Cover Page
Cover Page | 12 Months Ended |
Mar. 31, 2023 shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Document Registration Statement | false |
Amendment Flag | false |
Document Period End Date | Mar. 31, 2023 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | MOGU Inc |
Entity Central Index Key | 0001743971 |
Current Fiscal Year End Date | --03-31 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Interactive Data Current | Yes |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-38748 |
Entity Current Reporting Status | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Address, Address Line One | Huanglong Wanke Center, 23/F, Building No. G, No. 77 Xueyuan Road |
Entity Address, City or Town | Xihu District |
Entity Address, Postal Zip Code | 310012 |
Entity Incorporation, State or Country Code | E9 |
Entity Address, Country | CN |
Entity Shell Company | false |
Document Accounting Standard | U.S. GAAP |
ICFR Auditor Attestation Flag | false |
Auditor Name | PricewaterhouseCoopers Zhong Tian LLP |
Auditor Firm ID | 1424 |
Auditor Location | Shanghai |
Business Contact | |
Document Information [Line Items] | |
Contact Personnel Name | Qi Feng |
Entity Address, Address Line One | Huanglong Wanke Center, 23/F, Building No. G, No. 77 Xueyuan Road |
Entity Address, City or Town | Xihu District |
Entity Address, Postal Zip Code | 310012 |
City Area Code | +86 |
Local Phone Number | 571 8530 8201 |
Contact Personnel Email Address | ir@mogu.com |
Entity Address, Country | CN |
American Depository Shares | |
Document Information [Line Items] | |
Trading Symbol | MOGU |
Security 12(b) Title | American depositary shares (one American depositary share representing 300 Class A ordinary shares, par value US$0.00001 per share) |
Security Exchange Name | NYSE |
Class A Ordinary Shares | |
Document Information [Line Items] | |
No Trading Symbol Flag | true |
Security 12(b) Title | Class A ordinary shares, par value |
Entity Common Stock, Shares Outstanding | 2,161,314,900 |
Class B Ordinary Shares | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 303,234,004 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS ¥ in Thousands | Mar. 31, 2023 USD ($) | Mar. 31, 2023 CNY (¥) | Mar. 31, 2022 USD ($) | Mar. 31, 2022 CNY (¥) |
Current assets: | ||||
Cash and cash equivalents | $ 60,604,000 | ¥ 416,201 | ¥ 438,608 | |
Restricted cash | 118,000 | 810 | 809 | |
Short-term investments | 21,235,000 | 145,836 | 196,853 | |
Inventories, net | 21,000 | 144 | 79 | |
Loan receivables, net | 1,053,000 | 7,229 | 26,788 | |
Prepayments, receivables and other current assets | 10,066,000 | 69,126 | 55,135 | |
Amounts due from related parties | 183,000 | 1,260 | 640 | |
Total current assets | 93,280,000 | 640,606 | 718,912 | |
Non-current assets: | ||||
Property and equipment, net | 28,334,000 | 194,589 | 7,702 | |
Intangible assets, net | 1,828,000 | 12,554 | 89,822 | |
Right-of-use assets | 792,000 | 5,441 | 0 | |
Goodwill | 0 | 0 | 63,460 | |
Investments | 10,093,000 | 69,318 | 72,120 | |
Other non-current assets | 9,267,000 | 63,640 | 214,964 | |
Total non-current assets | 50,314,000 | 345,542 | 448,068 | |
Total assets | 143,594,000 | 986,148 | 1,166,980 | |
Current liabilities | ||||
Short-term borrowings | 0 | 0 | 10,064 | |
Accounts payable | 1,191,000 | 8,179 | 17,950 | |
Salaries and welfare payable | 1,973,000 | 13,550 | 12,311 | |
Advances from customers | 36,000 | 245 | 901 | |
Taxes payable | 1,620,000 | 11,126 | 3,265 | |
Amounts due to related parties | 611,000 | 4,196 | 4,694 | |
Current portion of lease liabilities | 386,000 | 2,654 | 0 | |
Accruals and other current liabilities (including accruals and other current liabilities of the consolidated VIEs and VIEs' subsidiaries without recourse to the primary beneficiaries of RMB217,527 and RMB214,359 as of March 31, 2022 and 2023, respectively. Note 1) | 39,419,000 | 270,717 | 272,638 | |
Total current liabilities | 45,236,000 | 310,667 | 321,823 | |
Non-current liabilities: | ||||
Non-current lease liabilities | 110,000 | 753 | 0 | |
Deferred tax liabilities | 491,000 | 3,369 | 12,112 | |
Other non-current liabilities | 0 | 0 | 890 | |
Total non-current liabilities | 601,000 | 4,122 | 13,002 | |
Total liabilities | 45,837,000 | 314,789 | 334,825 | |
Commitments and contingencies (Note 22) | ||||
SHAREHOLDERS' EQUITY | ||||
Treasury stock (US$0.00001 par value; 242,616,100 and 272,394,100 shares as of March 31, 2022 and 2023, respectively) | (20,014,000) | (137,446) | (136,113) | |
Additional paid-in capital | 1,381,074,000 | 9,484,664 | 9,471,101 | |
Statutory reserves | 485,000 | 3,331 | 3,331 | |
Accumulated other comprehensive income | 11,999,000 | 82,396 | 69,016 | |
Accumulated deficit | (1,280,763,000) | (8,795,764) | (8,617,780) | |
Total MOGU Inc. shareholders' equity | 92,807,000 | 637,362 | 789,736 | |
Non-controlling interests | 4,950,000 | 33,997 | 42,419 | |
Total shareholders' equity | 97,757,000 | 671,359 | 832,155 | |
Total liabilities and shareholders' equity | 143,594,000 | 986,148 | 1,166,980 | |
Class A Ordinary Shares | ||||
SHAREHOLDERS' EQUITY | ||||
Ordinary shares | 24,000 | 165 | 165 | |
Class B Ordinary Shares | ||||
SHAREHOLDERS' EQUITY | ||||
Ordinary shares | $ 2,000 | ¥ 16 | ¥ 16 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) ¥ in Thousands, $ in Thousands | Mar. 31, 2023 CNY (¥) shares | Mar. 31, 2023 USD ($) $ / shares shares | Mar. 31, 2022 $ / shares | Mar. 31, 2022 CNY (¥) shares | Mar. 31, 2019 shares | Dec. 09, 2018 $ / shares shares | May 24, 2013 $ / shares |
Accruals and other current liabilities | ¥ 270,717 | $ 39,419 | ¥ 272,638 | ||||
Ordinary shares, par value | $ / shares | $ 0.00001 | ||||||
Ordinary shares, authorized | 50,000,000,000 | ||||||
Treasury stock par value | $ / shares | $ 0.00001 | $ 0.00001 | |||||
Treasury stock shares | 272,394,100 | 272,394,100 | 242,616,100 | ||||
VIEs and VIEs Subsidiaries | |||||||
Accruals and other current liabilities | ¥ | ¥ 214,359 | ¥ 217,527 | |||||
Class A Ordinary Shares | |||||||
Ordinary shares, par value | $ / shares | $ 0.00001 | 0.00001 | $ 0.00001 | ||||
Ordinary shares, authorized | 49,000,000,000 | 49,000,000,000 | 49,000,000,000 | 49,000,000,000 | |||
Ordinary shares, shares issued | 2,433,709,000 | 2,433,709,000 | 2,433,353,800 | ||||
Ordinary shares, shares outstanding | 2,161,314,900 | 2,161,314,900 | 2,190,737,700 | 2,371,289,450 | |||
Class B Ordinary Shares | |||||||
Ordinary shares, par value | $ / shares | $ 0.00001 | $ 0.00001 | $ 0.00001 | ||||
Ordinary shares, authorized | 500,000,000 | 500,000,000 | 500,000,000 | 500,000,000 | |||
Ordinary shares, shares issued | 303,234,004 | 303,234,004 | 303,234,004 | ||||
Ordinary shares, shares outstanding | 303,234,004 | 303,234,004 | 303,234,004 | 303,234,004 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND 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 | ¥ 232,076 | $ 33,793 | ¥ 337,469 | ¥ 482,392 |
Cost of revenues (exclusive of amortization of intangible assets shown separately below, including transactions with related parties of RMB45,757, RMB31,813 and RMB22,347 for the years ended March 31, 2021, 2022 and 2023, respectively) | (113,884) | (16,583) | (159,601) | (183,112) |
Sales and marketing expenses | (67,709) | (9,859) | (148,410) | (229,775) |
Research and development expenses | (37,068) | (5,398) | (82,641) | (103,474) |
General and administrative expenses | (63,445) | (9,238) | (79,178) | (103,038) |
Amortization of intangible assets | (59,992) | (8,736) | (328,154) | (341,802) |
Impairment of goodwill and intangible assets | (84,693) | (12,332) | (235,394) | 0 |
Other income, net | 7,267 | 1,058 | 25,427 | 49,885 |
Loss from operations | (187,448) | (27,295) | (670,482) | (428,924) |
Interest income | 17,389 | 2,532 | 13,903 | 19,601 |
Interest expense | (598) | (87) | 0 | 0 |
Gain/(Loss) from investments, net | (18,615) | (2,711) | 232 | 86,497 |
Loss before income tax and share of results of equity investee | (189,272) | (27,561) | (656,347) | (322,826) |
Income tax (expenses)/benefits | 1,983 | 288 | 14,512 | (5,181) |
Share of results of equity method investees | 883 | 129 | (539) | 36 |
Net loss | (186,406) | (27,144) | (642,374) | (327,971) |
Net loss attributable to non-controlling interests | (8,422) | (1,226) | (2,574) | 0 |
Net loss attributable to MOGU Inc. | (177,984) | (25,918) | (639,800) | (327,971) |
Other comprehensive income/(loss): | ||||
Foreign currency translation adjustment, net of nil tax | 14,264 | 2,077 | (17,400) | (72,993) |
Share of other comprehensive loss of equity method investees | 0 | 0 | 0 | 0 |
Unrealized securities holding losses, net of tax | (884) | (129) | (10,729) | (31,658) |
Total comprehensive loss | (173,026) | (25,196) | (670,503) | (432,622) |
Total comprehensive loss attributable to non-controlling interests | (8,422) | (1,226) | (2,574) | 0 |
Total comprehensive loss attributable to MOGU Inc. | ¥ (164,604) | $ (23,970) | ¥ (667,929) | ¥ (432,622) |
Net loss per ordinary share | ||||
Basic | (per share) | ¥ (0.07) | $ (0.01) | ¥ (0.25) | ¥ (0.12) |
Diluted | (per share) | ¥ (0.07) | $ (0.01) | ¥ (0.25) | ¥ (0.12) |
Weighted average number of shares used in computing net loss per share | ||||
Basic | 2,554,338,579 | 2,554,338,579 | 2,519,948,060 | 2,630,425,361 |
Diluted | 2,554,338,579 | 2,554,338,579 | 2,519,948,060 | 2,630,425,361 |
ADS | ||||
Net loss per ordinary share | ||||
Basic | (per share) | ¥ (20.90) | $ (3.04) | ¥ (76.17) | ¥ (37.41) |
Diluted | (per share) | ¥ (20.90) | $ (3.04) | ¥ (76.17) | ¥ (37.41) |
Cost of Revenues | ||||
Share-based compensation expenses included in: | ||||
Share-based compensation expenses | ¥ (1,448) | $ (211) | ¥ (1,872) | ¥ (2,464) |
General and Administrative Expenses | ||||
Share-based compensation expenses included in: | ||||
