Document and Entity Information
Document and Entity Information | 12 Months Ended |
Mar. 31, 2023 shares | |
Entity Registrant Name | Uxin Limited |
Entity Central Index Key | 0001729173 |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Mar. 31, 2023 |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-38527 |
Entity Incorporation, State or Country Code | E9 |
Entity Address, Address Line One | 21/F, Donghuang Building |
Entity Address, Address Line Two | No. 16 Guangshun South Avenue |
Entity Address, Address Line Three | Chaoyang District |
Entity Address, City or Town | Beijing |
Entity Address, Postal Zip Code | 100102 |
Entity Address, Country | CN |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Emerging Growth Company | false |
Entity Interactive Data Current | Yes |
Entity Shell Company | false |
Entity Filer Category | Accelerated Filer |
Document Accounting Standard | U.S. GAAP |
Current Fiscal Year End Date | --03-31 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
ICFR Auditor Attestation Flag | true |
Auditor Firm ID | 1424 |
Auditor Name | PricewaterhouseCoopers Zhong Tian LLP |
Auditor Location | Shanghai, the People’s Republic of China |
Business Contact [Member] | |
Contact Personnel Name | Feng Lin |
City Area Code | 86 10 |
Local Phone Number | 5691-6765 |
Contact Personnel Email Address | ir@xin.com |
Entity Address, Address Line One | 21/F, Donghuang Building |
Entity Address, Address Line Two | No. 16 Guangshun South Avenue |
Entity Address, Address Line Three | Chaoyang District |
Entity Address, City or Town | Beijing |
Entity Address, Postal Zip Code | 100102 |
Entity Address, Country | CN |
ADS | |
Title of 12(b) Security | American depositary shares (one American depositaryshare representing 30 Class A ordinary shares, parvalue US$0.0001 per share) |
Trading Symbol | UXIN |
Security Exchange Name | NASDAQ |
Entity Common Stock, Shares Outstanding | 1,511,242 |
Class A Ordinary Shares | |
Title of 12(b) Security | Class A ordinary shares, par valueUS$0.0001 per share* |
No Trading Symbol Flag | true |
Security Exchange Name | NASDAQ |
Entity Common Stock, Shares Outstanding | 1,370,016,554 |
Class B ordinary shares | |
Entity Common Stock, Shares Outstanding | 40,809,861 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands | Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) |
Current assets: | |||
Cash and cash equivalents | ¥ 92,700 | $ 13,500 | ¥ 128,021 |
Restricted cash | 618 | 90 | 8,276 |
Accounts receivable, net | 790 | 115 | 832 |
Inventory, net | 110,900 | 16,147 | 426,257 |
Loans recognized as a result of payments under guarantees, net of provision for credit losses of RMB324,371 and RMB10,337 as of March 31, 2022 and 2023, respectively | 54,888 | ||
Other receivables, net of provision for credit losses of RMB30,251 and RMB26,541 as of March 31, 2022 and 2023, respectively | 15,345 | 2,234 | 166,006 |
Forward contract assets | 36 | ||
Prepaid expenses and other current assets | 61,390 | 8,939 | 90,012 |
Total current assets | 281,749 | 41,025 | 874,328 |
Noncurrent assets: | |||
Property, equipment and software, net | 63,725 | 9,279 | 34,531 |
Long-term investments | 288,712 | 42,040 | 288,756 |
Other non-current assets | 24,000 | ||
Right-of-use assets, net | 84,461 | 12,298 | 29,584 |
Total noncurrent assets | 436,898 | 63,617 | 376,871 |
Total assets | 718,647 | 104,642 | 1,251,199 |
Current liabilities | |||
Accounts payable | 80,668 | 11,746 | 92,534 |
Guarantee liabilities | 179 | ||
Other payables and other current liabilities | 344,502 | 50,163 | 674,333 |
Warrant liabilities | 8 | 1 | 196,390 |
Short-term borrowing | 20,000 | 2,912 | |
Current portion of long-term borrowing | 233,000 | ||
Current portion of long-term debt | 158,736 | 23,114 | 102,206 |
Total current liabilities | 603,914 | 87,936 | 1,298,642 |
Noncurrent liabilities | |||
Consideration payable to Webank | 58,559 | 8,527 | 107,642 |
Operating lease liabilities | 77,462 | 11,279 | 10,866 |
Long-term borrowings | 291,950 | 42,511 | |
Long-term debt | 264,560 | 38,523 | 817,648 |
Total noncurrent liabilities | 692,531 | 100,840 | 936,156 |
Total liabilities | 1,296,445 | 188,776 | 2,234,798 |
Commitments | |||
Mezzanine equity | |||
Senior convertible preferred shares (US$0.0001 par value, 1,000,000,000 and 1,720,000,000 shares authorized as of March 31, 2022 and 2023, respectively; 400,524,323 and 1,151,221,338 shares issued and outstanding as of March 31, 2022 and 2023, respectively) | 1,245,721 | 181,391 | 526,484 |
Subscription receivable from shareholders | (550,074) | (80,097) | |
Total Mezzanine equity | 695,647 | 101,294 | 526,484 |
Shareholders' deficit | |||
Ordinary shares (US$0.0001 par value, 9,000,000,000 and 8,280,000,000 shares authorized as of March 31, 2022 and 2023, respectively; 1,146,044,859 Class A ordinary shares and 40,809,861 Class B ordinary shares issued and outstanding as of March 31, 2022; 1,370,016,554 Class A ordinary shares and 40,809,861 Class B ordinary shares issued and outstanding as of March 31, 2023) | 806 | 117 | 782 |
Additional paid-in capital | 15,451,803 | 2,249,957 | 14,254,109 |
Accumulated other comprehensive income | 220,185 | 32,061 | 288,461 |
Accumulated deficit | (16,900,000) | (2,467,538) | (16,053,272) |
Total UXIN LIMITED shareholders' deficit | (1,273,270) | (185,403) | (1,509,920) |
Non-controlling interests | (175) | (25) | (163) |
Total shareholders' deficit | (1,273,445) | (185,428) | (1,510,083) |
Total liabilities, mezzanine equity and shareholders' deficit | ¥ 718,647 | $ 104,642 | ¥ 1,251,199 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) ¥ in Thousands | Mar. 31, 2023 CNY (¥) shares | Mar. 31, 2023 $ / shares | Mar. 31, 2022 CNY (¥) shares | Mar. 31, 2022 $ / shares | Mar. 31, 2021 CNY (¥) shares | Mar. 31, 2021 $ / shares | Mar. 31, 2020 CNY (¥) shares | Mar. 31, 2020 $ / shares | Dec. 31, 2019 $ / shares shares | Dec. 31, 2018 $ / shares shares |
Provision for credit losses, Loan recognized | ¥ | ¥ 10,337 | ¥ 324,371 | ||||||||
Provision for credit losses, Other receivables | ¥ | ¥ 26,541 | ¥ 30,251 | ¥ 20,980 | ¥ 51,666 | ||||||
Temporary Equity, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | ||||||||
Temporary Equity, Shares Authorized (in shares) | 1,720,000,000 | 1,000,000,000 | ||||||||
Temporary Equity, Shares Issued (in shares) | 1,151,221,338 | 400,524,323 | ||||||||
Temporary Equity, Shares Outstanding (in shares) | 1,151,221,338 | 400,524,323 | ||||||||
Ordinary shares, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||
Ordinary shares, shares authorized (in shares) | 8,280,000,000 | 9,000,000,000 | ||||||||
Ordinary shares, shares issued (in shares) | 1,410,826,415 | 1,186,854,720 | ||||||||
Class A Ordinary Shares | ||||||||||
Ordinary shares, shares issued (in shares) | 1,370,016,554 | 1,146,044,859 | 1,071,621,698 | 846,857,596 | 846,807,530 | 839,850,038 | ||||
Ordinary shares, shares outstanding (in shares) | 1,370,016,554 | 1,146,044,859 | 1,071,621,698 | 846,857,596 | 846,807,530 | 839,850,038 | ||||
Class B ordinary shares | ||||||||||
Ordinary shares, shares issued (in shares) | 40,809,861 | 40,809,861 | 40,809,861 | 40,809,861 | 40,809,861 | 40,809,861 | ||||
Ordinary shares, shares outstanding (in shares) | 40,809,861 | 40,809,861 | 40,809,861 | 40,809,861 | 40,809,861 | 40,809,861 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 CNY (¥) ¥ / shares shares | Mar. 31, 2023 USD ($) $ / shares shares | Mar. 31, 2022 CNY (¥) ¥ / shares shares | Mar. 31, 2021 CNY (¥) ¥ / shares shares | |
Revenues: | ||||
Total Revenues | ¥ 2,059,241 | $ 299,849 | ¥ 1,636,116 | ¥ 657,408 |
Cost of revenues | (2,033,797) | (296,144) | (1,588,398) | (673,711) |
Gross (loss)/profit | 25,444 | 3,705 | 47,718 | (16,303) |
Operating expenses: | ||||
Sales and marketing | (236,307) | (34,409) | (222,139) | (339,013) |
Research and development | (37,704) | (5,490) | (36,200) | (74,137) |
General and administrative | (164,505) | (23,954) | (151,024) | (277,925) |
(Provision for)/reversal of credit losses, net | (13,844) | (2,016) | 687 | (91,593) |
Total operating expenses | (452,360) | (65,869) | (408,676) | (782,668) |
Other operating income, net | 69,990 | 10,191 | 82,017 | 246,346 |
Loss from continuing operations | (356,926) | (51,973) | (278,941) | (552,625) |
Interest income | 603 | 88 | 3,660 | 45,140 |
Interest expenses | (21,243) | (3,093) | (41,222) | (95,953) |
Other income | 17,088 | 2,488 | 5,227 | 15,672 |
Other expenses | (24,153) | (3,517) | (8,925) | (7,890) |
Foreign exchange losses | (2,457) | (358) | (9,336) | (15,887) |
Fair value impact of the issuance of senior convertible preferred shares | 242,733 | 35,345 | 186,231 | |
Losses from extinguishment of debt | (2,778) | (405) | ||
Inducement charge of convertible notes | (121,056) | |||
Loss from continuing operations before income tax expense | (147,133) | (21,425) | (143,306) | (732,599) |
Income tax expense | (366) | (53) | (245) | (33) |
Dividend from long-term investment | 10,374 | 1,510 | ||
Equity in income/(loss) of affiliates, net of tax | (44) | (6) | 328 | 15,657 |
Net loss from continuing operations | (137,169) | (19,974) | (143,223) | (716,975) |
Less: net loss attributable to non-controlling interests shareholders | (12) | (2) | (9) | |
Net loss from continuing operations, attributable to ordinary shares | (892,792) | (130,001) | (143,223) | (716,966) |
Net loss from continuing operations, attributable to UXIN LIMITED | (137,157) | (19,972) | (143,223) | (716,966) |
Deemed dividend to preferred shareholders due to triggering of a down round feature | (755,635) | (110,029) | ||
Discontinued operations | ||||
Net income from discontinued operations, net of tax | 295,744 | |||
Net income from discontinued operations | 295,744 | |||
Net income from discontinued operations attributable to UXIN LIMITED's ordinary shareholders | 295,744 | |||
Net loss | (137,169) | (19,974) | (143,223) | (421,231) |
Less: net loss attributable to non controlling interests shareholders | (12) | (2) | (9) | |
Net Income (Loss) Attributable to Parent | (137,157) | (19,972) | (143,223) | (421,222) |
Net loss attributable to UXIN LIMITED | (137,157) | (19,972) | (143,223) | (421,222) |
Deemed dividend to preferred shareholders due to triggering of a down round feature | (755,635) | (110,029) | ||
Net loss attributable to ordinary shareholders | (892,792) | (130,001) | (143,223) | (421,222) |
Comprehensive Income (Loss) | ||||
Net loss | (137,169) | (19,974) | (143,223) | (421,231) |
Foreign currency translation | (68,276) | (9,942) | 70,714 | 110,983 |
Total comprehensive loss | (205,445) | (29,916) | (72,509) | (310,248) |
Less: total comprehensive loss attributable to non controlling interests shareholders | (12) | (2) | (9) | |
Total comprehensive loss attributable to UXIN LIMITED | (205,433) | (29,914) | (72,509) | (310,239) |
Net loss from continuing operations, attributable to ordinary shareholders | (892,792) | (130,001) | (143,223) | (716,966) |
Net income from discontinued operations, attributable to ordinary shareholders | 295,744 | |||
Net loss attributable to ordinary shareholders | ¥ (892,792) | $ (130,001) | ¥ (143,223) | ¥ (421,222) |
Weighted average shares outstanding - basic | shares | 1,344,536,565 | 1,344,536,565 | 1,168,419,750 | 1,100,650,208 |
Weighted average shares outstanding - diluted | shares | 1,344,536,565 | 1,344,536,565 | 1,354,506,021 | 1,330,913,033 |
Net (loss)/income per share for ordinary shareholders, basic | ||||
Continuing operations | (per share) | ¥ (0.66) | $ (0.10) | ¥ (0.12) | ¥ (0.65) |
Discontinued operations | ¥ / shares | 0.27 | |||
Net (loss)/income per share for ordinary shareholders, diluted | ||||
Continuing operations | (per share) | ¥ (0.66) | $ (0.10) | ¥ (2.07) | (0.65) |
Discontinued operations | ¥ / shares | ¥ 0.22 | |||
Retail vehicle sales | ||||
Revenues: | ||||
Total Revenues | ¥ 1,312,857 | $ 191,167 | ¥ 780,371 | ¥ 463,547 |
Wholesale vehicle sales | ||||
Revenues: | ||||
Total Revenues | 707,385 | 103,003 | 823,466 | 51,249 |
Consumers ("2C") - Commission revenue | ||||
Revenues: | ||||
Total Revenues | 41,939 | |||
Consumers ("2C") - Value-added service revenue | ||||
Revenues: | ||||
Total Revenues | 35,248 | |||
Others | ||||
Revenues: | ||||
Total Revenues | ¥ 38,999 | $ 5,679 | ¥ 32,279 | ¥ 65,425 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' DEFICIT ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) | Ordinary share CNY (¥) shares | Additional paid-in capital CNY (¥) | Accumulated other comprehensive income CNY (¥) | Accumulated deficit CNY (¥) | Total UXIN LIMITED shareholders' deficit CNY (¥) | Non-controlling interests CNY (¥) |
Balance at Mar. 31, 2020 | ¥ (2,344,647) | ¥ 581 | ¥ 13,036,989 | ¥ 106,764 | ¥ (15,488,827) | ¥ (2,344,493) | ¥ (154) | |
Balance (in shares) at Mar. 31, 2020 | shares | 887,667,457 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Foreign currency translation adjustments | 110,983 | 110,983 | 110,983 | |||||
Net loss | (421,231) | (421,222) | (421,222) | (9) | ||||
Issuance of ordinary shares due to exercise of the share option | 1,911 | ¥ 2 | 1,909 | 1,911 | ||||
Issuance of ordinary shares due to exercise of the share option (in shares) | shares | 3,791,290 | |||||||
Issuance of Class A ordinary shares (Note 19) | 169,499 | ¥ 57 | 169,442 | 169,499 | ||||
Issuance of Class A ordinary shares (in shares) | shares | 84,692,839 | |||||||
Share-based compensation | (19,122) | (19,122) | (19,122) | |||||
Conversion of convertible notes (Note 13) | 506,752 | ¥ 93 | 506,659 | 506,752 | ||||
Conversion of convertible notes (in shares) | shares | 136,279,973 | |||||||
Balance at Mar. 31, 2021 | (1,995,855) | ¥ 733 | 13,695,877 | 217,747 | (15,910,049) | (1,995,692) | (163) | |
Balance (in shares) at Mar. 31, 2021 | shares | 1,112,431,559 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Foreign currency translation adjustments | 70,714 | 70,714 | 70,714 | |||||
Net loss | (143,223) | (143,223) | (143,223) | |||||
Issuance of ordinary shares due to exercise of the share option | 15,713 | ¥ 6 | 15,707 | 15,713 | ||||
Issuance of ordinary shares due to exercise of the share option (in shares) | shares | 7,432,870 | |||||||
Share-based compensation | 26,534 | 26,534 | 26,534 | |||||
Debt restructuring gain from equity holders of the Company (Note 13) | 61,018 | 61,018 | 61,018 | |||||
Contribution from a shareholder due to the Restructuring (Note 2.3) | 8,000 | 8,000 | 8,000 | |||||
Conversion of convertible notes (Note 13) | 447,016 | ¥ 43 | 446,973 | 447,016 | ||||
Conversion of convertible notes (in shares) | shares | 66,990,291 | |||||||
Balance at Mar. 31, 2022 | (1,510,083) | ¥ 782 | 14,254,109 | 288,461 | (16,053,272) | (1,509,920) | (163) | |
Balance (in shares) at Mar. 31, 2022 | shares | 1,186,854,720 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Foreign currency translation adjustments | (68,276) | $ (9,942) | (68,276) | (68,276) | ||||
Net loss | (137,169) | (19,974) | (137,157) | (137,157) | (12) | |||
Deemed dividend to preferred shareholders due to triggering of a down round feature | (755,635) | 755,635 | (755,635) | |||||
Issuance of ordinary shares due to exercise of the share option | 43 | ¥ 2 | 41 | 43 | ||||
Issuance of ordinary shares due to exercise of the share option (in shares) | shares | 3,777,520 | |||||||
Issuance of Class A ordinary shares (Note 19) | 394,727 | ¥ 22 | 394,705 | 394,727 | ||||
Issuance of Class A ordinary shares (in shares) | shares | 220,194,175 | |||||||
Share-based compensation | 47,313 | 47,313 | 47,313 | |||||
Balance at Mar. 31, 2023 | ¥ (1,273,445) | $ (185,428) | ¥ 806 | ¥ 15,451,803 | ¥ 220,185 | ¥ (16,946,064) | ¥ (1,273,270) | ¥ (175) |
Balance (in shares) at Mar. 31, 2023 | shares | 1,410,826,415 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY/(DEFICIT) (Parenthetical) - $ / shares | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY/(DEFICIT) | ||||||
Ordinary shares, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2021 CNY (¥) | |
Cash flows from operating activities: | ||||
Net loss (continuing and discontinued operations) | ¥ (137,169) | $ (19,974) | ¥ (143,223) | ¥ (421,231) |
Adjustments to reconcile net loss to net cash generated from operating activities: | ||||
Shared-based compensation | 47,313 | 6,890 | 26,534 | (19,122) |
Depreciation and amortization of property, equipment and software | 13,355 | 1,945 | 14,265 | 46,391 |
Amortization of intangible assets | 27 | 111 | ||
Amortization of right-of-use assets | 17,489 | 2,547 | 15,373 | 10,950 |
Loss/(gains) from disposal of property, equipment and software | 670 | 98 | (1,494) | 6,568 |
Equity in (income)/loss of affiliates | 44 | 6 | (328) | (15,657) |
Inventory valuation adjustments | (12,003) | (1,748) | 14,223 | 16,279 |
Provision for/ (reversal of) credit losses | 13,844 | 2,016 | (687) | 91,593 |
Guarantee income | (46) | (7) | (126) | (207,825) |
Discounting impact of non-current consideration payables | 8,486 | 1,236 | 11,986 | (30,898) |
Fair value impact of the issuance of senior convertible preferred shares (Note 13, 18) | (242,733) | (35,345) | (186,231) | |
Gains from waiver of operating payables (Note 14) | (70,500) | (10,266) | (73,747) | |
Losses from extinguishment of debt | 2,778 | 405 | ||
Goodwill impairment | 9,541 | |||
Impairment of net assets transferred | 420,000 | |||
Transaction gain from divestiture transactions, net (Note 3) | (721,211) | |||
Inducement charge of convertible notes | 121,056 | |||
Changes in operating assets and liabilities: | ||||
Receivables, prepaid expenses and other current assets | 28,268 | 4,116 | 51,824 | 48,250 |
Amounts due from related parties | 3,817 | 36,664 | ||
Amounts due to related parties | 69,434 | |||
Loans recognized as a result of payments under guarantees | 14,330 | 2,087 | 148,708 | 134,380 |
Advance to sellers | 83,537 | |||
Financial lease receivables | 10 | 8,510 | ||
Inventory | 327,083 | 47,627 | (372,120) | (75,552) |
Payables, accruals and other current liabilities | (204,786) | (29,819) | (266,922) | (354,669) |
Deposit of interests from consumers and payable to financing partners | (18,032) | |||
Deferred revenue | (4,140) | (603) | (5,247) | (27,052) |
Consideration payable to WeBank, net of discounting impact | (53,423) | (7,779) | (81,604) | (334,323) |
Net cash used in operating activities | (251,100) | (36,568) | (844,962) | (1,122,308) |
Cash flows from investing activities: | ||||
Proceeds from disposal of property, equipment and software | 494 | 72 | 1,885 | 13,357 |
Purchase of property, equipment and software | (33,196) | (4,834) | (18,654) | (413) |
Proceeds from disposal of subsidiaries | 670 | 98 | 130,000 | |
Proceeds from disposal of 2B business | 300,072 | |||
Net cash generated from/(used in) investing activities | (32,032) | (4,664) | (16,769) | 443,016 |
Cash flows from financing activities: | ||||
Proceeds from borrowings | 313,000 | 45,576 | ||
Repayment of borrowings | (234,050) | (34,080) | (79,560) | (41,094) |
Repayment of long-term debt | (51,900) | (7,555) | (58,956) | |
Proceeds from exercise of share options | 42 | 6 | 15,713 | 1,912 |
Proceeds from issuance of Class A ordinary shares | 169,499 | |||
Proceeds from the issuance of senior convertible preferred shares in conjunction with warrants | 212,875 | 30,997 | 887,225 | |
Net cash generated from financing activities | 239,985 | 34,944 | 764,422 | 130,317 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 221 | 32 | (113) | (14,741) |
Net decrease in cash, cash equivalents and restricted cash | (42,966) | (6,256) | (97,422) | (563,716) |
Cash, cash equivalents and restricted cash at beginning of the period | 136,297 | 19,846 | 233,719 | 797,435 |
Cash, cash equivalents and restricted cash at end of the period | 93,331 | 13,590 | 136,297 | 233,719 |
Supplemental disclosure of cash flow information | ||||
Cash paid for income tax | 222 | 32 | 179 | 22 |
Cash paid for interest (Note 9) | 58,945 | 8,583 | 5,111 | 19,717 |
Supplemental schedule of noncash investing and financing activities | ||||
Unreceived disposal consideration | ¥ 129,307 | |||
Net settlement of long-term debt with unreceived disposal consideration(Note 5) | ¥ 45,350 | |||
Conversion of long-term debt into Class A ordinary shares (Note 13) | ¥ 511,318 | $ 74,454 |
PRINCIPAL ACTIVITIES AND ORGANI
PRINCIPAL ACTIVITIES AND ORGANIZATION | 12 Months Ended |
Mar. 31, 2023 | |
PRINCIPAL ACTIVITIES AND ORGANIZATION | |
PRINCIPAL ACTIVITIES AND ORGANIZATION | 1. PRINCIPAL ACTIVITIES AND ORGANIZATION The accompanying consolidated financial statements include the financial statements of Uxin Limited (the “Company” or “Uxin”), its subsidiaries and the former variable interest entities (“VIEs”). The Company, its subsidiaries and the former consolidated VIEs are collectively referred to as the “Group”. The Company was incorporated under the laws of the Cayman Islands as an exempted limited liability company on December 8, 2011. The Company serves as an investment holding company and currently has no operations of its own. The Group’s principal operations and geographic market is in the People’s Republic of China (“PRC”). In order to devote all resources towards developing and scaling up its online used car business and to relieve its future growth from additional guarantee obligations or credit risks, the Group made a series of strategic divestiture transactions (the “Divestiture Transactions”) that occurred during 2019 and subsequent period in 2020. Since September 2020, the Group has shifted to an “inventory-owning” model where the Group sells its own inventory of used vehicles. Prior to these Divestiture Transactions, as disclosed in the below paragraphs, the Group was primarily engaged in operating used car e-commerce platforms through its mobile applications (Uxin Used Car / Uxin Auction) and websites (www.xin.com / www.youxinpai.com), facilitating used car transaction services (2B / 2C) and facilitating financing solutions offered by third-party financing partners to buyers for their used car purchases (2C). China’s used car market follows clear seasonal patterns where the fourth quarter is typically the peak season and the first quarter is typically slower due to the Chinese New Year Holiday. The Company decided to change its fiscal year end from December 31 to March 31, effective April 1, 2020, in order to focus on strategic planning for each new fiscal year during the off peak first quarter. Divestiture Transactions On March 24, 2020, the Company entered into definitive agreements with 58.com and its affiliates (“58.com”) to sell its 2B online used car auction business in exchange for a total gross consideration of US$ 105 million (equivalent to RMB 740.3 million). The transaction contemplated under the definitive agreements was closed in April 2020. On July 12, 2019 and September 30, 2019, the Company entered into binding term sheet and definitive agreements, respectively, with Golden Pacer relating to the divestiture of its entire 2C intra-regional business and loan facilitation related service. On April 23, 2020, the Company entered into supplemental agreements with Golden Pacer to modify and supplement certain terms and conditions in connection with the divestiture. Pursuant to the series of agreements, the Company has divested its entire 2C intra-regional business to Golden Pacer and ceased to provide loan facilitation related guarantees starting from the three months ended December 31, 2019. The transaction contemplated under the definitive and supplemental agreements was closed on April 23, 2020. After the Divestiture Transactions, the Group primarily operated its cross-regional online used car transaction business (2C). Since September 2020, the Group started to shift to the “inventory-owning” model where the Group sells its own inventory of used vehicles, and this model has been further updated since March 2021 when the Group started to acquire used vehicles directly from individuals. As of March 31, 2023, the Company’s principal subsidiaries are as follows: Subsidiaries Place of Date of Percentage of Principal Youxin (Ningbo) Information Technology Co., Ltd. Ningbo July 15, 2020 100 % Vehicle sales Youxin (Hefei) Automobile Intelligent Hefei September 8, 100 % Vehicle sales Youche (Hainan) Information Technology Co., Ltd. Hainan November 30, 100 % Vehicle sales Hefei Youquan Information Technology Co., Ltd. Hefei December 13, 100 % Vehicle sales Youfang (Beijing) Information Technology Co., Ltd. BeiJing March 25, 100 % Vehicle sales Youtang (Shaanxi) Information Technology Co., Xi’an May 12, 2022 100 % Vehicle sales Variable interest entities In order to comply with PRC regulatory requirements restricting foreign ownership of internet information services under value-added telecommunications services and certain other businesses in China, the Company used to operate online platforms that provided internet information services and engaged in other foreign-ownership-restricted businesses through certain PRC domestic companies, whose equity interests were held by certain management members of the Company (“Nominee Shareholders”). The Company obtained control, as determined under US GAAP, over these PRC domestic companies (“former VIEs”) by entering into a series of contractual arrangements, including exclusive options agreements, power of attorney, exclusive business cooperation agreements (which includes arrangements which provide for services to these domestic companies), equity pledge agreements and loan agreements, with these PRC domestic companies and their respective Nominee Shareholders. Historically, we, through Yougu (Shanghai) Information Technology Co., Ltd. and Youxinpai (Beijing) Information Technology Co., Ltd., had a series of contractual arrangements with the former VIEs and the shareholders of the former VIEs until the Company conducted a series of restructuring transactions in March 2022 to terminate the historical contractual arrangements with the former VIEs, which have become the Company’s wholly-owned subsidiaries, effective from March 31, 2022 (“Restructuring”). As a result of these historical contractual arrangements, we were able to direct the activities of and derive the economic benefits from the former VIEs and were considered the primary beneficiary of the former VIEs, and we have consolidated the financial results of these companies in our consolidated financial statements (through the date of our Restructuring) in accordance with U.S. GAAP. Neither Uxin Limited nor its investors have had an equity ownership in, direct foreign investment in, or control, other than as defined under U.S. GAAP, through contractual arrangements with, the former VIEs. The contractual arrangements were not equivalent to an equity ownership in the business of the former VIEs and their subsidiaries in China. After the Restructuring, we continue to consolidate the financial results of these companies in our consolidated financial statements as they have become our wholly owned subsidiaries. Prior to the Divestiture Transactions, the Group primarily operated 2B and 2C online platforms through one of the former VIEs, Youxin Internet (Beijing) Information Technology Co., Ltd. (“Youxin Hulian”) via the contractual agreements. In January 2015, the MIIT eliminated the restrictions on foreign ownership in the SHFTZ Notice for enterprises in the Shanghai Pilot Free Trade Zone that provide online data processing and transaction processing services (operating E-commerce) under value-added telecommunications services. Certain eligible WFOEs and subsidiaries of WFOEs of the Company applied for and obtained the VATS Licenses to operate the 2B and 2C online platforms since 2015 and 2016 and through the Divestiture Transactions. After the Divestiture Transactions, the current business, mainly including the retail and wholesale business, is operated by the Company’s subsidiaries. Pursuant to the Restructuring, the wholly owned subsidiaries that previously had contractual arrangements with the former VIEs and their respective shareholders purchased all equity interests held by such shareholders in the former VIEs. Accordingly, all contractual arrangements that enabled such shareholders to exercise effective control over the former VIEs, receive substantially all of the economic benefits of the former VIEs and have exclusive options to purchase all or part of the equity interests in the former VIEs, were effectively terminated on March 31, 2022. Liquidity The Company has incurred net losses since inception and, as of March 31, 2023, had an accumulated deficit in the amount of approximately RMB 16.9 billion. The Company’s current liabilities exceeded its current assets by approximately RMB 322.2 million as of March 31, 2023. The Company’s cash balance as of March 31,2023 was approximately RMB 92.7 million, and its operating cash outflow during the fiscal year ended March 31, 2023 was approximately RMB 251.1 million. Accordingly, management assessed the Company’s ability to meet its maturing obligations and working capital requirements over the next twelve months. This assessment included an evaluation of whether management’s business and financing plans would be sufficient to conclude the Company could continue as a going concern. The Company’s plans include steps to improve cash flows from operations and to obtain additional capital from external investors and other parties. A summary of those plans includes: Improvement in cash flows from operations: • An increase in the gross margin on automobile sales, which management believes should improve after increasing demand following the lifting of COVID restrictions in mainland China. • Optimizing the cost structure of the Company to reduce expenses, and to reduce cash outflows including those related to future lease payments through ongoing negotiations with the lessor of the new inspection and reconditioning center (“IRC”) in Hefei. Additional financing: • As of March 31, 2023, the Company was entitled to a consideration receivable of US$ 81.6 million due from NIO Capital for the subscription of its senior convertible preferred shares. Pursuant to additional agreements entered into in April 2023, US$ 61.6 million out of this consideration receivable was offset with the Company’s long-term debt of US$ 61.6 million owed to NIO Capital and US$ 1.6 million was received in cash in April 2023. The remaining consideration receivable of US$ 18.4 million, pursuant to these additional agreements, is due to be received from NIO Capital no later than December 31, 2023. • Pursuant to assignment and amendment agreements dated June 30, 2023, Alpha Wealth Global Limited (“Alpha”) acquired from NIO Capital and Joy Capital the warrant right to purchase up to 261,810,806 senior convertible preferred shares of the Company at a modified exercise price of US$ 0.0457 per share (equivalent to US$ 1.37 per American depositary shares (“ADS”)). Joy Capital only assigned a portion of its warrants under this amended agreement. Alpha and Joy Capital (either together or separately) are entitled , at their discretion, to exercise the respective warrants in full to subscribe for an aggregate amount of US$ 21,964,754 of the Company’s senior convertible preferred shares no later than September 30, 2023. With respect to the warrants that are not exercised by September 30, 2023, the amendment agreement may be terminated, and the exercise price for such warrants will resume to US$ 0.3433 per share (equivalent to US$ 10.3 per ADS). • The Company has completed, or plans to complete, financing transactions with banks as follows: (i) In March 2023, the Company obtained inventory-pledging facilities with two reputable banks in the PRC pursuant to which the banks will finance the Company’s future purchases of used car inventories, up to an aggregate amount of RMB 250 million (equivalent to approximately US $ 36.4 million). (ii) On June 28, 2023, the Company entered into a supplemental agreement with WeBank to extend the repayment of RMB 30 million (equivalent to approximately US $ 4.4 million) that was due on June 30, 2023. Pursuant to the agreement, the repayment will be divided into 6 monthly instalments of RMB 5 million (equivalent to approximately US$ 0.7 million) from June 2023 to November 2023; (iii) The Company plans to seek renewal of its working capital facility (RMB 50 million, equivalent to approximately US$ 7.3 million) when it becomes due in November 2023. The Company’s plans include significant, subjective assumptions that are subject to uncertainty. These assumptions include increasing demand for used cars over the next twelve months, renewing the inventory-pledging and working capital facilities and achieving the planned profit improvement, as well as management’s ability to satisfactorily negotiate final lease terms (relating to the Hefei IRC) that help facilitate the Company’s intention to reduce costs and reduce cash outflows from operations. In addition, financing from the exercise of warrants that is not already contractually committed may not be available at terms that are favourable to the Company, or in amounts that are not sufficient to meet the Company’s needs over the next twelve months. |
PRINCIPAL ACCOUNTING POLICIES
PRINCIPAL ACCOUNTING POLICIES | 12 Months Ended |
Mar. 31, 2023 | |
PRINCIPAL ACCOUNTING POLICIES | |
