,858 | ) | — | — | — | — | (119,858 | ) | ||||||||||||||||||||||||||||||
Exercise of option and RSUs (Note 18) | 13,105,200 | 1 | — | — | — | — | 608 | — | — | — | 609 | |||||||||||||||||||||||||||||||||
Balances at March 31, 2021 | 2,215,043,400 | 165 | 303,234,004 | 16 | 216,972,050 | (126,424 | ) | 9,458,643 | 3,331 | (7,977,980 | ) | 97,145 | 1,454,896 | |||||||||||||||||||||||||||||||
For the year ended March 31, | For the year ended March 31, | |||||||||||||||||||||||||||||||
2019 | 2020 | 2021 | 2020 | 2021 | 2022 | |||||||||||||||||||||||||||
RMB | RMB | RMB | US$ Note 2(f) | RMB | RMB | RMB | US$ Note 2(f) | |||||||||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||||||||||||||
Net loss | (486,275 | ) | (2,223,638 | ) | (327,971 | ) | (50,059 | ) | (2,223,638 | ) | (327,971 | ) | (642,374 | ) | (101,329 | ) | ||||||||||||||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 206,385 | 338,468 | 351,129 | 53,593 | 338,468 | 351,129 | 333,550 | 52,616 | ||||||||||||||||||||||||
Allowance for loan receivables and prepayments and other current assets | 3,411 | 19,495 | 5,615 | 857 | ||||||||||||||||||||||||||||
Gains on disposal of property and equipment | (772 | ) | (666 | ) | (1,468 | ) | (224 | ) | ||||||||||||||||||||||||
Provision for/(reversal of) loan receivables and prepayments and other current assets | 19,495 | 5,615 | (151 | ) | (24 | ) | ||||||||||||||||||||||||||
(Gains)/losses on disposal of property and equipment | (666 | ) | (1,468 | ) | 448 | 71 | ||||||||||||||||||||||||||
Foreign exchange loss/(gain) | 4,136 | (5,574 | ) | (1,214 | ) | (192 | ) | |||||||||||||||||||||||||
Goodwill impairment | — | 1,382,149 | — | — | 1,382,149 | — | 186,504 | 29,420 | ||||||||||||||||||||||||
Impairment of intangible assets | — | — | 48,890 | 7,712 | ||||||||||||||||||||||||||||
Share-based compensation expenses | 103,068 | 32,185 | 26,295 | 4,013 | 32,185 | 26,295 | 12,458 | 1,965 | ||||||||||||||||||||||||
Deferred income tax benefit | (23,268 | ) | (2,709 | ) | (4,644 | ) | (709 | ) | (2,709 | ) | (4,644 | ) | (15,962 | ) | (2,518 | ) | ||||||||||||||||
(Gain)/Loss from investments, net | (31,236 | ) | 66,550 | (86,497 | ) | (13,202 | ) | |||||||||||||||||||||||||
Loss/(gain) from investments, net | 66,550 | (86,497 | ) | (232 | ) | (37 | ) | |||||||||||||||||||||||||
Share of results of equity investee | (5,752 | ) | 114,104 | (36 | ) | (5 | ) | 114,104 | (36 | ) | 539 | 85 | ||||||||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||
Prepayments and other current assets | 28,573 | 61,182 | 21,184 | 3,233 | 61,182 | 21,184 | 22,157 | 3,495 | ||||||||||||||||||||||||
Loan receivables—service fee | (862 | ) | 11 | 51 | 8 | |||||||||||||||||||||||||||
Inventories, net | (4,931 | ) | 2,116 | 2,686 | 410 | |||||||||||||||||||||||||||
Loan receivables - service fee | 11 | 51 | 1,211 | 191 | ||||||||||||||||||||||||||||
Inventories | 2,116 | 2,686 | 161 | 26 | ||||||||||||||||||||||||||||
Amounts due from related parties | 5,994 | 1,732 | (90 | ) | (14 | ) | 1,732 | (90 | ) | 141 | 22 | |||||||||||||||||||||
Other non-current assets | 18,755 | (13,486 | ) | (2,627 | ) | (401 | ) | (13,486 | ) | (2,627 | ) | (442 | ) | (70 | ) | |||||||||||||||||
Accounts payable | 5,718 | (909 | ) | 2,857 | 436 | (909 | ) | 2,857 | (1,505 | ) | (237 | ) | ||||||||||||||||||||
Salary and welfare payable | 1,459 | (16,080 | ) | (1,683 | ) | (257 | ) | (16,080 | ) | (1,683 | ) | 7,839 | 1,237 | |||||||||||||||||||
Taxes payable | (2,679 | ) | 498 | (4,784 | ) | (730 | ) | 498 | (4,784 | ) | 1,474 | 233 | ||||||||||||||||||||
Advances from customers | 1,140 | (1,074 | ) | (26 | ) | (4 | ) | (1,074 | ) | (26 | ) | 667 | 105 | |||||||||||||||||||
Amounts due to related parties | (9,710 | ) | 2,625 | (5,784 | ) | (883 | ) | 2,625 | (5,784 | ) | (1,540 | ) | (243 | ) | ||||||||||||||||||
Accruals and other current liabilities | (134,826 | ) | (74,342 | ) | (52,138 | ) | (7,957 | ) | (78,478 | ) | (46,564 | ) | (67,028 | ) | (10,576 | ) | ||||||||||||||||
Net cash used in operating activities | (325,808 | ) | (311,789 | ) | (77,931 | ) | (11,895 | ) | (311,789 | ) | (77,931 | ) | (114,409 | ) | (18,048 | ) | ||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||||||||||
Purchase of property, equipment and software | (8,648 | ) | (10,430 | ) | (152,648 | ) | (23,299 | ) | (10,430 | ) | (152,648 | ) | (55,138 | ) | (8,698 | ) | ||||||||||||||||
Purchase of intangible assets | (11,138 | ) | (52,433 | ) | (13,103 | ) | (2,001 | ) | (52,433 | ) | (13,103 | ) | — | — | ||||||||||||||||||
Disposal of property and equipment | 2,652 | 2,045 | 1,917 | 293 | 2,045 | 1,917 | 133 | 21 | ||||||||||||||||||||||||
Disposal of long-term investment | 35,501 | — | 104,399 | 15,934 | — | 104,399 | 5,279 | 833 | ||||||||||||||||||||||||
Purchase of short-term investments | (1,055,000 | ) | (1,276,000 | ) | (2,077,485 | ) | (317,086 | ) | (1,276,000 | ) | (2,077,485 | ) | (1,783,441 | ) | (281,331 | ) | ||||||||||||||||
Proceeds from sale of short term investments | 973,000 | 1,250,000 | 2,055,608 | 313,747 | 1,250,000 | 2,055,608 | 1,842,401 | 290,632 | ||||||||||||||||||||||||
Cash paid for long-term investments | — | (15,575 | ) | (23,000 | ) | (3,510 | ) | (15,575 | ) | (23,000 | ) | (34,564 | ) | (5,452 | ) | |||||||||||||||||
Cash paid for loan originations | (1,895,669 | ) | (1,737,413 | ) | (1,705,401 | ) | (260,294 | ) | (1,737,413 | ) | (1,705,401 | ) | (1,073,006 | ) | (169,263 | ) | ||||||||||||||||
Cash received from loan repayments | 1,876,466 | 1,726,656 | 1,713,050 | 261,462 | 1,726,656 | 1,713,050 | 1,148,415 | 181,158 | ||||||||||||||||||||||||
Acquisition of subsidiaries, net of cash acquired | — | — | (36,132 | ) | (5,700 | ) | ||||||||||||||||||||||||||
Net cash used in investing activities | (82,836 | ) | (113,150 | ) | (96,663 | ) | (14,754 | ) | ||||||||||||||||||||||||
Net cash (used in)/provided by investing activities | (113,150 | ) | (96,663 | ) | 13,947 | 2,200 | ||||||||||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||||||||||
Proceeds from issuance of ordinary shares, net of issuance costs | 389,356 | — | — | — | ||||||||||||||||||||||||||||
Proceeds from short-term borrowing | — | — | 10,139 | 1,599 | ||||||||||||||||||||||||||||
Cash payment of remaining issuance cost for IPO | — | (873 | ) | — | — | (873 | ) | — | — | — | ||||||||||||||||||||||
Proceeds from deemed exercise of share options, net | 21,587 | — | — | — | ||||||||||||||||||||||||||||
Return of the proceeds withdrawn by employees for deemed exercise of share options | — | (23,602 | ) | — | — | (23,602 | ) | — | — | — | ||||||||||||||||||||||
Proceeds from exercise of share options | — | 1,709 | 609 | 93 | 1,709 | 609 | — | — | ||||||||||||||||||||||||
Cash payment for repurchase of ordinary shares (Note 16) | — | (6,566 | ) | (119,858 | ) | (18,294 | ) | (6,566 | ) | (119,858 | ) | (9,689 | ) | (1,528 | ) | |||||||||||||||||
Cash paid for loan to shareholder | (1,307 | ) | — | — | — | |||||||||||||||||||||||||||
Cash received for loan repayments due from a shareholder | 6,236 | — | — | — | ||||||||||||||||||||||||||||
Cash paid for borrowing from shareholder | (1,000 | ) | — | — | — | |||||||||||||||||||||||||||
Net cash provided by/(used in) financing activities | 414,872 | (29,332 | ) | (119,249 | ) | (18,201 | ) | |||||||||||||||||||||||||
Net cash (used in)/provided by financing activities | (29,332 | ) | (119,249 | ) | 450 | 71 | ||||||||||||||||||||||||||
Effect of foreign exchange rate changes on cash and cash equivalents and restricted cash | 46,091 | 33,929 | (20,647 | ) | (3,151 | ) | 33,929 | (20,647 | ) | (3,455 | ) | (544 | ) | |||||||||||||||||||
Net increase/(decrease) in cash and cash equivalents and restricted cash | 52,319 | (420,342 | ) | (314,490 | ) | (48,001 | ) | |||||||||||||||||||||||||
Net decrease in cash and cash equivalents and restricted cash | (420,342 | ) | (314,490 | ) | (103,467 | ) | (16,321 | ) | ||||||||||||||||||||||||