Share-based compensation expenses | (7,855) | (1,144) | (6,789) | (14,475) |
Sales and Marketing Expenses | ||||
Share-based compensation expenses included in: | ||||
Share-based compensation expenses | (3,398) | (495) | (3,905) | (5,416) |
Research and Development Expenses | ||||
Share-based compensation expenses included in: | ||||
Share-based compensation expenses | (862) | (126) | 108 | (3,940) |
Commission Revenues | ||||
Revenues | 147,514 | 21,480 | 226,742 | 318,602 |
Marketing Services Revenues | ||||
Revenues | 4,416 | 643 | 17,888 | 71,345 |
Financing Solutions Revenues | ||||
Revenues | 12,947 | 1,885 | 31,852 | 49,285 |
Technology Services Revenues | ||||
Revenues | 58,867 | 8,572 | 46,077 | 28,505 |
Other Revenues | ||||
Revenues | ¥ 8,332 | $ 1,213 | ¥ 14,910 | ¥ 14,655 |
CONSOLIDATED STATEMENTS OF OP_2
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Parenthetical) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement [Abstract] | |||
Cost of revenue, related party | ¥ 22,347 | ¥ 31,813 | ¥ 45,757 |
Foreign currency translation adjustments, tax | ¥ 0 | ¥ 0 | ¥ 0 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) | Class A Ordinary Shares shares | Class B Ordinary Shares shares | Common Stock [Member] Class A Ordinary Shares CNY (¥) shares | Common Stock [Member] Class B Ordinary Shares CNY (¥) shares | Additional Paid-in Capital CNY (¥) | Statutory Reserves CNY (¥) | Accumulated Deficit CNY (¥) | Accumulated Other Comprehensive (Loss)/Income CNY (¥) | Parent CNY (¥) | Noncontrolling Interest CNY (¥) | Treasury Stock CNY (¥) shares |
Beginning Balance at Mar. 31, 2020 | ¥ 1,980,472 | ¥ 164 | ¥ 16 | ¥ 9,431,740 | ¥ 2,630 | ¥ (7,649,308) | ¥ 201,796 | ¥ 1,980,472 | ¥ (6,566) | ||||
Beginning Balance, shares at Mar. 31, 2020 | shares | 2,408,454,175 | 303,234,004 | 10,456,075 | ||||||||||
Net loss | (327,971) | (327,971) | (327,971) | ||||||||||
Share-based compensation | 26,295 | 26,295 | 26,295 | ||||||||||
Foreign currency translation adjustment, net of nil tax | (72,993) | (72,993) | (72,993) | ||||||||||
Unrealized securities holding losses, net of tax | (31,658) | (31,658) | (31,658) | ||||||||||
Appropriations to statutory reserves | 701 | (701) | |||||||||||
Repurchase of ordinary shares (Note 17) | (119,858) | (119,858) | ¥ (119,858) | ||||||||||
Repurchase of ordinary shares , shares (Note 17) | shares | (206,515,975) | 206,515,975 | |||||||||||
Exercise of option and RSUs | 609 | ¥ 1 | 608 | 609 | |||||||||
Exercise of option and RSUs shares | shares | 13,105,200 | ||||||||||||
Ending Balance at Mar. 31, 2021 | 1,454,896 | ¥ 165 | ¥ 16 | 9,458,643 | 3,331 | (7,977,980) | 97,145 | 1,454,896 | ¥ (126,424) | ||||
Ending Balance, shares at Mar. 31, 2021 | shares | 2,215,043,400 | 303,234,004 | 216,972,050 | ||||||||||
Net loss | (642,374) | (639,800) | (639,800) | ¥ (2,574) | |||||||||
Share-based compensation | 12,458 | 12,458 | 12,458 | ||||||||||
Foreign currency translation adjustment, net of nil tax | (17,400) | (17,400) | (17,400) | ||||||||||
Unrealized securities holding losses, net of tax | (10,729) | (10,729) | (10,729) | ||||||||||
Appropriations to statutory reserves | 0 | ||||||||||||
Repurchase of ordinary shares (Note 17) | (9,689) | (9,689) | ¥ (9,689) | ||||||||||
Repurchase of ordinary shares , shares (Note 17) | shares | (25,644,050) | 25,644,050 | |||||||||||
Exercise of option and RSUs shares | shares | 1,338,350 | ||||||||||||
Non-controlling interests on acquisition of subsidiaries (Note 3) | 44,993 | 44,993 | |||||||||||
Ending Balance at Mar. 31, 2022 | 832,155 | ¥ 165 | ¥ 16 | 9,471,101 | 3,331 | (8,617,780) | 69,016 | 789,736 | 42,419 | ¥ (136,113) | |||
Ending Balance, shares at Mar. 31, 2022 | shares | 2,190,737,700 | 303,234,004 | 2,190,737,700 | 303,234,004 | 242,616,100 | ||||||||
Net loss | (186,406) | $ (27,144) | (177,984) | (177,984) | (8,422) | ||||||||
Share-based compensation | 13,563 | 13,563 | 13,563 | ||||||||||
Foreign currency translation adjustment, net of nil tax | 14,264 | 2,077 | 14,264 | 14,264 | |||||||||
Unrealized securities holding losses, net of tax | (884) | (129) | (884) | (884) | |||||||||
Appropriations to statutory reserves | 0 | ||||||||||||
Repurchase of ordinary shares (Note 17) | (1,333) | (1,333) | ¥ (1,333) | ||||||||||
Repurchase of ordinary shares , shares (Note 17) | shares | (29,778,000) | 29,778,000 | |||||||||||
Exercise of option and RSUs | 0 | ¥ 0 | 0 | ||||||||||
Exercise of option and RSUs shares | shares | 355,200 | ||||||||||||
Ending Balance at Mar. 31, 2023 | ¥ 671,359 | $ 97,757 | ¥ 165 | ¥ 16 | ¥ 9,484,664 | ¥ 3,331 | ¥ (8,795,764) | ¥ 82,396 | ¥ 637,362 | ¥ 33,997 | ¥ (137,446) | ||
Ending Balance, shares at Mar. 31, 2023 | shares | 2,161,314,900 | 303,234,004 | 2,161,314,900 | 303,234,004 | 272,394,100 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS $ 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 | ¥ (186,406,000) | $ (27,144) | ¥ (642,374,000) | ¥ (327,971,000) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||
Depreciation and amortization | 65,304,000 | 9,509 | 333,550,000 | 351,129,000 | ||
Provision for/(reversal of) allowance for doubtful accounts | 648,000 | 94 | (151,000) | 5,615,000 | ||
(Gains)/losses on disposal of property and equipment | (553,000) | (81) | 448,000 | (1,468,000) | ||
Foreign exchange (gain)/loss | 8,547,000 | 1,245 | (1,214,000) | (5,574,000) | ||
Goodwill impairment | 63,460,000 | [1] | 9,240 | 186,504,000 | [1] | 0 |
Impairment for intangible assets | 21,233,000 | 3,092 | 48,890,000 | 0 | ||
Share-based compensation expenses | 13,563,000 | 1,976 | 12,458,000 | 26,295,000 | ||
Deferred income tax benefit | (8,948,000) | (1,303) | (15,962,000) | (4,644,000) | ||
(Gain)/loss from investments, net | 19,750,000 | 2,876 | (232,000) | (86,497,000) | ||
Share of results of equity investee | (883,000) | (129) | 539,000 | (36,000) | ||
Amortization of right-of-use asset and interest on lease liabilities | 8,610,000 | 1,254 | 0 | 0 | ||
Changes in operating assets and liabilities: | ||||||
Prepayments, receivables and other current assets | 5,807,000 | 845 | 22,157,000 | 21,184,000 | ||
Loan receivables - service fee | 511,000 | 74 | 1,211,000 | 51,000 | ||
Inventories | (64,000) | (9) | 161,000 | 2,686,000 | ||
Amounts due from related parties | (620,000) | (90) | 141,000 | (90,000) | ||
Other non-current assets | 0 | 0 | (442,000) | (2,627,000) | ||
Accounts payable | (9,771,000) | (1,423) | (1,505,000) | 2,857,000 | ||
Salary and welfare payable | 1,238,000 | 180 | 7,839,000 | (1,683,000) | ||
Taxes payable | 9,785,000 | 1,425 | 1,474,000 | (4,784,000) | ||
Advances from customers | (655,000) | (95) | 667,000 | (26,000) | ||
Amounts due to related parties | (498,000) | (73) | (1,540,000) | (5,784,000) | ||
Operating lease liabilities | (7,654,000) | (1,115) | 0 | 0 | ||
Accruals and other current liabilities | (12,494,000) | (1,817) | (67,028,000) | (46,564,000) | ||
Net cash used in operating activities | (10,090,000) | (1,469) | (114,409,000) | (77,931,000) | ||
Cash flows from investing activities: | ||||||
Purchase of property and equipment | (18,962,000) | (2,761) | (55,138,000) | (152,648,000) | ||
Purchase of intangible assets | 0 | 0 | 0 | (13,103,000) | ||
Disposal of property and equipment | 788,000 | 115 | 133,000 | 1,917,000 | ||
Disposal of long-term investment | 0 | 0 | 5,279,000 | 104,399,000 | ||
Purchase of short-term investments | (1,601,149,000) | (233,145) | (1,783,441,000) | (2,077,485,000) | ||
Proceeds from sale of short term investments | 1,652,601,000 | 240,637 | 1,842,401,000 | 2,055,608,000 | ||
Purchase of gold | (36,587,000) | (5,327) | 0 | 0 | ||
Cash paid for long-term investments | (14,847,000) | (2,162) | (34,564,000) | (23,000,000) | ||
Cash received from long-term investments | 186,000 | 27 | 0 | 0 | ||
Cash paid for loan originations | (578,658,000) | (84,259) | (1,073,006,000) | (1,705,401,000) | ||
Cash received from loan repayments | 597,236,000 | 86,964 | 1,148,415,000 | 1,713,050,000 | ||
Acquisition of subsidiaries, net of cash acquired | 0 | 0 | (36,132,000) | 0 | ||
Net cash (used in)/provided by investing activities | 608,000 | 89 | 13,947,000 | (96,663,000) | ||
Cash flows from financing activities: | ||||||
Proceeds from short-term borrowing | 618,000 | 90 | 10,139,000 | 0 | ||
Repayment of short-term borrowing | (11,349,000) | (1,653) | 0 | 0 | ||
Proceeds from exercise of share options | 0 | 0 | 0 | 609,000 | ||
Cash payment for repurchase of ordinary shares (Note 17) | (1,333,000) | (194) | (9,689,000) | (119,858,000) | ||
Net cash (used in)/provided by financing activities | (12,064,000) | (1,757) | 450,000 | (119,249,000) | ||
Effect of foreign exchange rate changes on cash and cash equivalents and restricted cash | (860,000) | (125) | (3,455,000) | (20,647,000) | ||
Net (decrease)/increase in cash and cash equivalents | (22,406,000) | (3,262) | (103,467,000) | (314,490,000) | ||
Cash and cash equivalents and restricted cash at beginning of year | 439,417,000 | 63,984 | 542,884,000 | 857,374,000 | ||
Cash and cash equivalents and restricted cash at end of year | 417,011,000 | 60,722 | 439,417,000 | 542,884,000 | ||
Supplemental disclosures of cash flow information: | ||||||
Cash paid for income taxes | (286,000) | (42) | (920,000) | (13,889,000) | ||
Cash paid for interest | (598,000) | (87) | ¥ (787,000) | ¥ 0 | ||
Supplemental schedule of non-cash investing and financing activities: | ||||||
Paybale related to purchase of property and equipment | ¥ 10,450,000 | $ 1,522 | ||||
[1] Goodwill impairment |
Organization and Principal Acti