PRINCIPAL ACCOUNTING POLICIES | 2. PRINCIPAL ACCOUNTING POLICIES 2.1 Basis of presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). Significant accounting policies followed by the Group in the preparation of its accompanying consolidated financial statements are summarized below. 2.2 Discontinued operations A component of a reporting entity or a group of components of a reporting entity that are disposed or meet all of the criteria to be classified as held for sale in accordance with ASC 205-20-45-1E Initial Criteria for Classification of Held for Sale, such as the management, having the authority to approve the action, commits to a plan to sell the disposal group, should be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. Discontinued operations are reported when a component of an entity comprising operations and cash flows that can be clearly distinguished, operationally and for financial reporting purposes, from the rest of the entity is classified as held for disposal or has been disposed of, if the component either (1) represents a strategic shift or (2) have a major impact on an entity’s financial results and operations. Examples include a disposal of a major geographical location, line of business, or other significant part of the entity, or disposal of a major equity method investment. Non-current assets or disposal groups are classified as assets held for sale when the carrying amount is to be recovered principally through a sale transaction rather than through continuing use. For this to be the case, the asset or disposal group must be available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such asset. Once a disposed business meets the criteria of held for sales and be reported as a discontinued operation, according to ASC 205-20-45-10, in the period(s) that a discontinued operation is classified as held for sale and for all prior periods presented, the assets and liabilities of the discontinued operation shall be presented separately in the asset and liability sections, respectively, of the Consolidated Balance Sheets. In the consolidated statements of comprehensive loss, results from discontinued operations are reported separately from the income and expenses from continuing operations and prior periods are presented on a comparative basis. Cash flows for discontinuing operations are presented separately (Note 3). The following accounting policies support the basis of presentation of the Divestiture Transactions disclosed in Note 1. Divestiture of 2C intra-regional business and loan-facilitation related service On July 12, 2019 and September 30, 2019, the Company entered into a binding term sheet and definitive agreements with Golden Pacer relating to the divestiture of its entire 2C intra-regional business and loan facilitation related service, respectively. On April 23, 2020, the Company entered into supplemental agreements with Golden Pacer to modify and supplement certain terms and conditions in connection with the divestiture. Pursuant to the series of agreements, the Company has divested its entire 2C intra-regional business to Golden Pacer and ceased to provide loan facilitation related guarantees starting from the three months ended December 31, 2019 (Note 3). Results of operations related to the discontinued operations have been recorded in “loss from discontinued operations” in the Consolidated Statements of Comprehensive Loss. Divestiture of 2B business March 24, 2020, the Company entered into definitive agreements with 58.com to sell its 2B online used car auction business. The transaction contemplated under the definitive agreements was closed in April 2020 (Note 3). Results of operations related to discontinued operations have been recorded in “loss from discontinued operations” in the Consolidated Statements of Comprehensive Loss. 2.3 Basis of consolidation The Group’s consolidated financial statements include the financial statements of the Company, its subsidiaries and the former VIEs for which the Company is the primary beneficiary. A subsidiary is an entity in which the Company, directly or indirectly, controls more than one half of the voting power; has the power to appoint or remove the majority of the members of the board of directors; to cast a majority of votes at the meeting of the board of directors or to govern the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders. A VIE is an entity in which the Company, or its subsidiary, through contractual arrangements, bears the risks of, and enjoys the rewards normally associated with, ownership of the entity, and therefore the Company or its subsidiary is the primary beneficiary of the entity. All transactions and balances among the Company, its subsidiaries, and the former VIEs have been eliminated upon consolidation. 2.4 Use of estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets, long-lived assets and liabilities at the dates of the financial statements and the reported amount of revenues and expenses during the reporting periods. On an ongoing basis, the Company’s management reviews these estimates based on information that is currently available. Changes in facts and circumstances may cause the Company to revise its estimates. Accounting estimates reflected in the Group’s consolidated financial statements include, but are not limited to, the fair value of senior convertible preferred shares, warrant liabilities, forward contracts, share-based compensation arrangements, fair value of the long-term investment, provision for credit losses for loans recognized as a result of payments under guarantees and other receivables, the useful lives of property, equipment and software, incremental borrowing rate applied in lease accounting, inventory provision and valuation allowances for deferred tax assets. Given that changes in circumstances, facts and experience may cause the Group to revise its estimates, actual results could differ from those estimates. 2.5 Fair value measurements Accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value: Level 1 — Quoted prices (unadjusted) for identical assets or liabilities in active markets Level 2 — Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data Level 3 — Unobservable inputs which are supported by little or no market activity Financial instruments of the Company primarily are comprised of cash and cash equivalents, accounts receivable, loans recognized as a result of payments under guarantees, current portion of long-term borrowings, accounts payable, guarantee liabilities, warrant liabilities and forward contracts. As of March 31, 2022 and 2023, except for warrant liabilities and forward contracts which are measured at fair value, the carrying values approximated the fair values of these instruments because of their generally short maturities. The warrant liabilities and forward contracts were recorded at the fair value at the inception date and classified as a Level 3 measurement. 2.6 Foreign currencies The Group uses Renminbi (“RMB”) as its reporting currency. The USD (“US$”) is the functional currency of the Group’s entities incorporated in Cayman Islands, British Virgin Islands and Hong Kong, and the RMB is the functional currency of the Group’s PRC subsidiaries. Transactions denominated in other than the functional currencies are translated into the functional currency of the entity at the exchange rates quoted by authoritative banks prevailing on the transaction dates. Exchange gains and losses resulting from those foreign currency transactions denominated in a currency other than the functional currency are recorded in the Consolidated Statements of Comprehensive Loss. The financial statements of the Group are translated from the functional currency into RMB. Assets and liabilities denominated in foreign currencies are translated into RMB using the applicable exchange rates at the balance sheet date. Equity accounts other than earnings generated in current period are translated into RMB at the appropriate historical rates. Revenues, expenses, gain and loss are translated into RMB using the periodic average exchange rates. The resulting foreign currency translation adjustments are recorded in accumulated other comprehensive income as a component of shareholders’ deficit. 2.7 Convenience translation Translations of Consolidated Balance Sheets, the Consolidated Statements of Comprehensive Loss and the Consolidated Statements of Cash Flows from RMB into US$ as of and for the fiscal year ended March 31, 2023 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB 6.8676 on March 31, 2023 as set forth in the H.10 statistical release of the U.S. Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on March 31, 2023, or at any other rate. 2.8 Cash and cash equivalents Cash includes currency on hand and deposits held by financial institutions that can be added to or withdrawn without limitation. Cash equivalents represent short-term, highly liquid investments that are readily convertible to known amount of cash and with original maturities from the date of purchase of generally three months or less. 2.9 Restricted cash As of March 31, 2022 and 2023, restricted cash primarily represents cash reserved in relation to certain litigations. 2.10 Inventory Inventory consists primarily of used vehicles and is stated at the lower of cost or net realizable value. Inventory cost is determined by specific identification and includes acquisition cost, direct and indirect reconditioning costs and inbound transportation expenses. Net realizable value represents the estimated selling price less costs to complete, dispose and transport the vehicles. Each reporting period the Company recognizes any necessary adjustments to reflect vehicle inventory at the lower of cost or net realizable value in the cost of revenues in the Consolidated Statements of Comprehensive Loss. Total carrying amount of used vehicles was RMB 426.3 million and RMB 110.9 million as of March 31, 2022 and 2023, respectively. Total amount of inventory write-downs recorded for used vehicles were RMB 4.7 million, RMB 14.2 million and RMB 30.2 million for the fiscal years ended March 31, 2021, 2022 and 2023, respectively. 2.11 Guarantee liabilities Before the three months ended December 31, 2019, the third-party financing partners offered financing solutions to the buyers (the “Borrowers”) and the Company was required to provide a guarantee in the event of Borrower default. The balances as of March 31, 2022 represent the Company’s remaining guarantee obligations in relation to the historically facilitated loans. 2.12 Property, equipment and software, net Property, equipment and software are stated at cost less accumulated depreciation and amortization. Depreciation and amortization is computed using the straight-line method over the following estimated useful lives, taking into account any estimated residual value: Electronic equipment 3 years Furniture 5 years Vehicles and motors 4 years Software 5 years Leasehold improvement lesser of the term of the lease or the estimated useful lives of the assets The Company recognizes the gain or loss on the disposal of property, equipment and software in the Consolidated Statements of Comprehensive Loss. 2.13 Long-term investments In accordance with ASC 323 Investment—Equity Method and Joint Ventures, the Company accounts for an equity investment over which it has significant influence but does not own a majority of the equity interest or otherwise controls and the investments are either common stock or in substance common stock using the equity method. The Company’s share of the investee’s profit and loss is recognized in the earnings of the period. The Company also holds investments in privately held companies in the form of equity securities without readily determinable fair values and in which the Company does not have a controlling interest or significant influence. In accordance with ASC 321 Investment- Equity Securities, investments in equity securities without readily determinable fair values are initially recorded at cost and are subsequently adjusted to fair value for impairments and price changes from observable transactions in the same or a similar security from the same issuer. No impairment of long-term investments was recognized for the fiscal years ended March 31, 2021, 2022 and 2023. Pursuant to ASC 321, for equity investments measured at fair value with changes in fair value recorded in earnings, the Company does not assess whether those securities are impaired. Based on ASU 2016-01, the Company will be able to elect to record equity investments without readily determinable fair values and not accounted for by the equity method either at fair value with changes in fair value recognized in net income or at cost less impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer (“measurement alternative”). For equity investments without readily determinable fair value for which the Company has elected to use the measurement alternative, at each reporting period, the Company makes a qualitative assessment of whether the investment is impaired at each reporting date, applying significant judgement in considering various factors and events including a) adverse performance of investees, credit rating, asset quality, or business prospects of the investee; b) adverse industry developments affecting investees; and c) adverse regulatory, social, economic or other developments affecting investees. If a qualitative assessment indicates that the investment is impaired, the Company estimates the investment’s fair value in accordance with the principles of ASC 820. If the fair value is less than the investment’s carrying value, the Company recognizes an impairment loss in earnings equal to the difference between the carrying value and fair value. 2.14 Impairment of long-lived assets Long-lived assets including property, equipment and software with definite lives are assessed for impairment, whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable in accordance with ASC 360, Property, Plant and Equipment. When these events occur, the Group will assess whether an impairment of the long-lived assets in question exists by comparing the carrying value of the assets to an estimate of future undiscounted cash flows expected to be generated from the use of the asset and its eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying value of the asset, the Group recognizes an impairment loss based on the excess of the carrying value of the asset over the fair value of the asset. No impairment of long-lived assets was recognized for the fiscal years ended March 31, 2021, 2022 and 2023. 2.15 Revenue recognition The Group adopted ASC Topic 606, “Revenue from Contracts with Customers” for all periods presented. Consistent with the criteria of Topic 606, the Group recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to receive in exchange for those goods or services. To achieve that core principle, an entity should apply five steps defined under Topic 606. The Group assesses its revenue arrangements against specific criteria in order to determine if it is acting as principal or agent. Revenue arrangements with multiple performance obligations are divided into separate units of accounting. The Company considered appropriate methods to allocate the transaction price to each performance obligations, based on the relative standalone selling prices of the services provided. In estimating the standalone selling price for the services that are not directly observable, the Company considered the suitable methods included in ASC 606-10-21-34, and determined the adjusted market assessment approach is the most appropriate method. When estimating the relative standalone selling prices, the Group considers standalone selling prices of similar services. Revenue is recognized upon transfer of control of these promised services to a customer. The Group, from time to time, provides incentives to consumers. These incentives are given in the form of discount coupon to consumers. As these incentives were provided without any distinct good or service in return, these incentives have been recorded as reduction of revenue, pursuant to the guidance under ASC 606. Revenue is recorded net off cash incentives and value-added-tax. Online used car transaction services (formerly known as “2C cross-regional business”) The Company uses www.xin.com as its 2C online platform, which assists in publishing the used cars of car dealers (the “Dealer”) for consumers (the “Consumer”). The online used car business mainly includes three services as follows: - Broker transaction (or commission-related service): The Company provides used car purchase assistance, used car inspection services, title transfer and title registration service, as well as logistics service during the purchase process. The Company charges the Consumer the commission fees based on agreed percentage of final car sales price; - Value-added service: For the Consumers that have financing needs, the Company provides additional services to Consumers based on agreed amount or agreed percentages, including but not limited to the following: 1. Channel service: - Uxin provides advice on financial solutions and refer Consumers to financing platforms - Uxin helps check the documents in relation to application of financial products prepared by Consumers 2. Safety-guaranteed service: - Uxin provides GPS purchase and installation service - Uxin provides other assistances to Consumers if necessary, such as sharing the GPS trajectory when there is a car theft, etc. 3. Mortgage service: - Uxin assists in mortgage registration process if needed - Uxin assists on the purchase of insurance policy offered by insurance company - Warranty and repair service: is provided for selected cars sold with Uxin’s certificate program to provide certain warranty service, including one-year or 20,000 -kilometer warranty covering repair of 15 major structural components. The Company determined the Consumer as customer of the online used car business in accordance with ASC 606, the Company collects the fees for both of the Broker transaction service and Value-added service from the Consumer. The Company may sell the Broker transaction service alone but does not sell the Value-added service or warranty service individually. Value-added service and warranty service are sold together with the Commission-related service. Each of these services is identified as a separate performance obligation. The Company allocates the transaction price to each of these performance obligations on a relative standalone selling price basis or market price, based on different type of the contract or combined contracts. The Company recognizes both the Commission revenue from the Broker transaction service and the Value-added services upon the closing of car sale; For warranty service (6-month and 1-year types only), since the Consumer receives, consumes and benefits the warranty service simultaneously when the Company performs the service, therefore the Company recognizes the warranty revenue over the warranty period, i.e. 6 -month or 1 -year period. Revenue derives from value-added service and warranty service were collectively reported as Value-added service revenue on the Company’s Consolidated Statement of Comprehensive Loss. Vehicle sales business since September 2020 Retail vehicle sales business The Company sells used vehicles directly to its customers through its e-commerce platform (www.xin.com). The Company procures used cars by analyzing the extensive user behavioral, used car and transactional data aggregated on its platform over the years. This enables the Company to selectively build its inventory of used cars with value-for-money performance and have greater flexibility in offering more competitive pricing to individual consumer (the “Consumer”). The prices of used vehicles are set forth in the customer contracts at stand-alone selling prices which are agreed upon prior to delivery. The Company satisfies its performance obligation for used vehicles sales when the Consumer obtains control of the underlying vehicles. The Company receives payment for used vehicle sales directly from the Consumer at the time of sale. Payments received prior to delivery or pick-up of used vehicles are recorded as “Other payables and other current liabilities” within the Consolidated Balance Sheets. Wholesale vehicle sales business The Company sells vehicles to wholesalers through offline dealership. These vehicles sold to wholesalers are primarily acquired from individuals that do not meet the Company’s retail standards to list and sell through its e-commerce platform, and therefore, sold through offline dealership. The Company satisfies its performance obligation and recognizes revenue for wholesale vehicle sales at the point in time when the wholesale purchasers obtain control of the underlying vehicles. The payments are received when the vehicles are sold. Others Other revenue is immaterial for the fiscal years ended March 31, 2021, 2022 and 2023, respectively. It mainly represented the commissions earned from the Group’s financing and insurance partners from introducing them to the Company’s retail customers with financing needs, as well as revenues earned from warranty services. Remaining performance obligations Revenue allocated to remaining performance obligations represents that portion of the overall transaction price that has been received (or for which the Group has an unconditional right to payment) allocated to performance obligations that the Group has not yet fulfilled, which is presented as deferred revenue that has not yet been recognized. As of March 31, 2022 and 2023, the aggregate amount of the transaction price allocated to remaining performance obligations was RMB 4.1 million and RMB 2.3 million, respectively, reflecting the Group’s remaining obligations. The Group expects to recognize approximately 100 % of the revenue over the next 12 months. 2.16 Value-added-tax (“VAT”) and surcharges The Company’s subsidiaries and the former VIEs are subject to value-added tax and related surcharges on the revenues earned for services provided in the PRC. The applicable value-added-tax rate for general VAT payers is set out in the following table. Type of service Applicable VAT rate (%) Vehicle sales 0.5 % - 6 % Commission 6 % Value-added service 6 % Other services 6 % The surcharges (i.e. urban construction and maintenance tax, educational surtax, local educational surtax), vary from 5 % to 12 % of the value-added-tax depending on the tax payer’s location. The surcharges are recorded in the “cost of revenue” in the Consolidated Statements of Comprehensive Loss. 2.17 Cost of revenues Prior to September 2020, cost of revenues consists of salaries and benefits expenses, cost of title transfer and registration, delivery and logistics cost, rental for transaction centers, platform maintenance cost, GPS tracking device costs, cost of warranty services provided, etc. Starting from September 2020, the Company started to build its own used vehicles inventory. After then, cost of revenues includes the cost to acquire used vehicles and direct and indirect vehicle reconditioning costs associated with preparing the vehicles for resale and warranty services. Cost of revenues also includes any necessary adjustments to reflect vehicle inventory at the lower of cost or net realizable value. 2.18 Sales and marketing expenses Sales and marketing expenses primarily consist of salaries and benefits expenses for sales and marketing personnel, advertising and promotion expenses and warranty expenses. Advertising and promotion expenses primarily include branding advertisements, online traffic acquisition costs and costs incurred in other marketing activities. Due to the adoption of the inventory-owing model since September 2020, most salaries and benefits for employees engaged in aftersales services and costs relating to outbound logistics were classified as “sales and marketing expense” whereas before such costs were classified as “cost of revenues”. Advertising costs are expensed as incurred. For those advertisements that are extended over a period of time, the advertising costs are recognised ratably over the beneficial period. The total amounts charged to the Consolidated Statements of Comprehensive Loss amounted to approximately RMB 128.9 million, RMB 58.7 million and RMB 46.9 million for the fiscal years ended March 31, 2021, 2022 and 2023, respectively. 2.19 Research and development expenses Research and development expenses primarily consist of salaries and benefits expenses, fees for outsourced technical services and depreciation of servers and computers relating to research and development. All research and development costs are expensed as incurred. Software development costs required to be capitalized under ASC 350-40, Internal-Use Software, were not material to the consolidated financial statements. 2.20 General and administrative expenses General and administrative expenses primarily consist of salaries and benefits and share-based compensation for employees engaged in management and administration positions or involved in general corporate functions, office rental, professional service fees and depreciation. 2.21 Share-based compensation The Company grants share options, restricted shares and restricted share units (“RSUs”) to eligible employees, director and execute officers. All share-based awards are measured at fair value on the grant date. The share-based compensation expenses have been categorized as either cost of revenues, sales and marketing expenses research and development expenses, or general and administrative expenses, depending on the job functions of the grantees. Share Options Granted The Company follows ASC 718 to determine whether a share option should be classified and accounted for as a liability award or equity award. All grants of share-based awards classified as equity awards are recognized in the financial statements based on their grant date fair values which are calculated using an option pricing model. The Company classifies the share-based awards granted to employees as equity award and has elected to recognize compensation expense on share-based awards with service condition on a graded vesting basis over the requisite service period, which is generally the vesting period. The binomial option-pricing model is used to measure the value of share options. The determination of the fair value is affected by the fair value of the ordinary shares as well as assumptions regarding a number of complex and subjective variables, including the expected share price volatility, actual and projected employee and nonemployee share option exercise behaviour, risk-free interest rates and expected dividend yield. Binomial option-pricing model incorporates the assumptions about grantees’ future exercise patterns. The fair value of these awards was determined by management with the assistance from an independent valuation firm using management’s estimates and assumptions. Restricted Shares and RSUs For the restricted shares, the awards are measured at fair value on the grant date. Share-based compensation expense is recognized using the straight-line method over the requisite service period or immediately at the grant date if no vesting conditions are required. For grants of RSUs with certain market conditions, it is classified as equity awards and recognized in the financial statements based on their grant date fair values which are determined using the Monte Carlo valuation model, which incorporates various assumptions including expected stock price volatility, risk-free interest rates, and expected timing and proceeds received due to the exercise of warrants and settlement of forward contracts (Note 18). Related expenses are recognized over the derived service period determined based on valuation techniques that are used to estimate fair value and is not adjusted if the market condition is not met, so long as the requisite service is provided. The assumptions used in share-based compensation expense recognition represent management’s best estimates, but these estimates involve inherent uncertainties and application of management judgment. If factors change or different assumptions are used, the share-based compensation expenses could be materially different for any period. Moreover, the estimates of fair value of the awards are not intended to predict actual future events or the value that ultimately will be realized by grantees who receive share-based awards. In accordance with ASU 2016-09, the Group made an entity-wide accounting policy election to account for forfeitures when they occur. 2.22 Taxation Current income taxes are provided on the basis of net income for financial reporting purposes, adjusted for income and expense items which are not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions. Deferred income taxes are recognized for temporary differences between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements, net operating loss carries forwards and credits. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided in accordance with the laws of the relevant taxing authorities. Deferred tax assets and liabilities are measured using enacted rates expected to apply to taxable income in which temporary differences are expected to be received or settled. The effect on deferred tax assets and liabilities of changes in tax rates is recognized in the statements of comprehensive loss in the period of the enactment of the change. The Group considers positive and negative evidence when determining whether a portion or all of its deferred tax assets will more likely than not be realized. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carry-forward periods, its experience with tax attributes expiring unused, and its tax planning strategies. The ultimate realization of deferred tax assets is dependent upon its ability to generate sufficient future taxable income within the carry-forward periods provided for in the tax law and during the periods in which the |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended |
Mar. 31, 2023 | |
DISCONTINUED OPERATIONS | |
DISCONTINUED OPERATIONS | 3. DISCONTINUED OPERATIONS Divestiture of 2C intra-regional business and loan-facilitation related service On July 12, 2019 and September 30, 2019, the Company entered into a binding term sheet and definitive agreements with Golden Pacer relating to the divestiture of its entire 2C intra-regional business and loan facilitation related service, respectively. On April 23, 2020, the Company entered into supplemental agreements with Golden Pacer to modify and supplement certain terms and conditions in connection with the divestiture. Pursuant to the series of agreements, the Company has divested its entire 2C intra-regional business to Golden Pacer and ceased to provide loan facilitation related guarantee starting from the three months ended December 31, 2019. Results of the discontinued operations of 2C intra-regional business and loan facilitation related service were as follows: For the fiscal year ended March 31, 2021 RMB Revenues To consumers Transaction facilitation revenue — Loan facilitation revenue — Total revenues — Cost of revenues — Gross profit — Operating expenses Sales and marketing — Research and development — General and administrative — Losses from guarantee liabilities — Impairment for net assets transferred ( 420,000 ) Total operating expenses ( 420,000 ) Loss from operations ( 420,000 ) Interest income, net — Other expenses, net — Loss from the divestiture of 2C intra-regional and loan facilitation business ( 14,745 ) Foreign exchange gain — Loss from discontinued operations before income tax expense ( 434,745 ) Income tax expense — Net loss from discontinued operations ( 434,745 ) In the three months ended December 31, 2019, the Company transferred the legal titles of assets and liabilities in relation to the historically-facilitated loans for XW bank to Golden Pacer as one of the pre-closing conditions with no consideration exchanged. The transaction contemplated under the definitive and supplemental agreements was closed upon the signing of the supplemental agreements on April 23, 2020. Due to the legal titles of the assets and liabilities being transferred prior to year-end of 2019 while the transaction was not closed until April 23, 2020, these pre-transferred assets and liabilities were reclassified on a net basis under the name of “Net assets transferred” as of March 31, 2020. During the fiscal year ended March 31, 2021, the “Net assets transferred” was further impaired in the value due to the ongoing negative impacts from the COVID-19 pandemic and the continuously deteriorated quality of the underlying pre-transferred net assets. Divestiture of 2B business On March 24, 2020, the Company entered into definitive agreements with 58.com to sell its 2B online used car auction business. The transaction was completed on April 14, 2020 for a total consideration of US$ 105.0 million (equivalent to RMB 740.3 million), and a total of RMB 736.0 million disposal gain was recognized from the divestiture of 2B business and was recorded in discontinued operations. Results of the discontinued operations of 2B business were as follows: For the fiscal year ended March 31, 2021 RMB Transaction facilitation revenue 5,198 Cost of revenues ( 1,384 ) Gross profit 3,814 Operating expenses Sales and marketing ( 8,063 ) Research and development — General and administrative ( 1,218 ) Provision for credit losses — Total operating expenses ( 9,281 ) Gain from the divestiture of 2B business 735,956 Net income from discontinued operations 730,489 The condensed cash flows of the discontinued operations of 2B business were as follows: For the fiscal year ended March 31, 2021 RMB Net cash used in operating activities ( 9,491 ) |
LOANS RECOGNIZED AS A RESULT OF
LOANS RECOGNIZED AS A RESULT OF PAYMENTS UNDER THE GUARANTEES | 12 Months Ended |
Mar. 31, 2023 | |
LOAN RECOGNIZED AS A RESULT OF PAYMENT UNDER THE GUARANTEE | |
LOANS RECOGNIZED AS A RESULT OF PAYMENTS UNDER THE GUARANTEES | 4. LOANS RECOGNIZED AS A RESULT OF PAYMENTS UNDER GUARANTEES The Group used to provide loan facilitation related guarantee service before April 2020. The third-party financing partners offered financing solutions to the Borrowers and the Group was required to provide a guarantee. In the event of a payment default from the Borrower, the Group was required to repay the monthly instalment or full amount of outstanding loan to the financing partner as the guarantor. As such, the Group recognized loan receivables as a result of payment under the guarantee deducted by an allowance to its expected recoverable amounts in the consolidated balance sheets. March 31, March 31, RMB RMB Loans recognized as a result of payments under guarantees 379,259 10,337 Less: provision for credit losses ( 324,371 ) ( 10,337 ) 54,888 — An aging analysis of loans recognized as result of payments under guarantees was as follows: March 31, March 31, RMB RMB Up to 6 months 70,188 1,756 6 months to 12 months 7,555 460 Over 12 months 301,516 8,121 379,259 10,337 The Group relies on the consumers’ credit history, loan-to-value ratio and other certain application information to evaluate and rank their respective risk on an ongoing basis. The credit grades represent the relative likelihood of repayment. Customers assigned a grade of “Normal” are determined to have the highest probability of repayment, customers assigned a grade of “Attention” are determined to have a lower probability of repayment, and customers assigned a grade of “Secondary” are determined to have a lowest probability of repayment. Loan performance is reviewed on a recurring basis to identify whether the assigned grades adequately reflect the customers’ likelihood of repayment. The balance of loans recognized as a result of payments under guarantees by grade of monitored credit risk quality indicator as of March 31, 2022 and 2023 were listed as below: March 31, March 31, RMB RMB Normal 10,267 — Attention 121,209 — Secondary 247,783 10,337 379,259 10,337 The movement of provision for credit losses for the fiscal years ended March 31, 2021, 2022 and 2023 was as follows: For the fiscal years ended March 31, 2021 2022 2023 RMB RMB RMB Beginning balance of the period ( 2,190,575 ) ( 1,182,609 ) ( 324,371 ) Additions ( 68,578 ) — — Provision for credit losses ( 29,272 ) ( 94 ) ( 1,770 ) Write-offs 252,508 13,093 308,847 Bought out by certain non-bank financing institutions without recourse 845,305 821,496 — Payments from the borrowers or other recoveries 8,003 23,743 6,957 Ending balance of the period ( 1,182,609 ) ( 324,371 ) ( 10,337 ) The following table explains the changes in the provision of credit losses by grade of monitored credit risk quality indicator as of March 31, 2023: Normal Attention Secondary Total RMB RMB RMB RMB Beginning balance of the period ( 1,805 ) ( 74,783 ) ( 247,783 ) ( 324,371 ) (Provision for)/reversal of credit losses ( 8,126 ) ( 4,844 ) 11,200 ( 1,770 ) Write-offs 3,341 74,519 230,987 308,847 Payments from the borrowers or other recoveries — 297 6,660 6,957 Transfer from Normal to Secondary 6,590 — ( 6,590 ) — Transfer from Attention to Secondary — 4,811 ( 4,811 ) — Ending balance of the period — — ( 10,337 ) ( 10,337 ) |
OTHER RECEIVABLES, NET
OTHER RECEIVABLES, NET | 12 Months Ended |
Mar. 31, 2023 | |
OTHER RECEIVABLES, NET | |
OTHER RECEIVABLES, NET | 5. OTHER RECEIVABLES, NET March 31, March 31, RMB RMB Rental and other deposits 39,697 26,418 Staff advance 15,742 13,890 Unreceived disposal consideration (i) 93,988 — Others 46,830 1,578 196,257 41,886 Less: provision for credit losses ( 30,251 ) ( 26,541 ) 166,006 15,345 (i) In July 2022, the Company and 58.com have mutually released the other party from claims arising out of certain obligations under certain historical transactions. Therefore, unreceived consideration from the divestiture of 2B business due from 58.com of RMB 84.3 million was settled (Note 13). In addition, the other receivables of RMB 9.7 million due from Boche related to that entity’s acquisition of the Company’s salvage care related business was received in August 2022. The movement of the provision for credit loss for the fiscal years ended March 31, 2021, 2022 and 2023 was as follows : For the fiscal years ended March 31, 2021 2022 2023 RMB RMB RMB Beginning balance of the period ( 51,666 ) ( 20,980 ) ( 30,251 ) Addition ( 1,104 ) ( 3,494 ) ( 12,400 ) Write-off 31,790 679 16,110 Reclassified from amounts due from related parties — ( 6,456 ) — Ending balance of the period ( 20,980 ) ( 30,251 ) ( 26,541 ) |
PREPAID EXPENSES AND OTHER CURR
PREPAID EXPENSES AND OTHER CURRENT ASSETS | 12 Months Ended |
Mar. 31, 2023 | |
PREPAID EXPENSES AND OTHER CURRENT ASSETS | |
PREPAID EXPENSES AND OTHER CURRENT ASSETS | 6. PREPAID EXPENSES AND OTHER CURRENT ASSETS March 31, March 31, RMB RMB VAT-input deductible 54,728 54,601 Prepaid rental expense 2,469 2,537 Prepaid marketing expense 7,877 2,009 Prepaid consulting and professional service fees 5,383 1,247 Prepaid insurance cost 4,973 139 Prepaid financial advisory service fee (i) 12,000 — Others 2,582 857 90,012 61,390 (i) The Company entered into a long-term strategic cooperation agreement with Golden Pacer in April 2020, and an aggregate amount of RMB 60.0 million as prepayment was made in exchange for a 5 -year financial solution advisory services from Golden Pacer (an affiliate of 58.com). In July 2022, the Company and 58.com have mutually released the other party from claims arising out of certain obligations under certain historical transactions. Therefore, prepaid financial advisory service fee of RMB 12.0 million was released, and the related services will no longer be rendered (Note 13). |
PROPERTY, EQUIPMENT AND SOFTWAR
PROPERTY, EQUIPMENT AND SOFTWARE, NET | 12 Months Ended |
Mar. 31, 2023 | |
PROPERTY, EQUIPMENT AND SOFTWARE, NET | |
PROPERTY, EQUIPMENT AND SOFTWARE, NET | 7. PROPERTY, EQUIPMENT AND SOFTWARE, NET Property, equipment and software, net, consist of the following: March 31, March 31, 2022 2023 RMB RMB Cost Leasehold improvement 174,466 178,023 Electronic equipment 53,194 51,748 Software 26,018 26,953 Vehicles and motors 4,478 4,057 Furniture 3,508 2,151 Construction in progress 7,218 43,489 Total property, equipment and software 268,882 306,421 Less: accumulated depreciation and amortization Leasehold improvement ( 165,858 ) ( 174,014 ) Electronic equipment ( 50,651 ) ( 49,008 ) Software ( 14,055 ) ( 16,630 ) Vehicles and motors ( 1,269 ) ( 1,908 ) Furniture ( 2,518 ) ( 1,136 ) Total accumulated depreciation and amortization ( 234,351 ) ( 242,696 ) Net book value 34,531 63,725 The total amounts charged to the Consolidated Statements of Comprehensive Loss for depreciation and amortization expense are approximately RMB 46.4 million, RMB 14.3 million and RMB 13.4 million for the fiscal years ended March 31, 2021, 2022 and 2023, respectively. |
LONG-TERM INVESTMENTS
LONG-TERM INVESTMENTS | 12 Months Ended |
Mar. 31, 2023 | |
LONG-TERM INVESTMENTS | |