Cash and cash equivalents and restricted cash at beginning of year | 1,225,397 | 1,277,716 | 857,374 | 130,861 | 1,277,716 | 857,374 | 542,884 | 85,638 | ||||||||||||||||||||||||
Cash and cash equivalents and restricted cash at end of year | 1,277,716 | 857,374 | 542,884 | 82,860 | 857,374 | 542,884 | 439,417 | 69,317 | ||||||||||||||||||||||||
Supplemental disclosures of cash flow information: | ||||||||||||||||||||||||||||||||
Cash paid for income taxes | (2,519 | ) | 1,130 | (13,889 | ) | (2,120 | ) | (1,130 | ) | (13,889 | ) | (920 | ) | (145 | ) | |||||||||||||||||
Supplemental disclosures of non-cash flow investing and financing activities: | ||||||||||||||||||||||||||||||||
Accretion on convertible redeemable preferred shares to redemption value | 509,904 | — | — | — | ||||||||||||||||||||||||||||
Deemed dividend to holders of mezzanine equity | 89,076 | — | — | — | ||||||||||||||||||||||||||||
Cash paid for interest | — | — | (787 | ) | (124 | ) |
(a) | Principle activities |
Equity interest held | Place and date of incorporation | |||||||
Subsidiaries: | ||||||||
Meili Group Limited | 100 | % | Hong Kong, China June 23, 2011 | |||||
Hangzhou Shiqu | 100 | % | Hangzhou, China November | |||||
Meilishuo (Beijing) Network Technology Co., Ltd. | 100 | % | Beijing, China November | |||||
Place and date of incorporation | ||||||||
Consolidated : | ||||||||
Hangzhou Juangua | Hangzhou, China April 13, 2010 | |||||||
Beijing Meilishikong Network and Technology Co., Ltd. | Beijing, China July 6, 2010 |
(b) | Consolidated variable interest entities |
(c) | Risks in relation to the VIE structure |
As of March 31, | ||||||||||||
2020 | 2021 | |||||||||||
RMB | RMB | |||||||||||
Cash and cash equivalents | 340,363 | 163,376 | ||||||||||
Restricted cash | 807 | 808 | ||||||||||
Short-term investments | 34,000 | 60,000 | ||||||||||
Inventories, net | 127 | 104 | ||||||||||
Loan receivables, net | 113,111 | 99,965 | ||||||||||
Prepayments and other current assets | 61,606 | 57,385 | ||||||||||
Amounts due from non-VIE subsidiaries of the Company | 311,238 | 312,410 | ||||||||||
Amounts due from related parties | 5 | 5 | ||||||||||
Property, equipment and software, net | 577 | 1,901 | ||||||||||
Intangible assets, net | 78,741 | 59,910 | ||||||||||
Goodwill | 928 | 928 | ||||||||||
Investments | 11,011 | 42,101 | ||||||||||
Other non-current asset | 13,656 | 160,675 | ||||||||||
Total assets | 966,170 | 959,568 | ||||||||||
As of March 31, | ||||||||||||
2020 | 2021 | |||||||||||
RMB | RMB | |||||||||||
Amounts due to non-VIE subsidiaries of the Company | 1,344,824 | 1,381,497 | ||||||||||
Accounts payable | 852 | 721 | ||||||||||
Salaries and welfare payable | 663 | 579 | ||||||||||
Advances from customers | 74 | 77 | ||||||||||
Taxes payable | 2,599 | 694 | ||||||||||
Amounts due to related parties | 1,323 | 1,329 | ||||||||||
Accruals and other current liabilities | 306,337 | 258,077 | ||||||||||
Deferred tax liabilities | 19,044 | 16,118 | ||||||||||
Total liabilities | 1,675,716 | 1,659,092 | ||||||||||
Year ended March 31, | ||||||||||||
2019 | 2020 | 2021 | ||||||||||
RMB | RMB | RMB | ||||||||||
Total revenues | 150,228 | 137,578 | 110,691 | |||||||||
Cost of revenues | (87,562 | ) | (63,162 | ) | (51,493 | ) | ||||||
Net profit/(loss) | 5,565 | (4,093 | ) | 1,721 | ||||||||
As of March 31, | ||||||||||||
2021 | 2022 | |||||||||||
RMB | RMB | |||||||||||
Cash and cash equivalents | 163,376 | 213,094 | ||||||||||
Restricted cash | 808 | 809 | ||||||||||
Short-term investments | 60,000 | — | ||||||||||
Inventories, net | 104 | 64 | ||||||||||
Loan receivables, net | 99,965 | 26,788 | ||||||||||
Prepayments and other current assets | 57,385 | 34,137 | ||||||||||
Amounts due from non-VIE subsidiaries of the Company(1) | 312,410 | 76,920 | ||||||||||
Amounts due from related parties | 5 | — | ||||||||||
Property, equipment and software, net | 1,901 | 1,238 | ||||||||||
Intangible assets, net | 59,910 | 43,104 | ||||||||||
Goodwill | 928 | 63,460 | ||||||||||
Investments | 42,101 | 34,331 | ||||||||||
Other non-current assets | 160,675 | 212,613 | ||||||||||
Total assets | 959,568 | 706,558 | ||||||||||
As of March 31, | ||||||||||||
2021 | 2022 | |||||||||||
RMB | RMB | |||||||||||
Amounts due to non-VIE subsidiaries of the Company(2) | 1,381,497 | 1,405,464 | ||||||||||
Accounts payable | 721 | 552 | ||||||||||
Salaries and welfare payable | 579 | 4,464 | ||||||||||
Advances from customers | 77 | 89 | ||||||||||
Taxes payable | 694 | 1,656 | ||||||||||
Amounts due to related parties | 1,329 | 1,331 | ||||||||||
Accruals and other current liabilities | 258,077 | 217,527 | ||||||||||
Deferred tax liabilities | 16,118 | 10,704 | ||||||||||
Total liabilities | 1,659,092 | 1,641,787 | ||||||||||
Total shareholders’ deficit | (699,524 | ) | (935,229 | ) | ||||||||
Year ended March 31, | ||||||||||||
2020 | 2021 | 2022 | ||||||||||
RMB | RMB | RMB | ||||||||||
Third-party revenues | 94,829 | 85,012 | 69,793 | |||||||||
Inter-company revenues | 42,749 | 25,679 | 31,816 | |||||||||
Third-party costs and expenses | (120,913 | ) | (95,454 | ) | (187,958 | ) | ||||||
Inter-company costs and expenses (3) | (28,733 | ) | (32,490 | ) | (15,779 | ) | ||||||
Third-party other operating income | 1,793 | 5,983 | 2,415 | |||||||||
Inter-company other operating income/(loss) | 6,915 | — | (197,698 | ) | ||||||||
(Expense)/income from non-operations | (2,076 | ) | 8,197 | 12,750 | ||||||||
Loss before income tax benefit | (5,436 | ) | (3,073 | ) | (284,661 | ) | ||||||
Add: Income tax benefit | 1,343 | 4,794 | 14,689 | |||||||||
Net (loss)/profit | (4,093 | ) | 1,721 | (269,972 | ) | |||||||
Year ended March 31, | ||||||||||||
2020 | 2021 | 2022 | ||||||||||
RMB | RMB | RMB | ||||||||||
Inter-company payment for service charge | — | (39,859 | ) | (40,409 | ) | |||||||
Other operating activities with non-VIE subsidiaries (4) | 196,796 | 68,317 | 131,050 | |||||||||
Operating activities with external parties | (10,085 | ) | (3,132 | ) | (69,065 | ) | ||||||
Net cash provided by operating activities | 186,711 | 25,326 | 21,576 | |||||||||
Net cash (used in)/provided by investing activities | (38,652 | ) | (202,312 | ) | 28,143 | |||||||
Net cash provided by financing activities | 960 | — | — | |||||||||
Net increase/(decrease) in cash and cash equivalents and restricted cash | 149,019 | (176,986 | ) | 49,719 |
Year ended March 31, | ||||||||||||
2019 | 2020 | 2021 | ||||||||||
RMB | RMB | RMB | ||||||||||
Net cash (used in)/provided by operating activities | (165,708 | ) | 186,711 | 25,326 | ||||||||
Net cash used in investing activities | (39,369 | ) | (38,652 | ) | (202,312 | ) | ||||||
Net cash provided by financing activities | 1,490 | 960 | — | |||||||||
Net (decrease)/increase in cash and cash equivalents and restricted cash | (203,587 | ) | 149,019 | (176,986 | ) |
(a) | Basis of presentation and consolidation |
(b) | Principles of consolidation |
(c) | Business combination and non-controlling interests |
(d) | Use of estimates |
(e) | Foreign currency translation |
(f) | Convenience translation |
(g) | Fair value measurement |
(h) | Cash and cash equivalents |
(i) | Restricted cash |
(j) | Short-term investments |
(k) | Loan receivables, net |
(l) | Inventories, net |
(m) | Property, equipment and software, net |
Electronic equipment | 3 years | |
Furniture and office equipment | 5 years | |
Computer | 3- 10 years | |
Vehicles | 5 years | |
Leasehold improvements | Shorter of the expected use life or the lease term |
(n) | Intangible assets, net |
Domain name | ||
Trademarks | ||
Insurance agency license | 20 years | |
Broadcasting | ||
Buyer and customer relationship | ||
Brand | ||
Technology | ||
Strategic business resources | 3-5 years |
(o) | Goodwill |
(p) | Investments |
(q) | Impairment of long-lived assets |