Organization and Principal Activities | 12 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Principal Activities | 1 ORGANIZATION AND PRINCIPAL ACTIVITIES (a) Principle activities MOGU Inc. (formerly known as Meili Inc.) (the “Company”) was incorporated as an exempted company registered under the Companies Act (As Revised) of the Cayman Islands on June 9, 2011 with limited liability. In June 2011, Meili Group Limited, formerly known as MOGU (HK) Limited, was established by the Company in Hong Kong. In November 2011, Meili Group Limited established a wholly-owned PRC subsidiary, Hangzhou Shiqu Information and Technology Co., Ltd. (“Hangzhou Shiqu”). In the same month, the Company through Hangzhou Shiqu entered into a series of contractual agreements with Hangzhou Juangua Network Co., Ltd. (“Hangzhou Juangua”), a variable interest entity (VIE), and its shareholders to obtain a controlling financial interest (as the primary beneficiary) of Hangzhou Juangua. Accordingly, this VIE is consolidated by the Company under US GAAP (ASC 810). The Company obtained voting interest control over Aimei Tech Holdings Limited (“Aimei”) and Meiliworks Limited (“Meiliworks”) through a series of transactions in January and February 2016, respectively. In August 2017, Hangzhou Shiqu, Beijing Meilishikong Network and Technology Co., Ltd. (“Beijing Meilishikong”), a VIE and the shareholders of Beijing Meilishikong entered into a series of contractual agreements, which contained terms substantially similar to the contractual agreements by and among Hangzhou Shiqu, Hangzhou Juangua and the shareholders of Hangzhou Juangua described above. Accordingly, Beijing Meilishikong is consolidated by the Company under US GAAP (ASC 810). In July 2021, Hangzhou Juangua obtained voting interest control over Hangzhou Ruisha Technology Co., Ltd. (“Ruisha Technology”) through a business acquisition transaction (Note 3). As a result, the Company controls Hangzhou Ruisha through Hangzhou Juangua. In December 2022, Aimei was dissolved. The Company, through its subsidiaries, the consolidated VIEs and the VIE’s subsidiaries (collectively, the “Group”), operates online platform that primarily offers to its users a wide selection of fashion apparel and other products provided by third party merchants in the People’s Republic of China (“PRC”) through mobile apps, including flagship Mogujie app, mini-programs on Weixin, and Mogu.com, Mogujie.com and Meilishuo.com websites. The Group also provides online marketing, commission, financing, technology and other relevant services to merchants and users as well as technology services to brands owners. The Group’s consolidated financial statements include the financial statements of the Company, its subsidiaries, the consolidated VIEs and the VIE’s subsidiaries. As of March 31, 2023, the Company’s major subsidiaries, the consolidated VIEs and VIE’s subsidiary are as follows: Equity interest Place and date of Subsidiaries: Meili Group Limited 100 % Hong Kong, China June 23, 2011 Hangzhou Shiqu 100 % Hangzhou, China November 16, Meilishuo (Beijing) Network Technology Co., Ltd. 100 % Beijing, China November 23, Place and date of Consolidated VIEs: Hangzhou Juangua Hangzhou, China April 13, 2010 Beijing Meilishikong Network and Technology Co., Ltd. Beijing, China July 6, 2010 Place and date of VIE’s subsidiary: Ruisha Technology Hangzhou, China , July 2021 (b) Consolidated variable interest entities (VIEs) 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 Group operates an online platform that provides internet information services and engages in other foreign-ownership-restricted businesses through certain PRC domestic companies, whose equity interests are held by certain management members of the Group (“Nominee Shareholders”). The Group has entered into a series of contractual agreements with these PRC domestic companies and their respective Nominee Shareholders (“Contractual Agreements”). These Contractual Agreements cannot be terminated by the Nominee Shareholders or the PRC domestic companies. As a result of these Contractual Agreements, the Group has a financial controlling interest over these entities (which are considered to be VIEs) and accordingly as the primary beneficiary, consolidates each under US GAAP (ASC 810). Refer to Note 2(b) for the principles of consolidation. The principal terms of the agreements entered into amongst the consolidated VIEs, their respective shareholders and the Group’s subsidiaries are further described below. Loan Agreements Pursuant to the relevant loan agreements, the Group’s relevant PRC subsidiaries made loans to the Nominee Shareholders for the sole purpose of making capital contributions to the consolidated VIEs by the Nominee Shareholders. The Nominee Shareholders can only repay the loans by the sale of all their equity interests in the consolidated VIEs to the Group’s relevant PRC subsidiaries or their designated person pursuant to the exclusive option agreements, and, to the extent permitted under PRC law, pay all of the proceeds from sale of such equity interests to the Group’s relevant PRC subsidiaries. In the event that the Nominee Shareholders sell their equity interests in the consolidated VIEs to the Group’s relevant PRC subsidiaries or their designated person at a price equal to or less than the principal amount of the loans, the loans will be interest free. If the price is higher than the principal amount of the loans, the excess amount will be deemed as interest on the loans paid to the Group’s relevant PRC subsidiaries. The term of the loans agreements are 20 years from the date of the loan agreements, which may be extended upon mutual agreement. On July 18, 2018, Hangzhou Shiqu and each of Mr. Qi Chen, Mr. Yibo Wei and Mr. Xuqiang Yue, each a shareholder of Hangzhou Juangua, entered into an amended and restated loan agreement in the principal amount of RMB 5,867 , RMB 2,362 and RMB 1,771 , respectively, which contained terms substantially similar to the loan agreements described above. Exclusive Consultation and Service Agreements Pursuant to the exclusive consultation and service agreements, the Group’s relevant PRC subsidiaries have the exclusive right to provide the consolidated VIEs with technical and consulting services. Without the Group’s relevant PRC subsidiaries’ prior written consent, the consolidated VIEs may not accept any services subject to these agreements from any third party. The consolidated VIEs agree to pay the Group’s relevant PRC subsidiaries a quarterly service fee at an amount that is equal to the consolidated VIEs’ revenue for the relevant quarter after deducting any applicable taxes, cost of revenues and retained earnings (which should be zero unless the Group’s relevant PRC subsidiaries otherwise agrees in writing) or an amount adjusted at the Group’s relevant PRC subsidiaries’ sole discretion for the relevant quarter, which should be paid within 10 business days after the consolidated VIEs confirms in writing the amount and breakdown of the service fee for the relevant quarter. The Group’s relevant PRC subsidiaries have the exclusive ownership of all the intellectual property rights created as a result of the performance of the agreements. To guarantee the consolidated VIEs’ performance of their obligations under the agreements, the Nominee Shareholders of the consolidated VIEs have pledged their entire equity interests in the consolidated VIEs to the Group’s relevant PRC subsidiaries pursuant to the equity interest pledge agreements. The agreements have a term of 10 years, which will be automatically renewed upon expiration, unless they are otherwise terminated in accordance with the provisions of the agreements. Exclusive Purchase Option Agreements Pursuant to the exclusive option agreements, each of the Nominee Shareholders of the consolidated VIEs has irrevocably granted the Group’s relevant PRC subsidiaries exclusive options to purchase all or part of their equity interests in the consolidated VIEs. The Group’s relevant PRC subsidiaries or their designated person may exercise such option at the lowest price permitted under applicable PRC law. The Nominee Shareholders of the consolidated VIEs covenant that, without the Group’s relevant PRC subsidiaries’ prior written consent, they will not, among other things, (i)create any pledge or encumbrance on their equity interests in the consolidated VIEs; (ii)transfer or otherwise dispose of their equity interests in the consolidated VIEs; (iii)change the consolidated VIEs’ registered capital; (iv)amend the consolidated VIEs’ articles of association in any material respect; (v)dispose of or cause the consolidated VIEs’ management to dispose of the consolidated VIEs’ material assets (except in the ordinary course of business); (vi)cause the consolidated VIEs to enter into transactions that are likely to have a material impact on its assets, liabilities, operations, shareholding structure or equity ownership in other entities; (vii)change the consolidated VIEs’ directors and supervisors; (viii)declare or distribute dividends; (ix)terminate, liquidate or dissolve the consolidated VIEs; or (x)allow the consolidated VIEs to extend or borrow loans, provide any form of guarantee, or assume any material obligations except in the ordinary course of business. In addition, the consolidated VIEs covenant that, without the Group’s relevant PRC subsidiaries’ prior written consents, they will not, among other things, create or assist or allow their Nominee Shareholders to create, any pledge or encumbrance on their assets and equity interests, or transfer or otherwise dispose of their assets (except in the ordinary course of business). The exclusive option agreements will remain effective until the entire equity interests in the consolidated VIEs have been transferred to the Group’s relevant PRC subsidiaries or their designated person. Shareholder Voting Proxy Agreements and Powers of Attorney Pursuant to the shareholder voting proxy agreements, each of the Nominee Shareholders of the consolidated