LONG-TERM INVESTMENTS | 8. LONG-TERM INVESTMENTS The Group’s long-term investments consist of the following: March 31, March 31, 2022 2023 RMB RMB Equity investments accounted for using the equity method Beijing Gangjian Shoubao Cultural Media Center LLP (“Gangjian Shoubao”) 4,500 4,500 Weiche Information Technology Co., Ltd. (“Weiche”) 1,495 1,451 5,995 5,951 Equity investments accounted for using the measurement alternative Jincheng Consumer Finance (Sichuan) Co., Ltd. (“Jincheng”) 282,761 282,761 Total long-term investments 288,756 288,712 Major investments of the Company during the fiscal years ended March 31, 2021, 2022 and 2023 are summarized as follows: Equity investments accounted for using the equity method Investment in Gangjian Shoubao In April 2019, the Company invested in Gangjian Shoubao, focusing on advertising and media business. The Company is one of the limited partners and does not have control of the partnership. The investee has not started to operate yet. Investment in Weiche In May 2018, the Company acquired 40 % of ordinary equity interest of Weiche, a professional information technology company focusing on technology development and technology consulting service. The Company exercises significant influence in Weiche and therefore accounts for this as a long-term investment using equity method. Equity investments accounted for using the measurement alternative Investment in Jincheng In September 2017, the Company invested in Jincheng, a professional consumer financial service company. The Company acquired 19 % ordinary equity interest with a total consideration of RMB 233.0 million. The Company exercises significant influence in Jincheng and therefore accounted for this as a long-term investment using equity method. In early 2021, as the Group completed the divesture of its historical loan-facilitation business and, the Group proposed to Jincheng its desire to give up its board seat in Jincheng. The administration process was completed in March 2021. After that, the Group could no longer execute significant influence over Jincheng. The Group accounted for the investment using the alternative method measurement, and no measurement events were identified during the fiscal years ended March 31, 2022 and 2023. In July 2022, the Group received a cash dividend from Jincheng amounting to RMB 10.4 million. In November 2022, the Company entered into a definitive agreement with a third-party, pursuant to which the equity interest of Jincheng with carrying amount of RMB 282.8 million was pledged to obtain a loan with RMB292.0 million principal bearing 5 % annum interest rate, and due in December 2024. |
BORROWINGS
BORROWINGS | 12 Months Ended |
Mar. 31, 2023 | |
SHORT-TERM AND LONG TERM BORROWINGS | |
BORROWINGS | 9. BORROWINGS The following table presents short-term and long-term borrowings from commercial banks or other institutions as of March 31, 2022 and 2023. Funding Partners Fixed annual interest rate Terms March 31, March 31, RMB RMB Short-term borrowing 4.50 % within 12 months — 20,000 Current portion of long-term borrowing 5.00 % matured on December 15, 2022 233,000 — Long-term borrowings 5.00 % 2 years — 291,950 233,000 311,950 Short-term borrowings outstanding as of March 31, 2023 was dominated in RMB. The Group obtained a working capital facility of RMB 50.0 million from China Merchants Bank (“CMB”) in November 2022, of which RMB 20.0 million had been drawn down in November 2022, and the remaining amount can be drawn as needed within the 1-year period of credit. Long-term borrowing outstanding as of March 31, 2023 was pledged with the equity interest the Group holds in an investment. The long-term borrowing will be due in December 2024. The long-term borrowing of RMB 233.0 million and cumulative interest of RMB 58.9 million due in December 2022, had been fully repaid on time on December 15, 2022 upon receipt of the proceeds from the new loan agreement. The weighted average interest rate for the outstanding borrowings was approximately 5.0 % and 5.0 % as of March 31, 2022 and 2023, respectively. |
GUARANTEE LIABILITIES
GUARANTEE LIABILITIES | 12 Months Ended |
Mar. 31, 2023 | |
GUARANTEE LIABILITIES | |
GUARANTEE LIABILITIES | 10. GUARANTEE LIABILITIES March 31, March 31, RMB RMB Guarantee liabilities – stand ready 46 — Guarantee liabilities – contingent 133 — 179 — The movement of guarantee liabilities – stand ready was as follows: For the fiscal years ended 2021 2022 2023 RMB RMB RMB Beginning balance of the period 207,997 172 46 Guarantee income (i) (Note 14) ( 207,825 ) ( 126 ) ( 46 ) Ending balance of the period 172 46 — The movement of guarantee liabilities - contingent was as follows: For the fiscal years ended March 31, 2021 2022 2023 RMB RMB RMB Beginning balance of the period 702,952 2,269 133 Guarantee liabilities settled ( 68,578 ) — — Guarantee liabilities released to WeBank (i) ( 630,733 ) — — Provision for credit losses ( 1,372 ) ( 2,136 ) ( 133 ) Ending balance of the period 2,269 133 — (i) In order to settle the Company’s remaining guarantee liabilities, the Company entered into a supplemental agreement on April 23, 2020 (the “2020 April Agreement”) with WeBank with regards to the Company’s historically-facilitated loans. Pursuant to the 2020 April Agreement, WeBank agreed to set a cap on the amount of cash the Company would use to fulfil its guarantee obligations from 2020 to 2022. Subsequently on July 23, 2020, the Company entered into another supplemental agreement (the “2020 July Agreement”) with WeBank, which amended and restated the 2020 April Agreement. Pursuant to the 2020 July Agreement, the Company will pay an aggregate amount of RMB 372.0 million to WeBank from 2020 to 2025 as a guarantee settlement with a maximum annual settlement amount of no more than RMB 84.0 million. Upon the signing of the 2020 July Agreement, the Company was no longer subject to guarantee obligations in relation to its historically facilitated loans for WeBank under the condition that the Company made the instalments based on the agreed-upon schedule in the 2020 July Agreement. Subsequently on June 21, 2021, the Company entered into another supplemental agreement with WeBank and under this supplemental agreement a total of RMB 48.0 million instalment payments was waived immediately upon the effectiveness of this supplemental agreement. The effectiveness of this supplemental agreement was conditioned on the closing of the first tranche of financing with NIO Capital and Joy Capital. The first tranche of financing closed on July 12, 2021 and therefore this supplemental agreement became effective on July 12, 2021, and related waived payment, total amount of RMB 73.7 million, was recorded in “other operating income”. Pursuant to the July Agreement, total outstanding payables was RMB 114.4 million as of March 31, 2023, out of which RMB 58.6 million was recorded in “consideration payable to WeBank” and the remaining was recorded in “other payables and other current liabilities” (Note 11, 12). |
OTHER PAYABLES AND OTHER CURREN
OTHER PAYABLES AND OTHER CURRENT LIABILITIES | 12 Months Ended |
Mar. 31, 2023 | |
OTHER PAYABLES AND OTHER CURRENT LIABILITIES | |
OTHER PAYABLES AND OTHER CURRENT LIABILITIES | 11. OTHER PAYABLES AND OTHER CURRENT LIABILITIES March 31, March 31, RMB RMB Tax payables 68,720 66,010 Accrued service fee for IT and other professional support 53,285 65,514 Consideration payable to WeBank, current (Note 12) 53,162 55,887 Deposits 60,014 40,162 Accrued advertising expenses (i) 268,455 34,942 Accrued service fee for transaction support 39,132 24,386 Deferred revenue 18,049 13,909 Accrued salaries and benefits 13,815 13,834 Operating lease liabilities, current 10,994 7,667 Interest payable 50,969 4,457 Accrued legal proceedings and litigations 420 — Others 37,318 17,734 674,333 344,502 (i) Pursuant to a contractual payment schedule contained in a supplemental agreement in June 2021 and an extended payment term arrangement included in an extension agreement signed with one the Company’s suppliers in December 2022, the Company repaid RMB 100.0 million to this supplier during the fiscal year ended March 31, 2023 and the remaining RMB 56.1 million due to the same supplier had been waived by this supplier and an equivalent gain from such waiver was recorded in other operating income. In addition to the above transaction, in July 2022, the Company and another supplier, 58.com, mutually released the other party from claims arising out of certain obligations under certain historical transactions. Therefore, accrued adverting expenses of RMB 69.4 million recorded as of March 31,2022 and due to 58.com were settled in connection with this arrangement. (Note 13). |
CONSIDERATION PAYABLE TO WEBANK
CONSIDERATION PAYABLE TO WEBANK | 12 Months Ended |
Mar. 31, 2023 | |
CONSIDERATION PAYABLE | |
CONSIDERATION PAYABLE TO WEBANK | 12. CONSIDERATION PAYABLE TO WEBANK March 31, March 31, RMB RMB Consideration payable to WeBank in total (Note 10) 160,804 114,446 Less: current portion (recorded in “other payables and other current ( 53,162 ) ( 55,887 ) 107,642 58,559 |
LONG-TERM DEBT
LONG-TERM DEBT | 12 Months Ended |
Mar. 31, 2023 | |
Long-Term Debt, Unclassified [Abstract] | |
LONG-TERM DEBT | 13. LONG-TERM DEBT March 31, March 31, RMB RMB Current portion of long-term debt 102,206 158,736 Long-term debt 817,648 264,560 919,854 423,296 The Company entered into a convertible note purchase agreement with affiliates of 58.com, Warburg Pincus, TPG and certain other investors on May 28, 2019, pursuant to which the Company issued and sold convertible notes in an aggregate principal amount of US$ 230 million on June 10, 2019 bearing 3.75 % interest rate per annum due on June 9, 2024 (“2024 Notes”). Early redemption is permitted if requested by holders in advance in writing three years after June 9, 2019. 2024 Notes may be converted, at an initial conversion rate of 323.6246 ADSs per US$ 1,000 principal amount of the 2024 Notes (which represents an initial conversion price of US$ 3.09 per ADS) upon maturity. On June 14, 2021, the Company entered into agreements with NIO Capital and Joy Capital, pursuant to which both investors have agreed to invest in the Company’s senior convertible preferred shares a total of up to US$ 315 million in the Company. As one of the pre-closing conditions of the new round of financing, on the same day, the Company entered into a supplemental agreement with the 2024 Notes holders. Pursuant to the supplemental agreement, 30 % of the outstanding 2024 Notes principal amount, a total of US$ 69 million, would be automatically converted into a total of 66,990,291 Class A ordinary shares at a price of US$ 1.03 per Class A ordinary share (US$ 30.9 per ADS or US$ 3.09 per ADS prior to the ADS Ratio Change) upon the first closing date of the new round of financing. On October 12, 2022, the Company announced a change in ADS to Class A ordinary share ratio from each ADS representing three Class A ordinary shares to each ADS representing 30 Class A ordinary shares, effective from October 28, 2022 (“ADS Ratio Change”). This change has been reflected retroactively in the financial statements and notes thereto. On July 12, 2021, the date of the issuance of senior convertible preferred shares, the aforementioned conversion was completed, and related Class A ordinary shares were issued. The remaining principal amount, a total of US$ 161 million, was also modified to be repaid by installments by Company from July 2021 to June 2024, recorded as other non-current liabilities, and the 2024 Notes holders are not able to execute conversion rights anymore. On July 18 and August 29 ,2022, the Company issued 183,495,146 and 36,699,029 Class A ordinary shares with par value of US$ 0.0001 per share to 58.com and ClearVue in exchange for the full release of the Company’s obligations under the 2024 Notes issued to 58.com and ClearVue on June 10, 2019. These shares were issued at a price equivalent to US$ 10.3 per ADS (or US$ 1.03 per ADS prior to the ADS Ratio Change) with a fair value of RMB 308.2 million and RMB 62.8 million, respectively. As a result, the 2024 Notes issued to 58.com and ClearVue amounting to US$ 63.0 million and US$ 12.6 million, respectively were extinguished upon such issuance of shares. In connection with the foregoing transaction, the Company and 58.com have mutually released the other party from claims arising out of certain obligations under certain additional historical transactions. 58.com released the Company’s from its long-term debt of RMB 424.9 million and other payables and other current liabilities of RMB 69.4 million. The Company, in turn, released 58.com from amounts owed, including other receivables of RMB 114.1 million, loans recognized as a result of payments under guarantees of RMB 41.9 million, other non-current assets of RMB 21.0 million and prepaid expense and other current assets of RMB 12.0 million. As a result of the Company’s issuance of 183,495,146 Class A ordinary shares to 58.com and the mutual release between 58.com and the Company for certain obligation above, the Group recognized losses from extinguishment of debt of RMB 2.8 million for the fiscal year ended March 31, 2023. The long-term debt of RMB 59.0 million and RMB 51.9 million were repaid for the fiscal years ended March 31, 2022 and 2023, respectively. |
OTHER OPERATING INCOME, NET
OTHER OPERATING INCOME, NET | 12 Months Ended |
Mar. 31, 2023 | |
OTHER OPERATING INCOME | |
OTHER OPERATING INCOME, NET | 14. OTHER OPERATING INCOME, NET For the fiscal year ended March 31, 2021 2022 2023 RMB RMB RMB Gains from waiver of operating payables (i) 2,010 73,747 70,500 Government grant 15,392 1,895 5,252 Guarantee income (Note 10) 207,825 126 46 Income from sale of loans recognized as a result of payments under 21,119 26,279 — Transfer-out of unused VAT-input deductible — ( 20,030 ) — Others — — ( 5,808 ) 246,346 82,017 69,990 (i) The Company entered into supplemental agreements with several suppliers in May and June 2021, pursuant to which the Company would be exempted, conditionally, from the repayment of other payables of approximately RMB 120.4 million. In this regard, the Company satisfied certain necessary payment conditions during the fiscal year ended March 31, 2022 which resulted in RMB 64.3 million in other payables being waived pursuant to the relevant supplier agreements. The waiver of this payable balance resulted in a gain recorded in the same fiscal year. Additional payment conditions were met during fiscal year ended March 31, 2023, resulting in an incremental RMB 56.1 million in payables waived pursuant to the operative supplier agreements. The waiver of this additional payables balance resulted in a gain recorded in the same fiscal year. In addition, the Company continued to negotiate with other suppliers to settle long-aged payables, resulting in additional wavier gains of RMB 2.0 million, RMB 9.4 million and RMB 14.4 million recorded for the fiscal year ended March 31, 2021, 2022 and 2023 accordingly. |
OPERATING LEASE
OPERATING LEASE | 12 Months Ended |
Mar. 31, 2023 | |
OPERATING LEASE | |
OPERATING LEASE | 15. OPERATING LEASE The Group has operating leases primarily for office and operations space. The Group’s operating lease arrangements have remaining terms of one year to years. Supplemental consolidated balance sheet information related to leases were as follows: March 31, March 31, RMB RMB Right-of-use assets 29,584 84,461 Operating lease liabilities - current 10,994 7,667 Operating lease liabilities - non-current 10,866 77,462 Total operating lease liabilities 21,860 85,129 Weighted average remaining lease term 2.25 8.64 Weighted average incremental borrowing rate 5.19 % 5.13 % Total operating lease costs were RMB 36.3 million for the fiscal year ended March 31, 2021 including RMB 33.0 million recorded from continuing operations and RMB 3.3 million from discontinued operations. Total short-term lease costs were RMB 11.7 million for the fiscal year ended March 31, 2021, including RMB 8.4 million recorded from continuing operations and RMB 3.3 million from discontinued operations. Total operating lease costs were RMB 19.8 million for the fiscal year ended March 31, 2022. Total short-term lease costs were RMB 3.3 million for the fiscal year ended March 31, 2022. Total operating lease costs were RMB 23.4 million for the fiscal year ended March 31, 2023. Total short-term lease costs were RMB 5.9 million for the fiscal year ended March 31, 2023. Supplemental cash flow information related to leases in both continuing and discontinued operations were as follows: For the fiscal year ended March 31, 2021 2022 2023 RMB RMB RMB Cash paid for amounts included in the measurement of 13,599 23,547 10,231 Right-of-use assets obtained in exchange for operating 46,829 23,628 84,947 Maturities of operating lease liabilities are as follows: March 31, 2023 RMB Fiscal year ended March 31, 2024 11,174 Fiscal year ended March 31, 2025 8,821 Fiscal year ended March 31, 2026 9,263 Thereafter 76,411 Total operating lease payments 105,669 Less: imputed interest ( 20,540 ) Total lease liabilities 85,129 |
RELATED PARTY BALANCES AND TRAN
RELATED PARTY BALANCES AND TRANSACTIONS | 12 Months Ended |
Mar. 31, 2023 | |
RELATED PARTY BALANCES AND TRANSACTIONS | |
RELATED PARTY BALANCES AND TRANSACTIONS | 16. RELATED PARTY BALANCES AND TRANSACTIONS The table below sets forth the major related parties and their relationships with the Group as of March 31, 2022 and 2023: Name of related parties Relationship with the Group 58.com Holdings Inc. Non-controlling shareholder since July, 2022 NIO Capital and Joy Capital Holders of senior convertible preferred shares Weiche Equity-method investee of the Company Except for senior convertible preferred shares, warrants and forward contracts issued to NIO Capital and Joy Capital (Note 18), major related party balance as of March 31, 2022 and 2023 and major transactions for the fiscal years ended March 31, 2021, 2022 and 2023 were as follows: Transactions with related parties For the fiscal year ended March 31, 2021 2022 2023 RMB RMB RMB Advertising service provided by the related parties 58.com 89,843 — — Weiche — 351 — 89,843 351 — Inventory leads sold to the related party 58.com 10,869 176 — Gain from the divestiture of 2B business (Note 3) 58.com 735,956 — — |
INCOME TAX EXPENSE
INCOME TAX EXPENSE | 12 Months Ended |
Mar. 31, 2023 | |
INCOME TAX EXPENSE | |
INCOME TAX EXPENSE | 17. INCOME TAX EXPENSE Cayman Islands Under the current laws of the Cayman Islands, the Company and its subsidiaries incorporated in the Cayman Islands are not subject to tax on income or capital gain. Additionally, the Cayman Islands does not impose a withholding tax on payments of dividends to shareholders. British Virgin Islands Under the current laws of the British Virgin Islands, entities incorporated in the British Virgin Islands are not subject to tax on their income or capital gains. Hong Kong Under the current Hong Kong Inland Revenue Ordinance, the Group’s subsidiaries in Hong Kong are subject to 16.5 % Hong Kong profit tax on its taxable income generated from operations in Hong Kong. Additionally, payments of dividends by the subsidiaries incorporated in Hong Kong to the Company are not subject to any Hong Kong withholding tax. China On March 16, 2007, the National People’s Congress of PRC enacted a new Corporate Income Tax Law (“new CIT law”), under which Foreign Investment Enterprises (“FIEs”) and domestic companies would be subject to corporate income tax at a uniform rate of 25 %. The new CIT law became effective on January 1, 2008. Under the new CIT law, preferential tax treatments will continue to be granted to entities which conduct businesses in certain encouraged sectors and to entities otherwise classified as “High and New Technology Enterprises” or “Software Enterprises”. Youxinpai (Beijing) Information Technology Co., Ltd. (“Youxinpai”) and Youfang (Beijing) Information Technology Co., Ltd. (“Youfang”) have been qualified as “high and new technology enterprise” (“HNTE”) and enjoys a preferential income tax rate of 15 % from 2019 to 2021. Youxin Internet (Beijing) Information Technology Co., Ltd. (“Youxin Hulian”) has been qualified HNTE and enjoys a preferential income tax rate of 15 % from 2020 to 2022. Currently, Youfang is in the process of applying for the renewal of HNTE, and if requalified, it will enjoy a preferential income tax rate of 15 % in 2023. The Group’s other PRC subsidiaries, former VIEs and VIEs’ subsidiaries are subject to the statutory income tax rate of 25 %. As of March 31, 2023, the major tax jurisdictions of the Group are China and Hong Kong, and the tax year is the calendar year. Composition of income tax expense The current and deferred portions of income tax expense included in the Consolidated Statements of Comprehensive Loss during the fiscal years ended March 31, 2021, 2022 and 2023 were as follows : For the fiscal year ended March 31, 2021 2022 2023 RMB RMB RMB Current income tax expense ( 33 ) ( 245 ) ( 366 ) Deferred income tax expense — — — Total income tax expense ( 33 ) ( 245 ) ( 366 ) Reconciliation of the differences between statutory tax rate and the effective tax rate The following table sets forth a reconciliation between the statutory PRC EIT rate of 25 % and the effective tax rate: For the fiscal year ended March 31, 2021 2022 2023 Statutory income tax rate 25.0% 25.0 % 25.0 % 25.0 % Permanent differences ( 17.0 )% ( 42.0 )% ( 3.3 )% Effect of different tax rate (i) ( 0.7 )% 12.4 % 36.7 % Change of valuation allowance ( 7.3 )% 4.8 % ( 58.1 )% Effective tax rate 0.0 % 0.2 % 0.3 % (i) The effect of different tax rate is attributed to varying rates in other jurisdictions where the Group is established, such as the Cayman Islands or Hong Kong, and the preferential tax rate certain entities in the Group enjoys. Deferred tax assets and deferred tax liabilities The following table sets forth the significant components of the deferred tax assets: March 31, March 31, RMB RMB Deferred tax assets Net operating loss carry forwards 1,449,953 1,591,988 Deductible advertising expense 551,431 582,306 Provision for credit losses 94,706 13,421 Accruals — — Less: valuation allowance ( 2,096,090 ) ( 2,187,715 ) Net deferred tax assets — — Movement of valuation allowance For the fiscal year ended March 31, 2021 2022 2023 RMB RMB RMB Balance at beginning of the period ( 1,974,108 ) ( 2,005,864 ) ( 2,096,090 ) Changes of valuation allowance ( 31,756 ) ( 90,226 ) ( 91,625 ) Balance at end of the period ( 2,005,864 ) ( 2,096,090 ) ( 2,187,715 ) As of March 31, 2023, the Group had net operating loss carry forwards of approximately RMB 6,420.0 million which arose from the subsidiaries established in the PRC. For all subsidiaries in China, the loss carry forwards will expire from 2023 to 2027. A valuation allowance is provided to reduce the amount of deferred tax assets if it is considered more likely than not that amount of the deferred tax assets will not be realized. In making such determination, the Group evaluates a variety of factors including the Group’s operating history, accumulated deficit, the existence of taxable temporary differences and reversal periods. The Group has incurred net accumulated operating losses for income tax purposes since its inception. The Group believes that it is more likely than not that its net operating losses and other deferred tax assets will not be utilized in the future. Therefore, the Group has provided full valuation allowances for the deferred tax assets as of March 31, 2022 and 2023. |
SENIOR CONVERTIBLE PREFERRED SH
SENIOR CONVERTIBLE PREFERRED SHARES AND WARRANTS | 12 Months Ended |
Mar. 31, 2023 | |
Temporary Equity And Warrant Liability Disclosure [Abstract] | |
SENIOR CONVERTIBLE PREFERRED SHARES AND WARRANTS | 18. SENIOR CONVERTIBLE PREFERRED SHARES AND WARRANTS 2021 Subscription Agreement In June 2021, the Company entered into shares subscription agreements, respectively, with NIO Capital and Joy Capital for an aggregate investment amount of up to US$ 315.0 million for the subscription of senior convertible preferred shares. The first closing in the amount of US$ 100.0 million was completed for the issuance of 291,290,416 senior convertible preferred shares on July 12, 2021. On the same day, the Company also issued warrants to each of NIO Capital and Joy Capital to purchase up to 240,314,593 senior convertible preferred shares for an aggregate amount of US$ 165.0 million which was included in the aforementioned US$ 315.0 million. Each investor has the option to exercise the warrants within 18 months of the first closing date. In January 2023, the Company entered into a new agreement with NIO Capital and Joy Capital to extend the expiration date of the forementioned warrants from January 12, 2023 to January 12, 2024. For the second closing in the amount of US$ 50.0 million, US$ 27.5 million, US$ 10.0 million and US$ 7.5 million were received in November 2021, March 2022 and June 2022 and, accordingly, a total of 80,104,865 senior convertible preferred shares, 29,129,042 and 21,846,781 senior convertible preferred shares were issued, respectively. In July 2022, NIO Capital assigned its rights and obligations to an independent third party to subscribe for 14,564,520 senior convertible preferred shares for a total price of US$ 5.0 million under the second tranche. On the same day, the Company received US$ 5.0 million. Following this closing, the second tranche of this financing transaction for the amount of US$ 50.0 million has been completed. 2022 Subscription Agreement In June 2022, the Company entered into another definitive agreement with affiliates of an existing shareholder, NIO Capital. Pursuant to the definitive agreement, NIO Capital has agreed with the Company for the subscription of 714,285,714 senior convertible preferred shares for an aggregate amount of US$ 100.0 million, which will be paid in multiple instalments. The first payment for the par value of these preferred shares of US$ 71.4 thousand were made by NIO Capital in July 2022. In October 2022 and March 2023, total of US$ 9.9 million and US$ 8.4 million was paid by NIO Capital. The remaining US$ 81.6 million was recorded in “Subscription receivable from shareholders” and reflected as a deduction from mezzanine equity as at March 31, 2023. Subsequently on April 4, 2023, NIO Capital, NBNW Investment Limited (“NBNW”, an affiliate of NIO Capital) and the long-term debt holders of the Company, namely WP, TPG, and Magic Carpet, entered into assignment agreements to assign all the rights under the then outstanding long-term debt of US$ 61.6 million to NBNW and then further assign to NIO Capital. Concurrently, the Company entered into a supplemental agreement with NIO Capital, agreed to offset its subscription receivable by US$ 61.6 million with its obligation under long-term debt due to NIO Capital after the assignment. This supplemental agreement resulted in a remaining US$ 20 million amount due to the Company from NIO Capital relating to the aforementioned senior convertible shares subscription agreement. In April 2023, US$ 1.6 million was received, with the remaining subscription receivable of US$ 18.4 million expected to be received no later than December 31, 2023. The major rights, preferences and privileges of the senior convertible preferred shares under the 2022 Subscription Agreement and 2021 Subscription Agreement are as follows: Conversion rights Each senior preferred share shall be convertible, at any time and from time to time from and after the applicable original issue date of 2021 Subscription Agreement and 2022 Subscription Agreement. The original conversion price for each senior convertible preferred share shall be US$ 0.3433 per Class A ordinary share or US$ 10.3 per ADS (or US$ 1.03 per ADS prior to the ADS Ratio Change) for 2021 Subscription Agreement. According to 2022 Subscription Agreement, the conversion price for each senior preferred share shall be US$ 0.14 per Class A ordinary shares or US$ 4.2 per ADS (or US$ 0.42 per ADS prior to the ADS Ratio Change) , and the conversion price for each senior preferred share issued pursuant to the 2021 Subscription Agreement and outstanding as of the Closing shall be adjusted to US$ 0.14 per Class A ordinary shares or US$ 4.2 per ADS (or US$ 0.42 per ADS prior to the ADS Ratio Change) upon the Closing. The conversion price for each senior preferred share which may be issued upon the exercise of the warrants or pursuant to the 2021 Subscription Agreement after the Closing shall initially be US$ 0.3433 per Class A ordinary shares or US$ 10.3 per ADS (or US$ 1.03 per ADS prior to the ADS Ratio Change) as adjusted from time to time. The conversion price is adjusted in the occurrence of a) share dividends and share splits; b) subsequent equity sales; c) subsequent rights offerings. The conversion price down round feature is triggered when the Company provides for a lower conversion price in subsequent convertible preferred offerings. The provision of a lower conversion price results in the repricing of existing convertible preferred offerings to match any such lower stated conversion rate. Voting rights Holder of each senior convertible preferred share shall be entitled to vote that number of votes equal to the largest number of whole shares of Class A ordinary shares into which each such senior convertible preferred shares could be converted. Dividends Each senior convertible preferred share shall have the right to receive dividends, on as converted and non-cumulative basis, when, as and if declared by the Board. No dividend shall be paid on the ordinary shares at any time unless and until all dividends on the senior convertible preferred share have been paid in full. No dividends on preferred and ordinary shares have been declared since the issuance date until March 31, 2023. Liquidation Preference Upon any liquidation, dissolution or winding-up of the Company, whether voluntary or involuntary, each senior convertible preferred shareholder shall be entitled to receive out of the assets, whether capital or surplus, of the Company an amount equal to one hundred and fifty percent ( 150 %) of applicable stated value, per senior convertible preferred share held by such holder, plus any accrued and unpaid dividends, before any distribution or payment shall be made to the holders of any junior securities. Redemption Rights At any time and from time to time, upon written notice of each holder of senior convertible preferred share, the Company shall redeem all or part of the senior convertible preferred share held by such holder at the redemption price (as defined below), provided that any of the following events occurs: (i) any material breach of any of the representations, warranties or covenants by the Company; (ii) any conviction of breaches or violation of Applicable Law by the Company which is reasonably expected to have a material adverse effect; (iii) during the principal lock-up period, all or part of the 40,809,861 Class B ordinary shares held by the principal parties shall be subject to enforcement, foreclosure, freezing order or other judicial measures; (iv) the principal’s employment with the Company shall be terminated for whatever reason; (v) the Company shall fail to have available a sufficient number of authorized and unreserved Class A ordinary shares to issue to such holder upon a conversion hereunder; (vi) there shall have occurred a bankruptcy event; (vii) the ADSs shall fail to be listed or quoted for trading on a trading market for more than five ( 5 ) Trading Days, which need not be consecutive trading days; (viii) the electronic transfer by the Company of ADSs through the depository trust company or another established clearing corporation is no longer available or is subject to a “chill”; (ix) with respect to the Senior Preferred Shares issued pursuant to the 2022 Subscription Agreement only, the Company shall receive any notice (whether written or not) from any holder of a 2024 Note declaring accelerate payment of its outstanding principal and interests accruing thereon under the 2024 Note held by it based on occurrence of any Event of Default under the 2024 Notes (whether actual of alleged). Redemption price is defined as sum of the aggregate amount of the stated value (as adjusted for any share dividends, combinations, splits, recapitalizations and the like), plus an amount accruing at a compound annual rate of eight percent ( 8 %) of such stated value for a period of time commencing from the original issue date and ending on the redemption closing date plus any accrued but unpaid dividends. Accounting for senior convertible preferred share and warrants The Company classified the senior convertible preferred shares in the mezzanine equity section of the consolidated balance sheets because certain redemption features allow the senior convertible preferred shareholders to force the Company to redeem the preferred shares and therefore, the senior convertible preferred shares are considered contingently redeemable upon the occurrence of certain liquidation events outside of the Company’s control. The senior convertible preferred share is carried at the amount recorded at inception and no accretion to the redemption value is needed until it becomes probable that the preferred shares will become redeemable. Continual evaluation is performed to assess whether probable of becoming redeemable. The Company classified the warrants in the warrant liabilities and recorded at fair value initially with subsequent changes in fair value recorded in the profit and loss as warrants issued with redeemable share are liabilities within the scope of ASC 480. Warrants issued in connection with debt or equity, if the warrants are classified as a liability and recorded at fair value with changes in fair value recorded in the profit and loss, then the proceeds should be allocated first to the warrants based on their fair value (not relative fair value). The residual should be allocated to the base debt or equity instrument. Therefore, all proceeds were allocated to warrants on July 12, 2021 as the fair value of the warrants on that day was higher than total proceeds received. Besides, financial liabilities that are required to be measured at fair value should be recorded at fair value with the excess of the fair value over the net proceeds received recognized as a loss in the profit and loss. The Company classified the obligation for the second closing as forward contracts as the investors were obligated to purchase and the Company was required to issue the shares within that twelve-month period since the first closing date. Forward contracts were recorded at fair value initially with subsequent fair value changes to be recorded through profit and loss. The Company determined that, upon closing, the reduction of the conversion price for senior convertible preferred shares related to the 2022 Subscription Agreement triggered the down round feature operative within the 2021 Subscription Agreement. The fair value impact related to the reduction in the conversion price of the senior convertible preferred shares related to the 2022 Subscription Agreement, amounting to RMB 755.6 million, was recorded as a charge to accumulated deficit and a credit to additional paid in capital in permanent equity. The Company received a total of US$ 7.5 million and US$ 5 million in June 2022 and July 2022 respectively. As a result, a total of RMB 45.1 million related with the second closing of 2021 subscription and RMB 124.1 million (US$ 18.4 million) related with the 2022 subscription were recorded at “Mezzanine equity” at the corresponding fair values on the applicable closing dates. The total fair value impact during the fiscal year ended March 31, 2023 was RMB 242.7 million (US$ 35.3 million), respectively, and recorded under “Fair value impact of the issuance of senior convertible preferred shares”. The Company’s senior convertible preferred shares activities for the fiscal years ended March 31, 2022 and 2023 are summarized below (except the fair value of the down round feature which solely affected the classification of permanent equity): The movements of mezzanine equity during the fiscal year ended March 31, 2022 and 2023 were as follows: Mezzanine Equity RMB Beginning balance as of March 31, 2021 — Issuance of senior convertible preferred shares 239,452 Fair value impact recorded upon cash receipt for subscription 287,032 Ending balance as of March 31, 2022 526,484 Issuance of senior convertible preferred shares 758,252 Subscription receivable from shareholders ( 550,074 ) Fair value impact recorded upon cash receipt for subscription ( 39,015 ) Ending balance as of March 31, 2023 695,647 The roll forward of Level 3 financial instruments, including both warrant liabilities and forward contracts, during the fiscal year ended March 31, 2022 and 2023 was as follows: Warrant Forward contract assets RMB RMB Fair value of Level 3 financial instruments as of March 31, 2021 — — Issuance of warrants 647,850 — Fair value of warrants and forward contracts at issuance 1,800,147 735,244 Settlement of forward contracts — ( 287,032 ) The change in fair value of financial instruments ( 2,224,660 ) ( 441,088 ) Foreign currency translation ( 26,947 ) ( 7,160 ) Fair value of Level 3 financial instruments as of March 31, 2022 196,390 ( 36 ) Settlement of forward contracts — 39,015 The change in fair value of financial instruments ( 204,687 ) ( 38,046 ) Foreign currency translation 8,305 ( 933 ) Fair value of Level 3 financial instruments as of March 31, 2023 8 — The composition of the fair value impact of the issuance of senior convertible preferred shares during the fiscal year ended March 31, 2022 and 2023 was as follows: For the fiscal year ended March 31, 2022 2023 RMB RMB Fair value impact of the warrants 424,513 204,687 Fair value impact of the forward contracts ( 294,156 ) 38,046 Gain from the TDR of the 2024 Notes (Note 13) 55,874 — 186,231 242,733 The forward contracts and warrants are not traded in an active securities market. In terms of forward contracts, discounted cash flow model was applied to estimate its fair value using the risk-free interest rate as the discount rate. For the warrants, with the assistance from an independent valuation firm, the Company estimated its fair value using the Black-Scholes option pricing model using the following main assumptions: For the fiscal year ended March 31, 2023 Risk-free interest rate 2.53 %~ 4.74 % Expected volatility 45.91 %~ 49.01 % Dividend yield 0 % Expected term (in years) 0.28 ~ 1.03 Fair value of underlying senior convertible preferred share US$ 0.07 ~US$ 0.20 |