(r) | Short-term borrowings |
(s) | Revenue recognition |
User incentives |
Cost of revenue |
Sales and marketing expenses |
Research and development expenses |
General and administrative expenses |
Government grants |
Operating leases |
Share-based compensation |
Treasury stock |
Employee benefits |
Taxation |
Statutory reserves |
Comprehensive income/(loss) |
(ag) | Net income/(loss) per share |
Segment reporting |
Recent accounting pronouncements |
Amount | Estimated useful lives | |||||||
RMB | ||||||||
Net assets acquired (1) | 12,639 | |||||||
Amortizable intangible assets | ||||||||
Customer Relationship | 39,500 | 5 years | ||||||
Technology | 9,900 | 5 years | ||||||
Goodwill (2) | 63,460 | |||||||
Deferred tax liabilities | (12,350 | ) | ||||||
Noncontrolling interests (3) | (44,993 | ) | ||||||
68,156 | ||||||||
Amount | ||||
RMB | ||||
Total purchase price is comprised of: | ||||
- fair value of previously held equity interests | 18,156 | |||
- cash consideration | 50,000 | |||
Total | 68,156 | |||
(1) | Net assets acquired primarily included cash and cash equivalents of RMB13,868, prepayments and other current assets of RMB8,427, property, equipment and software of RMB91, intangible assets, net of RMB39, other non-current assets, net of RMB91, accounts payable of RMB465, salaries and welfare payable of RMB123, advances from customers of RMB156, taxes payable of RMB277, accruals and other current liabilities of RMB8,617 and non-current liabilities of RMB239 as of the date of the acquisition. |
(2) | Goodwill arising from this acquisition was attributable to the synergies expected from using the operating experience of Ruisha Technology to boost the Company’s 2B business. |
(3) | Fair value of the noncontrolling interests was estimated based on the equity value of Ruisha Technology derived by the purchase consideration, adjusted for a discount for control premium. |
(a) | Concentration of credit risk |
(b) | Concentration of customers and suppliers |
(c) | Foreign currency exchange rate risk |
(d) | Certain risks and uncertainties |
For the year ended March 31, | For the year ended March 31, | |||||||||||||||||||||||
2019 | 2020 | 2021 | 2020 | 2021 | 2022 | |||||||||||||||||||
RMB | RMB | RMB | RMB | RMB | RMB | |||||||||||||||||||
Technology services | 38,963 | 27,676 | 28,505 | |||||||||||||||||||||
Online direct sales | 62,114 | 57,309 | 515 | 57,309 | 515 | 208 | ||||||||||||||||||
Promotion services revenue | 6,687 | 9,125 | 7,772 | |||||||||||||||||||||
Others | 20,650 | 14,985 | 14,140 | 8,298 | 5,015 | 6,930 | ||||||||||||||||||
Total | 121,727 | 99,970 | 43,160 | 72,294 | 14,655 | 14,910 | ||||||||||||||||||
For the year ended March 31, | For the year ended March 31, | |||||||||||||||||||||||
2019 | 2020 | 2021 | 2020 | 2021 | 2022 | |||||||||||||||||||
RMB | RMB | RMB | RMB | RMB | RMB | |||||||||||||||||||
Government grants | 13,430 | 13,938 | 15,819 | 13,938 | 15,819 | 8,608 | ||||||||||||||||||
Merchant penalty income (1) | — | — | 12,383 | — | 12,383 | 8,598 | ||||||||||||||||||
Refund from depositary bank (Note 14(3)) | 315 | 1,303 | 12,096 | 1,303 | 12,096 | 4,058 | ||||||||||||||||||
Exchange (losses)/gains | (7,068 | ) | (4,136 | ) | 5,574 | (4,136 | ) | 5,574 | 1,214 | |||||||||||||||
Gains on disposal of property and equipment | 772 | 666 | 1,468 | |||||||||||||||||||||
Gains/(losses) on disposal of property and equipment | 666 | 1,468 | (448 | ) | ||||||||||||||||||||
Others | 1,312 | (299 | ) | 2,545 | (299 | ) | 2,545 | 3,397 | ||||||||||||||||
Total | 8,761 | 11,472 | 49,885 | 11,472 | 49,885 | 25,427 | ||||||||||||||||||
(1) | Merchant penalty income represents the penalties charged to the merchants that have quality and/or service issues based on the agreements with the merchants. The Company may use the penalty received from the merchants to settle |
Fair value measurement at reporting date using | Fair value measurement at reporting date using | |||||||||||||||||||||||||||||||
Description | Fair value as of March 31, 2020 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair value as of March 31, 2021 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||
RMB | RMB | RMB | RMB | RMB | RMB | RMB | RMB | |||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Short-term investments | 238,000 | 0 | 238,000 | — | ||||||||||||||||||||||||||||
- wealth management products | 260,000 | — | 260,000 | — | ||||||||||||||||||||||||||||
- equity securities with readily determinable fair value s | 245 | 245 | — | — | ||||||||||||||||||||||||||||
Available-for-sale | 102,373 | 0 | — | 102,373 | 51,346 | — | — | 51,346 | ||||||||||||||||||||||||
Total assets | 340,373 | 0 | 238,000 | 102,373 | 311,591 | 245 | 260,000 | 51,346 | ||||||||||||||||||||||||
Fair value measurement at reporting date using | Fair value measurement at reporting date using | |||||||||||||||||||||||||||||||
Description | Fair value as of March 31, 2021 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair value as of March 31, 2022 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||
RMB | RMB | RMB | RMB | RMB | RMB | RMB | RMB | |||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Short-term investments | ||||||||||||||||||||||||||||||||
-wealth management products | 260,000 | 0 | 260,000 | 0 | ||||||||||||||||||||||||||||
- equity securities with readily determinable fair value | 245 | 245 | 0 | 0 | ||||||||||||||||||||||||||||
- wealth management products | 190,000 | — | 190,000 | — | ||||||||||||||||||||||||||||
- equity securities with readily determinable fair value s | 6,853 | 6,853 | — | — | ||||||||||||||||||||||||||||
Available-for-sale | 51,346 | 0 | 0 | 51,346 | 44,873 | — | — | 44,873 | ||||||||||||||||||||||||
Total assets | 311,591 | 245 | 260,000 | 51,346 | 241,726 | 6,853 | 190,000 | 44,873 | ||||||||||||||||||||||||
iSNOB | Ruisha Technology | Huzan | Xuanwei | Kuailaimai | Others | Total | iSNOB | Ruisha Technology | Huzan | Xuanwei | Poppy | Others | Total | |||||||||||||||||||||||||||||||||||||||||||
RMB | RMB | RMB | RMB | RMB | RMB | RMB | ||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value of Level 3 investments as at March 31, 2019 | 38,378 | 0 | 19,822 | 0 | 14,259 | 0 | 72,459 | |||||||||||||||||||||||||||||||||||||||||||||||||
Addition | 0 | 7,050 | 0 | 3,525 | 0 | 5,000 | 15,575 | |||||||||||||||||||||||||||||||||||||||||||||||||
Impairment | 0 | 0 | 0 | 0 | (14,259 | ) | 0 | (14,259 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Effect of currency translation adjustment | 2,004 | 0 | 1,036 | 0 | 0 | 0 | 3,040 | |||||||||||||||||||||||||||||||||||||||||||||||||
The change in fair value of the investments | 36,459 | 573 | (9,862 | ) | 0 | 0 | (1,612 | ) | 25,558 | |||||||||||||||||||||||||||||||||||||||||||||||
RMB | RMB | RMB | RMB | RMB | RMB | RMB | ||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value of Level 3 investments as at March 31, 2020 | 76,841 | 7,623 | 10,996 | 3,525 | 0 | 3,388 | 102,373 | 76,841 | 7,623 | 10,996 | 3,525 | 0— | 3,388 | 102,373 | ||||||||||||||||||||||||||||||||||||||||||
Addition | 0 | 0 | 0 | 0 | 0 | 8,000 | 8,000 | 0— | 0— | 0— | 0— | 0— | 8,000 | 8,000 | ||||||||||||||||||||||||||||||||||||||||||
Disposal* | (59,243 | ) | 0 | 0 | (3,525 | ) | 0 | 0 | (62,768 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Disposal (1) | (59,243 | ) | 0— | 0— | (3,525 | ) | 0— | 0— | (62,768 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Impairment | 0 | 0 | (4,055 | ) | 0 | 0 | (3,388 | ) | (7,443 | ) | 0— | 0— | (4,055 | ) | 0— | 0— | (3,388 | ) | (7,443 | ) | ||||||||||||||||||||||||||||||||||||
Effect of currency translation adjustment | (3,717 | ) | 0 | (110 | ) | 0 | 0 | 0 | (3,827 | ) | (3,717 | ) | 0— | (110 | ) | 0— | 0— | 0— | (3,827 | ) | ||||||||||||||||||||||||||||||||||||