VIEs has executed a power of attorney, to irrevocably authorize an individual, as designated by the Group’s relevant PRC subsidiaries, to act as his attorney-in-fact to exercise all of his rights as a shareholder of the consolidated VIEs, including, but not limited to the right to convene and attend shareholders’ meetings, vote on any resolution that requires a shareholder vote, such as the appointment and removal of directors, supervisors and officers, as well as the sale, transfer and disposal of all or part of the equity interests owned by such shareholder. The powers of attorney will remain effective until the shareholder voting proxy agreements are terminated in accordance with the provisions of the agreements. Equity Interest Pledge Agreements Pursuant to the equity interest pledge agreements, the Nominee Shareholders of the consolidated VIEs have pledged 100 % equity interests in the consolidated VIEs to the Group’s relevant PRC subsidiaries to guarantee performance by the Nominee Shareholders of their obligations under the exclusive option agreements, the shareholder voting proxy agreement, as well as the performance by the consolidated VIEs of their obligations under the exclusive option agreements and the exclusive consultation and service agreements. All of the equity interest pledge agreements shall remain valid until the full performance of such guaranteed contractual obligations. In the event of a breach by the consolidated VIEs or any of their Nominee Shareholders of contractual obligations under the exclusive option agreements, the shareholder voting proxy agreements, the exclusive consultation and service agreements and the equity interest pledge agreements, as the case may be, the Group’s relevant PRC subsidiaries, as pledgee, will have the right to dispose of the pledged equity interests in the consolidated VIEs and will have priority in receiving the proceeds from such disposal. The Nominee Shareholders of the consolidated VIEs also covenant that, without the prior written consent of the Group’s relevant PRC subsidiaries, they will not dispose of, create or allow any encumbrance on the pledged equity interests. The consolidated VIEs covenant that, without the prior written consent of the Group’s relevant PRC subsidiaries, it will not assist or allow any encumbrance to be created on the pledged equity interests. (c) Risks in relation to the VIE structure The following table sets forth the assets, liabilities, results of operations and changes in cash and cash equivalents and restricted cash of the consolidated VIEs and their subsidiaries taken as a whole, which are included in the Group’s consolidated financial statements with intercompany transactions eliminated: As of March 31, 2022 2023 RMB RMB Cash and cash equivalents 213,094 259,033 Restricted cash 809 810 Short-term investments — 25,584 Inventories, net 64 131 Loan receivables, net 26,788 7,229 Prepayments, receivables and other current assets 34,137 54,617 Amounts due from non-VIE subsidiaries of the Company (1) 76,920 105,334 Amounts due from related parties — 614 Property and equipment, net 1,238 191,598 Intangible assets, net 43,104 11,933 Right-of-use assets — 650 Goodwill 63,460 — Investments 34,331 38,469 Other non-current assets 212,613 33,050 Total assets 706,558 729,052 As of March 31, 2022 2023 RMB RMB Amounts due to non-VIE subsidiaries of the Company (2) 1,405,464 1,512,750 Accounts payable 552 548 Salaries and welfare payable 4,464 5,398 Advances from customers 89 68 Taxes payable 1,656 3,246 Amounts due to related parties 1,331 1,395 Current portion of lease liabilities — 307 Accruals and other current liabilities 217,527 214,359 Deferred tax liabilities 10,704 1,755 Total liabilities 1,641,787 1,739,826 Total shareholders’ deficit ( 935,229 ) ( 1,010,774 ) Note 1: The amount due from non-VIE subsidiaries of the Company as of March 31, 2022 and 2023 mainly represent the receivables of the VIEs due from the Company’s wholly-owned subsidiaries for treasury management purposes and service charges. Note 2: The amount due to non-VIE subsidiaries of the Company as of March 31, 2022 and 2023 mainly represent the payables resulting from technical and consulting services fee charged by the Group’s relevant PRC subsidiaries to the VIEs in accordance with exclusive consultation and service agreements. Year ended March 31, 2021 2022 2023 RMB RMB RMB Third-party revenues 85,012 69,793 60,972 Inter-company revenues 25,679 31,816 26,785 Third-party costs and expenses ( 95,454 ) ( 187,958 ) ( 189,199 ) Inter-company costs and expenses (3) ( 32,490 ) ( 15,779 ) ( 13,545 ) Third-party other operating income 5,983 2,415 4,922 Inter-company other operating (loss)/income (4) — ( 197,698 ) 17,650 Income from non-operations 8,197 12,750 9,874 Loss before income tax benefit ( 3,073 ) ( 284,661 ) ( 82,541 ) Add: Income tax benefit 4,794 14,689 8,757 Net profit/(loss) 1,721 ( 269,972 ) ( 73,784 ) Year ended March 31, 2021 2022 2023 RMB RMB RMB Inter-company payments for service charges (5) ( 39,859 ) ( 40,409 ) ( 4,561 ) Other operating activities with non-VIE subsidiaries (6) 68,317 131,050 114,322 Operating activities with external parties ( 3,132 ) ( 69,065 ) ( 26,610 ) Net cash provided by operating activities 25,326 21,576 83,151 Net cash (used in)/provided by investing activities ( 202,312 ) 28,143 ( 37,211 ) Net (decrease)/increase in cash and cash equivalents and restricted cash ( 176,986 ) 49,719 45,940 Note 3: Inter-company costs and expenses are technical and consulting services fee charged by the Group’s relevant PRC subsidiaries to the VIEs in accordance with exclusive consultation and service agreements, all of which have been eliminated in the presentation of Consolidated Statements of Operations and Comprehensive Loss. Note 4: Inter-company other operating (loss)/income represents the write-off of the amounts among the Group’s non-VIE subsidiaries and the VIEs, all of which have been eliminated in the presentation of Consolidated Statements of Operations and Comprehensive Loss . Note 5: Inter-company payments for service charges represents the cash paid by the VIEs to the Group’s relevant PRC subsidiaries for technical and consulting services charges in accordance with exclusive consultation and service agreements, all of which have been eliminated in the presentation of Consolidated Statements of Cash flows . Note 6: Other operating activities with non-VIE subsidiaries included cash receipts for treasury management purposes and service fees charged by the VIEs to the Group’s non-VIE subsidiaries,all of which have been eliminated in the presentation of Consolidated Statements of Cash flows . Under the Contractual Agreements with the consolidated VIEs, the Company has the power to direct activities of the consolidated VIEs and the VIEs’ subsidiaries through the Group’s relevant PRC subsidiaries, and can direct assets transferred out of the consolidated VIEs and the VIEs’ subsidiaries. Therefore, the Company considers that there is no asset of the consolidated VIEs that can only be used to settle obligations of the respective consolidated VIEs, except for the registered capital and reserve funds of the consolidated VIEs which totals RMB 15,178 as of March 31, 2022 and 2023. Since the consolidated VIEs and the VIEs’ subsidiaries are incorporated as limited liability companies under the PRC Law, creditors of the consolidated VIEs and the VIEs’ subsidiaries do not have recourse to the general credit of the Company. The Group, under the advice of counsel, believes that the Group’s relevant PRC subsidiaries’ Contractual Arrangements with the consolidated VIEs and the Nominee Shareholders are in compliance with PRC laws and regulations, as applicable, and are legally binding and enforceable. However, uncertainties in the PRC legal system could limit the Company’s ability to enforce these contractual arrangements. Accordingly, the Company cannot be assured that the PRC government authorities will not ultimately take a view that is contrary to the Company’s belief and the opinion of its PRC legal counsel. The Nominee Shareholders of the consolidated VIEs also own the majority of the voting shares of the Company. The enforceability, and therefore the benefits of the Contractual Agreements between the Company’s PRC subsidiaries and the consolidated VIEs depends on those individuals enforcing the contracts. There is a risk that the benefits of ownership between the Company and the consolidated VIEs may not be aligned in the future and they may fail to perform their contractual obligations. There would be a significant negative impact to the Company if these contracts were not enforced. The Group’s operations depend on the consolidated VIEs to honor their Contractual Agreements with the Group and the Company’s ability to consolidate the VIEs also depends on the authorization by the Nominee Shareholders of the consolidated VIEs to exercise voting rights on all matters requiring shareholder approval in the consolidated VIEs. The Company believes that the agreements on authorization to exercise shareholder’s voting power are enforceable against each party thereto in accordance with their terms and applicable PRC laws or regulations currently in effect and the possibility that it will no longer be able to consolidate the VIEs as a result of the aforementioned risks and uncertainties is considered to be remote. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Basis of presentation and consolidation The consolidated financial statements of the Group have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S.GAAP”). On March 18, 2022, the Company announced a change in the ratio of its American Depositary Shares (“ ADSs ”) to its Class A ordinary shares (the “ ADS Ratio ”), par value US$ 0.00001 per share, from the current ADS Ratio of one (1) ADS to twenty-five ( 25 ) Class A ordinary share to a new ADS Ratio of one (1) ADS to three hundred ( 300 ) Class A ordinary shares. The change in the ADS Ratio was effective on March 28, 2022. The number of ADSs and net loss per ADS as disclosed elsewhere in these consolidated financial statements have been retrospectively adjusted, where applicable. Significant accounting policies followed by the Group in the preparation of the accompanying consolidated financial statements are summarized below. (b) Principles of consolidation The consolidated financial statements include the financial statements of the Company, its subsidiaries, the consolidated VIEs and VIEs’ subsidiaries for which the Company is the ultimate primary beneficiary in each instance. Subsidiaries are those entities in which the Company, directly or indirectly, controls more than one half of the voting power, or has the power to govern the financial and operating policies, to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of directors. A VIE is an entity in which the Company, or its subsidiaries, through Contractual Agreements, has the power to direct activities, bears the risks of, and enjoys the rewards normally associated with, ownership of the entity, and therefore the Company or its subsidiaries are the primary beneficiary of the entity. All transactions and balances among the Company, its subsidiaries, the consolidated VIEs and VIEs’ subsidiaries have been eliminated upon consolidation. (c) Business combination and non-controlling interests The Company accounts for its business combinations using the acquisition method of accounting. Transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets and liabilities acquired or assumed are measured separately at their fair values as of the acquisition date, irrespective of the extent of any non-controlling interests. The excess of (i)the total costs of acquisition, fair value of the non-controlling interests and acquisition date fair value of any previously held equity interest in the acquiree over (ii)the fair value of the identifiable net assets of the acquiree is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the Consolidated Statements of Operations and Comprehensive Loss. During the measurement period, which can be up to one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the Consolidated Statements of Operations and Comprehensive Loss. In a business combination achieved in stages, the Company re-measures the previously held equity interest in the acquiree immediately before obtaining control at its acquisition-date fair value and the re-measurement gain or loss, if any, is recognized in the Consolidated Statements of Operations and Comprehensive Loss. When there is a change in ownership interests or a change in contractual arrangements that results in a loss of control of a subsidiary or consolidated VIE, the Company deconsolidates the subsidiary or consolidated VIE from the date control is lost. Any retained non-controlling investment in the former subsidiary or consolidated VIE is measured at fair value and is included in the calculation of the gain or loss upon deconsolidation of the subsidiary or consolidated VIE. For the Company’s majority-owned subsidiaries, the consolidated VIEs and the VIEs’ subsidiaries, non-controlling interests are recognized to reflect the portion of their equity that is not attributable, directly or indirectly, to the Company as the controlling shareholder. Non-controlling interests are classified as a separate line item in the equity section of the Group’s Consolidated Balance Sheets and have been separately disclosed in the Group’s Consolidated Statements of Operations and Comprehensive Loss to distinguish the interests from that of the Company. (d) Use of estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent liabilities at the balance sheet date, and the reported revenues and expenses during the reported period in the consolidated financial statements and accompanying notes. Significant accounting estimates are used for, but not limited to, fair value of available-for-sale debt securities, recoverability of receivables, assessment for impairment of long-lived assets, intangible assets and goodwill and useful lives of intangible assets and property and equipment. Actual results may differ materially from those estimates. (e) Foreign currency translation The Group’s reporting currency is Renminbi (“RMB”). The functional currency of the Group’s entities incorporated in Cayman Islands and Hong Kong, China (“HK”) is the United States dollars (“US$”). The Group’s PRC subsidiaries, consolidated VIEs and VIEs’ subsidiaries determined their functional currency to be RMB. Transactions denominated in currencies other than the relevant functional currency are translated into the functional currency at the exchange rates quoted by authoritative banks prevailing at the dates of the transactions. Exchange gains and losses resulting from those foreign currency transactions denominated in a currency other than the functional currency are recorded as a component of Other income, net in the Consolidated Statements of Operations and Comprehensive Loss. Total foreign exchange gains/(losses) were a gain of RMB 5,574 , a gain of RMB 1,214 and a loss of RMB 8,547 for the years ended March 31, 2021, 2022 and 2023, respectively. The financial statements of the Group entities that use US$ as functional currency are translated from the functional currency into RMB for preparation of the consolidated financial statements of the Group. 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, gains and losses are translated into RMB using the periodic average exchange rates. The resulting foreign currency translation adjustments are recorded in accumulated other comprehensive income/(loss) as a component of shareholders’ equity. Total foreign currency translation adjustments recorded in the Group’s other comprehensive (loss)/income were a loss of RMB 72,993 , a loss of RMB 17,400 and a gain of RMB 14,264 for the years ended March 31, 2021, 2022 and 2023, respectively. (f) Convenience translation Translations of the Consolidated Balance Sheets, the Consolidated Statements of Operations and Comprehensive Loss and the Consolidated Statements of Cash Flows from RMB into US$ as of and for the year ended March 31, 2023 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB 6.8676 , representing the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board on March 31, 2023. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on March 31, 2023, or at any other rate. (g) Fair value measurement Financial instruments 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 measured 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 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. • Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical asset or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. • Level 3 applies to asset or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. Accounting guidance also describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future cash flows to a single present value amount. The measurement is based on the value indicated by current market expectations about those future cash flows. The cost approach is based on the amount that would currently be required to replace an asset. The Company’s financial instruments include cash and cash equivalents, restricted cash, short-term investments, loan receivables, other receivables, amounts due from related parties, operating lease liabilities, accounts payable, amounts due to related parties, accruals and other current liabilities and short-term borrowings. The carrying amounts of loan receivables, other receivables, accounts payable, accruals and other current liabilities and short-term borrowing approximate their fair value due to their relatively short maturity. (h) Cash and cash equivalents Cash and cash equivalents consist of cash on hand, deposits held by financial institutions as well as highly liquid investments, which have original maturities of three months or less and are readily convertible to known amount of cash. (i) Restricted cash Cash that is restricted as to withdrawal or for use or pledged as security is reported separately on the Consolidated Balance Sheets. The Group’s restricted cash mainly represents deposits held in designated bank accounts as security for payment processing. Restricted cash with an expected collection period within one year is classified as current assets in the Consolidated Balance Sheets. Restricted cash is included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the Consolidated Statement of Cash Flows. (j) Short-term investments Short-term investments are comprised of (i) time deposits placed with banks with original maturities longer than three months but less than one year, (ii) investments in wealth management products issued by banks and other financial institutions, primarily with the pre-agreed fixed interest rate or variable interest rates and with original maturities within one year, and (iii) equity securities with readily determinable fair value. The time deposits and wealth management products are generally not permitted to be redeemed early or are subject to penalties for redemption prior to maturity. The short-term investments are stated at fair value. Changes in the fair value are reflected in the Consolidation Statement of Operations and Comprehensive Loss. (k) Loan receivables, net Loan receivables represent the funds extended by the Group to qualified merchants and users through its factoring arrangements. The loan periods generally range from 1 month to 12 months. The loan receivables are measured at amortized cost and net of allowance for doubtful