ORDINARY SHARES
ORDINARY SHARES | 12 Months Ended |
Mar. 31, 2023 | |
ORDINARY SHARES | |
ORDINARY SHARES | 19. ORDINARY SHARES As of March 31, 2022 and 2023, 9,000,000,000 and 8,280,000,000 ordinary shares had been authorized respectively. A total of 1,410,826,415 ordinary shares, par value US$ 0.0001 per share, consists of 1,370,016,554 Class A ordinary shares and 40,809,861 Class B ordinary shares, had been issued and outstanding as of March 31, 2023. A total of 1,186,854,720 ordinary shares, par value US$ 0.0001 per share, consists of 1,146,044,859 Class A ordinary shares and 40,809,861 Class B ordinary shares, had been issued and outstanding as of March 31, 2022. Each Class B ordinary share was entitled to 10 votes, while each Class A ordinary shares was entitled to one vote. A total of 1,112,431,559 ordinary shares, par value US$ 0.0001 per share, consists of 1,071,621,698 Class A ordinary shares and 40,809,861 Class B ordinary shares, had been issued and outstanding as of March 31, 2021. A total of 887,667,457 ordinary shares, par value US$ 0.0001 per share, consists of 846,857,596 Class A ordinary shares and 40,809,861 Class B ordinary shares, had been issued and outstanding as of March 31, 2020. A total of 887,617,391 ordinary shares, par value US$ 0.0001 per share, consists of 846,807,530 Class A ordinary shares and 40,809,861 Class B ordinary shares, had been issued and outstanding as of December 31, 2019. A total of 880,659,899 ordinary shares, par value US$ 0.0001 per share, consists of 839,850,038 Class A ordinary shares and 40,809,861 Class B ordinary shares, had been issued and outstanding as of December 31, 2018. In June 2021, the Company entered into a supplemental agreement with 2024 Notes holders. Pursuant to the supplemental agreement, 30 % of the outstanding 2024 Notes principal amount would be converted into a total of 66,990,291 Class A ordinary shares at a price of US$ 1.03 per Class A ordinary share upon the first closing. On July 12, 2021, the aforementioned conversion was completed and a total of 66,990,291 Class A ordinary shares were issued. In July 2022, the Company entered into a definitive agreement with 58.com, pursuant to which the Company issued 183,495,146 Class A ordinary shares with par value of US$ 0.0001 per share to 58.com in exchange for the full release of the Company’s obligations under the 2024 Notes issued to 58.com amounting to US $ 63.0 million on June 10, 2019. These shares were issued at a price equivalent to US$ 10.3 per ADS (or US$ 1.03 per ADS prior to the ADS Ratio Change). In August 2022, the Company entered into a definitive agreement with ClearVue, pursuant to which the Company issued 36,699,029 Class A ordinary shares with par value of US$ 0.0001 per share to ClearVue in exchange for the full release of the Company’s obligations under the 2024 Notes issued to ClearVue amounting to US $ 12.6 million on June 10, 2019. These shares were issued at a price equivalent to US$ 10.3 per ADS (or US$ 1.03 per ADS prior to the ADS Ratio Change) with a fair value of RMB 62.8 million. Effective October 28, 2022 the Company changed its ADS to Class A ordinary share ratio from each ADS representing three Class A ordinary shares to each ADS representing 30 Class A ordinary shares (“the ADS Ratio Change”). The ADS Ratio Change has been reflected retroactively herein. |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 12 Months Ended |
Mar. 31, 2023 | |
SHARE-BASED COMPENSATION | |
SHARE-BASED COMPENSATION | 20. SHARE-BASED COMPENSATION (a) Share options Since November 19, 2018, the Company adopted 2018 Second Amended and Restated Incentive Plan (“2018 Second Plan”). Stock options granted to an employee under the 2018 Second Plan are to be generally exercisable upon the Company completes a Qualified IPO or a defined Corporate Transaction (i.e. change of control, etc.) and the employee renders service to the Company in accordance with a stipulated service schedule. Employees are generally subject to a four-year service schedule, under which an employee earns an entitlement to vest in 25 % of his option grants at the end of each year of completed service. For the Company’s key management grantee, the vested stock options granted could be retained and be exercised until the earlier of (i) any day commencing from the day that is six (6) months prior to the anticipated consummation of an IPO, or (ii) the day immediately prior to the consummation of a Corporate Transaction before March 26, 2023. For the Company’s employee grantee, prior to the Company completing a Qualified IPO or Corporate Transaction, the stock options granted to the employee shall be forfeited three months after termination of employment of the employee. The Company’s key management, management and employee grantees are collectively hereafter referred to as “Grantees”. The Company accounts for share-based compensation costs using a graded-vesting method over the requisite service period for the award based on the fair value on their respectively grant date. The Company granted 6,700,665 , 1,266,357 and 10,429,567 stock options to Grantees for the fiscal years ended March 31, 2021, 2022 and 2023, respectively. The following table sets forth the share option activities for the fiscal years ended March 31, 2021, 2022 and 2023: Number of shares Weighted-average exercise price Weighted average remaining contractual term Aggregate Weighted average fair value of options US$ YEARS US$’000 US$ Outstanding as of March 31, 2020 32,330,838 1.79 6.81 25,530.99 1.58 Granted 6,700,665 0.01 — — 0.39 Forfeited ( 9,794,727 ) 1.17 — — 2.13 Exercised ( 3,482,103 ) 0.08 — — 0.59 Outstanding as of March 31, 2021 25,754,673 1.79 6.18 3,974.57 1.20 Granted 1,266,357 0.01 — — 0.57 Forfeited ( 1,681,323 ) 1.34 — — 2.58 Exercised ( 6,826,300 ) 0.36 — — 0.67 Outstanding as of March 31, 2022 18,513,407 0.75 6.01 2,405.17 1.23 Granted 10,429,567 0.00 — — 0.13 Forfeited ( 1,353,071 ) 0.81 — — 0.33 Exercised ( 933,285 ) 0.01 — — 0.34 Outstanding as of March 31, 2023 26,656,618 0.48 6.83 9,585.96 0.88 Vested and expected to vest as of 26,656,618 0.48 6.83 9,585.96 0.88 Exercisable as of March 31, 2023 26,326,469 0.45 6.83 9,435.95 0.82 *Less than 0.01 Options granted to Grantees were measured at fair value on the dates of grant using the Binomial Option Pricing Model with the following assumptions: For the fiscal year ended March 31, 2021 2022 2023 Expected volatility 48 %~ 61 % 34 %~ 68 % 36 %~ 57 % Risk-free interest rate (per annum) 0 %~ 1.4 % 0 %~ 2.4 % 0 %~ 4.9 % Exercise multiple 2.8 / 2.2 2.8 / 2.2 2.8 / 2.2 Expected dividend yield 0 % 0 % 0 % Contractual term (in years) 10 10 10 The expected volatility was estimated based on the historical volatility of comparable peer public companies with a time horizon close to the expected term of the Company’s options. The risk-free interest rate was estimated based on the yield to maturity of U.S. treasury bonds denominated in US$ for a term consistent with the expected term of the Company’s options in effect at the option valuation date. The exercise multiple is estimated as the ratio of fair value of underlying shares over the exercise price as at the time the option is exercised, based on a consideration of empirical studies on the actual exercise behavio u r of employees. The expected dividend yield is zero as the Company has never declared or paid any cash dividends on its shares, and the Company does not anticipate any dividend payments in the foreseeable future. The expected term is the contract life of the option. (b) Restricted shares The following table sets forth the restricted share activity for the fiscal years ended March 31, 2021, 2022 and 2023: Number of Weighted average grant date fair value US$ Unvested as of March 31, 2020 33,334 2.26 Granted 275,850 0.45 Vested ( 309,184 ) 0.65 Unvested as of March 31, 2021 — — Granted 606,570 0.42 Vested ( 606,570 ) 0.42 Unvested as of March 31, 2022 — — Granted 2,844,235 0.13 Vested ( 2,844,235 ) 0.13 Unvested as of March 31, 2023 — — (c) Performance Awards In December 2021, the Company issued certain restricted share units with market conditions to certain management (“Performance Awards”). The market conditions are satisfied upon the Company’s achievement of a certain specified market capitalization subject to continuous employment of each recipient. Total numbers of shares to be granted would be a certain percentage of issued and outstanding shares on a fully diluted basis as of the date when the market conditions are fulfilled. The amount of share-based compensation recorded will vary depending on the Company’s attainment of performance-targets and amortized during the requisite service period. For the fiscal year ended March 31, 2022 and 2023, RMB 7.7 million and RMB 33.0 million related to Performance Awards was recorded in general and administrative expenses. As of March 31, 2023, total amount of unrecognized expense related to the Performance Awards was RMB 62.1 million. (d) Share-based compensation expenses by function The following table sets forth the amounts of share-based compensation expense included in each of the relevant financial statement line items: For the fiscal year ended March 31, 2021 2022 2023 RMB RMB RMB General and administrative expenses ( 24,091 ) 26,534 44,088 Research and development expenses ( 2,216 ) — 1,709 Sales and marketing expenses 5,036 — 1,516 Cost of revenues 2,149 — — Total ( 19,122 ) 26,534 47,313 |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Mar. 31, 2023 | |
SEGMENT INFORMATION | |
SEGMENT INFORMATION | 21. SEGMENT INFORMATION Segments are business units that offer different services and are reviewed separately by the chief operating decision maker (the “CODM”), or the decision-making group, in deciding how to allocate resources and in assessing performance. The CODM, who is responsible for allocating resources and assessing performance of the operating segment, has been identified as Uxin’s Chief Executive Officer. The Group operates as a single operating segment. The single operating segment is reported in a manner consistent with the internal reporting provided to the CODM. The Group primarily generates its revenues in China, and assets of the Company are also primarily located in China Area. Accordingly, no geographical segments are presented. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Mar. 31, 2023 | |
FAIR VALUE MEASUREMENTS | |
FAIR VALUE MEASUREMENTS | 22. FAIR VALUE MEASUREMENTS Assets and liabilities disclosed at fair value The Company measures its cash and cash equivalents, accounts receivable, loans recognized as a result of payments under guarantees at amortized cost, which approximate their fair values due to the short-term maturity of these instruments. The carrying value of the Company’s debt obligations approximates fair value as the borrowing rates are similar to the market rates that are currently available to the Company for financing obligations with similar terms and credit risks and represent a Level 2 measurement. Assets measured at fair value on a nonrecurring basis The Company measures its property and equipment and, intangible assets at fair value on a nonrecurring basis whenever events or changes in circumstances indicate that the carrying value may no longer be recoverable. Equity investments without readily determinable fair value are recorded at fair value only if an impairment or observable price adjustment is recognized in the current period. The Company classified these assets as Level 3 within the fair value hierarchy based on the nature of the fair value inputs. The Company measured on a non-recurring basis the fair values associated with triggering of the down round feature for the senior convertible preferred shares issued pursuant to 2021 Subscription Agreement. This valuation resulted in a deemed dividend of RMB 755.6 million being distributed to the Company’s preferred shareholders as of July 27, 2023(Note 18). Assets and liabilities measured at fair value on a recurring basis The Company measures its warrant liabilities and forward contracts at fair value on a recurring basis. As the Company’s warrant liabilities and forward contracts are not traded in an active market with readily observable prices, the Company uses significant unobservable inputs to measure the fair value of warrant liabilities and forward contracts. These instruments are categorized in the Level 3 valuation hierarchy based on the significance of unobservable factors in the overall fair value measurement. The Company did no t transfer any assets or liabilities in or out of Level 3 during the fiscal year ended March 31, 2023. The following table summarizes the Company’s financial assets and liabilities measured and recorded at fair value on recurring basis as of March 31, 2022 and 2023: March 31, 2022 Active market Observable input Non-observable input (Level 1) (Level 2) (Level 3) Total RMB RMB RMB RMB Assets: Forward contract assets — — 36 36 Liabilities: Warrant liabilities — — 196,390 196,390 March 31, 2023 Active market Observable input Non-observable input (Level 1) (Level 2) (Level 3) Total RMB RMB RMB RMB Liabilities: Warrant liabilities — — 8 8 Refer to Note 18 for additional information about warrant liabilities and forward contracts measured at fair value on a recurring basis for the fiscal year ended March 31, 2022 and 2023: |
NET LOSS PER SHARE
NET LOSS PER SHARE | 12 Months Ended |
Mar. 31, 2023 | |
NET (LOSS)/EARNINGS PER SHARE | |
NET LOSS PER SHARE | 23. NET LOSS PER SHARE Basic and diluted net loss per share for each of the periods presented are calculated as follows: For the fiscal years ended March 31, 2021 2022 2023 RMB RMB RMB Numerator: Net loss from continuing operations ( 716,975 ) ( 143,223 ) ( 137,169 ) Less: net loss from operations attributable to ( 9 ) — ( 12 ) Deemed dividend to preferred shareholders due to triggering of a down round feature — — ( 755,635 ) Net loss from continuing operations attributable to ordinary shareholders ( 716,966 ) ( 143,223 ) ( 892,792 ) Denominator: Weighted average number of ordinary shares 1,100,650,208 1,168,419,750 1,344,536,565 Net loss per share from operations ( 0.65 ) ( 0.12 ) ( 0.66 ) Diluted net loss per share Numerator: Net loss from continuing operations attributable to ordinary shareholders ( 716,966 ) ( 143,223 ) ( 892,792 ) Add: the change in fair value of warrant liabilities — ( 2,224,660 ) — Add: the change in fair value of forward contract — ( 441,088 ) — Diluted net loss from operations attributable ( 716,966 ) ( 2,808,971 ) ( 892,792 ) Denominator: Weighted average number of ordinary shares 1,100,650,208 1,168,419,750 1,344,536,565 Weighted average effect of potential dilutive - Warrants — 147,895,143 — - Forward contracts — 38,191,128 — Weighted average number of ordinary shares 1,100,650,208 1,354,506,021 1,344,536,565 Net loss per share from continuing operations ( 0.65 ) ( 2.07 ) ( 0.66 ) As the Company incurred losses for the fiscal years ended March 31, 2021, 2022 and 2023, the potential ordinary shares were anti-dilutive and excluded from the calculation of diluted net loss per share of the Company, pursuant to ASC 260, “Earnings Per Share”. The weighted-average numbers of senior convertible preferred shares, convertible notes and options granted excluded from the calculation of diluted net loss per share of the Company of the respective periods were as follows: For the fiscal years ended March 31, 2021 2022 2023 Senior convertible preferred shares — 240,274,690 912,262,870 Convertible notes 223,300,971 — — Outstanding weighted average share options 6,961,854 5,114,834 11,114,657 Total 230,262,825 245,389,524 923,377,527 |
EMPLOYEE BENEFITS
EMPLOYEE BENEFITS | 12 Months Ended |
Mar. 31, 2023 | |
EMPLOYEE BENEFIT | |
EMPLOYEE BENEFITS | 24. EMPLOYEE BENEFITS Full time employees of the Group in the PRC participate in a government mandated defined contribution plan, pursuant to which certain pension benefits, medical care, employee housing fund and other welfare benefits are provided to the employees. Chinese labour regulations require that the PRC subsidiaries, former VIEs and VIEs’ subsidiaries of the Group make contributions to the government for these benefits based on certain percentage of the employees’ salaries, up to a maximum amount specified by the government. The Group has no legal obligation for the benefits beyond the contribution made. The total amounts charged to the Consolidated Statements of Comprehensive Loss for such employee benefits amounted to RMB 76.1 million, RMB 25.8 million and RMB 31.7 million for the fiscal years ended March 31, 2021, 2022 and 2023, respectively. |
CONCENTRATION OF CREDIT RISK
CONCENTRATION OF CREDIT RISK | 12 Months Ended |
Mar. 31, 2023 | |
CONCENTRATION OF CREDIT RISK | |
CONCENTRATION OF CREDIT RISK | 25. CONCENTRATION OF CREDIT RISK Financial instruments that potentially subject the Group to the concentration of credit risks consist of cash and cash equivalents. The Group deposits its cash and cash equivalents with financial institutions located in jurisdictions where the subsidiaries are located. The Company believes that no significant credit risk exists as these financial institutions and financing partners have high credit quality. Substantially all revenue was derived from customers located in China. No single customer accounted for more than 10% of the Company’s consolidated revenue in any of the periods presented. |
COMMITMENTS
COMMITMENTS | 12 Months Ended |
Mar. 31, 2023 | |
CONTINGENCIES | |
COMMITMENTS | 26. COMMITMENTS Commitments The Company and Changfeng County Government of Hefei City (“Hefei”) entered into a strategic partnership on September 24, 2021 to jointly invest in and build a used car inspection and reconditioning center (“IRC”). Total investment would be RMB 2.5 billion (including the investment of both Hefei and the Company). The Company will lend the IRC from Hefei and is obligated to pay the rentals for IRC after the right-of-use transfers to the Company. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Mar. 31, 2023 | |
SUBSEQUENT EVENTS. | |
SUBSEQUENT EVENTS | 27. SUBSEQUENT EVENTS In March 2023, the Company obtained an aggregated facility amount of RMB 250 million from two reputable domestic banks, enabling the Company to utilize its inventories as collateral for financing the Company’s future purchase of used cars inventories. Activity related to these financing arrangements commenced in April 2023. On April 4, 2023, NIO Capital, NBNW Investment Limited (“NBNW”, an affiliate of NIO Capital) and the long-term debt holders of the Company, namely WP, TPG, and Magic Carpet, entered into assignment agreements to assign all the rights under the then outstanding long-term debt of US$ 61.6 million to NBNW and then further assign to NIO Capital. Concurrently, the Company entered into a supplemental agreement with NIO Capital, agreeing to offset its subscription receivable by US$ 61.6 million with its obligation under long-term debt due to NIO Capital after the assignment. In April 2023, a US$ 1.6 million was received and the remaining subscription receivable of US$ 18.4 million is expected to be received no later than December 31, 2023. On June 28, 2023, the Company entered into supplemental agreement with WeBank to extend the repayment of RMB 30.0 million due on June 30, 2023. Under the new terms, the repayment will be divided into monthly instalments of to RMB 5.0 million each month from June 2023 to November 2023 . The Company has made monthly repayments of RMB 5 million in both June and July 2023, respectively. On June 30, 2023, the Company entered into an amendment agreement (“2023 Warrant Agreement”) with Alpha Wealth Global Limited (“Alpha”) and Joy Capital, regarding certain warrants in accordance with 2021 Subscription Agreement. Pursuant to the foregoing definitive agreement and certain assignments of warrants among Alpha, NIO Capital and Joy Capital, Alpha and Joy Capital (either together or separately) are entitled, at their discretion, to exercise their respective warrants in full to subscribe for a total of 480,629,186 senior convertible preferred shares of the Company in an aggregate amount of US$ 21,964,754 at an amended exercise price of US$ 0.0457 per share or US$ 1.37 per ADS, representing a modification from the prior exercise price of US$ 0.3433 per share or US$ 10.3 per ADS (or US$ 1.03 per ADS prior to the ADS Ratio Change) no later than September 30, 2023. The Company estimate that approximately US$ 5.5 million (equivalent to RMB 38.2 million) will be recorded in fair value impact of the issuance of senior convertible preferred shares for the adjustment of exercise price for warrants. The favourable exercise price of 2023 Warrant Agreement may be terminated if Alpha and Joy Capital have not exercised by September 30, 2023.Additionally, the exercise of the warrants pursuant to 2023 Warrant Agreement will trigger a down round feature, resulting in a reduction of the conversion price for senior preferred shares issued pursuant to 2021 Subscription Agreement and 2022 Subscription Agreement. |
RESTRICTED NET ASSETS
RESTRICTED NET ASSETS | 12 Months Ended |
Mar. 31, 2023 | |
Restricted Investments Note [Abstract] | |
RESTRICTED NET ASSETS | 28. RESTRICTED NET ASSETS Pursuant to laws applicable to entities incorporated in the PRC, the Group’s subsidiaries in the PRC must make appropriations from after-tax profit to non-distributable reserve funds. These reserve funds include one or more of the following: (i) a general reserve, (ii) an enterprise expansion fund and (iii) a staff bonus and welfare fund. Subject to certain cumulative limits, the general reserve fund requires an annual appropriation of 10 % of after-tax profit (as determined under accounting principles generally accepted in the PRC at each year-end) until the accumulative amount of such reserve fund reaches 50 % of a company’s registered capital; the other fund appropriations are at the subsidiaries’ discretion. These reserve funds can only be used for specific purposes of enterprise expansion and staff bonus and welfare and are not distributable as cash dividends. During the fiscal years ended March 31, 2021, 2022 and 2023, no appropriations to the statutory reserve, enterprise expansion fund and staff welfare and bonus fund have been made by the Group. Since the Company has a consolidated shareholders’ deficit, its net asset base for purposes of calculating the proportionate share of restricted net assets of consolidated subsidiaries should be zero . Therefore, the restrictions placed on the net assets of the Company’s PRC subsidiaries with positive equity would result in the 25% threshold being exceeded and a corresponding requirement to provide parent company financial information (Note 29). |
CONDENSED FINANCIAL INFORMATION
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY | 12 Months Ended |
Mar. 31, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY | 29. CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY The Company performed a test on the restricted net assets of consolidated subsidiaries in accordance with Securities and Exchange Commission Regulation S-X Rule 4-08 (e) (3), “General Notes to Financial Statements” and concluded that it was applicable for the Company to disclose the financial statements for the parent company. The subsidiaries did not pay any dividends to the Company for the periods presented. For the purpose of presenting parent company only financial information, the Company records its investments in its subsidiaries under the equity method of accounting. Such investments are presented on the separate condensed balance sheets of the Company as “Investments (deficit) in subsidiaries” and the loss of the subsidiaries is presented as “share of losses of subsidiaries”. Certain information and footnote disclosures generally included in financial statements prepared in accordance with US GAAP have been condensed and omitted. The footnote disclosures contain supplemental information relating to the operations of the Company, as such, these statements should be read in conjunction with the notes to the consolidated financial statements of the Company. The parent company did not have significant capital and other commitments, long-term obligations, other long-term debt, or guarantees as of March 31, 2022 and 2023. Balance sheets March 31, March 31, RMB RMB ASSETS Current assets: Cash and cash equivalents 599 62,244 Amounts due from intra-Group entities 8,438,565 9,085,314 Other receivables 2,170 2,065 Forward contract assets 36 — Prepaid expenses 5,104 118 Total assets 8,446,474 9,149,741 LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ DEFICIT Current liabilities: Other payables and other current liabilities 22,678 31,624 Investment deficit in subsidiaries 9,120,730 9,605,620 Amounts due to intra-Group entities 90,112 90,112 Warrant liabilities 196,390 8 Total liabilities 9,429,910 9,727,364 Balance sheets(Continued) March 31, March 31, RMB RMB Mezzanine equity Senior convertible preferred shares (US$ 0.0001 par value, 1,000,000,000 and 1,720,000,000 shares authorized as of March 31, 2022 and 2023, respectively; 400,524,323 and 1,151,221,338 shares issued and outstanding as of March 31, 526,484 1,245,721 Subscription receivable from shareholders — ( 550,074 ) Total mezzanine equity 526,484 695,647 Shareholders’ deficit Ordinary shares (US$ 0.0001 par value, 9,000,000,000 and 8,280,000,000 shares 1,146,044,859 Class 40,809,861 Class B ordinary shares issued and 31 , 2022; 1,370,016,554 Class A ordinary shares 40,809,861 Class B ordinary shares issued and outstanding as of 782 806 Additional paid-in capital 14,254,109 15,451,803 Accumulated other comprehensive income 288,461 220,185 Accumulated deficit ( 16,053,272 ) ( 16,946,064 ) Total shareholders’ deficit ( 1,509,920 ) ( 1,273,270 ) Total liabilities, mezzanine equity and shareholders’ deficit 8,446,474 9,149,741 Statements of comprehensive loss For the fiscal year ended March 31, 2021 2022 2023 RMB RMB RMB Operation expense Sales and marketing ( 5,036 ) — — Research and development 2,217 — — General and administrative ( 21,161 ) ( 39,398 ) ( 64,254 ) Provision for credits losses, net — — ( 273 ) Total operating expenses ( 23,980 ) ( 39,398 ) ( 64,527 ) Loss from operations ( 23,980 ) ( 39,398 ) ( 64,527 ) Share of loss of subsidiaries ( 275,229 ) ( 293,128 ) ( 331,935 ) Interest expense, net ( 14,041 ) — 13 Other income, net 13,075 3,303 16,560 Foreign exchange gain/(loss) 9 ( 231 ) ( 1 ) Fair value impact of the issuance of senior convertible — 186,231 242,733 Inducement charge of convertible notes ( 121,056 ) — — Net loss ( 421,222 ) ( 143,223 ) ( 137,157 ) Deemed dividend to preferred shareholders due to triggering of a down round feature — — ( 755,635 ) Net loss attributable to ordinary shareholders ( 421,222 ) ( 143,223 ) ( 892,792 ) Net loss ( 421,222 ) ( 143,223 ) ( 137,157 ) Other comprehensive income/(loss) Foreign currency translation 110,983 70,714 ( 68,276 ) Total comprehensive loss ( 310,239 ) ( 72,509 ) ( 205,433 ) Statements of cash flow For the fiscal year ended March 31, 2021 2022 2023 RMB RMB RMB Net cash (used in)/generated from operating activities ( 35,016 ) ( 52,104 ) 187 Net cash generated from financing activities 34,308 52,379 62,300 Effect of exchange rate changes on cash and cash ( 27 ) ( 22 ) ( 842 ) Net (decrease)/increase in cash and cash equivalents ( 735 ) 253 61,645 Cash and cash equivalents at beginning of the period 1,081 346 599 Cash and cash equivalents at end of the period 346 599 62,244 |
PRINCIPAL ACCOUNTING POLICIES (
PRINCIPAL ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Mar. 31, 2023 | |
PRINCIPAL ACCOUNTING POLICIES | |
Basis of presentation | 2.1 Basis of presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). Significant accounting policies followed by the Group in the preparation of its accompanying consolidated financial statements are summarized below. |
Discontinued operations | 2.2 Discontinued operations A component of a reporting entity or a group of components of a reporting entity that are disposed or meet all of the criteria to be classified as held for sale in accordance with ASC 205-20-45-1E Initial Criteria for Classification of Held for Sale, such as the management, having the authority to approve the action, commits to a plan to sell the disposal group, should be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. Discontinued operations are reported when a component of an entity comprising operations and cash flows that can be clearly distinguished, operationally and for financial reporting purposes, from the rest of the entity is classified as held for disposal or has been disposed of, if the component either (1) represents a strategic shift or (2) have a major impact on an entity’s financial results and operations. Examples include a disposal of a major geographical location, line of business, or other significant part of the entity, or disposal of a major equity method investment. Non-current assets or disposal groups are classified as assets held for sale when the carrying amount is to be recovered principally through a sale transaction rather than through continuing use. For this to be the case, the asset or disposal group must be available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such asset. Once a disposed business meets the criteria of held for sales and be reported as a discontinued operation, according to ASC 205-20-45-10, in the period(s) that a discontinued operation is classified as held for sale and for all prior periods presented, the assets and liabilities of the discontinued operation shall be presented separately in the asset and liability sections, respectively, of the Consolidated Balance Sheets. In the consolidated statements of comprehensive loss, results from discontinued operations are reported separately from the income and expenses from continuing operations and prior periods are presented on a comparative basis. Cash flows for discontinuing operations are presented separately (Note 3). The following accounting policies support the basis of presentation of the Divestiture Transactions disclosed in Note 1. Divestiture of 2C intra-regional business and loan-facilitation related service On July 12, 2019 and September 30, 2019, the Company entered into a binding term sheet and definitive agreements with Golden Pacer relating to the divestiture of its entire 2C intra-regional business and loan facilitation related service, respectively. On April 23, 2020, the Company entered into supplemental agreements with Golden Pacer to modify and supplement certain terms and conditions in connection with the divestiture. Pursuant to the series of agreements, the Company has divested its entire 2C intra-regional business to Golden Pacer and ceased to provide loan facilitation related guarantees starting from the three months ended December 31, 2019 (Note 3). Results of operations related to the discontinued operations have been recorded in “loss from discontinued operations” in the Consolidated Statements of Comprehensive Loss. Divestiture of 2B business March 24, 2020, the Company entered into definitive agreements with 58.com to sell its 2B online used car auction business. The transaction contemplated under the definitive agreements was closed in April 2020 (Note 3). Results of operations related to discontinued operations have been recorded in “loss from discontinued operations” in the Consolidated Statements of Comprehensive Loss. |
Basis of consolidation | 2.3 Basis of consolidation The Group’s consolidated financial statements include the financial statements of the Company, its subsidiaries and the former VIEs for which the Company is the primary beneficiary. A subsidiary is an entity in which the Company, directly or indirectly, controls more than one half of the voting power; has the power to appoint or remove the majority of the members of the board of directors; to cast a majority of votes at the meeting of the board of directors or to govern the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders. A VIE is an entity in which the Company, or its subsidiary, through contractual arrangements, bears the risks of, and enjoys the rewards normally associated with, ownership of the entity, and therefore the Company or its subsidiary is the primary beneficiary of the entity. All transactions and balances among the Company, its subsidiaries, and the former VIEs have been eliminated upon consolidation. |
Use of estimates | 2.4 Use of estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets, long-lived assets and liabilities at the dates of the financial statements and the reported amount of revenues and expenses during the reporting periods. On an ongoing basis, the Company’s management reviews these estimates based on information that is currently available. Changes in facts and circumstances may cause the Company to revise its estimates. Accounting estimates reflected in the Group’s consolidated financial statements include, but are not limited to, the fair value of senior convertible preferred shares, warrant liabilities, forward contracts, share-based compensation arrangements, fair value of the long-term investment, provision for credit losses for loans recognized as a result of payments under guarantees and other receivables, the useful lives of property, equipment and software, incremental borrowing rate applied in lease accounting, inventory provision and valuation allowances for deferred tax assets. Given that changes in circumstances, facts and experience may cause the Group to revise its estimates, actual results could differ from those estimates. |
Fair value measurements | 2.5 Fair value measurements Accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value: Level 1 — Quoted prices (unadjusted) for identical assets or liabilities in active markets Level 2 — Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data Level 3 — Unobservable inputs which are supported by little or no market activity Financial instruments of the Company primarily are comprised of cash and cash equivalents, accounts receivable, loans recognized as a result of payments under guarantees, current portion of long-term borrowings, accounts payable, guarantee liabilities, warrant liabilities and forward contracts. As of March 31, 2022 and 2023, except for warrant liabilities and forward contracts which are measured at fair value, the carrying values approximated the fair values of these instruments because of their generally short maturities. The warrant liabilities and forward contracts were recorded at the fair value at the inception date and classified as a Level 3 measurement. |
Foreign currencies | 2.6 Foreign currencies The Group uses Renminbi (“RMB”) as its reporting currency. The USD (“US$”) is the functional currency of the Group’s entities incorporated in Cayman Islands, British Virgin Islands and Hong Kong, and the RMB is the functional currency of the Group’s PRC subsidiaries. Transactions denominated in other than the functional currencies are translated into the functional currency of the entity at the exchange rates quoted by authoritative banks prevailing on the transaction dates. Exchange gains and losses resulting from those foreign currency transactions denominated in a currency other than the functional currency are recorded in the Consolidated Statements of Comprehensive Loss. The financial statements of the Group are translated from the functional currency into RMB. Assets and liabilities denominated in foreign currencies are translated into RMB using the applicable exchange rates at the balance sheet date. Equity accounts other than earnings generated in current period are translated into RMB at the appropriate historical rates. Revenues, expenses, gain and loss are translated into RMB using the periodic average exchange rates. The resulting foreign currency translation adjustments are recorded in accumulated other comprehensive income as a component of shareholders’ deficit. |
Convenience translation | 2.7 Convenience translation Translations of Consolidated Balance Sheets, the Consolidated Statements of Comprehensive Loss and the Consolidated Statements of Cash Flows from RMB into US$ as of and for the fiscal year ended March 31, 2023 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB 6.8676 on March 31, 2023 as set forth in the H.10 statistical release of the U.S. Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on March 31, 2023, or at any other rate. |