The change in fair value of the investments | 8,714 | 11,442 | (5,145 | ) | 0 | 0 | 0 | 15,011 | 8,714 | 11,442 | (5,145 | ) | 0— | 0— | 0— | 15,011 | ||||||||||||||||||||||||||||||||||||||||
Fair value of Level 3 investments as at March 31, 2021 | 22,595 | 19,065 | 1,686 | 0 | 0 | 8,000 | 51,346 | 22,595 | 19,065 | 1,686 | 0— | 0— | 8,000 | 51,346 | ||||||||||||||||||||||||||||||||||||||||||
Addition | 0— | 0— | 0— | 0— | 16,215 | 5,600 | 21,815 | |||||||||||||||||||||||||||||||||||||||||||||||||
Disposal (2) | 0— | (18,157 | ) | 0— | 0— | 0— | (3,000 | ) | (21,157 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Impairment | 0— | 0— | (1,635 | ) | 0— | 0— | (3,000 | ) | (4,635 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Effect of currency translation adjustment | (677 | ) | 0— | (51 | ) | 0— | (344 | ) | 0— | (1,072 | ) | |||||||||||||||||||||||||||||||||||||||||||||
The change in fair value of the investments | 0— | (908 | ) | 0— | 0— | 0— | (516 | ) | (1,424 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Fair value of Level 3 investments as at March 31, 2022 | 21,918 | 0— | 0— | 0— | 15,871 | 7,084 | 44,873 | |||||||||||||||||||||||||||||||||||||||||||||||||
For the year ended March 31, 2021, the amount of disposal in the roll forward included a reclassification adjustment of RMB46,029, representing the unrealized security holding gains for the disposed portion that were previously recorded as other comprehensive income and was reclassified as the gain from investments included in net loss in connection with the disposal. |
(2) | For the year ended March 31, 2022, the Company derecognized the available-for-sale debt security investment and recycled the previously recognized fair value change recorded as other comprehensive income of RMB11,106 into the gain from investments (Note 10). |
For the years ended March 31, | For the years ended March 31, | |||||||||||||||||||||||
2019 | 2020 | 2021 | 2020 | 2021 | 2022 | |||||||||||||||||||
Lack of marketability discount | 30% | 30% | 30% | 30% | 30% | 30% | ||||||||||||||||||
Risk-free rate | 2.25%-2.60% | 0.3%~2.29% | 0.5% | 0.3%-2.29% | 0.5% | 2%-3% | ||||||||||||||||||
Expected volatility | 45%-52.68% | 42%~54% | 45% | 42%-54% | 45% | 30%-46% | ||||||||||||||||||
Revenue multiple | 2.80-18.74 | 5.09~11.18 | 7.92 | 5.09-11.18 | 7.92 | 1-10 | ||||||||||||||||||
Net profit multiple | 21.23 | 8.95 | 16 | 8.95 | 16 | 25 |
For the years ended March 31, | ||||||||
2020 | 2021 | |||||||
Unobservable Inputs | ||||||||
Revenue growth rate | 12%~217% | 8%~327% | ||||||
Weighted average cost of capital | 20% | 30% | ||||||
Lack of marketability discount | 30% | 30% | ||||||
EBIT margin rate | (29.5%)~27.3% | 17%~29% |
As of March 31, | ||||||||
2020 | 2021 | |||||||
RMB | RMB | |||||||
Loan receivables - principals | 134,246 | 126,597 | ||||||
- service fee | 2,034 | 1,983 | ||||||
Allowance for doubtful accounts | (23,169 | ) | (28,615 | ) | ||||
Loan receivables, net | 113,111 | 99,965 | ||||||
As of March 31, | ||||||||
2021 | 2022 | |||||||
RMB | RMB | |||||||
Loan receivables - principal | 126,597 | 54,211 | ||||||
- service fee | 1,983 | 772 | ||||||
Allowance for doubtful accounts | (28,615 | ) | (28,195 | ) | ||||
Loan receivables, net | 99,965 | 26,788 | ||||||
For the year ended March 31, | ||||||||||||
2019 | 2020 | 2021 | ||||||||||
RMB | RMB | RMB | ||||||||||
Balance at beginning of year | (1,222 | ) | (4,633 | ) | (23,169 | ) | ||||||
Additions | (3,754 | ) | (18,536 | ) | (5,446 | ) | ||||||
Reversals | 343 | 0 | 0 | |||||||||
Balance at end of year | (4,633 | ) | (23,169 | ) | (28,615 | ) | ||||||
For the year ended March 31, | ||||||||||||
2020 | 2021 | 2022 | ||||||||||
RMB | RMB | RMB | ||||||||||
Balance at beginning of year | (4,633 | ) | (23,169 | ) | (28,615 | ) | ||||||
Additions | (18,536 | ) | (5,446 | ) | — | |||||||
Reversals | — | — | 420 | |||||||||
Balance at end of year | (23,169 | ) | (28,615 | ) | (28,195 | ) | ||||||
As of March 31, | As of March 31, | |||||||||||||||
2020 | 2021 | 2021 | 2022 | |||||||||||||
RMB | RMB | RMB | RMB | |||||||||||||
Prepayments and other current assets | ||||||||||||||||
Receivables from third-party payment service providers (1) | 28,703 | 21,231 | 21,231 | 8,988 | ||||||||||||
Receivables of technology service | 20,460 | 17,155 | 17,155 | 22,787 | ||||||||||||
Other prepaid expenses | 15,987 | 11,504 | 11,504 | 4,969 | ||||||||||||
VAT receivables | 12,187 | 10,931 | 10,931 | 8,941 | ||||||||||||
Deposits | 6,699 | 3,054 | 3,054 | 2,515 | ||||||||||||
Receivables of financing facilitation service | 4,054 | 2,844 | 2,844 | 1,806 | ||||||||||||
Prepaid promotion fees | 3,468 | 2,065 | 2,065 | 184 | ||||||||||||
Employee loans and advances | 634 | 267 | 267 | 667 | ||||||||||||
Interest receivable | 735 | 246 | 246 | 343 | ||||||||||||
Others | 7,703 | 10,073 | 10,073 | 5,756 | ||||||||||||
Less: Allowance for doubtful accounts | (1,522 | ) | (1,691 | ) | (1,691 | ) | (1,821 | ) | ||||||||
Total prepayments and other current assets | 99,108 | 77,679 | 77,679 | 55,135 | ||||||||||||
Other non-current assets | ||||||||||||||||
Prepayment for office building (2) | — | 146,300 | 146,300 | 198,550 | ||||||||||||
Long-term deposit | 13,656 | 16,284 | 16,284 | 16,414 | ||||||||||||
Prepayment for trademark | 527 | 527 | 527 | — | ||||||||||||
Total non-current assets | 14,183 | 163,111 | 163,111 | 214,964 | ||||||||||||
(1) | Receivables from third party payment service providers represent cash due from the Group’s third party on-line payment service providers in relation to their processing of paymentsfor the Group. As of March 31, |
(2) | On August 8, 2020, the Group entered into an agreement with a third-party company to purchase an office building located in Hangzhou, China for a total consideration of RMB209,000. The building is under construction and is scheduled to be completed and delivered to the Group in 2023. As of March 31, 2021 and 2022, the Group has paid RMB146,300 and RMB198,550 for the office building 2023 (Note 21(b)). |
For the year ended March 31, | For the year ended March 31, | |||||||||||||||||||||||
2019 | 2020 | 2021 | 2020 | 2021 | 2022 | |||||||||||||||||||
RMB | RMB | RMB | RMB | RMB | RMB | |||||||||||||||||||
Balance at beginning of year | (563 | ) | (563 | ) | (1,522 | ) | (563 | ) | (1,522 | ) | (1,691 | ) | ||||||||||||
Additions | 0 | (959 | ) | (169 | ) | (959 | ) | (169 | ) | (268 | ) | |||||||||||||
Write-offs | — | — | 138 | |||||||||||||||||||||
Balance at end of year | (563 | ) | (1,522 | ) | (1,691 | ) | (1,522 | ) | (1,691 | ) | (1,821 | ) | ||||||||||||
As of March 31, | As of March 31, | |||||||||||||||
2020 | 2021 | 2021 | 2022 | |||||||||||||
RMB | RMB | RMB | RMB | |||||||||||||
Available-for-sale | ||||||||||||||||
iSNOB Holdings Limited (“iSNOB”) | 76,841 | 22,595 | 22,595 | 21,918 | ||||||||||||
Hangzhou Ruisha Technology Co., Ltd. (“Ruisha Technology”) | 7,623 | 19,065 | 19,065 | — | ||||||||||||
Huzan Inc. (“Huzan”) | 10,996 | 1,686 | 1,686 | — | ||||||||||||
Xuanwei Limited (“Xuanwei”) | 3,525 | 0 | — | — | ||||||||||||
Shanghai Kuailaimai Information and Technology Co., Ltd. (“Kuailaimai”) | 0 | 0 | — | — | ||||||||||||
Poppy Mobile Inc. (“Poppy”) | — | 15,871 | ||||||||||||||
Others | 3,388 | 8,000 | 8,000 | 7,084 | ||||||||||||
102,373 | 51,346 | 51,346 | 44,873 | |||||||||||||
Equity method investments | ||||||||||||||||
JM Weshop (Cayman) Inc. (“JM Weshop”) | 0 | 0 | ||||||||||||||
Jiaxing Neixiangyoupan Equity investment Fund Partnership (limited partnership) (“Neixiangyoupan”) | 0 | 11,522 | 11,522 | 25,842 | ||||||||||||
Other s | 0 | 3,514 | ||||||||||||||
Others | 3,514 | 1,405 | ||||||||||||||
0 | 15,036 | 15,036 | 27,247 | |||||||||||||
Tota l | 102,373 | 66,382 | ||||||||||||||
Total | 66,382 | 72,120 | ||||||||||||||
As of March 31, | As of March 31, | |||||||||||||||
2020 | 2021 | 2021 | 2022 | |||||||||||||
RMB | RMB | RMB | RMB | |||||||||||||