accounts. The Group considers many factors in assessing the collectability of its loan receivable, such as the age of the amounts due, the payment history, creditworthiness and financial conditions of the borrowers, to determine the allowance percentage of the overdue balances. The Group adjusts the allowance balance periodically when there are significant differences between estimated and actual bad debts. An allowance for doubtful accounts is recorded in the period in which a loss is determined probable. If the loan receivable with allowance for doubtful accounts is subsequently collected, the previously recognized allowance for doubtful accounts is reversed. The amount of reversal is recognized in the Consolidated Statements of Operations and Comprehensive Loss. (l) Inventories, net Inventories, consisting of products available for sale, are stated at the lower of cost and net realizable value. Cost of inventory is determined using the weighted average cost method. Adjustments are recorded to write down the cost of inventory to the estimated net realizable value due to slow-moving merchandise and damaged goods, which is dependent upon factors such as historical and forecasted consumer demand, and promotional environment. The Group takes ownership, risks and rewards of the products purchased. Write downs recorded in the Consolidated Statements of Operations and Comprehensive Loss for the years ended March 31, 2021, 2022 and 2023 were immaterial. (m) Property and equipment, net Property and equipment are stated at cost less accumulated depreciation and impairment. Property and equipment are depreciated at rates sufficient to write off their costs less impairment and residual value, if any, over the estimated useful lives on a straight-line basis. The estimated useful lives are as follows: Electronic equipment 3 years Furniture and office equipment 5 years Computer software 3 - 10 years Vehicles 5 years Building 46 years Leasehold improvements Shorter of the expected use life or the lease term Repairs and maintenance costs are charged to expense as incurred. Retirements, sales and disposals of assets are recorded by removing the costs, accumulated depreciation and impairment with any resulting gain or loss recognized in the Consolidated Statements of Operations and Comprehensive Loss. (n) Intangible assets, net Intangible assets purchased from third parties are initially recorded at cost. The Group performs a valuation of the identifiable intangible assets acquired in a business combination to determine the relative fair value to be assigned to each asset acquired. The intangible assets are amortized using the straight-line method or other method which reflects the pattern in which the asset’s economic benefits are consumed over the estimated economic useful lives of the assets. The estimated useful lives of intangible assets are as follows: Domain name 5 - 20 years Trademarks 4 - 10 years Insurance agency license 20 years Broadcasting license 4 - 5 years Buyer and customer relationship 5 years Brand 2 - 8 years Technology 2 - 5 years Strategic business resources 3 - 5 years The Group recorded impairment charges for intangible assets of nil , RMB 48,890 and RMB 21,233 (Note 12) for the years ended March 31, 2021, 2022 and 2023, respectively. (o) Goodwill Goodwill represents the excess of the purchase price over the fair value of the identifiable assets and liabilities acquired in a business combination. Goodwill is not depreciated or amortized but is tested for impairment on an annual basis as of March 31, and in between annual tests when an event occurs or circumstances change that could indicate that the asset might be impaired. In accordance with the FASB guidance on “Testing of Goodwill for Impairment” a company first has the option to assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the company decides, as a result of its qualitative assessment, that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the quantitative impairment test is mandatory. Otherwise, no further testing is required. The quantitative impairment test consists of a comparison of the fair value of each reporting unit with its carrying amount, including goodwill. An impairment charge is recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value. Application of a goodwill impairment test requires significant management judgment, including the identification of reporting units, assigning assets and liabilities to reporting units, assigning goodwill to reporting units, and determining the fair value of each reporting unit. The Company estimates the fair value of its reporting units using the income approach (discounted cash flows) methodology of valuation. The judgment in estimating the fair value of reporting units includes estimating future cash flows, determining appropriate discount rates and making other assumptions. Changes in these estimates and assumptions could materially affect the determination of fair value for each reporting unit. As of March 31, 2023, the Group had only one reporting unit. For the years ended March 31, 2021, 2022 and 2023, the Group recorded goodwill impairment charges of nil , RMB 186,504 and RMB 63,460 , respectively (Note 14). (p) Investments The Group’s investments include equity method investments and available-for-sale security investments. The Group has investments in privately held companies. The Group applies the equity method of accounting to account for an equity investment, in common stock or in-substance common stock, over which it has significant influence but does not own a majority equity interest or otherwise control. An investment in in-substance common stock is an investment in an entity that has risk and reward characteristics that are substantially similar to that entity’s common stock. The Group considers subordination, risks and rewards of ownership and obligation to transfer value when determining whether an investment in an entity is substantially similar to an investment in that entity’s common stock. Under the equity method, the Group’s share of the post-acquisition profits or losses of the equity investee are recorded in share of results of equity investee in the Consolidated Statements of Operations and Comprehensive Loss. The excess of the carrying amount of the investment over the underlying equity in net assets of the equity investee represents goodwill and intangible assets acquired. When the Group’s share of losses in the equity investee equals or exceeds its interest in the equity investee, the Group does not recognize further losses, unless the Group has incurred obligations or made payments or guarantees on behalf of the equity investee. If the investee subsequently reports earnings the Group resumes applying the equity method by only recognizing such income to the extent it exceeds previously unrecognized cumulative losses, Investments in debt securities are accounted for as available-for-sale debt security investments, and are carried at estimated fair value with the aggregate unrealized gains and losses related to these investments, net of taxes, reported through other comprehensive income. Realized gains or losses are charged to earnings during the period in which the gains or losses are realized. Gain or losses are realized when such investments are sold or when dividends are declared or payments are received or when other than temporarily impaired. Equity securities that have readily determinable fair values are measured at fair value, with changes in fair value reported through earnings. Currently, the maturities for debt securities the Group held are longer than 12 months and the Company does not expect to convert securities to cash within one year. The Group continually reviews its investments to determine whether a decline in fair value to below the carrying value is other-than-temporary. The primary factors the Group considers in its determination are the duration and severity of the decline in fair value; the financial condition, operating performance and the prospects of the equity investee; and other company specific information such as recent financing rounds. If the decline in fair value is deemed to be other-than-temporary, the carrying value of the investment is written down to fair value. (q) Impairment of long-lived assets Long-lived assets are evaluated for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not be fully recoverable or that the useful life is shorter than the Group had originally estimated. When these events occur, the Group evaluates the impairment for the long-lived assets 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 assets and their eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying value of the assets, the Group recognizes an impairment loss based on the excess of the carrying value of the assets over the fair value of the assets. (r) Short-term borrowings Borrowings are recognized initially at fair value, net of debt discounts or premiums, debt issuance costs and other incidental fees. Debt discounts or premiums, debt issuance costs and other incidental fees are recorded as a reduction of the proceeds received and the related accretion is recorded as interest expense in the Consolidated Statements of Operations and Comprehensive Loss over the estimated term of the facilities using the effective interest method. As of March 31, 2022, the Company had short-term borrowings from one financial institution of RMB 10,064 with an interest rate of 6.8 % per annum. The borrowings were repaid in January and February 2023. As of March 31, 2023, the Company had no short-term borrowings. (s) 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, the Group applies the five steps as 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 Group allocates the transaction price to