Cash and cash equivalents | 2.8 Cash and cash equivalents Cash includes currency on hand and deposits held by financial institutions that can be added to or withdrawn without limitation. Cash equivalents represent short-term, highly liquid investments that are readily convertible to known amount of cash and with original maturities from the date of purchase of generally three months or less. |
Restricted cash | 2.9 Restricted cash As of March 31, 2022 and 2023, restricted cash primarily represents cash reserved in relation to certain litigations. |
Inventory | 2.10 Inventory Inventory consists primarily of used vehicles and is stated at the lower of cost or net realizable value. Inventory cost is determined by specific identification and includes acquisition cost, direct and indirect reconditioning costs and inbound transportation expenses. Net realizable value represents the estimated selling price less costs to complete, dispose and transport the vehicles. Each reporting period the Company recognizes any necessary adjustments to reflect vehicle inventory at the lower of cost or net realizable value in the cost of revenues in the Consolidated Statements of Comprehensive Loss. Total carrying amount of used vehicles was RMB 426.3 million and RMB 110.9 million as of March 31, 2022 and 2023, respectively. Total amount of inventory write-downs recorded for used vehicles were RMB 4.7 million, RMB 14.2 million and RMB 30.2 million for the fiscal years ended March 31, 2021, 2022 and 2023, respectively. |
Guarantee liabilities | 2.11 Guarantee liabilities Before the three months ended December 31, 2019, the third-party financing partners offered financing solutions to the buyers (the “Borrowers”) and the Company was required to provide a guarantee in the event of Borrower default. The balances as of March 31, 2022 represent the Company’s remaining guarantee obligations in relation to the historically facilitated loans. |
Property, equipment and software, net | 2.12 Property, equipment and software, net Property, equipment and software are stated at cost less accumulated depreciation and amortization. Depreciation and amortization is computed using the straight-line method over the following estimated useful lives, taking into account any estimated residual value: Electronic equipment 3 years Furniture 5 years Vehicles and motors 4 years Software 5 years Leasehold improvement lesser of the term of the lease or the estimated useful lives of the assets The Company recognizes the gain or loss on the disposal of property, equipment and software in the Consolidated Statements of Comprehensive Loss. |
Long-term investments | 2.13 Long-term investments In accordance with ASC 323 Investment—Equity Method and Joint Ventures, the Company accounts for an equity investment over which it has significant influence but does not own a majority of the equity interest or otherwise controls and the investments are either common stock or in substance common stock using the equity method. The Company’s share of the investee’s profit and loss is recognized in the earnings of the period. The Company also holds investments in privately held companies in the form of equity securities without readily determinable fair values and in which the Company does not have a controlling interest or significant influence. In accordance with ASC 321 Investment- Equity Securities, investments in equity securities without readily determinable fair values are initially recorded at cost and are subsequently adjusted to fair value for impairments and price changes from observable transactions in the same or a similar security from the same issuer. No impairment of long-term investments was recognized for the fiscal years ended March 31, 2021, 2022 and 2023. Pursuant to ASC 321, for equity investments measured at fair value with changes in fair value recorded in earnings, the Company does not assess whether those securities are impaired. Based on ASU 2016-01, the Company will be able to elect to record equity investments without readily determinable fair values and not accounted for by the equity method either at fair value with changes in fair value recognized in net income or at cost less impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer (“measurement alternative”). For equity investments without readily determinable fair value for which the Company has elected to use the measurement alternative, at each reporting period, the Company makes a qualitative assessment of whether the investment is impaired at each reporting date, applying significant judgement in considering various factors and events including a) adverse performance of investees, credit rating, asset quality, or business prospects of the investee; b) adverse industry developments affecting investees; and c) adverse regulatory, social, economic or other developments affecting investees. If a qualitative assessment indicates that the investment is impaired, the Company estimates the investment’s fair value in accordance with the principles of ASC 820. If the fair value is less than the investment’s carrying value, the Company recognizes an impairment loss in earnings equal to the difference between the carrying value and fair value. |
Impairment of long-lived assets | 2.14 Impairment of long-lived assets Long-lived assets including property, equipment and software with definite lives are assessed for impairment, whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable in accordance with ASC 360, Property, Plant and Equipment. When these events occur, the Group will assess whether an impairment of the long-lived assets in question exists by comparing the carrying value of the assets to an estimate of future undiscounted cash flows expected to be generated from the use of the asset and its eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying value of the asset, the Group recognizes an impairment loss based on the excess of the carrying value of the asset over the fair value of the asset. No impairment of long-lived assets was recognized for the fiscal years ended March 31, 2021, 2022 and 2023. |
Revenue recognition | 2.15 Revenue recognition The Group adopted ASC Topic 606, “Revenue from Contracts with Customers” for all periods presented. Consistent with the criteria of Topic 606, the Group recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to receive in exchange for those goods or services. To achieve that core principle, an entity should apply five steps defined under Topic 606. The Group assesses its revenue arrangements against specific criteria in order to determine if it is acting as principal or agent. Revenue arrangements with multiple performance obligations are divided into separate units of accounting. The Company considered appropriate methods to allocate the transaction price to each performance obligations, based on the relative standalone selling prices of the services provided. In estimating the standalone selling price for the services that are not directly observable, the Company considered the suitable methods included in ASC 606-10-21-34, and determined the adjusted market assessment approach is the most appropriate method. When estimating the relative standalone selling prices, the Group considers standalone selling prices of similar services. Revenue is recognized upon transfer of control of these promised services to a customer. The Group, from time to time, provides incentives to consumers. These incentives are given in the form of discount coupon to consumers. As these incentives were provided without any distinct good or service in return, these incentives have been recorded as reduction of revenue, pursuant to the guidance under ASC 606. Revenue is recorded net off cash incentives and value-added-tax. Online used car transaction services (formerly known as “2C cross-regional business”) The Company uses www.xin.com as its 2C online platform, which assists in publishing the used cars of car dealers (the “Dealer”) for consumers (the “Consumer”). The online used car business mainly includes three services as follows: - Broker transaction (or commission-related service): The Company provides used car purchase assistance, used car inspection services, title transfer and title registration service, as well as logistics service during the purchase process. The Company charges the Consumer the commission fees based on agreed percentage of final car sales price; - Value-added service: For the Consumers that have financing needs, the Company provides additional services to Consumers based on agreed amount or agreed percentages, including but not limited to the following: 1. Channel service: - Uxin provides advice on financial solutions and refer Consumers to financing platforms - Uxin helps check the documents in relation to application of financial products prepared by Consumers 2. Safety-guaranteed service: - Uxin provides GPS purchase and installation service - Uxin provides other assistances to Consumers if necessary, such as sharing the GPS trajectory when there is a car theft, etc. 3. Mortgage service: - Uxin assists in mortgage registration process if needed - Uxin assists on the purchase of insurance policy offered by insurance company - Warranty and repair service: is provided for selected cars sold with Uxin’s certificate program to provide certain warranty service, including one-year or 20,000 -kilometer warranty covering repair of 15 major structural components. The Company determined the Consumer as customer of the online used car business in accordance with ASC 606, the Company collects the fees for both of the Broker transaction service and Value-added service from the Consumer. The Company may sell the Broker transaction service alone but does not sell the Value-added service or warranty service individually. Value-added service and warranty service are sold together with the Commission-related service. Each of these services is identified as a separate performance obligation. The Company allocates the transaction price to each of these performance obligations on a relative standalone selling price basis or market price, based on different type of the contract or combined contracts. The Company recognizes both the Commission revenue from the Broker transaction service and the Value-added services upon the closing of car sale; For warranty service (6-month and 1-year types only), since the Consumer receives, consumes and benefits the warranty service simultaneously when the Company performs the service, therefore the Company recognizes the warranty revenue over the warranty period, i.e. 6 -month or 1 -year period. Revenue derives from value-added service and warranty service were collectively reported as Value-added service revenue on the Company’s Consolidated Statement of Comprehensive Loss. Vehicle sales business since September 2020 Retail vehicle sales business The Company sells used vehicles directly to its customers through its e-commerce platform (www.xin.com). The Company procures used cars by analyzing the extensive user behavioral, used car and transactional data aggregated on its platform over the years. This enables the Company to selectively build its inventory of used cars with value-for-money performance and have greater flexibility in offering more competitive pricing to individual consumer (the “Consumer”). The prices of used vehicles are set forth in the customer contracts at stand-alone selling prices which are agreed upon prior to delivery. The Company satisfies its performance obligation for used vehicles sales when the Consumer obtains control of the underlying vehicles. The Company receives payment for used vehicle sales directly from the Consumer at the time of sale. Payments received prior to delivery or pick-up of used vehicles are recorded as “Other payables and other current liabilities” within the Consolidated Balance Sheets. Wholesale vehicle sales business The Company sells vehicles to wholesalers through offline dealership. These vehicles sold to wholesalers are primarily acquired from individuals that do not meet the Company’s retail standards to list and sell through its e-commerce platform, and therefore, sold through offline dealership. The Company satisfies its performance obligation and recognizes revenue for wholesale vehicle sales at the point in time when the wholesale purchasers obtain control of the underlying vehicles. The payments are received when the vehicles are sold. Others Other revenue is immaterial for the fiscal years ended March 31, 2021, 2022 and 2023, respectively. It mainly represented the commissions earned from the Group’s financing and insurance partners from introducing them to the Company’s retail customers with financing needs, as well as revenues earned from warranty services. Remaining performance obligations Revenue allocated to remaining performance obligations represents that portion of the overall transaction price that has been received (or for which the Group has an unconditional right to payment) allocated to performance obligations that the Group has not yet fulfilled, which is presented as deferred revenue that has not yet been recognized. As of March 31, 2022 and 2023, the aggregate amount of the transaction price allocated to remaining performance obligations was RMB 4.1 million and RMB 2.3 million, respectively, reflecting the Group’s remaining obligations. The Group expects to recognize approximately 100 % of the revenue over the next 12 months. |
Value-added-tax ("VAT") and surcharges | 2.16 Value-added-tax (“VAT”) and surcharges The Company’s subsidiaries and the former VIEs are subject to value-added tax and related surcharges on the revenues earned for services provided in the PRC. The applicable value-added-tax rate for general VAT payers is set out in the following table. Type of service Applicable VAT rate (%) Vehicle sales 0.5 % - 6 % Commission 6 % Value-added service 6 % Other services 6 % The surcharges (i.e. urban construction and maintenance tax, educational surtax, local educational surtax), vary from 5 % to 12 % of the value-added-tax depending on the tax payer’s location. The surcharges are recorded in the “cost of revenue” in the Consolidated Statements of Comprehensive Loss. |
Cost of revenues | 2.17 Cost of revenues Prior to September 2020, cost of revenues consists of salaries and benefits expenses, cost of title transfer and registration, delivery and logistics cost, rental for transaction centers, platform maintenance cost, GPS tracking device costs, cost of warranty services provided, etc. Starting from September 2020, the Company started to build its own used vehicles inventory. After then, cost of revenues includes the cost to acquire used vehicles and direct and indirect vehicle reconditioning costs associated with preparing the vehicles for resale and warranty services. Cost of revenues also includes any necessary adjustments to reflect vehicle inventory at the lower of cost or net realizable value. |
Sales and marketing expenses | 2.18 Sales and marketing expenses Sales and marketing expenses primarily consist of salaries and benefits expenses for sales and marketing personnel, advertising and promotion expenses and warranty expenses. Advertising and promotion expenses primarily include branding advertisements, online traffic acquisition costs and costs incurred in other marketing activities. Due to the adoption of the inventory-owing model since September 2020, most salaries and benefits for employees engaged in aftersales services and costs relating to outbound logistics were classified as “sales and marketing expense” whereas before such costs were classified as “cost of revenues”. Advertising costs are expensed as incurred. For those advertisements that are extended over a period of time, the advertising costs are recognised ratably over the beneficial period. The total amounts charged to the Consolidated Statements of Comprehensive Loss amounted to approximately RMB 128.9 million, RMB 58.7 million and RMB 46.9 million for the fiscal years ended March 31, 2021, 2022 and 2023, respectively. |
Research and development expenses | 2.19 Research and development expenses Research and development expenses primarily consist of salaries and benefits expenses, fees for outsourced technical services and depreciation of servers and computers relating to research and development. All research and development costs are expensed as incurred. Software development costs required to be capitalized under ASC 350-40, Internal-Use Software, were not material to the consolidated financial statements. |
General and administrative expenses | 2.20 General and administrative expenses General and administrative expenses primarily consist of salaries and benefits and share-based compensation for employees engaged in management and administration positions or involved in general corporate functions, office rental, professional service fees and depreciation. |
Share-based compensation | 2.21 Share-based compensation The Company grants share options, restricted shares and restricted share units (“RSUs”) to eligible employees, director and execute officers. All share-based awards are measured at fair value on the grant date. The share-based compensation expenses have been categorized as either cost of revenues, sales and marketing expenses research and development expenses, or general and administrative expenses, depending on the job functions of the grantees. Share Options Granted The Company follows ASC 718 to determine whether a share option should be classified and accounted for as a liability award or equity award. All grants of share-based awards classified as equity awards are recognized in the financial statements based on their grant date fair values which are calculated using an option pricing model. The Company classifies the share-based awards granted to employees as equity award and has elected to recognize compensation expense on share-based awards with service condition on a graded vesting basis over the requisite service period, which is generally the vesting period. The binomial option-pricing model is used to measure the value of share options. The determination of the fair value is affected by the fair value of the ordinary shares as well as assumptions regarding a number of complex and subjective variables, including the expected share price volatility, actual and projected employee and nonemployee share option exercise behaviour, risk-free interest rates and expected dividend yield. Binomial option-pricing model incorporates the assumptions about grantees’ future exercise patterns. The fair value of these awards was determined by management with the assistance from an independent valuation firm using management’s estimates and assumptions. Restricted Shares and RSUs For the restricted shares, the awards are measured at fair value on the grant date. Share-based compensation expense is recognized using the straight-line method over the requisite service period or immediately at the grant date if no vesting conditions are required. For grants of RSUs with certain market conditions, it is classified as equity awards and recognized in the financial statements based on their grant date fair values which are determined using the Monte Carlo valuation model, which incorporates various assumptions including expected stock price volatility, risk-free interest rates, and expected timing and proceeds received due to the exercise of warrants and settlement of forward contracts (Note 18). Related expenses are recognized over the derived service period determined based on valuation techniques that are used to estimate fair value and is not adjusted if the market condition is not met, so long as the requisite service is provided. The assumptions used in share-based compensation expense recognition represent management’s best estimates, but these estimates involve inherent uncertainties and application of management judgment. If factors change or different assumptions are used, the share-based compensation expenses could be materially different for any period. Moreover, the estimates of fair value of the awards are not intended to predict actual future events or the value that ultimately will be realized by grantees who receive share-based awards. In accordance with ASU 2016-09, the Group made an entity-wide accounting policy election to account for forfeitures when they occur. |
Taxation | 2.22 Taxation Current income taxes are provided on the basis of net income for financial reporting purposes, adjusted for income and expense items which are not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions. Deferred income taxes are recognized for temporary differences between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements, net operating loss carries forwards and credits. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided in accordance with the laws of the relevant taxing authorities. Deferred tax assets and liabilities are measured using enacted rates expected to apply to taxable income in which temporary differences are expected to be received or settled. The effect on deferred tax assets and liabilities of changes in tax rates is recognized in the statements of comprehensive loss in the period of the enactment of the change. The Group considers positive and negative evidence when determining whether a portion or all of its deferred tax assets will more likely than not be realized. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carry-forward periods, its experience with tax attributes expiring unused, and its tax planning strategies. The ultimate realization of deferred tax assets is dependent upon its ability to generate sufficient future taxable income within the carry-forward periods provided for in the tax law and during the periods in which the temporary differences become deductible. When assessing the realization of deferred tax assets, the Group has considered possible sources of taxable income including (i) future reversals of existing taxable temporary differences, (ii) future taxable income exclusive of reversing temporary differences and carry-forwards, (iii) future taxable income arising from implementing tax planning strategies, and (iv) specific known trend of profits expected to be reflected within the industry. The Group recognizes a tax benefit associated with an uncertain tax position when, in its judgment, it is more likely than not that the position will be sustained upon examination by a taxing authority. For a tax position that meets the-more-likely-than-not recognition threshold, the Group initially and subsequently measures the tax benefit as the largest amount that the Group judges to have a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority. The Group’s liability associated with unrecognized tax benefits is adjusted periodically due to changing circumstances, such as the progress of tax audits, case law developments and new or emerging legislation. Such adjustments are recognized entirely in the period in which they are identified. The Group’s effective tax rate includes the net impact of changes in the liability for unrecognized tax benefits and subsequent adjustments as considered appropriate by management. The Group classifies interest and penalties recognized on the liability for unrecognized tax benefits as income tax expense. Undistributed earnings are expected to be indefinitely reinvested for the foreseeable future, if any. |
Loss per share | 2.23 Loss per share Basic loss per share is computed by dividing net loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period using the two-class method. Under the two-class method, the net loss is allocated between ordinary shares and other participating securities, including senior convertible preferred shares, based on their participating rights. Net loss is not allocated to other participating securities if based on their contractual terms they are not obligated to share in the loss. The diluted loss per share is calculated by giving effect to all potentially dilutive securities outstanding for the period using the treasury stock method or the if-converted method based on the nature of such securities. Ordinary equivalent shares are not included in the denominator of the diluted loss per share calculation when inclusion of such shares would be anti-dilutive. |
Operating leases | 2.24 Operating leases The Company adopted ASC 842, Leases, on January 1, 2019 on a modified retrospective basis and has elected not to recast comparative periods. The Company has elected the package of practical expedients on the adoption date, which allows the Company not to reassess (1) whether any expired or existing contracts as of the adoption date are or contain a lease, (2) lease classification for any expired or existing leases as of the adoption date and (3) initial direct costs for any expired or existing leases. The Company determines if an arrangement is or contains a lease at inception. Operating leases are primarily for offices and stores and are included in Right-of-use assets, net, Operating lease liabilities, current and Operating lease liabilities, non-current on its Consolidated Balance Sheets. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and Operating lease liabilities represent obligation to make lease payment arising from the lease. The operating lease right of use assets and liabilities are recognized at lease commencement date based on the present value of lease payment over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at lease commencement date in determining the present value of lease payments. The right of use assets also includes any lease payments made. The Company’s lease term may include options to extend or terminate the lease. Renewal options are considered within the operating lease right of use assets and liabilities when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. For operating leases with a term of one year or less, the Company has elected to not recognize a lease liability or lease right of use asset on its Consolidated Balance Sheets. Instead, it recognizes the lease payment as expense on a straight-line basis over the lease term. Short-term lease costs are immaterial to its Consolidated Statements of Comprehensive Loss. The Company has operating lease agreements with insignificant non-lease components and has elected the practical expedient to combine and account for lease and non-lease components as a single lease component. |
Provision for credit losses | 2.25 Provision for credit losses The Company has several types of financial assets and liabilities that are subject to ASC 326’s new CECL model. The CECL reserves for credit loss represents the Company’s best estimate of the expected lifetime credit losses for accounts receivable, loans recognized as a result of payments under guarantees and other receivables as of the balance sheet dates. The adequacy of the reserves for credit losses is assessed quarterly; and the assumptions and models used in establishing the allowance are evaluated regularly. Because credit losses can vary substantially over time, estimating credit loss reserves requires us to estimate lifetime expected credit losses by incorporating historical loss experience, as well as current and future economic conditions over a reasonable and supportable period beyond the balance sheet date. Measurement of CECL reserve The Company estimates its CECL reserve for different financial instruments using various methods including the probability-of-default method, the loss rate method, the roll rate method and the discounted cash flow method. • For loans recognized as a result of payments under guarantees and financial lease receivables, the loss rate method is applied as the comprehensive product impact of Probability of Default ("PD") and Loss Given Default ("LGD"). • The roll rate model is adopted for accounts receivable; while for some other receivables which cannot be pooled with financial assets with similar risk characteristics, the reserve for credit losses is evaluated on an individual basis using the discounted cash flow method. Note that to incorporate the forward-looking impacts based on the Company’s best macroeconomic forecasts, quantitative adjustments are applied to key parameters such as PD, LGD, loss rates, and roll rates on a collective basis. The Company groups its financial instruments into pools by credit status, product types, accounts receivable aging schedule, collateral types and other risk characteristics as appropriate in the calibration and adjustments of these parameters. |
Accounting of down round features | 2.26 Accounting of down round features The Company assesses whether there are circumstances that trigger the down round feature for convertible preferred shares. When the down round features are triggered, the Company considers the provision of ASC 260-10-30-1 and measures the value of the effect of the feature as the difference between (a) the fair value of the issued financial instrument (without the down round feature) with a conversion or exercise price corresponding to the stated conversion or exercise price before the conversion or exercise price reduction and(b) the fair value of the issued financial instrument (without the down round feature) with a conversion or exercise price corresponding to the reduced conversion or exercise price upon the down round feature being triggered. The excess value of the convertible preferred shares resulting from the triggering of the down round feature as determined on the measurement date shall be a deemed dividend to the preferred shareholders, which should be deducted to arrive at net income/(loss) to ordinary shareholders from continuing operations. Therefore, recognition of the fair value of the down round feature results in a charge to returned earnings/(accumulated deficit) and a credit to additional paid-in capital in permanent equity rather in mezzanine equity . |
Recent accounting pronouncements | 2.27 Recent accounting pronouncements New and Amended Standards Adopted by the Group In August 2020, the FASB issued ASU 2020-06, “Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity,”. For convertible instruments, the accounting update reduces the number of accounting models for convertible debt instruments and convertible preferred stock. Limiting the accounting models results in fewer embedded conversion features being separately recognized from the host contract as compared with current U.S. GAAP. The accounting update amends the guidance for the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions. The accounting update also simplifies the diluted earnings per share calculation in certain areas. For public business entities, the update is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2020 and interim periods within those fiscal years. The Group adopted the ASU on April 1, 2022. The impact of the adoption was not material. |
PRINCIPAL ACTIVITIES AND ORGA_2
PRINCIPAL ACTIVITIES AND ORGANIZATION (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
PRINCIPAL ACTIVITIES AND ORGANIZATION | |
Schedule of principal subsidiaries and VIEs | As of March 31, 2023, the Company’s principal subsidiaries are as follows: Subsidiaries Place of Date of Percentage of Principal Youxin (Ningbo) Information Technology Co., Ltd. Ningbo July 15, 2020 100 % Vehicle sales Youxin (Hefei) Automobile Intelligent Hefei September 8, 100 % Vehicle sales Youche (Hainan) Information Technology Co., Ltd. Hainan November 30, 100 % Vehicle sales Hefei Youquan Information Technology Co., Ltd. Hefei December 13, 100 % Vehicle sales Youfang (Beijing) Information Technology Co., Ltd. BeiJing March 25, 100 % Vehicle sales Youtang (Shaanxi) Information Technology Co., Xi’an May 12, 2022 100 % Vehicle sales |
PRINCIPAL ACCOUNTING POLICIES_2
PRINCIPAL ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | |
Schedule of estimated useful lives of property, equipment and software | Property, equipment and software are stated at cost less accumulated depreciation and amortization. Depreciation and amortization is computed using the straight-line method over the following estimated useful lives, taking into account any estimated residual value: Electronic equipment 3 years Furniture 5 years Vehicles and motors 4 years Software 5 years Leasehold improvement lesser of the term of the lease or the estimated useful lives of the assets |
Schedule of value-added tax rate for general VAT payers | The Company’s subsidiaries and the former VIEs are subject to value-added tax and related surcharges on the revenues earned for services provided in the PRC. The applicable value-added-tax rate for general VAT payers is set out in the following table. Type of service Applicable VAT rate (%) Vehicle sales 0.5 % - 6 % Commission 6 % Value-added service 6 % Other services 6 % |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) - Discontinued business | 12 Months Ended |
Mar. 31, 2023 | |
2C intra-regional business and loan-facilitation related service | |
DISCONTINUED OPERATIONS | |
Schedule of discontinued operations, results | Results of the discontinued operations of 2C intra-regional business and loan facilitation related service were as follows: For the fiscal year ended March 31, 2021 RMB Revenues To consumers Transaction facilitation revenue — Loan facilitation revenue — Total revenues — Cost of revenues — Gross profit — Operating expenses Sales and marketing — Research and development — General and administrative — Losses from guarantee liabilities — Impairment for net assets transferred ( 420,000 ) Total operating expenses ( 420,000 ) Loss from operations ( 420,000 ) Interest income, net — Other expenses, net — Loss from the divestiture of 2C intra-regional and loan facilitation business ( 14,745 ) Foreign exchange gain — Loss from discontinued operations before income tax expense ( 434,745 ) Income tax expense — Net loss from discontinued operations ( 434,745 ) |
2B business | |
DISCONTINUED OPERATIONS | |
Schedule of discontinued operations, results | Results of the discontinued operations of 2B business were as follows: For the fiscal year ended March 31, 2021 RMB Transaction facilitation revenue 5,198 Cost of revenues ( 1,384 ) Gross profit 3,814 Operating expenses Sales and marketing ( 8,063 ) Research and development — General and administrative ( 1,218 ) Provision for credit losses — Total operating expenses ( 9,281 ) Gain from the divestiture of 2B business 735,956 Net income from discontinued operations 730,489 |
Schedule of discontinued operations, cash flow | The condensed cash flows of the discontinued operations of 2B business were as follows: For the fiscal year ended March 31, 2021 RMB Net cash used in operating activities ( 9,491 ) |
LOANS RECOGNIZED AS A RESULT _2
LOANS RECOGNIZED AS A RESULT OF PAYMENTS UNDER THE GUARANTEES (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Schedule of loans recognized as a result of payments under the guarantees | March 31, March 31, RMB RMB Loans recognized as a result of payments under guarantees 379,259 10,337 Less: provision for credit losses ( 324,371 ) ( 10,337 ) 54,888 — |
Schedule of provision for credit losses | The movement of provision for credit losses for the fiscal years ended March 31, 2021, 2022 and 2023 was as follows: For the fiscal years ended March 31, 2021 2022 2023 RMB RMB RMB Beginning balance of the period ( 2,190,575 ) ( 1,182,609 ) ( 324,371 ) Additions ( 68,578 ) — — Provision for credit losses ( 29,272 ) ( 94 ) ( 1,770 ) Write-offs 252,508 13,093 308,847 Bought out by certain non-bank financing institutions without recourse 845,305 821,496 — Payments from the borrowers or other recoveries 8,003 23,743 6,957 Ending balance of the period ( 1,182,609 ) ( 324,371 ) ( 10,337 ) The following table explains the changes in the provision of credit losses by grade of monitored credit risk quality indicator as of March 31, 2023: Normal Attention Secondary Total RMB RMB RMB RMB Beginning balance of the period ( 1,805 ) ( 74,783 ) ( 247,783 ) ( 324,371 ) (Provision for)/reversal of credit losses ( 8,126 ) ( 4,844 ) 11,200 ( 1,770 ) Write-offs 3,341 74,519 230,987 308,847 Payments from the borrowers or other recoveries — 297 6,660 6,957 Transfer from Normal to Secondary 6,590 — ( 6,590 ) — Transfer from Attention to Secondary — 4,811 ( 4,811 ) — Ending balance of the period — — ( 10,337 ) ( 10,337 ) |
Loans recognized as a result of payments under the guarantees | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Schedule of loans recognized as a result of payments under the guarantees | An aging analysis of loans recognized as result of payments under guarantees was as follows: March 31, March 31, RMB RMB Up to 6 months 70,188 1,756 6 months to 12 months 7,555 460 Over 12 months 301,516 8,121 379,259 10,337 |
Schedule of balance of loans recognized as result of payments under the guarantees by grade of monitored credit risk quality indicator | The balance of loans recognized as a result of payments under guarantees by grade of monitored credit risk quality indicator as of March 31, 2022 and 2023 were listed as below: March 31, March 31, RMB RMB Normal 10,267 — Attention 121,209 — Secondary 247,783 10,337 379,259 10,337 |