Cost | 46,810 | 25,571 | 25,571 | 28,601 | ||||||||||||
Unrealized gains, including foreign exchange adjustment | 55,563 | 25,775 | 25,775 | 16,272 | ||||||||||||
Fair Valu e | 102,373 | 51,346 | ||||||||||||||
Fair Value | 51,346 | 44,873 | ||||||||||||||
As of March 31, | ||||
2020 | ||||
RMB | ||||
Investment cost | 158,777 | |||
Foreign currency translation | 14,786 | |||
Surrender 10% of ordinary shares held | (25,132 | ) | ||
Total investment cost | 148,431 | |||
Value booked under equity method | ||||
Share of cumulative loss | (113,182 | ) | ||
Share of other comprehensive loss | (1,331 | ) | ||
Total booked value under equity method | (114,513 | ) | ||
Impairment | (33,918 | ) | ||
Net book value | ||||
As of March 31, | ||||||||
2020 | 2021 | |||||||
RMB | RMB | |||||||
Electronic equipment | 29,480 | 13,472 | ||||||
Furniture and office equipment | 8,707 | 7,122 | ||||||
Leasehold improvements | 31,132 | 28,417 | ||||||
Vehicles | 307 | 1,291 | ||||||
Computer softwares | 3,858 | 3,628 | ||||||
Subtotal | 73,484 | 53,930 | ||||||
Less: Accumulated depreciation and amortization | (59,375 | ) | (43,150 | ) | ||||
Property, equipment and software, net | 14,109 | 10,780 | ||||||
As of March 31, | ||||||||
2021 | 2022 | |||||||
RMB | RMB | |||||||
Electronic equipment | 13,472 | 13,399 | ||||||
Furniture and office equipment | 7,122 | 5,675 | ||||||
Leasehold improvements | 28,417 | 29,556 | ||||||
Vehicles | 1,291 | 1,405 | ||||||
Computer softwares | 3,628 | 3,473 | ||||||
Subtotal | 53,930 | 53,508 | ||||||
Less: accumulated depreciation and amortization | (43,150 | ) | (45,806 | ) | ||||
Property, equipment and software, net | 10,780 | 7,702 | ||||||
As of March 31, 2020 | ||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Accumulated Impairment Amount | Net Carrying Amount | |||||||||||||
RMB | RMB | RMB | RMB | |||||||||||||
Domain name | 13,196 | (2,389 | ) | — | 10,807 | |||||||||||
Trademarks | 603 | (70 | ) | — | 533 | |||||||||||
Insurance agency license | 2,848 | (463 | ) | — | 2,385 | |||||||||||
Broadcasting License | 86,667 | (10,833 | ) | — | 75,834 | |||||||||||
Buyer and customer relationship | 462,770 | (462,770 | ) | — | — | |||||||||||
Brand | 184,470 | (172,110 | ) | (12,360 | ) | — | ||||||||||
Strategic business resources | 1,492,404 | (768,952 | ) | — | 723,452 | |||||||||||
Technology | 22,940 | (20,926 | ) | (2,014 | ) | — | ||||||||||
Total | 2,265,898 | (1,438,513 | ) | (14,374 | ) | 813,011 | ||||||||||
As of March 31, 2021 | As of March 31, 2021 | |||||||||||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Accumulated Impairment Amount | Net Carrying Amount | Gross carrying amount | Accumulated amortization | Accumulated impairment amount | Net carrying amount | |||||||||||||||||||||||||
RMB | RMB | RMB | RMB | RMB | RMB | RMB | RMB | |||||||||||||||||||||||||
Domain name | 12,502 | (3,130 | ) | — | 9,372 | 12,502 | (3,130 | ) | — | 9,372 | ||||||||||||||||||||||
Trademarks | 539 | (100 | ) | — | 439 | 539 | (100 | ) | — | 439 | ||||||||||||||||||||||
Insurance agency license | 2,848 | (605 | ) | — | 2,243 | 2,848 | (605 | ) | — | 2,243 | ||||||||||||||||||||||
Broadcasting License | 86,667 | (29,405 | ) | — | 57,262 | |||||||||||||||||||||||||||
Broadcasting license | 86,667 | (29,405 | ) | — | 57,262 | |||||||||||||||||||||||||||
Buyer and customer relationship | 462,770 | (462,770 | ) | — | — | 462,770 | (462,770 | ) | — | — | ||||||||||||||||||||||
Brand | 184,470 | (172,110 | ) | (12,360 | ) | — | 184,470 | (172,110 | ) | (12,360 | ) | — | ||||||||||||||||||||
Strategic business resources | 1,405,551 | (1,048,862 | ) | — | 356,689 | 1,405,551 | (1,048,862 | ) | — | 356,689 | ||||||||||||||||||||||
Technology | 22,940 | (20,926 | ) | (2,014 | ) | — | 22,940 | (20,926 | ) | (2,014 | ) | — | ||||||||||||||||||||
Total | 2,178,287 | (1,737,908 | ) | (14,374 | ) | 426,005 | 2,178,287 | (1,737,908 | ) | (14,374 | ) | 426,005 | ||||||||||||||||||||
As of March 31, 2022 | ||||||||||||||||||||||||||||||||
Gross carrying amount | Accumulated amortization | Accumulated impairment amount | Net carrying amount | |||||||||||||||||||||||||||||
RMB | RMB | RMB | RMB | |||||||||||||||||||||||||||||
Domain name | 11,540 | (3,451 | ) | (8,072 | ) | 17 | ||||||||||||||||||||||||||
Trademarks | 1,481 | (489 | ) | — | 992 | |||||||||||||||||||||||||||
Insurance agency license | 2,848 | (748 | ) | (2,100 | ) | — | ||||||||||||||||||||||||||
Broadcasting license | 86,667 | (47,977 | ) | (38,690 | ) | — | ||||||||||||||||||||||||||
Buyer and customer relationship | 502,270 | (468,037 | ) | — | 34,233 | |||||||||||||||||||||||||||
Brand | 184,470 | (172,110 | ) | (12,360 | ) | — | ||||||||||||||||||||||||||
Strategic business resources | 1,367,838 | (1,321,838 | ) | — | 46,000 | |||||||||||||||||||||||||||
Technology | 32,840 | (22,246 | ) | (2,014 | ) | 8,580 | ||||||||||||||||||||||||||
Total | 2,189,954 | (2,036,896 | ) | (63,236 | ) | 89,822 | ||||||||||||||||||||||||||
For the years ended March 31, | RMB | RMB | ||||||
2022 | 333,088 | |||||||
2023 | 62,703 | 56,044 | ||||||
2024 | 19,528 | 10,044 | ||||||
2025 | 2,448 | 10,041 | ||||||
2026 | 760 | 10,032 | ||||||
2027 | 3,425 | |||||||
Thereafter | 7,478 | 236 | ||||||
426,005 | 89,822 | |||||||
Cross-border business | Domestic business | Total | ||||||||||
RMB | RMB | RMB | ||||||||||
Balance as of March 31, 2019 | ||||||||||||
Goodwill | 96,236 | 1,568,653 | 1,664,889 | |||||||||
Accumulated impairment loss | (96,236 | ) | — | (96,236 | ) | |||||||
— | 1,568,653 | 1,568,653 | ||||||||||
Transaction during the years | ||||||||||||
Impairment recognized during the year ended March 31, 2020 (Note (a)) | — | (1,382,149 | ) | (1,382,149 | ) | |||||||
Balance as of March 31, 2020 and 2021 | ||||||||||||
Goodwill | 96,236 | 1,568,653 | 1,664,889 | |||||||||
Accumulated impairment loss | (96,236 | ) | (1,382,149 | ) | (1,478,385 | ) | ||||||
— | 186,504 | 186,504 | ||||||||||
Cross-border business* | LVB focused online business | Brands and customized services business | Total | |||||||||||||
RMB | RMB | RMB | RMB | |||||||||||||
Balance as of March 31, 2020 and 2021 | ||||||||||||||||
Goodwill | 96,236 | 1,568,653 | — | 1,664,889 | ||||||||||||
Accumulated impairment loss | (96,236 | ) | (1,382,149 | ) | — | (1,478,385 | ) | |||||||||
— | 186,504 | — | 186,504 | |||||||||||||
Transaction during the year | ||||||||||||||||
Addition (Note (a)) | — | — | 63,460 | 63,460 | ||||||||||||
Impairment recognized during the year ended March 31, 2022 (Note (b)) | — | (186,504 | ) | — | (186,504 | ) | ||||||||||
Balance as of March 31, 2022 | ||||||||||||||||
Goodwill | 96,236 | 1,568,653 | 63,460 | 1,728,349 | ||||||||||||
Accumulated impairment loss | (96,236 | ) | (1,568,653 | ) | — | (1,664,889 | ) | |||||||||
— | — | 63,460 | 63,460 | |||||||||||||
* | The cross-border business was terminated in the year ended March 31, 2017. |
(a) | During the year ended March 31, 2022, the addition in goodwill was in relation to the acquisition of Ruisha Technology in July 2021 (Note 3). Goodwill resulting from the acquisition has been allocated to the brands and customized services business reporting unit of the Company. |
(b) | Goodwill impairment |
As of March 31, | As of March 31, | |||||||||||||||
2020 | 2021 | 2021 | 2022 | |||||||||||||
RMB | RMB | RMB | RMB | |||||||||||||
Accrued liabilities and other current liabilities | ||||||||||||||||
Deposits from merchants (1) | 193,479 | 159,035 | 159,035 | 116,314 | ||||||||||||
Receipts under custody (2) | 147,592 | 140,084 | 140,084 | 134,106 | ||||||||||||
Accrued advertisement expenses | 15,315 | 12,105 | 12,105 | 6,091 | ||||||||||||
Payable for Broadcasting License acquired (Note 12) | 13,000 | 0 | ||||||||||||||
Accrued expenses | 9,131 | 7,426 | 7,426 | 6,932 | ||||||||||||
Other payables | 15,019 | 14,477 | 14,477 | 9,195 | ||||||||||||