each performance obligation based on the relative standalone selling price of the goods or services provided. Revenue is recognized upon transfer of control of promised goods or services to a customer. Revenue is recorded net of value-added-tax. Revenue recognition policies for each type of revenue stream are analyzed as follows: Commission revenues The Group operates its online platform as a marketplace for merchants to sell their merchandise to the users and also provides integrated platform-wide services. The merchants can choose the marketplace service only or both of the marketplace service and integrated platform-wide services. When the transactions are completed on the Group’s platform, the Group charges merchants commissions at their respective agreed percentage of the amount of merchandise sold by merchants. The Group has determined that services to enable the successful merchandise transactions on the Group’s marketplace and integrated promotional related services are separate performance obligations. The merchandise transactions are deemed completed (with related commission revenue earned) upon users’ acceptance of merchandise. For the years ended March 31, 2022 and 2023, commission revenue related only to the obligation to enable successful merchandise transactions, and there was no commission revenue recognized in fiscal 2022 and 2023 related to integrated promotional related services. Commission revenue recognized in fiscal 2021 related to integrated promotional related services was immaterial. The Group applies the practical expedient that allocates the commission revenues for the integrated services to the respective day on which the Group has the right to invoice. The Group does not control the underlying merchandise provided by merchants before they are transferred to users, as the Group is not responsible for fulfilling the promise to provide the merchandise to users and has no inventory risk before the merchandise are transferred to the users or after the control is transferred to the users. In addition, the Group has no discretion in establishing prices of the merchandise provided by merchants. Revenues are recognized on a net basis by the Group as an agent to the extent of the commission the Group earns at the point of users’ acceptance of merchandise. Commission fees are refundable if and when users return the merchandise to merchants and the refund is recognized as variable consideration. The Group determines the amount of consideration to which the Group expects to be entitled subject to constraint that it is probable that a significant reversal in the cumulative amount of revenue recognized will not occur when the uncertainty is resolved. The Group recognizes the amounts received for which the Group does not expect to be entitled as a refund liability when it transfers service to merchants as an agent. At the end of each reporting period, the Group updates its assessment of amounts for which it expects to be entitled in exchange for the transferred services and makes a corresponding change to the amount of commission revenue recognized. Marketing services revenues The Group provides marketing services to merchants and brand partners that help them promote their products in designated areas on the Group’s platform directly or via social network platforms over particular periods of time that will then divert users back to the Group’s platform. Such service revenues are charged at fixed prices or at prices established through the Group’s online auction system. In general, merchants and brand partners need to prepay for the marketing services. Revenue is recognized ratably over the period during which the content is displayed, or when the content or offerings are clicked or viewed, or when an underlying sales transaction is completed by a merchant. Financing solutions revenues Financing solutions include loans to users and merchants through factoring arrangements. The Group extends loans to users by making payments to merchants on behalf of users. In this manner, the Group purchases merchants’ receivables due from respective users without recourse and charges a service fee (which includes a financing component) to users based on the principal and repayment terms. The Group also extends loans to merchants by purchasing their accounts receivables from users with recourse and charges a service fee to merchants based on the principal. The Group records loan receivables when the cash is advanced to the users or merchants. The service fees are recognized over the term of loans. Financing solutions also include the services to facilitate the financial institutions to provide loans to merchants and users through the Group’s online platform and services to manage repayments. The service fees are charged to the borrowers based on agreed rates of the principal and are allocated between facilitation service and repayment management service in the same transaction based on the relative standalone selling price of each. Revenue is recognized when the fund is drawn down by the borrowers for the facilitation service or over the financing period on a straight-line basis for the repayment management service. Technology services revenues The Group provides technology services to corporate customers who operate through the Group’s online platform and third-party platforms. Fees are fixed or charged as agreed percentages of the amount of the successful transactions of the customers. Revenue from technology services is recognized when the services are rendered, ratably over the period during which the services are provided, or upon the completion of successful transactions. Other revenues Other revenues are mainly comprised of the revenues from: (i) online direct sales whereby the Group sells its own merchandise products through its platform and recognizes the product sales revenue on a gross basis, (ii) promotion services that the Group provides to financial institutions, (iii) logistical services provided to merchants and users, and (iv) other services. Revenue is recognized when the services are rendered. 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, 2023, remaining performance obligations represent advance payments received by the Group for future technology services provide to brand customers. The aggregate amount of the transaction price allocated to remaining performance obligations was RMB 1,501 . (t) User incentives In order to promote its online platform and attract more registered users, from time to time, the Group at its own discretion issues vouchers in various forms to users without any concurrent transactions in place or any substantive action needed from the recipient. These vouchers can be used in purchase of goods in a broad range of merchants as an immediate discount of their next purchase, some of which can only be used when the purchase amount exceeds pre-defined threshold. The Group settles with the merchants in cash for the vouchers used by the users. As the users are required to make future purchases of the merchants’ merchandises to redeem the vouchers, the Group recognizes the amounts of redeemed vouchers as marketing expenses when future purchases are made. During the years ended March 31, 2021, 2022 and 2023, the Group recorded marketing expenses related to the vouchers of RMB 46,676 , RMB 34,365 and RMB 17,284 , respectively. (u) Cost of revenue Cost of revenue is comprised of primarily payroll costs including share-based compensation expenses, information technology related expenses, cost of inventory, payment handling costs, depreciation expenses, rental expenses, warehousing and logistic expenses and other costs. (v) Sales and marketing expenses Sales and marketing expenses are comprised primarily of promotion expenses, payroll costs including share-based compensation expenses, depreciation expenses and other daily expenses which are related to the sales and marketing departments. (w) Research and development expenses Research and development expenses are expensed as incurred and primarily consist of staff costs including share-based compensation expenses, rental expenses and other expenses. The Company expenses all costs that are incurred in connection with the planning and implementation phases of development and costs that are ass |
Significant Acquisition Transac
Significant Acquisition Transactions | 12 Months Ended |
Mar. 31, 2023 | |
Business Combinations [Abstract] | |