OTHER RECEIVABLES, NET (Tables)
OTHER RECEIVABLES, NET (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Schedule of other receivables, net | March 31, March 31, RMB RMB Loans recognized as a result of payments under guarantees 379,259 10,337 Less: provision for credit losses ( 324,371 ) ( 10,337 ) 54,888 — |
Other Receivables | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Schedule of other receivables, net | March 31, March 31, RMB RMB Rental and other deposits 39,697 26,418 Staff advance 15,742 13,890 Unreceived disposal consideration (i) 93,988 — Others 46,830 1,578 196,257 41,886 Less: provision for credit losses ( 30,251 ) ( 26,541 ) 166,006 15,345 (i) In July 2022, the Company and 58.com have mutually released the other party from claims arising out of certain obligations under certain historical transactions. Therefore, unreceived consideration from the divestiture of 2B business due from 58.com of RMB 84.3 million was settled (Note 13). In addition, the other receivables of RMB 9.7 million due from Boche related to that entity’s acquisition of the Company’s salvage care related business was received in August 2022. |
Schedule of movement of provision for credit loss | : For the fiscal years ended March 31, 2021 2022 2023 RMB RMB RMB Beginning balance of the period ( 51,666 ) ( 20,980 ) ( 30,251 ) Addition ( 1,104 ) ( 3,494 ) ( 12,400 ) Write-off 31,790 679 16,110 Reclassified from amounts due from related parties — ( 6,456 ) — Ending balance of the period ( 20,980 ) ( 30,251 ) ( 26,541 ) |
PREPAID EXPENSES AND OTHER CU_2
PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
PREPAID EXPENSES AND OTHER CURRENT ASSETS | |
Schedule of prepaid expenses and other current assets | March 31, March 31, RMB RMB VAT-input deductible 54,728 54,601 Prepaid rental expense 2,469 2,537 Prepaid marketing expense 7,877 2,009 Prepaid consulting and professional service fees 5,383 1,247 Prepaid insurance cost 4,973 139 Prepaid financial advisory service fee (i) 12,000 — Others 2,582 857 90,012 61,390 (i) The Company entered into a long-term strategic cooperation agreement with Golden Pacer in April 2020, and an aggregate amount of RMB 60.0 million as prepayment was made in exchange for a 5 -year financial solution advisory services from Golden Pacer (an affiliate of 58.com). In July 2022, the Company and 58.com have mutually released the other party from claims arising out of certain obligations under certain historical transactions. Therefore, prepaid financial advisory service fee of RMB 12.0 million was released, and the related services will no longer be rendered (Note 13). |
PROPERTY, EQUIPMENT AND SOFTW_2
PROPERTY, EQUIPMENT AND SOFTWARE, NET (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
PROPERTY, EQUIPMENT AND SOFTWARE, NET | |
Schedule of property, equipment and software, net | Property, equipment and software, net, consist of the following: March 31, March 31, 2022 2023 RMB RMB Cost Leasehold improvement 174,466 178,023 Electronic equipment 53,194 51,748 Software 26,018 26,953 Vehicles and motors 4,478 4,057 Furniture 3,508 2,151 Construction in progress 7,218 43,489 Total property, equipment and software 268,882 306,421 Less: accumulated depreciation and amortization Leasehold improvement ( 165,858 ) ( 174,014 ) Electronic equipment ( 50,651 ) ( 49,008 ) Software ( 14,055 ) ( 16,630 ) Vehicles and motors ( 1,269 ) ( 1,908 ) Furniture ( 2,518 ) ( 1,136 ) Total accumulated depreciation and amortization ( 234,351 ) ( 242,696 ) Net book value 34,531 63,725 |
LONG-TERM INVESTMENTS (Tables)
LONG-TERM INVESTMENTS (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
LONG-TERM INVESTMENTS | |
Schedule of long-term investments | The Group’s long-term investments consist of the following: March 31, March 31, 2022 2023 RMB RMB Equity investments accounted for using the equity method Beijing Gangjian Shoubao Cultural Media Center LLP (“Gangjian Shoubao”) 4,500 4,500 Weiche Information Technology Co., Ltd. (“Weiche”) 1,495 1,451 5,995 5,951 Equity investments accounted for using the measurement alternative Jincheng Consumer Finance (Sichuan) Co., Ltd. (“Jincheng”) 282,761 282,761 Total long-term investments 288,756 288,712 |
BORROWINGS (Tables)
BORROWINGS (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
SHORT-TERM AND LONG TERM BORROWINGS | |
Schedule of short-term and long-term borrowings from commercial banks or other institutions | The following table presents short-term and long-term borrowings from commercial banks or other institutions as of March 31, 2022 and 2023. Funding Partners Fixed annual interest rate Terms March 31, March 31, RMB RMB Short-term borrowing 4.50 % within 12 months — 20,000 Current portion of long-term borrowing 5.00 % matured on December 15, 2022 233,000 — Long-term borrowings 5.00 % 2 years — 291,950 233,000 311,950 |
GUARANTEE LIABILITIES (Tables)
GUARANTEE LIABILITIES (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Schedule of movement of guarantee liabilities | March 31, March 31, RMB RMB Guarantee liabilities – stand ready 46 — Guarantee liabilities – contingent 133 — 179 — |
Guarantee liabilities - stand ready | |
Schedule of movement of guarantee liabilities | The movement of guarantee liabilities – stand ready was as follows: For the fiscal years ended 2021 2022 2023 RMB RMB RMB Beginning balance of the period 207,997 172 46 Guarantee income (i) (Note 14) ( 207,825 ) ( 126 ) ( 46 ) Ending balance of the period 172 46 — |
Guarantee liabilities - contingent | |
Schedule of movement of guarantee liabilities | The movement of guarantee liabilities - contingent was as follows: For the fiscal years ended March 31, 2021 2022 2023 RMB RMB RMB Beginning balance of the period 702,952 2,269 133 Guarantee liabilities settled ( 68,578 ) — — Guarantee liabilities released to WeBank (i) ( 630,733 ) — — Provision for credit losses ( 1,372 ) ( 2,136 ) ( 133 ) Ending balance of the period 2,269 133 — (i) In order to settle the Company’s remaining guarantee liabilities, the Company entered into a supplemental agreement on April 23, 2020 (the “2020 April Agreement”) with WeBank with regards to the Company’s historically-facilitated loans. Pursuant to the 2020 April Agreement, WeBank agreed to set a cap on the amount of cash the Company would use to fulfil its guarantee obligations from 2020 to 2022. Subsequently on July 23, 2020, the Company entered into another supplemental agreement (the “2020 July Agreement”) with WeBank, which amended and restated the 2020 April Agreement. Pursuant to the 2020 July Agreement, the Company will pay an aggregate amount of RMB 372.0 million to WeBank from 2020 to 2025 as a guarantee settlement with a maximum annual settlement amount of no more than RMB 84.0 million. Upon the signing of the 2020 July Agreement, the Company was no longer subject to guarantee obligations in relation to its historically facilitated loans for WeBank under the condition that the Company made the instalments based on the agreed-upon schedule in the 2020 July Agreement. |
OTHER PAYABLES AND OTHER CURR_2
OTHER PAYABLES AND OTHER CURRENT LIABILITIES (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
OTHER PAYABLES AND OTHER CURRENT LIABILITIES | |
Schedule of Current and Non-current Portions of Liabilities | March 31, March 31, RMB RMB Tax payables 68,720 66,010 Accrued service fee for IT and other professional support 53,285 65,514 Consideration payable to WeBank, current (Note 12) 53,162 55,887 Deposits 60,014 40,162 Accrued advertising expenses (i) 268,455 34,942 Accrued service fee for transaction support 39,132 24,386 Deferred revenue 18,049 13,909 Accrued salaries and benefits 13,815 13,834 Operating lease liabilities, current 10,994 7,667 Interest payable 50,969 4,457 Accrued legal proceedings and litigations 420 — Others 37,318 17,734 674,333 344,502 |
CONSIDERATION PAYABLE TO WEBA_2
CONSIDERATION PAYABLE TO WEBANK (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
CONSIDERATION PAYABLE | |
Schedule of Consideration Payable To Webank | March 31, March 31, RMB RMB Consideration payable to WeBank in total (Note 10) 160,804 114,446 Less: current portion (recorded in “other payables and other current ( 53,162 ) ( 55,887 ) 107,642 58,559 |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Long-Term Debt, Unclassified [Abstract] | |
Schedule of long-term debt | March 31, March 31, RMB RMB Current portion of long-term debt 102,206 158,736 Long-term debt 817,648 264,560 919,854 423,296 |
OTHER OPERATING INCOME, NET (Ta
OTHER OPERATING INCOME, NET (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
OTHER OPERATING INCOME | |
Schedule of other operating income, net | For the fiscal year ended March 31, 2021 2022 2023 RMB RMB RMB Gains from waiver of operating payables (i) 2,010 73,747 70,500 Government grant 15,392 1,895 5,252 Guarantee income (Note 10) 207,825 126 46 Income from sale of loans recognized as a result of payments under 21,119 26,279 — Transfer-out of unused VAT-input deductible — ( 20,030 ) — Others — — ( 5,808 ) 246,346 82,017 69,990 (i) The Company entered into supplemental agreements with several suppliers in May and June 2021, pursuant to which the Company would be exempted, conditionally, from the repayment of other payables of approximately RMB 120.4 million. In this regard, the Company satisfied certain necessary payment conditions during the fiscal year ended March 31, 2022 which resulted in RMB 64.3 million in other payables being waived pursuant to the relevant supplier agreements. The waiver of this payable balance resulted in a gain recorded in the same fiscal year. Additional payment conditions were met during fiscal year ended March 31, 2023, resulting in an incremental RMB 56.1 million in payables waived pursuant to the operative supplier agreements. The waiver of this additional payables balance resulted in a gain recorded in the same fiscal year. In addition, the Company continued to negotiate with other suppliers to settle long-aged payables, resulting in additional wavier gains of RMB 2.0 million, RMB 9.4 million and RMB 14.4 million recorded for the fiscal year ended March 31, 2021, 2022 and 2023 accordingly. |
OPERATING LEASE (Tables)
OPERATING LEASE (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
OPERATING LEASE | |
Schedule of supplemental consolidated balance sheet information related to leases | Supplemental consolidated balance sheet information related to leases were as follows: March 31, March 31, RMB RMB Right-of-use assets 29,584 84,461 Operating lease liabilities - current 10,994 7,667 Operating lease liabilities - non-current 10,866 77,462 Total operating lease liabilities 21,860 85,129 Weighted average remaining lease term 2.25 8.64 Weighted average incremental borrowing rate 5.19 % 5.13 % |
Schedule of supplemental cash flow information related to leases | Supplemental cash flow information related to leases in both continuing and discontinued operations were as follows: For the fiscal year ended March 31, 2021 2022 2023 RMB RMB RMB Cash paid for amounts included in the measurement of 13,599 23,547 10,231 Right-of-use assets obtained in exchange for operating 46,829 23,628 84,947 |
Schedule of maturities of lease liabilities | Maturities of operating lease liabilities are as follows: March 31, 2023 RMB Fiscal year ended March 31, 2024 11,174 Fiscal year ended March 31, 2025 8,821 Fiscal year ended March 31, 2026 9,263 Thereafter 76,411 Total operating lease payments 105,669 Less: imputed interest ( 20,540 ) Total lease liabilities 85,129 |
RELATED PARTY BALANCES AND TR_2
RELATED PARTY BALANCES AND TRANSACTIONS (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
RELATED PARTY BALANCES AND TRANSACTIONS | |
Schedule of table sets forth the major related parties and their relationships with the Group | The table below sets forth the major related parties and their relationships with the Group as of March 31, 2022 and 2023: Name of related parties Relationship with the Group 58.com Holdings Inc. Non-controlling shareholder since July, 2022 NIO Capital and Joy Capital Holders of senior convertible preferred shares Weiche Equity-method investee of the Company |
Schedules of amounts due from and to related parties, and transactions with related parties | Transactions with related parties For the fiscal year ended March 31, 2021 2022 2023 RMB RMB RMB Advertising service provided by the related parties 58.com 89,843 — — Weiche — 351 — 89,843 351 — Inventory leads sold to the related party 58.com 10,869 176 — Gain from the divestiture of 2B business (Note 3) 58.com 735,956 — — |
INCOME TAX EXPENSE (Tables)
INCOME TAX EXPENSE (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
INCOME TAX EXPENSE | |
Schedule of current and deferred portions of income tax expense included in the Consolidated Statements of Comprehensive Loss | : For the fiscal year ended March 31, 2021 2022 2023 RMB RMB RMB Current income tax expense ( 33 ) ( 245 ) ( 366 ) Deferred income tax expense — — — Total income tax expense ( 33 ) ( 245 ) ( 366 ) |
Reconciliation of Differences Between Statutory Tax Rate and the Effective Tax Rate | The following table sets forth a reconciliation between the statutory PRC EIT rate of 25 % and the effective tax rate: For the fiscal year ended March 31, 2021 2022 2023 Statutory income tax rate 25.0% 25.0 % 25.0 % 25.0 % Permanent differences ( 17.0 )% ( 42.0 )% ( 3.3 )% Effect of different tax rate (i) ( 0.7 )% 12.4 % 36.7 % Change of valuation allowance ( 7.3 )% 4.8 % ( 58.1 )% Effective tax rate 0.0 % 0.2 % 0.3 % |
Schedule of significant components of the deferred tax assets and liabilities | The following table sets forth the significant components of the deferred tax assets: March 31, March 31, RMB RMB Deferred tax assets Net operating loss carry forwards 1,449,953 1,591,988 Deductible advertising expense 551,431 582,306 Provision for credit losses 94,706 13,421 Accruals — — Less: valuation allowance ( 2,096,090 ) ( 2,187,715 ) Net deferred tax assets — — |
Schedule of movement of valuation allowance | Movement of valuation allowance For the fiscal year ended March 31, 2021 2022 2023 RMB RMB RMB Balance at beginning of the period ( 1,974,108 ) ( 2,005,864 ) ( 2,096,090 ) Changes of valuation allowance ( 31,756 ) ( 90,226 ) ( 91,625 ) Balance at end of the period ( 2,005,864 ) ( 2,096,090 ) ( 2,187,715 ) |
SENIOR CONVERTIBLE PREFERRED _2
SENIOR CONVERTIBLE PREFERRED SHARES AND WARRANTS (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Temporary Equity And Warrant Liability Disclosure [Abstract] | |
Summary of movements of mezzanine equity | The movements of mezzanine equity during the fiscal year ended March 31, 2022 and 2023 were as follows: Mezzanine Equity RMB Beginning balance as of March 31, 2021 — Issuance of senior convertible preferred shares 239,452 Fair value impact recorded upon cash receipt for subscription 287,032 Ending balance as of March 31, 2022 526,484 Issuance of senior convertible preferred shares 758,252 Subscription receivable from shareholders ( 550,074 ) Fair value impact recorded upon cash receipt for subscription ( 39,015 ) Ending balance as of March 31, 2023 695,647 |
Schedule of roll forward of Level 3 investment, warrant liabilities | The roll forward of Level 3 financial instruments, including both warrant liabilities and forward contracts, during the fiscal year ended March 31, 2022 and 2023 was as follows: Warrant Forward contract assets RMB RMB Fair value of Level 3 financial instruments as of March 31, 2021 — — Issuance of warrants 647,850 — Fair value of warrants and forward contracts at issuance 1,800,147 735,244 Settlement of forward contracts — ( 287,032 ) The change in fair value of financial instruments ( 2,224,660 ) ( 441,088 ) Foreign currency translation ( 26,947 ) ( 7,160 ) Fair value of Level 3 financial instruments as of March 31, 2022 196,390 ( 36 ) Settlement of forward contracts — 39,015 The change in fair value of financial instruments ( 204,687 ) ( 38,046 ) Foreign currency translation 8,305 ( 933 ) Fair value of Level 3 financial instruments as of March 31, 2023 8 — |
Summary of composition of fair value impact of issuance of senior convertible preferred shares | The composition of the fair value impact of the issuance of senior convertible preferred shares during the fiscal year ended March 31, 2022 and 2023 was as follows: For the fiscal year ended March 31, 2022 2023 RMB RMB Fair value impact of the warrants 424,513 204,687 Fair value impact of the forward contracts ( 294,156 ) 38,046 Gain from the TDR of the 2024 Notes (Note 13) 55,874 — 186,231 242,733 |
Schedule of estimated fair value using the Black-Scholes option pricing model | For the warrants, with the assistance from an independent valuation firm, the Company estimated its fair value using the Black-Scholes option pricing model using the following main assumptions: For the fiscal year ended March 31, 2023 Risk-free interest rate 2.53 %~ 4.74 % Expected volatility 45.91 %~ 49.01 % Dividend yield 0 % Expected term (in years) 0.28 ~ 1.03 Fair value of underlying senior convertible preferred share US$ 0.07 ~US$ 0.20 |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of share option activity | The following table sets forth the share option activities for the fiscal years ended March 31, 2021, 2022 and 2023: Number of shares Weighted-average exercise price Weighted average remaining contractual term Aggregate Weighted average fair value of options US$ YEARS US$’000 US$ Outstanding as of March 31, 2020 32,330,838 1.79 6.81 25,530.99 1.58 Granted 6,700,665 0.01 — — 0.39 Forfeited ( 9,794,727 ) 1.17 — — 2.13 Exercised ( 3,482,103 ) 0.08 — — 0.59 Outstanding as of March 31, 2021 25,754,673 1.79 6.18 3,974.57 1.20 Granted 1,266,357 0.01 — — 0.57 Forfeited ( 1,681,323 ) 1.34 — — 2.58 Exercised ( 6,826,300 ) 0.36 — — 0.67 Outstanding as of March 31, 2022 18,513,407 0.75 6.01 2,405.17 1.23 Granted 10,429,567 0.00 — — 0.13 Forfeited ( 1,353,071 ) 0.81 — — 0.33 Exercised ( 933,285 ) 0.01 — — 0.34 Outstanding as of March 31, 2023 26,656,618 0.48 6.83 9,585.96 0.88 Vested and expected to vest as of 26,656,618 0.48 6.83 9,585.96 0.88 Exercisable as of March 31, 2023 26,326,469 0.45 6.83 9,435.95 0.82 *Less than 0.01 |
Schedule of options granted to Grantees were measured at fair value on the dates of grant | Options granted to Grantees were measured at fair value on the dates of grant using the Binomial Option Pricing Model with the following assumptions: For the fiscal year ended March 31, 2021 2022 2023 Expected volatility 48 %~ 61 % 34 %~ 68 % 36 %~ 57 % Risk-free interest rate (per annum) 0 %~ 1.4 % 0 %~ 2.4 % 0 %~ 4.9 % Exercise multiple 2.8 / 2.2 2.8 / 2.2 2.8 / 2.2 Expected dividend yield 0 % 0 % 0 % Contractual term (in years) 10 10 10 |
Summary of restricted share activity | Number of Weighted average grant date fair value US$ Unvested as of March 31, 2020 33,334 2.26 Granted 275,850 0.45 Vested ( 309,184 ) 0.65 Unvested as of March 31, 2021 — — Granted 606,570 0.42 Vested ( 606,570 ) 0.42 Unvested as of March 31, 2022 — — Granted 2,844,235 0.13 Vested ( 2,844,235 ) 0.13 Unvested as of March 31, 2023 — — |
Summary of Share-Based Compensation Expenses by Function | The following table sets forth the amounts of share-based compensation expense included in each of the relevant financial statement line items: For the fiscal year ended March 31, 2021 2022 2023 RMB RMB RMB General and administrative expenses ( 24,091 ) 26,534 44,088 Research and development expenses ( 2,216 ) — 1,709 Sales and marketing expenses 5,036 — 1,516 Cost of revenues 2,149 — — Total ( 19,122 ) 26,534 47,313 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
FAIR VALUE MEASUREMENTS | |
Schedule of financial assets and liabilities measured and recorded at fair value on recurring basis | The following table summarizes the Company’s financial assets and liabilities measured and recorded at fair value on recurring basis as of March 31, 2022 and 2023: March 31, 2022 Active market Observable input Non-observable input (Level 1) (Level 2) (Level 3) Total RMB RMB RMB RMB Assets: Forward contract assets — — 36 36 Liabilities: Warrant liabilities — — 196,390 196,390 March 31, 2023 Active market Observable input Non-observable input (Level 1) (Level 2) (Level 3) Total RMB RMB RMB RMB Liabilities: Warrant liabilities — — 8 8 |
NET LOSS PER SHARE (Tables)
NET LOSS PER SHARE (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
NET (LOSS)/EARNINGS PER SHARE | |
Schedule of basic and diluted net loss per share | Basic and diluted net loss per share for each of the periods presented are calculated as follows: For the fiscal years ended March 31, 2021 2022 2023 RMB RMB RMB Numerator: Net loss from continuing operations ( 716,975 ) ( 143,223 ) ( 137,169 ) Less: net loss from operations attributable to ( 9 ) — ( 12 ) Deemed dividend to preferred shareholders due to triggering of a down round feature — — ( 755,635 ) Net loss from continuing operations attributable to ordinary shareholders ( 716,966 ) ( 143,223 ) ( 892,792 ) Denominator: Weighted average number of ordinary shares 1,100,650,208 1,168,419,750 1,344,536,565 Net loss per share from operations ( 0.65 ) ( 0.12 ) ( 0.66 ) Diluted net loss per share Numerator: Net loss from continuing operations attributable to ordinary shareholders ( 716,966 ) ( 143,223 ) ( 892,792 ) Add: the change in fair value of warrant liabilities — ( 2,224,660 ) — Add: the change in fair value of forward contract — ( 441,088 ) — Diluted net loss from operations attributable ( 716,966 ) ( 2,808,971 ) ( 892,792 ) Denominator: Weighted average number of ordinary shares 1,100,650,208 1,168,419,750 1,344,536,565 Weighted average effect of potential dilutive - Warrants — 147,895,143 — - Forward contracts — 38,191,128 — Weighted average number of ordinary shares 1,100,650,208 1,354,506,021 1,344,536,565 Net loss per share from continuing operations ( 0.65 ) ( 2.07 ) ( 0.66 ) |
Schedule of potential ordinary shares that are anti-dilutive and excluded from the calculation of diluted net loss per share | The weighted-average numbers of senior convertible preferred shares, convertible notes and options granted excluded from the calculation of diluted net loss per share of the Company of the respective periods were as follows: For the fiscal years ended March 31, 2021 2022 2023 Senior convertible preferred shares — 240,274,690 912,262,870 Convertible notes 223,300,971 — — Outstanding weighted average share options 6,961,854 5,114,834 11,114,657 Total 230,262,825 245,389,524 923,377,527 |
CONDENSED FINANCIAL INFORMATI_2
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule of balance sheets | The parent company did not have significant capital and other commitments, long-term obligations, other long-term debt, or guarantees as of March 31, 2022 and 2023. Balance sheets March 31, March 31, RMB RMB ASSETS Current assets: Cash and cash equivalents 599 62,244 Amounts due from intra-Group entities 8,438,565 9,085,314 Other receivables 2,170 2,065 Forward contract assets 36 — Prepaid expenses 5,104 118 Total assets 8,446,474 9,149,741 LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ DEFICIT Current liabilities: Other payables and other current liabilities 22,678 31,624 Investment deficit in subsidiaries 9,120,730 9,605,620 Amounts due to intra-Group entities 90,112 90,112 Warrant liabilities 196,390 8 Total liabilities 9,429,910 9,727,364 Balance sheets(Continued) March 31, March 31, RMB RMB Mezzanine equity Senior convertible preferred shares (US$ 0.0001 par value, 1,000,000,000 and 1,720,000,000 shares authorized as of March 31, 2022 and 2023, respectively; 400,524,323 and 1,151,221,338 shares issued and outstanding as of March 31, 526,484 1,245,721 Subscription receivable from shareholders — ( 550,074 ) Total mezzanine equity 526,484 695,647 Shareholders’ deficit Ordinary shares (US$ 0.0001 par value, 9,000,000,000 and 8,280,000,000 shares 1,146,044,859 Class 40,809,861 Class B ordinary shares issued and 31 , 2022; 1,370,016,554 Class A ordinary shares 40,809,861 Class B ordinary shares issued and outstanding as of 782 806 Additional paid-in capital 14,254,109 15,451,803 Accumulated other comprehensive income 288,461 220,185 Accumulated deficit ( 16,053,272 ) ( 16,946,064 ) Total shareholders’ deficit ( 1,509,920 ) ( 1,273,270 ) Total liabilities, mezzanine equity and shareholders’ deficit 8,446,474 9,149,741 |
Schedule of statements of comprehensive loss | Statements of comprehensive loss For the fiscal year ended March 31, 2021 2022 2023 RMB RMB RMB Operation expense Sales and marketing ( 5,036 ) — — Research and development 2,217 — — General and administrative ( 21,161 ) ( 39,398 ) ( 64,254 ) Provision for credits losses, net — — ( 273 ) Total operating expenses ( 23,980 ) ( 39,398 ) ( 64,527 ) Loss from operations ( 23,980 ) ( 39,398 ) ( 64,527 ) Share of loss of subsidiaries ( 275,229 ) ( 293,128 ) ( 331,935 ) Interest expense, net ( 14,041 ) — 13 Other income, net 13,075 3,303 16,560 Foreign exchange gain/(loss) 9 ( 231 ) ( 1 ) Fair value impact of the issuance of senior convertible — 186,231 242,733 Inducement charge of convertible notes ( 121,056 ) — — Net loss ( 421,222 ) ( 143,223 ) ( 137,157 ) Deemed dividend to preferred shareholders due to triggering of a down round feature — — ( 755,635 ) Net loss attributable to ordinary shareholders ( 421,222 ) ( 143,223 ) ( 892,792 ) Net loss ( 421,222 ) ( 143,223 ) ( 137,157 ) Other comprehensive income/(loss) Foreign currency translation 110,983 70,714 ( 68,276 ) Total comprehensive loss ( 310,239 ) ( 72,509 ) ( 205,433 ) |
Schedule of statements of cash flows | Statements of cash flow For the fiscal year ended March 31, 2021 2022 2023 RMB RMB RMB Net cash (used in)/generated from operating activities ( 35,016 ) ( 52,104 ) 187 Net cash generated from financing activities 34,308 52,379 62,300 Effect of exchange rate changes on cash and cash ( 27 ) ( 22 ) ( 842 ) Net (decrease)/increase in cash and cash equivalents ( 735 ) 253 61,645 Cash and cash equivalents at beginning of the period 1,081 346 599 Cash and cash equivalents at end of the period 346 599 62,244 |
PRINCIPAL ACTIVITIES AND ORGA_3
PRINCIPAL ACTIVITIES AND ORGANIZATION (Details) | Mar. 31, 2023 |
Youxin (Ningbo) Information Technology Co., Ltd | |
PRINCIPAL ACTIVITIES AND ORGANIZATION | |
Percentage of direct or indirect in equity ownership | 100% |
Youxin (Hefei) Automobile Intelligent Remanufacturing Co., Ltd. | |
PRINCIPAL ACTIVITIES AND ORGANIZATION | |
Percentage of direct or indirect in equity ownership | 100% |
Youche (Hainan) Information Technology Co., Ltd. | |
PRINCIPAL ACTIVITIES AND ORGANIZATION | |
Percentage of direct or indirect in equity ownership | 100% |
Hefei Youquan Information Technology Co., Ltd [Member] | |
PRINCIPAL ACTIVITIES AND ORGANIZATION | |
Percentage of direct or indirect in equity ownership | 100% |
Youfang (Beijing) Information Technology Co., Ltd. [Member] | |
PRINCIPAL ACTIVITIES AND ORGANIZATION | |
Percentage of direct or indirect in equity ownership | 100% |
Youtang (Shaanxi) Information Technology Co., Ltd | |
PRINCIPAL ACTIVITIES AND ORGANIZATION | |
Percentage of direct or indirect in equity ownership | 100% |
PRINCIPAL ACTIVITIES AND ORGA_4
PRINCIPAL ACTIVITIES AND ORGANIZATION - Divestitures (Details) $ / shares in Units, ¥ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||||||||||||||
Jun. 30, 2023 USD ($) $ / shares shares | Jun. 28, 2023 CNY (¥) | Jun. 28, 2023 USD ($) | Jul. 31, 2023 CNY (¥) | Jun. 30, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Oct. 31, 2022 USD ($) | Jul. 31, 2022 USD ($) | Jun. 30, 2022 USD ($) shares | Jun. 30, 2021 USD ($) | Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2021 CNY (¥) | Jun. 28, 2023 USD ($) | Apr. 30, 2023 USD ($) | Apr. 04, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Aug. 31, 2022 CNY (¥) | Jul. 12, 2021 CNY (¥) | Jun. 21, 2021 CNY (¥) | Mar. 24, 2020 CNY (¥) | Mar. 24, 2020 USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||
Net loss from continuing operations, attributable to UXIN LIMITED | ¥ 137,169 | $ 19,974,000 | ¥ 143,223 | ¥ 716,975 | ||||||||||||||||||||
Accumulated deficit | (16,900,000) | (16,053,272) | $ (2,467,538,000) | |||||||||||||||||||||
Current liabilities exceeded current assets | ¥ | 322,200 | |||||||||||||||||||||||
Cash balance | 92,700 | 128,021 | 13,500,000 | |||||||||||||||||||||
Operating cash outflow | (251,100) | (36,568,000) | (844,962) | ¥ (1,122,308) | ||||||||||||||||||||
Long-term Debt | ¥ | ¥ 233,000 | |||||||||||||||||||||||
Aggregate purchase amount of convertible preferred shares | $ 165,000,000 | 758,252 | 239,452 | |||||||||||||||||||||
Renewal of working capital facility | 50,000 | 7,300,000 | ||||||||||||||||||||||
Settlement of long-term debt | 51,900 | $ 7,555,000 | 58,956 | |||||||||||||||||||||
Consideration payable to Webank | 58,559 | ¥ 107,642 | 8,527,000 | |||||||||||||||||||||
Long-term debt | ¥ | ¥ 233,000 | |||||||||||||||||||||||
Inventory-Pledged Financing Agreements | ||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||
Finance amount | ¥ 250,000 | 36,400,000 | ||||||||||||||||||||||
Supplemental Agreement | ||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||
Consideration payable to Webank | ¥ | ¥ 73,700 | ¥ 48,000 | ||||||||||||||||||||||
Salvage car related business | ||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||
Total consideration | ¥ | ¥ 9,700 | |||||||||||||||||||||||
2B online used car auction business | Discontinued business | ||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||
Total consideration | ¥ 740,300 | $ 105,000,000 | ||||||||||||||||||||||
Nio Capital | ||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||
Consideration receivable | $ 81,600,000 | |||||||||||||||||||||||
Number of senior convertible preferred shares issued | shares | 714,285,714 | |||||||||||||||||||||||
Aggregate purchase amount of convertible preferred shares | $ 8,400,000 | $ 9,900,000 | $ 71,400 | $ 100,000,000 | ||||||||||||||||||||
NIO Capital and Joy Capital | ||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||
Aggregate purchase amount of convertible preferred shares | $ 315,000,000 | |||||||||||||||||||||||
Subsequent Event | Supplemental Agreement | ||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||
Face value of debt | ¥ 30,000 | $ 4,400,000 | ||||||||||||||||||||||
Frequency of periodic payments | 6 monthly | 6 monthly | ||||||||||||||||||||||
Periodic payment | ¥ 5,000 | $ 700,000 | ||||||||||||||||||||||
Settlement of long-term debt | ¥ | ¥ 5,000 | ¥ 5,000 | ||||||||||||||||||||||
Subsequent Event | Nio Capital | ||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||
Long-term Debt | $ 61,600,000 | $ 61,600,000 | ||||||||||||||||||||||
Cash received from shareholders | 1,600,000 | |||||||||||||||||||||||
Consideration receivable from shareholders | 18,400,000 | |||||||||||||||||||||||
Long-term debt | $ 61,600,000 | $ 61,600,000 | ||||||||||||||||||||||
Subsequent Event | NIO Capital and Joy Capital | ||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||
Number of senior convertible preferred shares issued | shares | 261,810,806 | |||||||||||||||||||||||
Conversion price | $ / shares | $ 0.0457 | |||||||||||||||||||||||
Subsequent Event | NIO Capital and Joy Capital | ADS | ||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||
Conversion price | $ / shares | 1.37 | |||||||||||||||||||||||
Subsequent Event | Alpha and Joy Capital | ||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||
Conversion price | $ / shares | $ 0.3433 | |||||||||||||||||||||||
Aggregate purchase amount of convertible preferred shares | $ 21,964,754 | |||||||||||||||||||||||
Subsequent Event | Alpha and Joy Capital | ADS | ||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||
Conversion price | $ / shares | $ 10.3 |
PRINCIPAL ACCOUNTING POLICIES -
PRINCIPAL ACCOUNTING POLICIES - Foreign currencies, Restricted cash and short-term investment (Details) | Mar. 31, 2023 |
PRINCIPAL ACCOUNTING POLICIES | |
Convenience translation rate | 6.8676 |
PRINCIPAL ACCOUNTING POLICIES_3
PRINCIPAL ACCOUNTING POLICIES - Inventory (Details) ¥ in Thousands, $ in Thousands | Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2021 CNY (¥) |
PRINCIPAL ACCOUNTING POLICIES | ||||
Inventories | ¥ 110,900 | $ 16,147 | ¥ 426,257 | |
Inventory provision | ¥ 30,200 | ¥ 14,200 | ¥ 4,700 |
PRINCIPAL ACCOUNTING POLICIES_4
PRINCIPAL ACCOUNTING POLICIES - Property, equipment and software, net (Details) | 12 Months Ended |
Mar. 31, 2023 | |
Electronic equipment | |
Property, equipment and software, net | |
Estimated useful lives (in years) | 3 years |
Furniture | |
Property, equipment and software, net | |
Estimated useful lives (in years) | 5 years |
Vehicle and motor | |
Property, equipment and software, net | |
Estimated useful lives (in years) | 4 years |
Software | |
Property, equipment and software, net | |
Estimated useful lives (in years) | 5 years |
PRINCIPAL ACCOUNTING POLICIES_5
PRINCIPAL ACCOUNTING POLICIES - Warranty and repair service revenue (Details) - Golden Authentication [Member] | 12 Months Ended |
Mar. 31, 2023 km | |
Product Warranty Liability [Line Items] | |
Number of years covered by warranty program (in years) | 1 year |
Number of kilometers covered by warranty program (in kilometers) | 20,000 |
PRINCIPAL ACCOUNTING POLICIES_6
PRINCIPAL ACCOUNTING POLICIES - Warranty and repair service revenue 1 (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | Mar. 31, 2023 |
Product Warranty Liability [Line Items] | |
Performance obligation period | 12 months |
Minimum | |
Product Warranty Liability [Line Items] | |
Performance obligation period | 6 years |
Maximum | |
Product Warranty Liability [Line Items] | |
Performance obligation period | 1 year |
PRINCIPAL ACCOUNTING POLICIES_7
PRINCIPAL ACCOUNTING POLICIES - Performance obligation (Details) - CNY (¥) ¥ in Millions | Mar. 31, 2023 | Mar. 31, 2022 |
PRINCIPAL ACCOUNTING POLICIES | ||
Transaction price allocated to remaining performance obligations | ¥ 2.3 | ¥ 4.1 |
PRINCIPAL ACCOUNTING POLICIES_8
PRINCIPAL ACCOUNTING POLICIES - Performance obligation 1 (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | 12 Months Ended |
Mar. 31, 2023 | |
PRINCIPAL ACCOUNTING POLICIES | |
Remaining performance obligation expected to recognize (as a percent) | 100% |
Period of remaining performance obligation expected to recognize (in months) | 12 months |
PRINCIPAL ACCOUNTING POLICIES_9
PRINCIPAL ACCOUNTING POLICIES - Value added tax ("VAT") and surcharges (Details) | 12 Months Ended |
Mar. 31, 2023 | |
Minimum | |
Surcharge on VAT (as a percent) | 5% |
Maximum | |
Surcharge on VAT (as a percent) | 12% |
Vehicle sales | Minimum | |
VAT rate (as a percent) | 0.50% |
Vehicle sales | Maximum | |
VAT rate (as a percent) | 6% |
Consumers ("2C") - Commission revenue | |
VAT rate (as a percent) | 6% |
Consumers ("2C") - Value-added service revenue | |
VAT rate (as a percent) | 6% |
Others | |
VAT rate (as a percent) | 6% |
PRINCIPAL ACCOUNTING POLICIE_10
PRINCIPAL ACCOUNTING POLICIES - Sales and marketing expenses and Business combinations and non-controlling interests (Details) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
PRINCIPAL ACCOUNTING POLICIES | |||
Advertising costs | ¥ 46.9 | ¥ 58.7 | ¥ 128.9 |
DISCONTINUED OPERATIONS - Dives
DISCONTINUED OPERATIONS - Divestiture of 2C Intra-regional business and loan facilitation related service (Details) ¥ in Thousands | 12 Months Ended |
Mar. 31, 2021 CNY (¥) | |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |
Impairment for net assets transferred | ¥ (420,000) |
Discontinued business | 2C intra-regional business and loan-facilitation related service | |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |
Impairment for net assets transferred | (420,000) |
Total operating expenses | (420,000) |
Loss from operations | (420,000) |
Loss from the divestiture of 2C intra-regional and loan facilitation business | (14,745) |
Loss from discontinued operations before income tax expense | (434,745) |
Net (loss)/ income from discontinued operations | (434,745) |
Gain from the divestiture of 2B business | ¥ (14,745) |
DISCONTINUED OPERATIONS - Div_2
DISCONTINUED OPERATIONS - Divestiture of 2B (Details) - Discontinued business ¥ in Thousands, $ in Millions | 12 Months Ended | |||
Apr. 14, 2020 CNY (¥) | Mar. 31, 2021 CNY (¥) | Apr. 14, 2020 USD ($) | Apr. 14, 2020 CNY (¥) | |
2B business | ||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||||
Total consideration | $ 105 | ¥ 740,300 | ||
Gain loss from disposal | ¥ 736,000 | |||
Transaction facilitation revenue | ¥ 5,198 | |||
Cost of revenues | (1,384) | |||
Gross profit | 3,814 | |||
Sales and marketing | (8,063) | |||
General and administrative | (1,218) | |||
Total operating expenses | (9,281) | |||
Gain from the divestiture of 2B business | 735,956 | |||
Net (loss)/ income from discontinued operations | 730,489 | |||
Net Cash Provided by (Used in) Discontinued Operations [Abstract] | ||||
Net cash used in operating activities | (9,491) | |||
2C intra-regional business and loan-facilitation related service | ||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||||
Total operating expenses | (420,000) | |||
Gain from the divestiture of 2B business | (14,745) | |||
Net (loss)/ income from discontinued operations | ¥ (434,745) |
LOANS RECOGNIZED AS A RESULT _3