393,536 | 333,127 | 333,127 | 272,638 | |||||||||||||
Non-current | ||||||||||||||||
Initial reimbursement payment from depositary bank (3) | 3,644 | 2,151 | 2,151 | 890 | ||||||||||||
397,180 | 335,278 | 335,278 | 273,528 | |||||||||||||
(1) | The customer deposits mainly represent the cash deposits as collateral collected from the merchants of the online platform. The deposit can be withdrawn immediately after the merchants terminate its online shop on the platform. |
(2) | The receipts under custody mainly represent the amounts received by the Group from the registered users for their purchase through the Company’s online market platform, and have not been remitted to the third-party merchants yet. |
(3) | The Company received initial reimbursement payment of US$935 (RMB6,297) from depositary bank in January 2019. The amount was recorded ratably as other income over a 5 - year arrangement period. For the year ended March 31, 2020, 2021 and |
(a) | Value-added tax (“VAT”) and surcharges |
(b) | Income taxes |
For the year ended March 31, | ||||||||||||
2019 | 2020 | 2021 | ||||||||||
RMB | RMB | RMB | ||||||||||
Current income tax expenses | (6,051 | ) | (2,119 | ) | (9,825 | ) | ||||||
Deferred income tax benefits | 23,268 | 2,709 | 4,644 | |||||||||
17,217 | 590 | (5,181) | ||||||||||
For the year ended March 31, | ||||||||||||
2020 | 2021 | 2022 | ||||||||||
RMB | RMB | RMB | ||||||||||
Current income tax expense | (2,119 | ) | (9,825 | ) | (1,450 | ) | ||||||
Deferred income tax benefit | 2,709 | 4,644 | 15,962 | |||||||||
590 | (5,181 | ) | 14,512 | |||||||||
For the year ended March 31, | ||||||||||||
2019 | 2020 | 2021 | ||||||||||
RMB | RMB | RMB | ||||||||||
Loss before tax | ||||||||||||
Loss from PRC entities | (426,044 | ) | (310,312 | ) | (61,292 | ) | ||||||
Loss from overseas entities | (77,448 | ) | (1,913,916 | ) | (261,498 | ) | ||||||
Total loss before tax | (503,492 | ) | (2,224,228 | ) | (322,790 | ) | ||||||
For the year ended March 31, | ||||||||||||
2019 | 2020 | 2021 | ||||||||||
RMB | RMB | RMB | ||||||||||
Income tax benefits/(expenses) | ||||||||||||
Current income tax expenses | (6,051 | ) | (2,119 | ) | (9,825 | ) | ||||||
Deferred tax benefits | 23,268 | 2,709 | 4,644 | |||||||||
Total income tax benefits/(expenses) | 17,217 | 590 | (5,181 | ) | ||||||||
For the year ended March 31, | ||||||||||||
2020 | 2021 | 2022 | ||||||||||
RMB | RMB | RMB | ||||||||||
Loss before tax | ||||||||||||
Loss from PRC entities | (310,312 | ) | (61,292 | ) | (138,698 | ) | ||||||
Loss from Cayman Islands and Hong Kong entities | (1,913,916 | ) | (261,498 | ) | (518,188 | ) | ||||||
Total loss before tax | (2,224,228 | ) | (322,790 | ) | (656,886 | ) | ||||||
For the year ended March 31, | ||||||||||||
2020 | 2021 | 2022 | ||||||||||
RMB | RMB | RMB | ||||||||||
Income tax benefit/(expense) | ||||||||||||
Current income tax expense | (2,119 | ) | (9,825 | ) | (1,450 | ) | ||||||
Deferred tax benefit | 2,709 | 4,644 | 15,962 | |||||||||
Total income tax benefit/(expense) | 590 | (5,181 | ) | 14,512 | ||||||||
For the year ended March 31, | For the year ended March 31, | |||||||||||||||||||||||
2019 | 2020 | 2021 | 2020 | 2021 | 2022 | |||||||||||||||||||
PRC Statutory tax rate | 25% | 25% | 25% | 25% | 25% | 25% | ||||||||||||||||||
Difference in EIT rates of certain subsidiaries | (3% | ) | (23% | ) | (21% | ) | (23% | ) | (21% | ) | (29% | ) | ||||||||||||
Permanent book – tax difference | (5% | ) | (1% | ) | (2% | ) | (1% | ) | (2% | ) | (8% | ) | ||||||||||||
Additional deduction for research and development expenditures | 2% | 1% | 3% | 1% | 3% | 1% | ||||||||||||||||||
Changes in valuation allowance | (16% | ) | (2% | ) | (6% | ) | (2% | ) | (6% | ) | 13% | |||||||||||||
Effective tax rate | 3% | 0% | (1% | ) | 0% | (1% | ) | 2% | ||||||||||||||||
(c) | Deferred tax assets and liabilities |
As of March 31, | As of March 31, | |||||||||||||||
2020 | 2021 | 2021 | 2022 | |||||||||||||
RMB | RMB | RMB | RMB | |||||||||||||
Deferred tax assets: | ||||||||||||||||
- Tax losses carried forward | 556,851 | 351,618 | 351,618 | 282,984 | ||||||||||||
- Carryforwards of un-deducted advertising expenses | 182,318 | 175,148 | 175,148 | 167,812 | ||||||||||||
- Accruals and other liabilities | 6,821 | 5,167 | 5,167 | 5,773 | ||||||||||||
- Provision for doubtful accounts | 5,792 | 7,407 | 7,407 | 7,879 | ||||||||||||
- Impairment of available-for-sale | 1,125 | 1,633 | 1,633 | 1,255 | ||||||||||||
Less: valuation allowance | (752,907 | ) | (540,973 | ) | (540,973 | ) | (465,703 | ) | ||||||||
Net deferred tax assets | 0 | 0 | — | — | ||||||||||||
Deferred tax liabilities: | ||||||||||||||||
- Recognition of intangible assets arisen from business combination and unrealized holding gain | 2,571 | 3,212 | 3,212 | 12,112 | ||||||||||||
- Recognition of acquired broadcasting license | 18,958 | 14,314 | 14,314 | — | ||||||||||||
Net deferred tax liabilities | 21,529 | 17,526 | 17,526 | 12,112 | ||||||||||||
At December 31, | RMB | RMB | ||||||
2021 | 300,138 | |||||||
2022 | 147,361 | 90,482 | ||||||
2023 | 57,955 | 34,546 | ||||||
2024 | 244,563 | 239,847 | ||||||
2025 | 536,987 | 531,038 | ||||||
2026 | 195,502 | |||||||
Thereafter | 682,339 | 605,057 | ||||||
1,969,343 | 1,696,472 | |||||||
For the year ended March 31, | For the year ended March 31, | |||||||||||||||||||||||
2019 | 2020 | 2021 | 2020 | 2021 | 2022 | |||||||||||||||||||
RMB | RMB | RMB | RMB | RMB | RMB | |||||||||||||||||||
Balance at beginning of the period | 780,179 | 860,698 | 752,907 | 860,698 | 752,907 | 540,973 | ||||||||||||||||||
Addition | 83,516 | 21,180 | 16,934 | 21,180 | 16,934 | 19,865 | ||||||||||||||||||
Written off for expiration of net operating losses | — | (125,803 | ) | (225,742 | ) | (125,803 | ) | (225,742 | ) | (2,380 | ) | |||||||||||||
Utilization of previously unrecognized tax loss and un-deductible advertising expenses | (2,997 | ) | (3,168 | ) | (3,126 | ) | (3,168 | ) | (3,126 | ) | (92,755 | ) | ||||||||||||
Balance at end of the period | 860,698 | 752,907 | 540,973 | 752,907 | 540,973 | 465,703 | ||||||||||||||||||
(a) | Global Share Plan |
Valuation Dates | 2020 | |||
Expected term | 10 years | |||
Expected volatility | 39.93 | % | ||
Exercise multiple | 2.2 | |||
Expected dividend yield | ||||
Risk-free interest rate | 1.67 | % | ||
Expected forfeiture rate (post vesting) | 3% for staff 0% for management | | ||
Fair value of the underlying shares on the date of option grants (US$) | 0.10 | |||
Fair value of share option (US$) | 0.09 |
Number of share options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life | Aggregate Intrinsic Value | Number of share options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life | Aggregate Intrinsic Value | |||||||||||||||||||||||||
(US$) | (In years) | (US$) | (US$) | (In years) | (US$) | |||||||||||||||||||||||||||
Outstanding as of April 1, 2018 | 183,405,010 | 0.08 | 6.78 | 107,465 | ||||||||||||||||||||||||||||
Exercised | (87,990,491 | ) | 0.01 | |||||||||||||||||||||||||||||
Forfeited or cancelled (post-vesting) | (3,872,425 | ) | 0.30 | |||||||||||||||||||||||||||||
Outstanding as of March 31, 2019 | 91,542,094 | 0.14 | 5.16 | 36,009 | ||||||||||||||||||||||||||||
Outstanding as of April 1, 2019 | 91,542,094 | 0.14 | 5.16 | 36,009 | ||||||||||||||||||||||||||||
Granted | 3,775 | 0.01 | 3,775 | 0.01 | ||||||||||||||||||||||||||||
Exercised | (39,744,025 | ) | 0.03 | (39,744,025 | ) | 0.03 | ||||||||||||||||||||||||||
Forfeited or cancelled (post-vesting) | (32,341,836 | ) | 0.28 | (32,341,836 | ) | 0.28 | ||||||||||||||||||||||||||
Outstanding as of March 31, 2020 | 19,460,008 | 0.13 | 4.26 | 189 | 19,460,008 | 0.13 | 4.26 | 189 | ||||||||||||||||||||||||
Exercised | (2,865,800 | ) | 0.03 | (2,865,800 | ) | 0.03 | ||||||||||||||||||||||||||
Forfeited or cancelled (post-vesting) | (3,151,360 | ) | 0.27 | (3,151,360 | ) | 0.27 | ||||||||||||||||||||||||||