LOANS RECOGNIZED AS A RESULT OF PAYMENTS UNDER THE GUARANTEES (Details) - CNY (¥) ¥ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Less: allowance for doubtful accounts/provision for credit losses | ¥ (10,337) | ¥ (324,371) |
Loans recognized as a result of payments under the guarantees, net | 54,888 | |
Loans recognized as a result of payments under the guarantees | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans recognized as a result of payments under the guarantees | 10,337 | 379,259 |
Less: allowance for doubtful accounts/provision for credit losses | (10,337) | (324,371) |
Loans recognized as a result of payments under the guarantees, net | 54,888 | |
Past due Up to 6 months | Loans recognized as a result of payments under the guarantees | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans recognized as a result of payments under the guarantees | 1,756 | 70,188 |
Past due 6 months to 12 months | Loans recognized as a result of payments under the guarantees | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans recognized as a result of payments under the guarantees | 460 | 7,555 |
Past due Over 12 months | Loans recognized as a result of payments under the guarantees | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans recognized as a result of payments under the guarantees | ¥ 8,121 | ¥ 301,516 |
LOANS RECOGNIZED AS A RESULT _4
LOANS RECOGNIZED AS A RESULT OF PAYMENTS UNDER THE GUARANTEES - Credit Quality Indicator (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 CNY (¥) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2021 CNY (¥) | Mar. 31, 2023 USD ($) | |
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Consideration payable to Webank | ¥ 58,559 | ¥ 107,642 | $ 8,527 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance of the period | (324,371) | (1,182,609) | ¥ (2,190,575) | |
Addition | (68,578) | |||
Provision for credit losses | (1,770) | (94) | (29,272) | |
Write-offs | 308,847 | 13,093 | 252,508 | |
Bought out by certain non-bank financing institutions without recourse | 821,496 | 845,305 | ||
Payments from the borrowers or other recoveries | 6,957 | 23,743 | 8,003 | |
Ending balance of the period | (10,337) | (324,371) | ¥ (1,182,609) | |
Loans recognized as a result of payments under the guarantees | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Loans recognized as a result of payments under the guarantees | 10,337 | 379,259 | ||
Normal | Loans recognized as a result of payments under the guarantees | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Loans recognized as a result of payments under the guarantees | 10,267 | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Provision for credit losses | (8,126) | |||
Write-offs | 3,341 | |||
Attention | Loans recognized as a result of payments under the guarantees | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Loans recognized as a result of payments under the guarantees | 121,209 | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Provision for credit losses | (4,844) | |||
Write-offs | 74,519 | |||
Payments from the borrowers or other recoveries | 297 | |||
Secondary | Loans recognized as a result of payments under the guarantees | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Loans recognized as a result of payments under the guarantees | 10,337 | ¥ 247,783 | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Provision for credit losses | 11,200 | |||
Write-offs | 230,987 | |||
Payments from the borrowers or other recoveries | ¥ 6,660 |
LOANS RECOGNIZED AS A RESULT _5
LOANS RECOGNIZED AS A RESULT OF PAYMENTS UNDER THE GUARANTEES - Changes in the loss allowance of loan recognized (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Beginning balance of the period | ¥ (324,371) | ||
Additions | ¥ (68,578) | ||
(Provision for)/reversal of credit losses | (1,770) | ¥ (94) | (29,272) |
Write-offs | 308,847 | 13,093 | 252,508 |
Bought out by certain non-bank financing institutions without recourse | 821,496 | 845,305 | |
Payments from the borrowers or other recoveries | 6,957 | 23,743 | ¥ 8,003 |
Ending balance of the period | (10,337) | (324,371) | |
Loans recognized as a result of payments under the guarantees | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Beginning balance of the period | (324,371) | ||
Ending balance of the period | (10,337) | (324,371) | |
Normal | Loans recognized as a result of payments under the guarantees | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Beginning balance of the period | (1,805) | ||
(Provision for)/reversal of credit losses | (8,126) | ||
Write-offs | 3,341 | ||
Ending balance of the period | (1,805) | ||
Normal | Loans recognized as a result of payments under the guarantees | Transfer from Normal to Secondary | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Transfer | 6,590 | ||
Attention | Loans recognized as a result of payments under the guarantees | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Beginning balance of the period | (74,783) | ||
(Provision for)/reversal of credit losses | (4,844) | ||
Write-offs | 74,519 | ||
Payments from the borrowers or other recoveries | 297 | ||
Ending balance of the period | (74,783) | ||
Attention | Loans recognized as a result of payments under the guarantees | Transfer from Attention to Secondary | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Transfer | 4,811 | ||
Secondary | Loans recognized as a result of payments under the guarantees | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Beginning balance of the period | (247,783) | ||
(Provision for)/reversal of credit losses | 11,200 | ||
Write-offs | 230,987 | ||
Payments from the borrowers or other recoveries | 6,660 | ||
Ending balance of the period | (10,337) | ¥ (247,783) | |
Secondary | Loans recognized as a result of payments under the guarantees | Transfer from Normal to Secondary | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Transfer | (6,590) | ||
Secondary | Loans recognized as a result of payments under the guarantees | Transfer from Attention to Secondary | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Transfer | ¥ (4,811) |
OTHER RECEIVABLES, NET (Details
OTHER RECEIVABLES, NET (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||
Mar. 31, 2023 CNY (¥) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2021 CNY (¥) | Mar. 31, 2023 USD ($) | Aug. 31, 2022 CNY (¥) | Jul. 31, 2022 CNY (¥) | |
Other receivables, net | ||||||
Rental and other deposits | ¥ 26,418 | ¥ 39,697 | ||||
Staff advance | 13,890 | 15,742 | ||||
Unreceived disposal consideration | 93,988 | |||||
Others | 1,578 | 46,830 | ||||
Other receivables, Gross | 41,886 | 196,257 | ||||
Less: provision for credit losses | (26,541) | (30,251) | ¥ (20,980) | |||
Other receivables, net, Total | 15,345 | 166,006 | $ 2,234 | |||
Unreceived consideration | ¥ 84,300 | |||||
Allowance for doubtful accounts receivables | ||||||
Beginning balance of the period | (30,251) | (20,980) | (51,666) | |||
Addition | (12,400) | (3,494) | (1,104) | |||
Write-off | 16,110 | 679 | 31,790 | |||
Reclassified from amounts due from related parties | (6,456) | |||||
Ending balance of the period | ¥ (26,541) | ¥ (30,251) | ¥ (20,980) | |||
Salvage car related business | ||||||
Other receivables, net | ||||||
Total consideration | ¥ 9,700 |
PREPAID EXPENSES AND OTHER CU_3
PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2022 CNY (¥) | Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Jul. 31, 2022 CNY (¥) | |
VAT-input deductible | ¥ 54,728 | ¥ 54,601 | ||
Prepaid rental expense | 2,469 | 2,537 | ||
Prepaid marketing expense | 7,877 | 2,009 | ||
Prepaid consulting and professional service fees | 5,383 | 1,247 | ||
Prepaid insurance cost | 4,973 | 139 | ||
Prepaid financial advisory service fee | 12,000 | ¥ 12,000 | ||
Others | 2,582 | 857 | ||
Total prepaid expenses and other current assets | 90,012 | ¥ 61,390 | $ 8,939 | |
Aggregate amount of prepaid financial advisory service fee | ¥ 60,000 | |||
Term period of aggregate amount of prepaid financial advisory service fee | 5 years |
PROPERTY, EQUIPMENT AND SOFTW_3
PROPERTY, EQUIPMENT AND SOFTWARE, NET (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 CNY (¥) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2021 CNY (¥) | Mar. 31, 2023 USD ($) | |
Property, equipment and software, net | ||||
Total property, equipment and software | ¥ 306,421 | ¥ 268,882 | ||
Total accumulated depreciation and amortization | (242,696) | (234,351) | ||
Net book value | 63,725 | 34,531 | $ 9,279 | |
Depreciation and amortization expenses | 13,400 | 14,300 | ¥ 46,400 | |
Leasehold improvement | ||||
Property, equipment and software, net | ||||
Total property, equipment and software | 178,023 | 174,466 | ||
Total accumulated depreciation and amortization | (174,014) | (165,858) | ||
Electronic equipment | ||||
Property, equipment and software, net | ||||
Total property, equipment and software | 51,748 | 53,194 | ||
Total accumulated depreciation and amortization | (49,008) | (50,651) | ||
Software | ||||
Property, equipment and software, net | ||||
Total property, equipment and software | 26,953 | 26,018 | ||
Total accumulated depreciation and amortization | (16,630) | (14,055) | ||
Vehicle and motor | ||||
Property, equipment and software, net | ||||
Total property, equipment and software | 4,057 | 4,478 | ||
Total accumulated depreciation and amortization | (1,908) | (1,269) | ||
Furniture | ||||
Property, equipment and software, net | ||||
Total property, equipment and software | 2,151 | 3,508 | ||
Total accumulated depreciation and amortization | (1,136) | (2,518) | ||
Construction in progress | ||||
Property, equipment and software, net | ||||
Total property, equipment and software | ¥ 43,489 | ¥ 7,218 |
LONG-TERM INVESTMENTS - Schedul
LONG-TERM INVESTMENTS - Schedule of Long-term Investments (Details) ¥ in Thousands, $ in Thousands | Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) |
LONG-TERM INVESTMENTS | |||
Equity investments accounted for using the equity method | ¥ 5,951 | ¥ 5,995 | |
Total long-term investments | 288,712 | $ 42,040 | 288,756 |
Jincheng Consumer Finance (Sichuan) Co., Ltd. ("Jincheng") | |||
LONG-TERM INVESTMENTS | |||
Equity investments accounted for using the measurement alternative | 282,761 | 282,761 | |
Beijing Gangjian Shoubao Cultural Media Center LLP | |||
LONG-TERM INVESTMENTS | |||
Equity investments accounted for using the equity method | 4,500 | 4,500 | |
Weiche Information Technology Co., Ltd. ("Weiche") | |||
LONG-TERM INVESTMENTS | |||
Equity investments accounted for using the equity method | ¥ 1,451 | ¥ 1,495 |
LONG-TERM INVESTMENTS (Details)
LONG-TERM INVESTMENTS (Details) - CNY (¥) ¥ in Millions | 1 Months Ended | ||||
Jul. 31, 2022 | Sep. 30, 2017 | Dec. 31, 2022 | Nov. 30, 2022 | May 31, 2018 | |
LONG-TERM INVESTMENTS | |||||
Long-term debt | ¥ 233 | ||||
Jincheng Consumer Finance (Sichuan) Co., Ltd. ("Jincheng") | |||||
LONG-TERM INVESTMENTS | |||||
Percentage of ownership in equity method investments | 19% | ||||
Consideration for equity method investments | ¥ 233 | ||||
Proceeds from Dividends Received | ¥ 10.4 | ||||
Fixed annual interest rate (in percentage) | 5% | ||||
Debt instrument carrying amount pledged | ¥ 282.8 | ||||
Weiche Information Technology Co., Ltd. ("Weiche") | |||||
LONG-TERM INVESTMENTS | |||||
Percentage of ownership in equity method investments | 40% |
BORROWINGS - Schedule of short-
BORROWINGS - Schedule of short-term and long-term borrowings from commercial banks or other institutions (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Mar. 31, 2022 CNY (¥) | |
Debt Instrument | ||||
Short-term borrowing | ¥ 20,000 | $ 2,912 | ||
Current portion of long-term borrowing | ¥ 233,000 | |||
Long-term borrowings | ¥ 233,000 | |||
Short term and long term borrowings from commercial banks or other institutions | ¥ 311,950 | 233,000 | ||
Short-term borrowing | ||||
Debt Instrument | ||||
Fixed annual interest rate (in percentage) | 4.50% | 4.50% | ||
Short-term borrowing | ¥ 20,000 | |||
Current portion of long-term borrowing | ||||
Debt Instrument | ||||
Fixed annual interest rate (in percentage) | 5% | 5% | ||
Current portion of long-term borrowing | ¥ 233,000 | |||
Long-term borrowings | ||||
Debt Instrument | ||||
Fixed annual interest rate (in percentage) | 5% | 5% | ||
Term (in years) | 2 years | |||
Long-term borrowings | ¥ 291,950 |
BORROWINGS (Details)
BORROWINGS (Details) ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Dec. 15, 2022 | Dec. 31, 2022 CNY (¥) | Nov. 30, 2022 CNY (¥) | Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2021 CNY (¥) | Mar. 31, 2023 USD ($) | |
Debt Instrument [Line Items] | ||||||||
Short-term borrowings | ¥ 20,000 | $ 2,912 | ||||||
Long-term borrowings | ¥ 233,000 | |||||||
Cumulative interest | ¥ 21,243 | $ 3,093 | ¥ 41,222 | ¥ 95,953 | ||||
Long-term borrowing due date | Dec. 15, 2022 | |||||||
Weighted average interest rate for outstanding borrowings (in percentage) | 5% | 5% | 5% | |||||
Long-term borrowings | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term borrowings | ¥ 291,950 | |||||||
Cumulative interest | ¥ 58,900 | |||||||
Interest (as a percent) | 5% | 5% | ||||||
Working Capital Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Short-term borrowings | ¥ 50,000 | |||||||
Short term borrowings drawn amount | ¥ 20,000 |
GUARANTEE LIABILITIES (Details)
GUARANTEE LIABILITIES (Details) - CNY (¥) ¥ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 |
GUARANTEE LIABILITIES | |||
Total | ¥ 179 | ||
Guarantee liabilities - stand ready | |||
GUARANTEE LIABILITIES | |||
Total | 46 | ¥ 172 | ¥ 207,997 |
Guarantee liabilities - contingent | |||
GUARANTEE LIABILITIES | |||
Total | ¥ 133 | ¥ 2,269 | ¥ 702,952 |
GUARANTEE LIABILITIES - Movemen
GUARANTEE LIABILITIES - Movement of Guarantee Liabilities (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2021 CNY (¥) | |
GUARANTEE LIABILITIES | ||||
Beginning balance of the period | ¥ 179 | |||
Guarantee income (i) (Note 14) | 46 | $ 7 | ¥ 126 | ¥ 207,825 |
Ending balance of the period | 179 | |||
Guarantee liabilities - stand ready | ||||
GUARANTEE LIABILITIES | ||||
Beginning balance of the period | 46 | 172 | 207,997 | |
Guarantee income (i) (Note 14) | (46) | (126) | (207,825) | |
Ending balance of the period | 46 | 172 | ||
Guarantee liabilities - contingent | ||||
GUARANTEE LIABILITIES | ||||
Beginning balance of the period | ¥ 133 | 2,269 | 702,952 | |
Ending balance of the period | ¥ 133 | ¥ 2,269 |
GUARANTEE LIABILITIES - Movem_2
GUARANTEE LIABILITIES - Movement of CECL Liabilities (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Beginning balance of the period | ¥ 179 | ||
Provision for/(reversal of) credit losses | (1,770) | ¥ (94) | ¥ (29,272) |
Ending balance of the period | 179 | ||
Guarantee liabilities - contingent | |||
Beginning balance of the period | 133 | 2,269 | 702,952 |
Guarantee liabilities settled | (68,578) | ||
Guarantee liabilities released to Webank | (630,733) | ||
Provision for/(reversal of) credit losses | ¥ (133) | (2,136) | (1,372) |
Ending balance of the period | ¥ 133 | ¥ 2,269 |
GUARANTEE LIABILITIES - Additio
GUARANTEE LIABILITIES - Additional Information (Details) ¥ in Thousands, $ in Thousands | Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) | Jul. 12, 2021 CNY (¥) | Jun. 21, 2021 CNY (¥) | Jul. 23, 2020 CNY (¥) |
Guarantor Obligations [Line Items] | ||||||
Aggregate amount of guarantee settlement | ¥ 179 | |||||
Total outstanding payables | ¥ 114,446 | 160,804 | ||||
Consideration payable to Webank | 58,559 | $ 8,527 | ¥ 107,642 | |||
July Agreement | ||||||
Guarantor Obligations [Line Items] | ||||||
Aggregate amount of guarantee settlement | ¥ 372,000 | |||||
Maximum annual settlement amount | ¥ 84,000 | |||||
Total outstanding payables | 114,400 | |||||
Consideration payable to Webank | ¥ 58,600 | |||||
Supplemental Agreement | ||||||
Guarantor Obligations [Line Items] | ||||||
Consideration payable to Webank | ¥ 73,700 | ¥ 48,000 |
OTHER PAYABLES AND OTHER CURR_3
OTHER PAYABLES AND OTHER CURRENT LIABILITIES - Schedule of Current and Non-current Portions of Liabilities (Details) ¥ in Thousands, $ in Thousands | Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) |
OTHER PAYABLES AND OTHER CURRENT LIABILITIES | |||
Tax payables | ¥ 66,010 | ¥ 68,720 | |
Accrued service fee for IT and other professional support | 65,514 | 53,285 | |
Consideration payable to WeBank, current (Note 12) | 55,887 | 53,162 | |
Deposits | 40,162 | 60,014 | |
Accrued advertising expenses | 34,942 | 268,455 | |
Accrued service fee for transaction support | 24,386 | 39,132 | |
Deferred revenue | 13,909 | 18,049 | |
Accrued salaries and benefits | 13,834 | 13,815 | |
Operating lease liabilities, current | 7,667 | 10,994 | |
Interest payable | 4,457 | 50,969 | |
Accrued legal proceedings and litigations | 420 | ||
Others | 17,734 | 37,318 | |
Other payables and accruals | ¥ 344,502 | $ 50,163 | ¥ 674,333 |
OTHER PAYABLES AND OTHER CURR_4
OTHER PAYABLES AND OTHER CURRENT LIABILITIES - Schedule of Current and Non-current Portions of Liabilities (Parenthetical) (Details) ¥ in Millions | 12 Months Ended |
Mar. 31, 2023 CNY (¥) | |
Payment of accrued advertising expense | ¥ 100 |
Accrued advertising expenses waived after full payment | ¥ 56.1 |
OTHER PAYABLES AND OTHER CURR_5
OTHER PAYABLES AND OTHER CURRENT LIABILITIES (Details) - CNY (¥) ¥ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Accrued advertising expenses | ¥ 34,942 | ¥ 268,455 |
58.com | ||
Accrued advertising expenses | ¥ 69,400 |
CONSIDERATION PAYABLE TO WEBA_3
CONSIDERATION PAYABLE TO WEBANK (Details) ¥ in Thousands, $ in Thousands | Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) |
CONSIDERATION PAYABLE | |||
Consideration payable to WeBank in total (Note 10) | ¥ 114,446 | ¥ 160,804 | |
Less: current portion (recorded in "other payables and other current liabilities" (Note 11)) | (55,887) | (53,162) | |
Consideration payable to Webank | ¥ 58,559 | $ 8,527 | ¥ 107,642 |
LONG-TERM DEBT (Details)
LONG-TERM DEBT (Details) ¥ in Thousands, $ in Thousands | Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) |
Debt Instrument [Line Items] | |||
Current portion of long-term debt | ¥ 158,736 | $ 23,114 | ¥ 102,206 |
Long-term debt | 264,560 | $ 38,523 | 817,648 |
Long-term debt, Total | ¥ 423,296 | ¥ 919,854 |
LONG-TERM DEBT - Additional Inf
LONG-TERM DEBT - Additional Information (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||||||||||||||||
Aug. 29, 2022 CNY (¥) ¥ / shares shares | Aug. 29, 2022 USD ($) shares | Jul. 18, 2022 CNY (¥) shares | Jul. 18, 2022 USD ($) $ / shares shares | Jul. 12, 2021 shares | Jun. 14, 2021 USD ($) shares | Jun. 10, 2019 USD ($) $ / shares | Aug. 31, 2022 USD ($) $ / shares shares | Jul. 31, 2022 $ / shares shares | Jun. 30, 2021 $ / shares shares | Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2021 CNY (¥) | Mar. 31, 2023 USD ($) $ / shares | Oct. 28, 2022 ¥ / shares | Jul. 18, 2022 ¥ / shares | Mar. 31, 2022 $ / shares | Jun. 14, 2021 ¥ / shares | Mar. 31, 2021 $ / shares | Mar. 31, 2020 $ / shares | Dec. 31, 2019 $ / shares | Dec. 31, 2018 $ / shares | |
Debt Instrument [Line Items] | |||||||||||||||||||||||
Ordinary shares par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||||||||||||||
Aggregate purchase price | ¥ 394,727 | ¥ 169,499 | |||||||||||||||||||||
Extinguishment of debt | 120,400 | ||||||||||||||||||||||
Loss from extinguishment of debt | (2,778) | $ (405) | |||||||||||||||||||||
Repayment of long term debt | 51,900 | $ 7,555 | ¥ 58,956 | ||||||||||||||||||||
Other Non-current Assets | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Settlement of claims arising out of certain obligations under certain additional historical transactions | 21,000 | ||||||||||||||||||||||
Prepaid Expense and Other Current Assets | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Settlement of claims arising out of certain obligations under certain additional historical transactions | 12,000 | ||||||||||||||||||||||
Other Receivables | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Settlement of claims arising out of certain obligations under certain additional historical transactions | 114,100 | ||||||||||||||||||||||
Loans Recognized as a Result of Payments Under Guarantees | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Settlement of claims arising out of certain obligations under certain additional historical transactions | ¥ 41,900 | ||||||||||||||||||||||
Convertible Note Purchase Agreement With affiliates of 58.com, Warburg Pincus, TPG and certain other investors | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Total principal amount | $ | $ 230,000 | ||||||||||||||||||||||
Interest (as a percent) | 3.75% | ||||||||||||||||||||||
Percentage of outstanding principal | 30% | ||||||||||||||||||||||
Supplemental agreement with 2024 Notes holders | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Ratio change in ADS description | On October 12, 2022, the Company announced a change in ADS to Class A ordinary share ratio from each ADS representing three Class A ordinary shares to each ADS representing 30 Class A ordinary shares, effective from October 28, 2022 (“ADS Ratio Change”). | On October 12, 2022, the Company announced a change in ADS to Class A ordinary share ratio from each ADS representing three Class A ordinary shares to each ADS representing 30 Class A ordinary shares, effective from October 28, 2022 (“ADS Ratio Change”). | |||||||||||||||||||||
Percentage of outstanding principal | 30% | ||||||||||||||||||||||
Outstanding amount converted | $ | $ 69,000 | ||||||||||||||||||||||
Amount of remaining principal amount | $ | $ 161,000 | ||||||||||||||||||||||
Senior convertible preferred shares | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Maximum amount of convertible preferred shares, the investors agreed to invest | $ | $ 315,000 | ||||||||||||||||||||||
58.com | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Loss from extinguishment of debt | ¥ 2,800 | ||||||||||||||||||||||
58.com | Long-term debt | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Settlement of claims arising out of certain obligations under certain additional historical transactions | 424,900 | ||||||||||||||||||||||
58.com | Other Payables and Other Current Liabilities | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Settlement of claims arising out of certain obligations under certain additional historical transactions | ¥ 69,400 | ||||||||||||||||||||||
58.com | 2024 Notes | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Amount of remaining principal amount | $ | $ 63,000 | ||||||||||||||||||||||
58.com | Obligations Under 2024 Notes Issued | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Ordinary shares par value (in dollars per share) | ¥ / shares | ¥ 0.0001 | ||||||||||||||||||||||
Aggregate purchase price | ¥ 308,200 | ||||||||||||||||||||||
Extinguishment of debt | $ | $ 63,000 | ||||||||||||||||||||||
Clear Vue | 2024 Notes | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Amount of remaining principal amount | $ | $ 12,600 | ||||||||||||||||||||||
Clear Vue | Obligations Under 2024 Notes Issued | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Ordinary shares par value (in dollars per share) | ¥ / shares | ¥ 0.0001 | ||||||||||||||||||||||
Aggregate purchase price | ¥ 62,800 | ||||||||||||||||||||||
Extinguishment of debt | $ | $ 12,600 | ||||||||||||||||||||||
ADS | Convertible Note Purchase Agreement With affiliates of 58.com, Warburg Pincus, TPG and certain other investors | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Ratio | 323.6246 | ||||||||||||||||||||||
Debt Instrument Principal Amount Denomination For Conversion Into Common Stock | $ | $ 1,000 | ||||||||||||||||||||||
Conversion price | $ / shares | $ 3.09 | ||||||||||||||||||||||
ADS | Supplemental agreement with 2024 Notes holders | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Conversion price | ¥ / shares | ¥ 30.9 | ¥ 3.09 | |||||||||||||||||||||
ADS | 58.com | Obligations Under 2024 Notes Issued | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Conversion price | (per share) | $ 1.03 | ¥ 10.3 | |||||||||||||||||||||
ADS | Clear Vue | Obligations Under 2024 Notes Issued | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Conversion price | (per share) | ¥ 10.3 | $ 1.03 | |||||||||||||||||||||
Class A Ordinary Shares | Convertible Note Purchase Agreement With affiliates of 58.com, Warburg Pincus, TPG and certain other investors | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Conversion price | $ / shares | $ 1.03 | ||||||||||||||||||||||
Conversion of convertible notes (in shares) | shares | 66,990,291 | 66,990,291 | |||||||||||||||||||||
Class A Ordinary Shares | Supplemental agreement with 2024 Notes holders | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Conversion price | ¥ / shares | ¥ 1.03 | ||||||||||||||||||||||
Conversion of convertible notes (in shares) | shares | 66,990,291 | ||||||||||||||||||||||
Class A Ordinary Shares | 58.com | 2024 Notes | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Conversion of convertible notes (in shares) | shares | 183,495,146 | ||||||||||||||||||||||
Ordinary shares par value (in dollars per share) | $ / shares | $ 0.0001 | ||||||||||||||||||||||
Class A Ordinary Shares | 58.com | Obligations Under 2024 Notes Issued | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Number of shares issued | shares | 183,495,146 | 183,495,146 | |||||||||||||||||||||
Class A Ordinary Shares | Clear Vue | 2024 Notes | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Conversion of convertible notes (in shares) | shares | 36,699,029 | ||||||||||||||||||||||
Ordinary shares par value (in dollars per share) | $ / shares | $ 0.0001 | ||||||||||||||||||||||
Class A Ordinary Shares | Clear Vue | Obligations Under 2024 Notes Issued | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Number of shares issued | shares | 36,699,029 | 36,699,029 |
OTHER OPERATING INCOME, NET (De
OTHER OPERATING INCOME, NET (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2021 CNY (¥) | |
OTHER OPERATING INCOME | ||||
Gains from waiver of operating payables (i) | ¥ 70,500 | ¥ 73,747 | ¥ 2,010 | |
Government grant | 5,252 | 1,895 | 15,392 | |
Guarantee income (Note 10) | 46 | $ 7 | 126 | 207,825 |
Income from sale of loans recognized as a result of payments under guarantees | 26,279 | 21,119 | ||
Transfer-out of unused VAT-input deductible | (20,030) | |||
Others | (5,808) | |||
Total | ¥ 69,990 | ¥ 82,017 | ¥ 246,346 |
OTHER OPERATING INCOME, NET (Pa
OTHER OPERATING INCOME, NET (Parenthetical) (Details) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
OTHER OPERATING INCOME | |||
Amount of trade and other payable exempted from repayment | ¥ 120.4 | ||
Waver of other payables | ¥ 64.3 | ||
Increase of waiver Of operating payables income | 56.1 | ||
Gain from wavier of settlement of long-aged payables | ¥ 14.4 | ¥ 9.4 | ¥ 2 |
OPERATING LEASE (Details)
OPERATING LEASE (Details) | Mar. 31, 2023 |
Minimum | |
Lessee disclosure | |
Remaining terms | 1 year |
OPERATING LEASE - Supplemental
OPERATING LEASE - Supplemental cash flow and balance sheet information related to leases were (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 CNY (¥) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2021 CNY (¥) | Mar. 31, 2023 USD ($) | |
Supplemental consolidated balance sheet information related to leases | ||||
Right-of-use assets | ¥ 84,461 | ¥ 29,584 | $ 12,298 | |
Operating lease liabilities, current | ¥ 7,667 | ¥ 10,994 | ||
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued Liabilities, Current | Accrued Liabilities, Current | Accrued Liabilities, Current | |
Operating lease liabilities | ¥ 77,462 | ¥ 10,866 | $ 11,279 | |
Total operating lease liabilities | ¥ 85,129 | ¥ 21,860 | ||
Weighted average remaining lease term | 8 years 7 months 20 days | 2 years 3 months | 8 years 7 months 20 days | |
Weighted average incremental borrowing rate | 5.13% | 5.19% | 5.13% | |
Supplemental cash flow information related to leases | ||||
Cash paid for amounts included in the measurement of lease liabilities | ¥ 10,231 | ¥ 23,547 | ¥ 13,599 | |
Right-of-use assets obtained in exchange for operating lease liabilities | 84,947 | 23,628 | 46,829 | |
Leases lease cost | ||||
Lease cost | 23,400 | 19,800 | 36,300 | |
Short-term lease cost | ¥ 5,900 | ¥ 3,300 | 11,700 | |
Continuing operations | ||||
Leases lease cost | ||||
Lease cost | 33,000 | |||
Short-term lease cost | 8,400 | |||
Discontinued operations | ||||
Leases lease cost | ||||
Lease cost | 3,300 | |||
Short-term lease cost | ¥ 3,300 |
OPERATING LEASE - Maturities of
OPERATING LEASE - Maturities of lease liabilities (Details) - CNY (¥) ¥ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Operating lease commitments | ||
Fiscal year ended March 31, 2024 | ¥ 11,174 | |
Fiscal year ended March 31, 2025 | 8,821 | |
Fiscal year ended March 31, 2026 | 9,263 | |
Thereafter | 76,411 | |
Total operating lease payments | 105,669 | |
Less: imputed interest | (20,540) | |
Total lease liabilities | ¥ 85,129 | ¥ 21,860 |
RELATED PARTY BALANCES AND TR_3
RELATED PARTY BALANCES AND TRANSACTIONS (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
RELATED PARTY BALANCES AND TRANSACTIONS | ||
Service provided by the related parties | ¥ 351 | ¥ 89,843 |
58.com | ||
RELATED PARTY BALANCES AND TRANSACTIONS | ||
Inventory leads sold to the related party | 176 | 10,869 |
Service provided by the related parties | 89,843 | |
Gain from the divestiture of 2B business | ¥ 735,956 | |
Weiche | ||
RELATED PARTY BALANCES AND TRANSACTIONS | ||
Service provided by the related parties | ¥ 351 |
INCOME TAX EXPENSE (Details)
INCOME TAX EXPENSE (Details) - CNY (¥) ¥ in Millions | 12 Months Ended | |||
Mar. 06, 2007 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Composition of income tax expenses | ||||
Enterprise income tax rate (as a percent) | 25% | 25% | 25% | |
Net operating loss carry forwards | ¥ 6,420 | |||
China | ||||
Composition of income tax expenses | ||||
Enterprise income tax rate (as a percent) | 25% | 25% | ||
Hong Kong | ||||
Composition of income tax expenses | ||||
Enterprise income tax rate (as a percent) | 16.50% | |||
Youxinpai (Beijing) Information Technology Co., Ltd | China | ||||
Composition of income tax expenses | ||||
Preferential tax rate (as a percent) | 15% | |||
Youxin Internet (Beijing) Information Technology Co., Ltd. | China | ||||
Composition of income tax expenses | ||||
Preferential tax rate (as a percent) | 15% | 15% | ||
PRC subsidiaries, VIE's and VIE's subsidiaries | China | ||||
Composition of income tax expenses | ||||
Enterprise income tax rate (as a percent) | 25% |
INCOME TAX EXPENSE - Schedule o
INCOME TAX EXPENSE - Schedule of current and deferred portions of income tax expense included in the Consolidated Statements of Comprehensive Loss (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2021 CNY (¥) | |
INCOME TAX EXPENSE | ||||
Current income tax expense | ¥ (366) | ¥ (245) | ¥ (33) | |
Total income tax expense | ¥ (366) | $ (53) | ¥ (245) | ¥ (33) |
INCOME TAX EXPENSE - Reconcilia
INCOME TAX EXPENSE - Reconciliation of Differences Between Statutory Tax Rate and the Effective Tax Rate (Details) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Statutory income tax rate 25.0% | 25% | 25% | 25% |
Permanent differences | (3.30%) | (42.00%) | (17.00%) |
Effect of different tax rate | 36.70% | 12.40% | (0.70%) |
Change of valuation allowance | (58.10%) | 4.80% | (7.30%) |
Effective tax rate | 0.30% | 0.20% | 0% |
INCOME TAX EXPENSE - Deferred t
INCOME TAX EXPENSE - Deferred tax assets and deferred tax liabilities (Details) - CNY (¥) ¥ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 |
Deferred tax assets | ||||
Net operating loss carry forwards | ¥ 1,591,988 | ¥ 1,449,953 | ||
Deductible advertising expense | 582,306 | 551,431 | ||
Provision for credit losses | 13,421 | 94,706 | ||
Less: valuation allowance | ¥ (2,187,715) | ¥ (2,096,090) | ¥ (2,005,864) | ¥ (1,974,108) |
INCOME TAX EXPENSE - Movement o
INCOME TAX EXPENSE - Movement of valuation allowance (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Movement of valuation allowance | |||
Balance at beginning of the period | ¥ (2,096,090) | ¥ (2,005,864) | ¥ (1,974,108) |
Change of valuation allowance | (91,625) | (90,226) | (31,756) |
Balance at end of the period | ¥ (2,187,715) | ¥ (2,096,090) | ¥ (2,005,864) |
SENIOR CONVERTIBLE PREFERRED _3
SENIOR CONVERTIBLE PREFERRED SHARES AND WARRANTS (Details) $ / shares in Units, ¥ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||||||||||
Jun. 30, 2023 $ / shares shares | Apr. 30, 2023 USD ($) | Jul. 12, 2021 USD ($) shares | Apr. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) $ / shares shares | Oct. 31, 2022 USD ($) | Jul. 31, 2022 USD ($) shares | Jun. 30, 2022 USD ($) shares | Mar. 31, 2022 USD ($) shares | Nov. 30, 2021 USD ($) shares | Jun. 30, 2021 USD ($) shares | Mar. 31, 2023 CNY (¥) Days | Mar. 31, 2023 USD ($) Days $ / shares shares | Mar. 31, 2022 CNY (¥) shares | Apr. 04, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Mar. 31, 2021 shares | Mar. 31, 2020 shares | Dec. 31, 2019 shares | Dec. 31, 2018 shares | |
Temporary Equity [Line Items] | ||||||||||||||||||||
Aggregate purchase amount of convertible preferred shares | $ 165,000,000 | ¥ 758,252 | ¥ 239,452 | |||||||||||||||||
Long-term debt | ¥ | ¥ 233,000 | |||||||||||||||||||
Ordinary shares dividend | $ | $ 0 | |||||||||||||||||||
Preferred and common stock dividend | $ | $ 0 | |||||||||||||||||||
Percentage of liquidation preference on original preferred share issue price | 150% | 150% | ||||||||||||||||||
Trading days | Days | 5 | 5 | ||||||||||||||||||
Adjusted redemption price percentage | 8% | 8% | ||||||||||||||||||
Fair value impact of the issuance of senior convertible preferred shares | ¥ 242,700 | $ 35,300,000 | ||||||||||||||||||
Senior convertible preferred shares, value | ¥ | (755,635) | |||||||||||||||||||
2022 Subscription Agreement | ||||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||||
Senior convertible preferred shares, value | ¥ | ¥ 755,600 | |||||||||||||||||||
Preferred Stock, Convertible, Down Round Feature, Trigger [true false] | true | true | ||||||||||||||||||
Second Closing | ||||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||||
Aggregate purchase amount of convertible preferred shares | $ | $ 5,000,000 | $ 7,500,000 | $ 10,000,000 | $ 27,500,000 | $ 50,000,000 | |||||||||||||||
Number of senior convertible preferred shares issued | shares | 14,564,520 | 21,846,781 | 29,129,042 | 80,104,865 | ||||||||||||||||
Second Closing | 2021 Subscription Agreement | ||||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||||
Aggregate purchase amount of convertible preferred shares | ¥ | ¥ 45,100 | |||||||||||||||||||
Second Closing | 2022 Subscription Agreement | ||||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||||
Aggregate purchase amount of convertible preferred shares | ¥ 124,100 | 18,400,000 | ||||||||||||||||||
NIO Capital and Joy Capital | ||||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||||
Aggregate purchase amount of convertible preferred shares | $ | $ 315,000,000 | |||||||||||||||||||
Warrants to purchase shares | shares | 240,314,593 | |||||||||||||||||||
NIO Capital and Joy Capital | Subsequent Event | ||||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||||
Number of senior convertible preferred shares issued | shares | 261,810,806 | |||||||||||||||||||
Conversion price | $ 0.0457 | |||||||||||||||||||
NIO Capital and Joy Capital | First Closing | ||||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||||
Aggregate purchase amount of convertible preferred shares | $ | $ 100,000,000 | |||||||||||||||||||
Number of senior convertible preferred shares issued | shares | 291,290,416 | |||||||||||||||||||
NIO Capital | ||||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||||
Aggregate purchase amount of convertible preferred shares | $ | $ 8,400,000 | $ 9,900,000 | $ 71,400 | $ 100,000,000 | ||||||||||||||||
Number of senior convertible preferred shares issued | shares | 714,285,714 | |||||||||||||||||||
Subscription receivable from shareholders | $ | $ 81,600,000 | $ 81,600,000 | ||||||||||||||||||
NIO Capital | Subsequent Event | ||||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||||
Subscription receivable from shareholders | $ | $ 18,400,000 | $ 18,400,000 | $ 20,000,000 | |||||||||||||||||
Long-term debt | $ | 61,600,000 | 61,600,000 | $ 61,600,000 | |||||||||||||||||
Subscription amount received from shareholders | $ | $ 1,600,000 | $ 1,600,000 | ||||||||||||||||||
Class A Ordinary Shares | ||||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||||
Ordinary shares outstanding (in shares) | shares | 1,370,016,554 | 1,146,044,859 | 1,370,016,554 | 1,146,044,859 | 1,071,621,698 | 846,857,596 | 846,807,530 | 839,850,038 | ||||||||||||
Class A Ordinary Shares | 2021 Subscription Agreement | ||||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||||
Conversion price | $ 0.3433 | $ 0.3433 | ||||||||||||||||||
Class A Ordinary Shares | 2022 Subscription Agreement | ||||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||||
Conversion price | 0.14 | 0.14 | ||||||||||||||||||
Class A Ordinary Shares | Upon Closing | ||||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||||
Conversion price | 0.14 | 0.14 | ||||||||||||||||||
Class A Ordinary Shares | After Closing | ||||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||||
Conversion price | 0.3433 | 0.3433 | ||||||||||||||||||
ADS | 2021 Subscription Agreement | ||||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||||
Conversion price | 10.3 | 10.3 | ||||||||||||||||||
Conversion price prior to ratio change | 1.03 | 1.03 | ||||||||||||||||||
ADS | 2022 Subscription Agreement | ||||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||||
Conversion price | 4.2 | 4.2 | ||||||||||||||||||
Conversion price prior to ratio change | 0.42 | 0.42 | ||||||||||||||||||
ADS | Upon Closing | ||||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||||
Conversion price | 4.2 | 4.2 | ||||||||||||||||||
Conversion price prior to ratio change | 0.42 | 0.42 | ||||||||||||||||||
ADS | After Closing | ||||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||||
Conversion price | 10.3 | 10.3 | ||||||||||||||||||
Conversion price prior to ratio change | $ 1.03 | $ 1.03 | ||||||||||||||||||
Class B ordinary shares | ||||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||||
Ordinary shares outstanding (in shares) | shares | 40,809,861 | 40,809,861 | 40,809,861 | 40,809,861 | 40,809,861 | 40,809,861 | 40,809,861 | 40,809,861 |
SENIOR CONVERTIBLE PREFERRED _4
SENIOR CONVERTIBLE PREFERRED SHARES AND WARRANTS - Summary of Movements of Mezzanine Equity (Details) ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 USD ($) | Jun. 30, 2021 USD ($) | Mar. 31, 2023 CNY (¥) | Mar. 31, 2022 CNY (¥) | |
Temporary Equity [Abstract] | ||||
Beginning balance | ¥ 526,484 | |||
Issuance of senior convertible preferred shares | $ 165,000 | 758,252 | ¥ 239,452 | |
Subscription receivable from shareholders | (550,074) | |||
Fair value impact recorded upon cash receipt for subscription | (39,015) | 287,032 | ||
Ending balance | $ 101,294 | ¥ 695,647 | ¥ 526,484 |
SENIOR CONVERTIBLE PREFERRED _5
SENIOR CONVERTIBLE PREFERRED SHARES AND WARRANTS - Level 3 Investment Mainly Warrant Liabilities (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Warrant liabilities | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value of Level 3 financial instruments at the beginning of the period | ¥ 196,390 | |
Issuance of warrants | ¥ 647,850 | |
Fair value of warrants and forward contracts at issuance | 1,800,147 | |
The change in fair value of financial instruments | (204,687) | (2,224,660) |
Foreign currency translation | 8,305 | (26,947) |
Fair value of Level 3 financial instruments at the end of the period | 8 | 196,390 |
Forward contract assets | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value of Level 3 financial instruments at the beginning of the period | (36) | |
Fair value of warrants and forward contracts at issuance | 735,244 | |
Settlement of forward contracts | 39,015 | (287,032) |
The change in fair value of financial instruments | (38,046) | (441,088) |
Foreign currency translation | ¥ (933) | (7,160) |
Fair value of Level 3 financial instruments at the end of the period | ¥ (36) |
SENIOR CONVERTIBLE PREFERRED _6
SENIOR CONVERTIBLE PREFERRED SHARES AND WARRANTS - Summary of Composition of Fair Value Impact of Issuance of Senior Convertible Preferred Shares (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) | |
Fair Value Impact Of Issuance Of Senior Convertible Preferred Shares [Abstract] | |||
Fair value impact of the warrants | ¥ 204,687 | ¥ 424,513 | |
Fair value impact of the forward contracts | 38,046 | (294,156) | |
Gain from the TDR of the 2024 Notes (Note 13) | 55,874 | ||
Fair value impact of the issuance of senior convertible preferred shares | ¥ 242,733 | $ 35,345 | ¥ 186,231 |
SENIOR CONVERTIBLE PREFERRED _7
SENIOR CONVERTIBLE PREFERRED SHARES AND WARRANTS - Black-Scholes Option Pricing Model (Details) | Mar. 31, 2023 |
Risk-free interest rate | Minimum | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Warrant liabilities measurement input | 2.53 |
Risk-free interest rate | Maximum | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Warrant liabilities measurement input | 4.74 |
Expected volatility | Minimum | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Warrant liabilities measurement input | 45.91 |
Expected volatility | Maximum | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Warrant liabilities measurement input | 49.01 |
Dividend yield | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Warrant liabilities measurement input | 0 |
Expected term (in years) | Minimum | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Warrant liabilities measurement input | 0.28 |
Expected term (in years) | Maximum | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Warrant liabilities measurement input | 1.03 |
Fair value of underlying senior convertible preferred share | Minimum | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Warrant liabilities measurement input | 0.07 |
Fair value of underlying senior convertible preferred share | Maximum | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Warrant liabilities measurement input | 0.20 |
ORDINARY SHARES (Details)
ORDINARY SHARES (Details) $ / shares in Units, ¥ in Thousands, $ in Millions | 1 Months Ended | 12 Months Ended | ||||||||||||||
Oct. 28, 2022 | Oct. 27, 2022 | Jul. 12, 2021 shares | Aug. 31, 2022 CNY (¥) shares | Jul. 31, 2022 $ / shares shares | Jun. 30, 2021 $ / shares shares | Mar. 31, 2023 CNY (¥) | Mar. 31, 2022 $ / shares shares | Mar. 31, 2021 CNY (¥) shares | Mar. 31, 2023 $ / shares shares | Aug. 31, 2022 USD ($) $ / shares | Mar. 31, 2021 $ / shares shares | Mar. 31, 2020 $ / shares shares | Dec. 31, 2019 $ / shares shares | Jun. 10, 2019 USD ($) $ / shares | Dec. 31, 2018 $ / shares shares | |
ORDINARY SHARES | ||||||||||||||||
Ordinary shares authorized (in shares) | 9,000,000,000 | 8,280,000,000 | ||||||||||||||
Ordinary shares par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||||||
Ordinary shares issued (in shares) | 1,186,854,720 | 1,410,826,415 | ||||||||||||||
Ordinary shares, voting rights | Each Class B ordinary share was entitled to 10 votes, while each Class A ordinary shares was entitled to one vote. | |||||||||||||||
Conversion of stock, description | each ADS representing three Class A ordinary shares to each ADS representing 30 Class A ordinary shares (“the ADS Ratio Change”). | |||||||||||||||
Aggregate purchase price | ¥ | ¥ 394,727 | ¥ 169,499 | ||||||||||||||
Supplemental agreement with 2024 Notes holders | ||||||||||||||||
ORDINARY SHARES | ||||||||||||||||
Percentage of outstanding principal | 30% | |||||||||||||||
2024 Notes | 58.com | ||||||||||||||||
ORDINARY SHARES | ||||||||||||||||
Convertible notes | $ | $ 63 | |||||||||||||||
2024 Notes | Clear Vue | ||||||||||||||||
ORDINARY SHARES | ||||||||||||||||
Convertible notes | $ | $ 12.6 | |||||||||||||||
Fair value of convertible notes payable | ¥ | ¥ 62,800 | |||||||||||||||
Class A Ordinary Shares | ||||||||||||||||
ORDINARY SHARES | ||||||||||||||||
Ordinary shares issued (in shares) | 1,146,044,859 | 1,370,016,554 | 1,071,621,698 | 846,857,596 | 846,807,530 | 839,850,038 | ||||||||||
Ordinary shares outstanding (in shares) | 1,146,044,859 | 1,370,016,554 | 1,071,621,698 | 846,857,596 | 846,807,530 | 839,850,038 | ||||||||||
Conversion ratio | 30 | 3 | ||||||||||||||
Class A Ordinary Shares | Supplemental agreement with 2024 Notes holders | ||||||||||||||||
ORDINARY SHARES | ||||||||||||||||
Conversion of convertible notes (in shares) | 66,990,291 | 66,990,291 | ||||||||||||||
Conversion price | $ / shares | $ 1.03 | |||||||||||||||
Class A Ordinary Shares | 2024 Notes | 58.com | ||||||||||||||||
ORDINARY SHARES | ||||||||||||||||
Ordinary shares par value (in dollars per share) | $ / shares | $ 0.0001 | |||||||||||||||
Conversion of convertible notes (in shares) | 183,495,146 | |||||||||||||||
Class A Ordinary Shares | 2024 Notes | Clear Vue | ||||||||||||||||
ORDINARY SHARES | ||||||||||||||||
Ordinary shares par value (in dollars per share) | $ / shares | $ 0.0001 | |||||||||||||||
Conversion of convertible notes (in shares) | 36,699,029 | |||||||||||||||
Class B ordinary shares | ||||||||||||||||
ORDINARY SHARES | ||||||||||||||||
Ordinary shares issued (in shares) | 40,809,861 | 40,809,861 | 40,809,861 | 40,809,861 | 40,809,861 | 40,809,861 | ||||||||||
Ordinary shares outstanding (in shares) | 40,809,861 | 40,809,861 | 40,809,861 | 40,809,861 | 40,809,861 | 40,809,861 | ||||||||||
ADS | Supplemental agreement with 2024 Notes holders | ||||||||||||||||
ORDINARY SHARES | ||||||||||||||||
Conversion price | $ / shares | $ 3.09 | |||||||||||||||
ADS | 2024 Notes | 58.com | ||||||||||||||||
ORDINARY SHARES | ||||||||||||||||
Price per share sold (in dollars per ADS) | $ / shares | $ 10.3 | |||||||||||||||
Sale of stock price per share prior to ADS ratio change | $ / shares | $ 1.03 | |||||||||||||||
ADS | 2024 Notes | Clear Vue | ||||||||||||||||
ORDINARY SHARES | ||||||||||||||||
Price per share sold (in dollars per ADS) | $ / shares | 10.3 | |||||||||||||||
Sale of stock price per share prior to ADS ratio change | $ / shares | $ 1.03 | |||||||||||||||
Ordinary share | ||||||||||||||||
ORDINARY SHARES | ||||||||||||||||
Ordinary shares issued (in shares) | 1,112,431,559 | 887,667,457 | 887,617,391 | 880,659,899 | ||||||||||||
Ordinary shares outstanding (in shares) | 1,186,854,720 | 1,410,826,415 | 1,112,431,559 | 887,667,457 | 887,617,391 | 880,659,899 | ||||||||||
Conversion of convertible notes (in shares) | 66,990,291 | 136,279,973 | ||||||||||||||
Aggregate purchase price | ¥ | ¥ 22 | ¥ 57 |
SHARE-BASED COMPENSATION (Detai
SHARE-BASED COMPENSATION (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |||
Nov. 19, 2018 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
SHARE-BASED COMPENSATION | ||||
Share-based compensation expense | ¥ 47,313 | ¥ 26,534 | ¥ (19,122) | |
General and administrative expense | ||||
SHARE-BASED COMPENSATION | ||||
Share-based compensation expense | ¥ 44,088 | ¥ 26,534 | ¥ (24,091) | |
Outstanding weighted average share options | ||||
SHARE-BASED COMPENSATION | ||||
Service period (in years) | 4 years | |||
Expiration period (in years) | 3 months | |||
Granted (in shares) | 10,429,567 | 1,266,357 | 6,700,665 | |
Outstanding weighted average share options | 2018 Second Plan | ||||
SHARE-BASED COMPENSATION | ||||
Vesting percentage | 25% | |||
Performance Awards | ||||
SHARE-BASED COMPENSATION | ||||
Unrecognized compensation costs | ¥ 62,100 | |||
Performance Awards | General and administrative expense | ||||
SHARE-BASED COMPENSATION | ||||
Share-based compensation expense | ¥ 33,000 | ¥ 7,700 |
SHARE-BASED COMPENSATION - Shar
SHARE-BASED COMPENSATION - Share option activity (Details) - Outstanding weighted average share options | 12 Months Ended | ||||||||
Mar. 31, 2023 USD ($) $ / shares shares | Mar. 31, 2023 USD ($) $ / shares ¥ / shares shares | Mar. 31, 2022 USD ($) $ / shares shares | Mar. 31, 2022 USD ($) ¥ / shares shares | Mar. 31, 2021 USD ($) $ / shares shares | Mar. 31, 2021 USD ($) ¥ / shares shares | Mar. 31, 2020 USD ($) $ / shares shares | Mar. 31, 2020 USD ($) ¥ / shares shares | Mar. 31, 2023 CNY (¥) ¥ / shares shares | |
Number of shares | |||||||||
Outstanding at beginning of the period (in shares) | shares | 18,513,407 | 18,513,407 | 25,754,673 | 25,754,673 | 32,330,838 | 32,330,838 | |||
Granted (in shares) | shares | 10,429,567 | 10,429,567 | 1,266,357 | 1,266,357 | 6,700,665 | 6,700,665 | |||
Forfeited (in shares) | shares | (1,353,071) | (1,353,071) | (1,681,323) | (1,681,323) | (9,794,727) | (9,794,727) | |||
Exercised (in shares) | shares | (933,285) | (933,285) | (6,826,300) | (6,826,300) | (3,482,103) | (3,482,103) | |||
Outstanding at end of the period (in shares) | shares | 26,656,618 | 26,656,618 | 18,513,407 | 18,513,407 | 25,754,673 | 25,754,673 | 32,330,838 | 32,330,838 | |
Number of shares vested and expected (in shares) | shares | 26,656,618 | 26,656,618 | 26,656,618 | ||||||
Number of shares exercisable (in shares) | shares | 26,326,469 | 26,326,469 | 26,326,469 | ||||||
Weighted average exercise price | |||||||||
Outstanding at beginning of the period (in dollars per share) | $ / shares | $ 0.75 | $ 1.79 | $ 1.79 | ||||||
Granted (in dollars per share) | $ / shares | 0 | 0.01 | 0.01 | ||||||
Forfeited (in dollars per share) | $ / shares | 0.81 | 1.34 | 1.17 | ||||||
Exercised (in dollars per share) | $ / shares | 0.01 | 0.36 | 0.08 | ||||||
Outstanding at end of the period (in dollars per share) | $ / shares | 0.48 | $ 0.75 | $ 1.79 | $ 1.79 | |||||
Weighted-average exercise price vested and expected (in dollars per share) | $ / shares | 0.48 | $ 0.48 | |||||||
Weighted-average exercise price exercisable (in dollars per shares) | $ / shares | $ 0.45 | $ 0.45 | |||||||
Weighted average remaining contractual term (years) | |||||||||
Weighted average remaining contractual term (in years) | 6 years 9 months 29 days | 6 years 9 months 29 days | 6 years 3 days | 6 years 3 days | 6 years 2 months 4 days | 6 years 2 months 4 days | 6 years 9 months 21 days | 6 years 9 months 21 days | |
Weighted average remaining contractual term vested and expected (in years) | 6 years 9 months 29 days | 6 years 9 months 29 days | |||||||
Weighted average remaining contractual term exercisable (in years) | 6 years 9 months 29 days | 6 years 9 months 29 days | |||||||
Aggregate intrinsic value | |||||||||
Aggregate intrinsic value | $ 2,405,170 | $ 2,405,170 | $ 3,974,570 | $ 3,974,570 | $ 25,530,990 | $ 25,530,990 | ¥ 9,585,960 | ||
Aggregate intrinsic value vested and expected | $ | $ 9,585,960 | $ 9,585,960 | |||||||
Aggregate intrinsic value exercisable | $ | $ 9,435,950 | $ 9,435,950 | |||||||
Weighted average fair value | |||||||||
Outstanding at beginning of the period (in dollars per share) | ¥ / shares | $ 1.23 | $ 1.20 | $ 1.58 | ||||||
Granted (in dollars per share) | ¥ / shares | 0.13 | 0.57 | 0.39 | ||||||
Forfeited (in dollars per share) | ¥ / shares | 0.33 | 2.58 | 2.13 | ||||||
Exercised (in dollars per share) | ¥ / shares | 0.34 | 0.67 | 0.59 | ||||||
Outstanding at end of the period (in dollars per share) | ¥ / shares | $ 0.88 | $ 1.23 | $ 1.20 | $ 1.58 | |||||
Weighted average fair value of options vested and expected to vest(in dollars per shares) | ¥ / shares | ¥ 0.88 | ||||||||
Weighted average fair value of options exercisable (in dollars per shares) | ¥ / shares | ¥ 0.82 |
SHARE-BASED COMPENSATION - Sh_2
SHARE-BASED COMPENSATION - Share option valuation (Details) - ¥ / shares | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Outstanding weighted average share options | |||
SHARE-BASED COMPENSATION | |||
Expected dividend yield | 0% | 0% | 0% |
Contractual term (in years) | 10 years | 10 years | 10 years |
Outstanding weighted average share options | Minimum | |||
SHARE-BASED COMPENSATION | |||
Expected volatility | 36% | 34% | 48% |
Risk free interest rate (per annum) | 0% | 0% | 0% |
Exercise multiple | 2.8 | 2.8 | 2.8 |
Outstanding weighted average share options | Maximum | |||
SHARE-BASED COMPENSATION | |||
Expected volatility | 57% | 68% | 61% |
Risk free interest rate (per annum) | 4.90% | 2.40% | 1.40% |
Exercise multiple | 2.2 | 2.2 | 2.2 |
Non-vested restricted shares | |||
Number of restricted stock | |||
Unvested at the beginning of the period (in shares) | 0 | 0 | 33,334 |
Granted (in shares) | 2,844,235 | 606,570 | 275,850 |
Vested (in shares) | (2,844,235) | (606,570) | (309,184) |
Unvested the end of the period (in shares) | 0 | 0 | |
Weighted-average grant date fair value per share | |||
Unvested at the beginning of the period (in dollars per share) | ¥ 2.26 | ||
Granted (in dollars per share) | ¥ 0.13 | ¥ 0.42 | 0.45 |
Vested (in dollars per share) | ¥ 0.13 | ¥ 0.42 | ¥ 0.65 |
SHARE-BASED COMPENSATION - Summ
SHARE-BASED COMPENSATION - Summary of Share-Based Compensation Expenses by Function (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | ¥ 47,313 | ¥ 26,534 | ¥ (19,122) |
General and administrative expense | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | 44,088 | ¥ 26,534 | (24,091) |
Research and development expenses | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | 1,709 | (2,216) | |
Sales and marketing expenses | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | ¥ 1,516 | 5,036 | |
Cost of revenues | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | ¥ 2,149 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - CNY (¥) | 12 Months Ended | |
Jul. 27, 2023 | Mar. 31, 2023 | |
FAIR VALUE MEASUREMENTS | ||
Assets measured at fair value on a recurring basis, transfers into level 3 | ¥ 0 | |
Assets measured at fair value on a recurring basis, transfers out of level 3 | 0 | |
Liabilities measured at fair value on a recurring basis, transfers into level 3 | 0 | |
Liabilities measured at fair value on a recurring basis, transfers into level 3, transfers out of level 3 | ¥ 0 | |
Deemed dividends | ¥ 755,600,000 |
FAIR VALUE MEASUREMENTS - Sched
FAIR VALUE MEASUREMENTS - Schedule of Financial Assets and Liabilities Measured and Recorded at Fair Value on Recurring Basis (Details) - CNY (¥) ¥ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Assets: | ||
Forward contract assets | ¥ 36 | |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Forward Contract Assets Current | |
Liabilities: | ||
Warrant liabilities | ¥ 8 | ¥ 196,390 |
Non-observable input (Level 3) | ||
Assets: | ||
Forward contract assets | 36 | |
Liabilities: | ||
Warrant liabilities | ¥ 8 | ¥ 196,390 |
NET LOSS PER SHARE (Details)
NET LOSS PER SHARE (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 CNY (¥) ¥ / shares shares | Mar. 31, 2023 USD ($) $ / shares shares | Mar. 31, 2022 CNY (¥) ¥ / shares shares | Mar. 31, 2021 CNY (¥) ¥ / shares shares | |
Numerator: | ||||
Net loss from continuing operations | ¥ (137,169) | $ (19,974) | ¥ (143,223) | ¥ (716,975) |
Less: net loss from operations attributable to non-controlling interests shareholders | (12) | (2) | (9) | |
Deemed dividend to preferred shareholders due to triggering of a down round feature | (755,635) | |||
Net loss from continuing operations attributable to ordinary shareholders | (892,792) | $ (130,001) | (143,223) | (716,966) |
Net loss from continuing operations attributable to ordinary shareholders | (892,792) | (143,223) | (716,966) | |
Add: the change in fair value of warrant liabilities | (2,224,660) | |||
Add: the change in fair value of forward contract assets | (441,088) | |||
Diluted net loss from operations attributable to ordinary shareholders | ¥ (892,792) | ¥ (2,808,971) | ¥ (716,966) | |
Denominator: | ||||
Weighted average number of ordinary shares outstanding - basic | shares | 1,344,536,565 | 1,344,536,565 | 1,168,419,750 | 1,100,650,208 |
Net loss per share from operations attributable to ordinary shareholders, basic | (per share) | ¥ (0.66) | $ (0.10) | ¥ (0.12) | ¥ (0.65) |
Weighted average effect of potential dilutive securities outstanding from continuing operations | ||||
Warrants | shares | 147,895,143 | |||
Forward contract | shares | 38,191,128 | |||
Weighted average number of ordinary shares outstanding -diluted | shares | 1,344,536,565 | 1,344,536,565 | 1,354,506,021 | 1,100,650,208 |
Net loss per share from continuing operations attributable to ordinary shareholders, diluted | (per share) | ¥ (0.66) | $ (0.10) | ¥ (2.07) | ¥ (0.65) |
NET LOSS PER SHARE - Weighted-a
NET LOSS PER SHARE - Weighted-average numbers of senior convertible preferred shares, convertible notes and options granted excluded from the calculation of diluted net loss per share (Details) - shares | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from the calculation of diluted net loss per share | 923,377,527 | 245,389,524 | 230,262,825 |
Senior convertible preferred shares | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from the calculation of diluted net loss per share | 912,262,870 | 240,274,690 | |
Convertible notes | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from the calculation of diluted net loss per share | 223,300,971 | ||
Outstanding weighted average share options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from the calculation of diluted net loss per share | 11,114,657 | 5,114,834 | 6,961,854 |
EMPLOYEE BENEFITS (Details)
EMPLOYEE BENEFITS (Details) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
EMPLOYEE BENEFIT | |||
Amount of employee benefits | ¥ 31.7 | ¥ 25.8 | ¥ 76.1 |
COMMITMENTS (Details)
COMMITMENTS (Details) ¥ in Billions | Sep. 24, 2021 CNY (¥) |
Hefei | |
COMMITMENTS | |
Total investment | ¥ 2.5 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) $ / shares in Units, ¥ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||||||||||||
Jun. 30, 2023 CNY (¥) shares | Jun. 30, 2023 USD ($) $ / shares shares | Jun. 28, 2023 CNY (¥) | Jun. 28, 2023 USD ($) | Apr. 30, 2023 USD ($) | Jul. 31, 2023 CNY (¥) | Jun. 30, 2023 CNY (¥) | Apr. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Oct. 31, 2022 USD ($) | Jul. 31, 2022 USD ($) $ / shares | Jun. 30, 2022 USD ($) shares | Jun. 30, 2021 USD ($) | Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) | Dec. 31, 2023 USD ($) | Jun. 29, 2023 $ / shares | Jun. 28, 2023 USD ($) | Apr. 04, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | |
SUBSEQUENT EVENTS | ||||||||||||||||||||||
Long-term debt | ¥ | ¥ 233,000 | |||||||||||||||||||||
Repayment of long term debt | ¥ 51,900 | $ 7,555,000 | ¥ 58,956 | |||||||||||||||||||
Aggregate purchase amount of convertible preferred shares | $ 165,000,000 | 758,252 | 239,452 | |||||||||||||||||||
Fair Value Impact Of Issuance Of Senior Convertible Preferred Shares | 242,733 | $ 35,345,000 | ¥ 186,231 | |||||||||||||||||||
58.com | ADS | 2024 Notes | ||||||||||||||||||||||
SUBSEQUENT EVENTS | ||||||||||||||||||||||
Price per share sold | $ / shares | $ 10.3 | |||||||||||||||||||||
Sale of stock price per share prior to ADS ratio change | $ / shares | $ 1.03 | |||||||||||||||||||||
NIO Capital and Joy Capital | ||||||||||||||||||||||
SUBSEQUENT EVENTS | ||||||||||||||||||||||
Aggregate purchase amount of convertible preferred shares | $ | $ 315,000,000 | |||||||||||||||||||||
Nio Capital | ||||||||||||||||||||||
SUBSEQUENT EVENTS | ||||||||||||||||||||||
Subscription receivable from shareholders | $ | $ 81,600,000 | |||||||||||||||||||||
Number of senior convertible preferred shares issued | shares | 714,285,714 | |||||||||||||||||||||
Aggregate purchase amount of convertible preferred shares | $ | $ 8,400,000 | $ 9,900,000 | $ 71,400 | $ 100,000,000 | ||||||||||||||||||
Forecast | Nio Capital | ||||||||||||||||||||||
SUBSEQUENT EVENTS | ||||||||||||||||||||||
Subscription receivable from shareholders | $ | $ 18,400,000 | |||||||||||||||||||||
Inventory-Pledged Financing Agreements | ||||||||||||||||||||||
SUBSEQUENT EVENTS | ||||||||||||||||||||||
Finance amount | ¥ 250,000 | $ 36,400,000 | ||||||||||||||||||||
Supplemental Agreement | ||||||||||||||||||||||
SUBSEQUENT EVENTS | ||||||||||||||||||||||
Debt instrument maturity date | June 2023 to November 2023 | June 2023 to November 2023 | ||||||||||||||||||||
Subsequent Event | NIO Capital and Joy Capital | ||||||||||||||||||||||
SUBSEQUENT EVENTS | ||||||||||||||||||||||
Conversion price | $ / shares | $ 0.0457 | |||||||||||||||||||||
Number of senior convertible preferred shares issued | shares | 261,810,806 | 261,810,806 | ||||||||||||||||||||
Subsequent Event | NIO Capital and Joy Capital | ADS | ||||||||||||||||||||||
SUBSEQUENT EVENTS | ||||||||||||||||||||||
Conversion price | $ / shares | $ 1.37 | |||||||||||||||||||||
Subsequent Event | Nio Capital | ||||||||||||||||||||||
SUBSEQUENT EVENTS | ||||||||||||||||||||||
Long-term debt | $ | $ 61,600,000 | $ 61,600,000 | $ 61,600,000 | |||||||||||||||||||
Subscription receivable from shareholders | $ | 18,400,000 | 18,400,000 | $ 20,000,000 | |||||||||||||||||||
Subscription amount received from shareholders | $ | $ 1,600,000 | $ 1,600,000 | ||||||||||||||||||||
Subsequent Event | Alpha and Joy Capital | ||||||||||||||||||||||
SUBSEQUENT EVENTS | ||||||||||||||||||||||
Conversion price | $ / shares | $ 0.3433 | |||||||||||||||||||||
Aggregate purchase amount of convertible preferred shares | $ | $ 21,964,754 | |||||||||||||||||||||
Subsequent Event | Alpha and Joy Capital | ADS | ||||||||||||||||||||||
SUBSEQUENT EVENTS | ||||||||||||||||||||||
Conversion price | $ / shares | $ 10.3 | |||||||||||||||||||||
Subsequent Event | Supplemental Agreement | ||||||||||||||||||||||
SUBSEQUENT EVENTS | ||||||||||||||||||||||
Face value of debt | ¥ 30,000 | $ 4,400,000 | ||||||||||||||||||||
Periodic payment | ¥ 5,000 | $ 700,000 | ||||||||||||||||||||
Frequency of periodic payments | 6 monthly | 6 monthly | ||||||||||||||||||||
Repayment of long term debt | ¥ | ¥ 5,000 | ¥ 5,000 | ||||||||||||||||||||
Subsequent Event | 2023 Warrant Agreement | ||||||||||||||||||||||
SUBSEQUENT EVENTS | ||||||||||||||||||||||
Fair Value Impact Of Issuance Of Senior Convertible Preferred Shares | ¥ 38,200 | $ 5,500,000 | ||||||||||||||||||||
Subsequent Event | 2023 Warrant Agreement | Alpha and Joy Capital | ||||||||||||||||||||||
SUBSEQUENT EVENTS | ||||||||||||||||||||||
Conversion price | $ / shares | $ 0.0457 | $ 0.3433 | ||||||||||||||||||||
Number of senior convertible preferred shares issued | shares | 480,629,186 | 480,629,186 | ||||||||||||||||||||
Aggregate purchase amount of convertible preferred shares | $ | $ 21,964,754 | |||||||||||||||||||||
Subsequent Event | 2023 Warrant Agreement | Alpha and Joy Capital | ADS | ||||||||||||||||||||||
SUBSEQUENT EVENTS | ||||||||||||||||||||||
Price per share sold | $ / shares | $ 1.37 | 10.3 | ||||||||||||||||||||
Sale of stock price per share prior to ADS ratio change | $ / shares | $ 1.03 |
RESTRICTED NET ASSETS (Details)
RESTRICTED NET ASSETS (Details) - CNY (¥) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
STATUTORY RESERVES | |||
Percentage of after tax profit, transferred annually by PRC subsidiaries to general reserve fund | 10% | ||
Maximum percentage criteria for appropriation of after-tax profit of PRC subsidiaries to general reserve fund (as a percent) | 50% | ||
Amount of appropriations to statutory reserve, enterprise expansion fund and staff welfare and bonus fund | ¥ 0 | ¥ 0 | ¥ 0 |
PRC subsidiaries' restricted net assets | ¥ 0 |
CONDENSED FINANCIAL INFORMATI_3
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY - Balance sheets (Details) ¥ in Thousands, $ in Thousands | Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2021 CNY (¥) | Mar. 31, 2020 CNY (¥) |
Current assets: | |||||
Cash and cash equivalents | ¥ 92,700 | $ 13,500 | ¥ 128,021 | ||
Other receivables | 15,345 | 2,234 | 166,006 | ||
Total assets | 718,647 | 104,642 | 1,251,199 | ||
Current liabilities | |||||
Other payables and other current liabilities | 344,502 | 50,163 | 674,333 | ||
Warrant liabilities | 8 | 1 | 196,390 | ||
Total liabilities | 1,296,445 | 188,776 | 2,234,798 | ||
Mezzanine equity | |||||
Senior convertible preferred shares (US$0.0001 par value, 1,000,000,000 and 1,720,000,000 shares authorized as of March 31, 2022 and 2023, respectively; 400,524,323 and 1,151,221,338 shares issued and outstanding as of March 31, 2022 and 2023, respectively) | 1,245,721 | 181,391 | 526,484 | ||
Subscription receivable from shareholders | (550,074) | (80,097) | |||
Total Mezzanine equity | 695,647 | 101,294 | 526,484 | ||
Shareholders' deficit | |||||
Ordinary shares (US$0.0001 par value, 9,000,000,000 and 8,280,000,000 shares authorized as of March 31, 2022 and 2023, respectively; 1,146,044,859 Class A ordinary shares and 40,809,861 Class B ordinary shares issued and outstanding as of March 31, 2022; 1,370,016,554 Class A ordinary shares and 40,809,861 Class B ordinary shares issued and outstanding as of March 31, 2023) | 806 | 117 | 782 | ||
Additional paid-in capital | 15,451,803 | 2,249,957 | 14,254,109 | ||
Accumulated other comprehensive income | 220,185 | 32,061 | 288,461 | ||
Accumulated deficit | (16,900,000) | (2,467,538) | (16,053,272) | ||
Total shareholders' deficit | (1,273,445) | (185,428) | (1,510,083) | ¥ (1,995,855) | ¥ (2,344,647) |
Total liabilities, mezzanine equity and shareholders' deficit | 718,647 | $ 104,642 | 1,251,199 | ||
Reportable Legal Entities | Parent Company | |||||
Current assets: | |||||
Cash and cash equivalents | 62,244 | 599 | |||
Amounts due from intra-Group entities | 9,085,314 | 8,438,565 | |||
Other receivables | 2,065 | 2,170 | |||
Forward contract assets | 36 | ||||
Prepaid expenses | 118 | 5,104 | |||
Total assets | 9,149,741 | 8,446,474 | |||
Current liabilities | |||||
Other payables and other current liabilities | 31,624 | 22,678 | |||
Investment deficit in subsidiaries | 9,605,620 | 9,120,730 | |||
Amounts due to intra-Group entities | 90,112 | 90,112 | |||
Warrant liabilities | 8 | 196,390 | |||
Total liabilities | 9,727,364 | 9,429,910 | |||
Mezzanine equity | |||||
Senior convertible preferred shares (US$0.0001 par value, 1,000,000,000 and 1,720,000,000 shares authorized as of March 31, 2022 and 2023, respectively; 400,524,323 and 1,151,221,338 shares issued and outstanding as of March 31, 2022 and 2023, respectively) | 1,245,721 | 526,484 | |||
Subscription receivable from shareholders | (550,074) | ||||
Total Mezzanine equity | 695,647 | 526,484 | |||
Shareholders' deficit | |||||
Ordinary shares (US$0.0001 par value, 9,000,000,000 and 8,280,000,000 shares authorized as of March 31, 2022 and 2023, respectively; 1,146,044,859 Class A ordinary shares and 40,809,861 Class B ordinary shares issued and outstanding as of March 31, 2022; 1,370,016,554 Class A ordinary shares and 40,809,861 Class B ordinary shares issued and outstanding as of March 31, 2023) | 806 | 782 | |||
Additional paid-in capital | 15,451,803 | 14,254,109 | |||
Accumulated other comprehensive income | 220,185 | 288,461 | |||
Accumulated deficit | (16,946,064) | (16,053,272) | |||
Total shareholders' deficit | (1,273,270) | (1,509,920) | |||
Total liabilities, mezzanine equity and shareholders' deficit | ¥ 9,149,741 | ¥ 8,446,474 |
CONDENSED FINANCIAL INFORMATI_4
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY - Balance sheets (Parenthetical) (Details) | Mar. 31, 2023 $ / shares shares | Mar. 31, 2023 ¥ / shares shares | Mar. 31, 2022 $ / shares shares | Mar. 31, 2022 ¥ / shares shares | Mar. 31, 2021 $ / shares shares | Mar. 31, 2020 $ / shares shares | Dec. 31, 2019 $ / shares shares | Dec. 31, 2018 $ / shares shares |
Condensed Balance Sheet Statements, Captions [Line Items] | ||||||||
Temporary Equity, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | ||||||
Temporary Equity, Shares Authorized (in shares) | 1,720,000,000 | 1,720,000,000 | 1,000,000,000 | 1,000,000,000 | ||||
Temporary Equity, Shares Issued (in shares) | 1,151,221,338 | 1,151,221,338 | 400,524,323 | 400,524,323 | ||||
Temporary Equity, Shares Outstanding (in shares) | 1,151,221,338 | 1,151,221,338 | 400,524,323 | 400,524,323 | ||||
Ordinary shares, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||
Ordinary shares, shares authorized (in shares) | 8,280,000,000 | 8,280,000,000 | 9,000,000,000 | 9,000,000,000 | ||||
Ordinary shares, shares issued (in shares) | 1,410,826,415 | 1,410,826,415 | 1,186,854,720 | 1,186,854,720 | ||||
Class A Ordinary Shares | ||||||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||||||
Ordinary shares, shares issued (in shares) | 1,370,016,554 | 1,370,016,554 | 1,146,044,859 | 1,146,044,859 | 1,071,621,698 | 846,857,596 | 846,807,530 | 839,850,038 |
Ordinary shares, shares outstanding (in shares) | 1,370,016,554 | 1,370,016,554 | 1,146,044,859 | 1,146,044,859 | 1,071,621,698 | 846,857,596 | 846,807,530 | 839,850,038 |
Class B ordinary shares | ||||||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||||||
Ordinary shares, shares issued (in shares) | 40,809,861 | 40,809,861 | 40,809,861 | 40,809,861 | 40,809,861 | 40,809,861 | 40,809,861 | 40,809,861 |
Ordinary shares, shares outstanding (in shares) | 40,809,861 | 40,809,861 | 40,809,861 | 40,809,861 | 40,809,861 | 40,809,861 | 40,809,861 | 40,809,861 |
Reportable Legal Entities | Parent Company | ||||||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||||||
Temporary Equity, par value (in dollars per share) | ¥ / shares | ¥ 0.0001 | ¥ 0.0001 | ||||||
Temporary Equity, Shares Authorized (in shares) | 1,720,000,000 | 1,720,000,000 | 1,000,000,000 | 1,000,000,000 | ||||
Temporary Equity, Shares Issued (in shares) | 1,151,221,338 | 1,151,221,338 | 400,524,323 | 400,524,323 | ||||
Temporary Equity, Shares Outstanding (in shares) | 1,151,221,338 | 1,151,221,338 | 400,524,323 | 400,524,323 | ||||
Ordinary shares, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | ||||||
Ordinary shares, shares authorized (in shares) | 8,280,000,000 | 8,280,000,000 | 9,000,000,000 | 9,000,000,000 | ||||
Reportable Legal Entities | Parent Company | Class A Ordinary Shares | ||||||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||||||
Ordinary shares, shares issued (in shares) | 1,370,016,554 | 1,370,016,554 | 1,146,044,859 | 1,146,044,859 | ||||
Ordinary shares, shares outstanding (in shares) | 31 | 31 | ||||||
Reportable Legal Entities | Parent Company | Class B ordinary shares | ||||||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||||||
Ordinary shares, shares issued (in shares) | 40,809,861 | 40,809,861 | 40,809,861 | 40,809,861 |
CONDENSED FINANCIAL INFORMATI_5
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY - Statements of comprehensive loss (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2021 CNY (¥) | |
Operation expenses | ||||
Sales and marketing | ¥ (236,307) | $ (34,409) | ¥ (222,139) | ¥ (339,013) |
Research and development | (37,704) | (5,490) | (36,200) | (74,137) |
General and administrative | (164,505) | (23,954) | (151,024) | (277,925) |
Total operating expenses | (452,360) | (65,869) | (408,676) | (782,668) |
Loss from continuing operations | (356,926) | (51,973) | (278,941) | (552,625) |
Share of loss of subsidiaries | (44) | (6) | 328 | 15,657 |
Foreign exchange gain/(loss) | (2,457) | (358) | (9,336) | (15,887) |
Fair value impact of the issuance of senior convertible preferred shares | 242,733 | 35,345 | 186,231 | |
Inducement charge | 121,056 | |||
Inducement charge of convertible notes | 121,056 | |||
Net loss attributable to ordinary shareholders | (892,792) | (130,001) | (143,223) | (421,222) |
Net loss | (137,157) | (19,972) | (143,223) | (421,222) |
Other comprehensive income/(loss) | ||||
Foreign currency translation | (68,276) | (9,942) | 70,714 | 110,983 |
Total comprehensive loss attributable to UXIN LIMITED | (205,433) | $ (29,914) | (72,509) | (310,239) |
Reportable Legal Entities | Parent Company | ||||
Operation expenses | ||||
Sales and marketing | (5,036) | |||
Research and development | 2,217 | |||
General and administrative | (64,254) | (39,398) | (21,161) | |
Provision for credit losses, net | (273) | |||
Total operating expenses | (64,527) | (39,398) | (23,980) | |
Loss from continuing operations | (64,527) | (39,398) | (23,980) | |
Share of loss of subsidiaries | (331,935) | (293,128) | (275,229) | |
Interest expense, net | 13 | (14,041) | ||
Other income, net | 16,560 | 3,303 | 13,075 | |
Foreign exchange gain/(loss) | (1) | (231) | 9 | |
Fair value impact of the issuance of senior convertible preferred shares | 242,733 | 186,231 | ||
Inducement charge of convertible notes | (121,056) | |||
Deemed dividend to preferred shareholders due to triggering of a down round feature | (755,635) | |||
Net loss attributable to ordinary shareholders | (892,792) | (143,223) | (421,222) | |
Net loss | (137,157) | (143,223) | (421,222) | |
Other comprehensive income/(loss) | ||||
Foreign currency translation | (68,276) | 70,714 | 110,983 | |
Total comprehensive loss attributable to UXIN LIMITED | ¥ (205,433) | ¥ (72,509) | ¥ (310,239) |
CONDENSED FINANCIAL INFORMATI_6
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY - Statements of cash flows (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2021 CNY (¥) | |
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash (used in)/ generated from operating activities | ¥ (251,100) | $ (36,568) | ¥ (844,962) | ¥ (1,122,308) |
Net cash generated from financing activities | 239,985 | 34,944 | 764,422 | 130,317 |
Net cash generated from investing activities | (32,032) | (4,664) | (16,769) | 443,016 |
Effect of exchange rate changes on cash and cash equivalents | 221 | 32 | (113) | (14,741) |
Net (decrease)/increase in cash and cash equivalents | (42,966) | (6,256) | (97,422) | (563,716) |
Cash, cash equivalents and restricted cash at beginning of the period | 136,297 | 19,846 | 233,719 | 797,435 |
Cash, cash equivalents and restricted cash at end of the period | 93,331 | $ 13,590 | 136,297 | 233,719 |
Parent Company | Reportable Legal Entities | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash (used in)/ generated from operating activities | 187 | (52,104) | (35,016) | |
Net cash generated from financing activities | 62,300 | 52,379 | 34,308 | |
Effect of exchange rate changes on cash and cash equivalents | (842) | (22) | (27) | |
Net (decrease)/increase in cash and cash equivalents | 61,645 | 253 | (735) | |
Cash, cash equivalents and restricted cash at beginning of the period | 599 | 346 | 1,081 | |
Cash, cash equivalents and restricted cash at end of the period | ¥ 62,244 | ¥ 599 | ¥ 346 |