Outstanding as of March 31, 2021 | 13,442,848 | 0.12 | 3.27 | 371 | 13,442,848 | 0.12 | 3.27 | 371 | ||||||||||||||||||||||||
Vested and expected to vest as of March 31, 2021 | 13,442,848 | 0.12 | 3.27 | 371 | ||||||||||||||||||||||||||||
Exercisable as of March 31, 2021 | 13,442,848 | 0.12 | 3.27 | 371 | ||||||||||||||||||||||||||||
Forfeited or cancelled (post-vesting) | (1,491,990 | ) | 0.19 | |||||||||||||||||||||||||||||
Outstanding as of March 31, 2022 | 11,950,858 | 0.11 | 1.74 | — | ||||||||||||||||||||||||||||
Vested and expected to vest as of March 31, 2022 | 11,950,858 | 0.11 | 1.74 | — | ||||||||||||||||||||||||||||
Exercisable as of March 31, 2022 | 11,950,858 | 0.11 | 1.74 | — | ||||||||||||||||||||||||||||
(b) | Service-based RSUs |
Number of RSUs | Weighted-Average Grant-Date Fair Value | Number of RSUs | Weighted-Average Grant-Date Fair Value | |||||||||||||
US$ | ||||||||||||||||
Unvested at March 31, 2018 | 4,895,060 | 0.45 | ||||||||||||||
Granted | 78,715,557 | 0.67 | ||||||||||||||
Vested | (6,114,640 | ) | 0.63 | |||||||||||||
Forfeited | (9,212,850 | ) | 0.64 | |||||||||||||
US$ | ||||||||||||||||
Unvested at March 31, 2019 | 68,283,127 | 0.66 | 68,283,127 | 0.66 | ||||||||||||
Granted | 53,563,150 | 0.23 | 53,563,150 | 0.23 | ||||||||||||
Vested | (18,466,165 | ) | 0.65 | (18,466,165 | ) | 0.65 | ||||||||||
Forfeited | (53,014,160 | ) | 0.56 | (53,014,160 | ) | 0.56 | ||||||||||
Unvested at March 31, 2020 | 50,365,952 | 0.31 | 50,365,952 | 0.31 | ||||||||||||
Granted | 42,695,000 | 0.05 | 42,695,000 | 0.05 | ||||||||||||
Vested | (8,195,402 | ) | 0.62 | (8,195,402 | ) | 0.54 | ||||||||||
Forfeited | (14,092,450 | ) | 0.51 | (14,092,450 | ) | 0.30 | ||||||||||
Unvested at March 31, 2021 | 70,773,100 | 0.08 | 70,773,100 | 0.13 | ||||||||||||
Granted | 3,559,000 | 0.07 | ||||||||||||||
Vested | (12,858,575 | ) | 0.28 | |||||||||||||
Forfeited | (29,584,475 | ) | 0.09 | |||||||||||||
Unvested at March 31, 2022 | 31,889,050 | 0.10 | ||||||||||||||
Name of related parties | Relationship with the Group | |||
JM Weshop (Cayman) Inc. (a) | An investee of the Group | |||
Tencent Group (b) | Shareholder of the Group | |||
(a) | JM Weshop (Cayman) Inc. has been closed in November 2019. |
(b) | Tencent Holdings Limited together with its subsidiaries are referred to as Tencent Group. |
For the year ended March 31, | ||||||||||||
2019 | 2020 | 2021 | ||||||||||
RMB | RMB | RMB | ||||||||||
Revenues: | ||||||||||||
Marketing services to Tencent | 1,081 | 12 | — | |||||||||
Technology services to JM Wesho p | 16,168 | 99 | — | |||||||||
Total | 17,249 | 111 | — | |||||||||
Other income: | ||||||||||||
Equipment sales to JM Weshop | 476 | — | — | |||||||||
Cost of revenue: | ||||||||||||
Cloud technology services from Tencent Group | 51,940 | 74,377 | 35,403 | |||||||||
Payment processing fees to Tencent Group | 17,393 | 18,214 | 10,354 | |||||||||
Total | 69,333 | 92,591 | 45,757 | |||||||||
For the year ended March 31, | ||||||||||||
2020 | 2021 | 2022 | ||||||||||
RMB | RMB | RMB | ||||||||||
Revenues: | ||||||||||||
Marketing services to Tencent Group | 12 | — | — | |||||||||
Technology services to JM Weshop | 99 | — | — | |||||||||
Total | 111 | — | — | |||||||||
Cost of revenue: | ||||||||||||
Cloud technology services from Tencent Group | 74,377 | 35,403 | 24,915 | |||||||||
Payment processing fees to Tencent Group | 18,214 | 10,354 | 6,898 | |||||||||
Total | 92,591 | 45,757 | 31,813 | |||||||||
As of March 31, | As of March 31, | |||||||||||||||
2020 | 2021 | 2021 | 2022 | |||||||||||||
RMB | RMB | RMB | RMB | |||||||||||||
Due from Tencent Group | 57 | 6,061 | 6,061 | 640 | ||||||||||||
Due to Tencent Group | (12,018 | ) | (6,234 | ) | (6,234 | ) | (4,694 | ) | ||||||||
Year ended March 31, | Year ended March 31, | |||||||||||||||||||||||
2019 | 2020 | 2021 | 2020 | 2021 | 2022 | |||||||||||||||||||
RMB | RMB | RMB | RMB | RMB | RMB | |||||||||||||||||||
Numerator: | ||||||||||||||||||||||||
Net loss | (486,275 | ) | (2,223,638 | ) | (327,971 | ) | ||||||||||||||||||
Accretion on convertible redeemable preferred shares | (509,904 | ) | — | — | ||||||||||||||||||||
Deemed dividends to preferred shareholders | (89,076 | ) | — | — | ||||||||||||||||||||
Net loss attributable to ordinary shareholders-Basic and Diluted | (1,085,255 | ) | (2,223,638 | ) | (327,971 | ) | (2,223,638 | ) | (327,971 | ) | (642,374 | ) | ||||||||||||
Denominator: | ||||||||||||||||||||||||
Weighted average number of ordinary shares -Basic and Diluted | 1,247,998,533 | 2,718,827,977 | 2,630,425,361 | |||||||||||||||||||||
Weighted average number of ordinary shares-Basic and Diluted | 2,718,827,977 | 2,630,425,361 | 2,519,948,060 | |||||||||||||||||||||
Basic and diluted loss per share | (0.87 | ) | (0.82 | ) | (0.12 | ) | (0.82 | ) | (0.12 | ) | (0.25 | ) |
Year ended March 31, | ||||||||||||
2019 | 2020 | 2021 | ||||||||||
Share options and RSUs | 99,267,557 | 62,468,172 | 29,131,536 | |||||||||
Year ended March 31, | ||||||||||||
2020 | 2021 | 2022 | ||||||||||
Share options and RSUs | 62,468,172 | 29,131,536 | 13,520,133 | |||||||||
(a) | Operating lease commitments |
Operating lease obligations | Operating lease obligations | |||||||
RMB | RMB | |||||||
For the year ended March 31, | ||||||||
2022 | 14,166 | |||||||
2023 | 12,451 | 10,800 | ||||||
2024 | 7,636 | 5,815 | ||||||
2025 | 2,876 | 2,876 | ||||||
Total | 37,129 | 19,491 | ||||||
(b) | Capital and other commitments |
Capital commitments | Capital commitments | |||||||
RMB | RMB | |||||||
For the year ended March 31, | ||||||||
2022 | 52,250 | |||||||
2024 | 10,450 | 10,450 | ||||||
Total | 62,700 | 10,450 | ||||||
(c) | Contingencies |
As of March 31, | As of March 31, | |||||||||||||||||||||||
2020 | 2021 | 2021 | 2022 | |||||||||||||||||||||
RMB | RMB | US$ Note 2(f) | RMB | RMB | US$ Note 2(f) | |||||||||||||||||||
Cash and cash equivalents | 80,553 | 2,072 | 316 | 2,072 | 4,349 | 686 | ||||||||||||||||||
Amounts due from subsidiaries | 1,153,102 | 1,129,423 | 172,384 | |||||||||||||||||||||
Prepayments and other current assets | 10,081 | 7,934 | 1,211 | 7,934 | 795 | 125 | ||||||||||||||||||
Amounts due from related parties | — | 5,914 | 903 | 5,914 | 571 | 90 | ||||||||||||||||||
Total current assets | 1,243,736 | 1,145,343 | 174,814 | 15,920 | 5,715 | 901 | ||||||||||||||||||
Non-current assets: | ||||||||||||||||||||||||
Intangible assets, net | 723,451 | 356,689 | 54,441 | 356,689 | 46,000 | 7,256 | ||||||||||||||||||
Amounts due from subsidiaries | 1,129,423 | 1,066,882 | 168,297 | |||||||||||||||||||||
Investments in subsidiaries, VIEs and VIEs’ subsidiaries | 37,187 | 42,294 | 6,455 | 42,294 | — | — | ||||||||||||||||||
Investments in other investees | 91,362 | 24,281 | 3,706 | 24,281 | 37,789 | 5,961 | ||||||||||||||||||
Total non-current assets | 852,000 | 423,264 | 64,602 | 1,552,687 | 1,150,671 | 181,514 | ||||||||||||||||||
Total assets | 2,095,736 | 1,568,607 | 239,416 | 1,568,607 | 1,156,386 | 182,415 | ||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||
Amounts due to subsidiaries | 90,396 | 92,345 | 14,096 | 92,345 | 104,015 | 16,408 | ||||||||||||||||||
Accruals and other current liabilities | 18,739 | 17,807 | 2,718 | 17,807 | 1,965 | 310 | ||||||||||||||||||
Total current liabilities | 109,135 | 110,152 | 16,814 | 110,152 | 105,980 | 16,718 | ||||||||||||||||||
Non-current liabilities: | ||||||||||||||||||||||||
Investment deficit of subsidiaries | — | 258,372 | 40,757 | |||||||||||||||||||||
Deferred tax liabilities | 2,485 | 1,408 | 215 | 1,408 | 1,408 | 222 | ||||||||||||||||||
Other non-current liabilities | 3,644 | 2,151 | 328 | 2,151 | 890 | 140 | ||||||||||||||||||
Total non-current liabilities | 6,129 | 3,559 | 543 | 3,559 | 260,670 | 41,119 | ||||||||||||||||||
Total liabilities | 115,264 | 113,711 | 17,357 | 113,711 | 366,650 | 57,837 | ||||||||||||||||||
As of March 31, | ||||||||||||
2020 | 2021 | |||||||||||
RMB | RMB | US$ Note 2(f) | ||||||||||
SHAREHOLDERS’ EQUITY | ||||||||||||
Class A ordinary shares (US$0.00001 p ar value; 49,000,000,000 s hares authorized as of March 31, 2020 and 2021; 2,418,910,250 and 2,432,015,450 shares issued as of March 31, 2020 and 2021, respectively; 2,408,454,175 and 2,215,043,400 shares outstanding as of March 31, 2020 and 2021, respectively) | 164 | 165 | 25 | |||||||||
Class B ordinary shares (US$0.00001 p ar value; 500,000,000 shares authorized as of March 31, 2020 and 2021; 303,234,004 s hares issued and outstanding as of March 31, 2020 and 2021, respectively) | 16 | 16 | 2 | |||||||||
Treasury stock (US$0.00001 p ar value; 10,456,075 and 216,972,050 shares as of March 31, 2020 and 2021) | (6,566 | ) | (126,424 | ) | (19,296 | ) | ||||||
Additional paid-in capital | 9,431,740 | 9,458,643 | 1,443,671 | |||||||||
Accumulated other comprehensive incom e | 201,796 | 97,145 | 14,827 | |||||||||
Accumulated deficit | (7,646,678 | ) | (7,974,649 | ) | (1,217,170 | ) | ||||||
Total shareholders’ equity | 1,980,472 | 1,454,896 | 222,059 | |||||||||
Total liabilities and shareholders’ equit y | 2,095,736 | 1,568,607 | 239,416 | |||||||||
As of March 31, | ||||||||||||
2021 | 2022 | |||||||||||
RMB | RMB | US$ Note 2(f) | ||||||||||
SHAREHOLDERS’ EQUITY | ||||||||||||
Class A ordinary shares (US$0.00001 par value; 49,000,000,000 shares authorized as of March 31, 2021 and 2022; 2,432,015,450 and 2,433,353,800 shares issued as of March 31, 2021 and 2022, respectively; 2,215,043,400 and 2,190,737,700 shares outstanding as of March 31, 2021 and 2022, respectively) | 165 | 165 | 26 | |||||||||
Class B ordinary shares (US$0.00001 par value; 500,000,000 shares authorized as of March 31, 2021 and 2022; 303,234,004 shares issued and outstanding as of March 31, 2021 and 2022, respectively) | 16 | 16 | 3 | |||||||||
Treasury stock (US$0.00001 par value; 216,972,050 and 242,616,100 shares as of March 31, 2021 and 2022) | (126,424 | ) | (136,113 | ) | (21,471 | ) | ||||||
Additional paid-in capital | 9,458,643 | 9,471,101 | 1,494,029 | |||||||||
Statutory reserves | 3,331 | 3,331 | 525 | |||||||||
Accumulated other comprehensive income | 97,145 | 69,016 | 10,887 | |||||||||
Accumulated deficit | (7,977,980 | ) | (8,617,780 | ) | (1,359,421 | ) | ||||||
Total MOGU Inc. shareholders’ equity | 1,454,896 | 789,736 | 124,578 | |||||||||
Total liabilities and shareholders’ equity | 1,568,607 | 1,156,386 | 182,415 | |||||||||
For the year ended March 31, | For the year ended March 31, | |||||||||||||||||||||||||||||||
2019 | 2020 | 2021 | 2020 | 2021 | 2022 | |||||||||||||||||||||||||||
RMB | RMB | RMB | US$ Note 2(f) | RMB | RMB | RMB | US$ Note 2(f) | |||||||||||||||||||||||||
General and administrative expenses | (5,431 | ) | (4,304 | ) | (9,155 | ) | (1,397 | ) | (4,304 | ) | (9,155 | ) | (5,151 | ) | (813 | ) | ||||||||||||||||
Amortization of intangible assets | (82,436 | ) | (319,188 | ) | (322,230 | ) | (49,182 | ) | (319,188 | ) | (322,230 | ) | (301,866 | ) | (47,618 | ) | ||||||||||||||||
Other expense, net | (1,098 | ) | 5,308 | 6,138 | 937 | |||||||||||||||||||||||||||
Other income, net | 5,308 | 6,138 | 1,008 | 159 | ||||||||||||||||||||||||||||
Loss from operations | (88,965 | ) | (318,184 | ) | (325,247 | ) | (49,642 | ) | (318,184 | ) | (325,247 | ) | (306,009 | ) | (48,272 | ) | ||||||||||||||||
Interest income | 7,532 | 4,659 | 78 | 12 | 4,659 | 78 | 1 | — | ||||||||||||||||||||||||
Loss from subsidiaries, VIEs and VIEs’ subsidiaries | (441,830 | ) | (1,736,959 | ) | (82,563 | ) | (12,603 | ) | (1,736,959 | ) | (82,563 | ) | (334,730 | ) | (52,799 | ) | ||||||||||||||||
Gain/(loss) from investments, net | 31,236 | (59,050 | ) | 89,518 | 13,663 | |||||||||||||||||||||||||||
(Loss)/gain from investments, net | (59,050 | ) | 89,518 | (1,636 | ) | (258 | ) | |||||||||||||||||||||||||
Loss before income tax and share of results of equity investee | (492,027 | ) | (2,109,534 | ) | (318,214 | ) | (48,570 | ) | (2,109,534 | ) | (318,214 | ) | (642,374 | ) | (101,329 | ) | ||||||||||||||||
Income tax expenses | — | — | (9,757 | ) | (1,489 | ) | — | (9,757 | ) | — | — | |||||||||||||||||||||
Share of results of equity investee | 5,752 | (114,104 | ) | — | — | (114,104 | ) | — | — | — | ||||||||||||||||||||||
Net loss | (486,275 | ) | (2,223,638 | ) | (327,971 | ) | (50,059 | ) | (2,223,638 | ) | (327,971 | ) | (642,374 | ) | (101,329 | ) | ||||||||||||||||
Accretion on convertible redeemable preferred shares to redemption value | (509,904 | ) | — | — | — | |||||||||||||||||||||||||||
Deemed dividends to preferred shareholders | (89,076 | ) | — | — | — | |||||||||||||||||||||||||||
Net loss attributable to MOGU Inc.’s ordinary shareholders | (1,085,255 | ) | (2,223,638 | ) | (327,971 | ) | (50,059 | ) | ||||||||||||||||||||||||
Net loss attributable to MOGU Inc., | (2,223,638 | ) | (327,971 | ) | (642,374 | ) | (101,329 | ) | ||||||||||||||||||||||||
Net Loss | (486,275 | ) | (2,223,638 | ) | (327,971 | ) | (50,059 | ) | (2,223,638 | ) | (327,971 | ) | (642,374 | ) | (101,329 | ) | ||||||||||||||||
Other comprehensive income/(loss): | ||||||||||||||||||||||||||||||||
Foreign currency translation adjustments, net of NaN tax | 55,440 | 105,433 | (72,993 | ) | (11,141 | ) | 105,433 | (72,993 | ) | (17,400 | ) | (2,745 | ) | |||||||||||||||||||
Share of other comprehensive gain/(loss) of equity method investee | 938 | (145 | ) | — | — | |||||||||||||||||||||||||||
Share of other comprehensive loss of equity method investee | (145 | ) | — | — | — | |||||||||||||||||||||||||||
Share of other comprehensive (loss)/income of subsidiaries, VIEs and VIEs’ subsidiaries, net of tax | (1,588 | ) | (7,884 | ) | 9,726 | 1,484 | (7,884 | ) | 9,726 | (10,729 | ) | (1,692 | ) | |||||||||||||||||||
Unrealized securities holding gains, net of tax | 26,655 | 26,597 | (41,384 | ) | (6,316 | ) | ||||||||||||||||||||||||||
Unrealized securities holding gains/(losses), net of tax | 26,597 | (41,384 | ) | — | — | |||||||||||||||||||||||||||
Total other comprehensive income/(loss) | 81,445 | 124,001 | (104,651 | ) | (15,973 | ) | 124,001 | (104,651 | ) | (28,129 | ) | (4,437 | ) | |||||||||||||||||||
Total comprehensive loss | (404,830 | ) | (2,099,637 | ) | (432,622 | ) | (66,032 | ) | (2,099,637 | ) | (432,622 | ) | (670,503 | ) | (105,766 | ) | ||||||||||||||||
For the year ended March 31, | ||||||||||||||||
2019 | 2020 | 2021 | ||||||||||||||
RMB | RMB | RMB | US$ Note 2(f) | |||||||||||||
Net cash provided by operating activities | 8,240 | 5,803 | 3,322 | 507 | ||||||||||||
Net cash (used in)/provide by investing activities | (213,639 | ) | (406,144 | ) | 37,446 | 5,715 | ||||||||||
Net cash provided by/(used in) financing activities | 414,872 | (29,332 | ) | (119,249 | ) | (18,201 | ) | |||||||||
Net increase/(decrease) in cash and cash equivalents | 209,473 | (429,673 | ) | (78,481 | ) | (11,979 | ) | |||||||||
Cash and cash equivalents at beginning of year | 300,753 | 510,226 | 80,553 | 12,295 | ||||||||||||
Cash and cash equivalents at end of year | 510,226 | 80,553 | 2,072 | 316 |
For the year ended March 31, | ||||||||||||||||
2020 | 2021 | 2022 | ||||||||||||||
RMB | RMB | RMB | US$ Note 2(f) | |||||||||||||
Net cash provided by/(used in) operating activities | 5,803 | 3,322 | (1,642 | ) | (259 | ) | ||||||||||
Net cash (used in)/provided by investing activities | (406,144 | ) | 37,446 | 13,608 | 2,147 | |||||||||||
Net cash used in financing activities | (29,332 | ) | (119,249 | ) | (9,689 | ) | (1,528 | ) | ||||||||
Net (decrease)/increase in cash and cash equivalents | (429,673 | ) | (78,481 | ) | 2,277 | 360 | ||||||||||
Cash and cash equivalents at beginning of year | 510,226 | 80,553 | 2,072 | 326 | ||||||||||||
Cash and cash equivalents at end of year | 80,553 | 2,072 | 4,349 | 686 |