Significant Acquisition Transactions | 3 SIGNIFICANT ACQUISITION TRANSACTIONS Acquisition of Ruisha Technology Ruisha Technology was engaged in providing corporate customers with one-stop brand and customized services for full-domain operations, including a wide variety of operational services, data platforms and other software services, as well as value-added services such as traffic placement. The Group previously held an approximately 18.1 % equity interest (which had a redeemable option held by the Group) in Ruisha Technology, which was considered not in substance common stock and classified as an available-for-sale debt investment (Note 10). In July 2021, the Group acquired additional equity interests in Ruisha Technology for a cash consideration of RMB 50,000 . Upon the consummation of the acquisition, the Group beneficially owned a 59.62 % equity and voting interest in Ruisha Technology and effectively controls Ruisha Technology. Therefore, the financial statements of Ruisha Technology have been consolidated into the Group’s consolidated financial statements from the date control was obtained. The Company accounted for the step acquisition using the acquisition method of accounting. Identifiable assets and liabilities acquired or assumed are measured separately at their fair values as of the acquisition date, irrespective of the extent of any non-controlling interests. The excess of (i) the total costs of acquisition, fair value of the non-controlling interests and acquisition date fair value of any previously held equity interest in Ruisha Technology over (ii) the fair value of the identifiable net assets of Ruisha Technology is recorded as goodwill. The allocation of the purchase price as of the date of acquisition is summarized as follows: Amount Estimated useful lives RMB Net assets acquired (1) 12,639 Amortizable intangible assets Customer Relationship 39,500 5 years Technology 9,900 5 years Goodwill (2) 63,460 Deferred tax liabilities ( 12,350 ) Noncontrolling interests (3) ( 44,993 ) 68,156 Amount RMB Total purchase price is comprised of: -fair value of previously held equity interests 18,156 -cash consideration 50,000 Total 68,156 (1) Net assets acquired primarily included cash and cash equivalents of RMB 13,868 , prepayments, receivables and other current assets of RMB 8,427 , property and equipment of RMB 91 , intangible assets, net of RMB 39 , other non-current assets, net of RMB 91 , accounts payable of RMB 465 , salaries and welfare payable of RMB 123 , advances from customers of RMB 156 , taxes payable of RMB 277 , accruals and other current liabilities of RMB 8,617 and non-current liabilities of RMB 239 as of the date of the acquisition. (2) Goodwill arising from this acquisition was attributable to the synergies expected from using the operating experience of Ruisha Technology to boost the Company’s 2B business (Note 14). (3) Fair value of the noncontrolling interests was estimated based on the equity value of Ruisha Technology derived by the purchase consideration, adjusted for a discount for control premium. For the year ended March 31, 2022, the revenue of Ruisha Technology since the acquisition date included in the Consolidated Statement of Operations and Comprehensive Loss was RMB 21,845 and the earnings of Ruisha Technology since the acquisition date included in the Consolidated Statement of Operations and Comprehensive Loss was not material. Pro forma results of operations for the Ruisha Technology acquisition have not been presented as they are not material to the Group’s Consolidated Statements of Operations and Comprehensive Loss. |
Risks and Concentration
Risks and Concentration | 12 Months Ended |
Mar. 31, 2023 | |
Risks and Uncertainties [Abstract] | |
Risks and Concentration | 4 RISKS AND CONCENTRATION (a) Concentration of credit risk Assets that potentially subject the Group to significant concentrations of credit risk primarily consist of cash and cash equivalents, restricted cash, short-term investments and loan receivables. The maximum exposure of such assets to credit risk is their carrying amounts as of the balance sheet dates. As of March 31, 2022 and 2023, all of the Group’s cash and cash equivalents, restricted cash, and short-term investments were held with major financial institutions located in the PRC and Hong Kong which management believes are of high credit quality. The Group believes that the risk of failure of any of these PRC banks is remote. Loan receivables are derived from loan to merchants and consumers in the PRC. The risk with respect to loan receivable is mitigated by credit evaluations the Group performs on merchants and consumers and its ongoing monitoring process of outstanding balances. (b) Concentration of customers and suppliers There were no customers or suppliers whose revenues or purchases individually represent greater than 10% of the total revenues or the total purchases of the Group for the years ended March 31, 2021, 2022 and 2023. (c) Foreign currency exchange rate risk The Group is exposed to foreign currency exchange rate risk, which mainly affects the monetary assets denominated in the currencies other than the functional currencies of the respective entities. For the years ended March 31, 2021, 2022 and 2023, such affected monetary assets primarily included cash and cash equivalents denominated in US$. In July 2005, the PRC government changed its decades-old policy of pegging the value of the RMB to the US$, and the RMB appreciated more than 20 % against the US$ over the following three years. Between July 2008 and June 2010, this appreciation halted and the exchange rate between the RMB and the US$ remained within a narrow band. Since June 2010, the RMB has fluctuated against the US$, at times significantly and unpredictably. The appreciation of the RMB against the US$ was approximately 3.4 % between March 31, 2021 and 2022 while the depreciation of the RMB against the US$ was approximately 8.2 % between March 31, 2022 and 2023. It is difficult to predict how market forces or PRC or U.S. government policy may impact the exchange rate between the RMB and the US$ in the future. (d) Certain risks and uncertainties Since 2020, due to the outbreak of COVID-19 in China and the implementation of relevant COVID-19 mandates, the Group’s businesses have experienced an overall disruption in its logistics and supply chain across industries. Starting in December 2022, most of the travel restrictions and quarantine requirements in China were lifted. Even though there have been certain noted improvements in the economic and operating conditions for the Group’s business since these restrictions were lifted, the impact of any continued improvement or COVID related factors (including the reinstatement of related health related restrictions) on the financial performance of the Group for the period beyond the year ended March 31, 2023 cannot be reasonably estimated at this time. |
Other Revenues
Other Revenues | 12 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Other Revenues | 5 OTHER REVENUES Other revenues by type of service is as follows: For the year ended March 31, 2021 2022 2023 RMB RMB RMB Online direct sales 515 208 - Logistic services revenue 2,059 2,148 1,813 Promotion services revenue 9,125 7,772 926 Others 2,956 4,782 5,593 Total 14,655 14,910 8,332 Others were mainly comprised of other miscellaneous revenues, including customer service revenues, food and beverage revenue and other revenues, all of which were not material individually. |
Other Income, Net
Other Income, Net | 12 Months Ended |
Mar. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Other Income, Net | 6 OTHER INCOME, NET For the year ended March 31, 2021 2022 2023 RMB RMB RMB Government grants 15,819 8,608 7,244 Merchant penalty income (1) 12,383 8,598 5,009 Refund from depositary bank (Note 15(3)) 12,096 4,058 1,281 Exchange gains/(losses) 5,574 1,214 ( 8,547 ) Gains/(losses) on disposal of property and equipment 1,468 ( 448 ) 503 Others 2,545 3,397 1,777 Total 49,885 25,427 7,267 (1) Merchant penalty income represents the penalties charged to the merchants that have quality and/or service issues based on the agreements with the merchants. The Company may use the penalty received from the merchants to settle its users’ complaints. The penalties are therefore recorded in other payables when received and recognized as other income when the Company considers the possibility of the penalty to be paid out is remote. |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | 7 FAIR VALUE MEASUREMENT As of March 31, 2022 and 2023, the Group’s assets and liabilities that are measured or disclosed at fair value on a recurring basis in periods subsequent to their initial recognition are as follows: Fair value measurement at reporting date using Description Fair value Quoted Prices in Significant Significant RMB RMB RMB RMB Assets: Short-term investments - wealth management products 190,000 — 190,000 — - equity securities with readily determinable fair values 6,853 6,853 — — Available-for-sale debt securities 44,873 — — 44,873 Total assets 241,726 6,853 190,000 44,873 Fair value measurement at reporting date using Description Fair value Quoted Prices in Significant Significant RMB RMB RMB RMB Assets: Short-term investments - wealth management products 145,584 - 145,584 - - equity securities with readily determinable fair values 252 252 - - Available-for-sale debt securities 34,368 - - 34,368 Total assets 180,204 252 145,584 34,368 When available, the Group uses quoted market prices to determine the fair value of an asset or liability. If quoted market prices are not available, the Group will measure fair value using valuation techniques that use, when possible, current market-based or independently sourced market parameters, such as interest rates and currency rates. Following is a description of the valuation techniques that the Group uses to measure the fair value of assets that the Group reports in its Consolidated Balance Sheets at fair value on a recurring basis. Short-term investments Short-term investments held by the Group include wealth management products issued by banks and equity securities with readily determinable fair values. The Group values its investments in wealth management products in using model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data, and accordingly, the Group classifies the valuation techniques that use these inputs as Level 2. The Group values its investments in equity securities with readily determinable fair values using quoted market prices and classifies the valuation technique that use these inputs within Level 1. Available-for-sale debt securities investments The Group classifies its available-for-sales debt securities as Level 3 investments. The roll forward of major Level 3 investments are as following: iSNOB Holdings Limited (“iSNOB”) Ruisha Huzan Inc. Xuanwei Limied Poppy Mobile Inc. Others Total RMB RMB RMB RMB RMB RMB RMB Fair value of Level 3 investments as at March 31, 2020 76,841 7,623 10,996 3,525 — 3,388 102,373 Addition — — — 8,000 8,000 Disposal ( 59,243 ) — — ( 3,525 ) — — ( 62,768 ) Impairment — — ( 4,055 ) — — ( 3,388 ) ( 7,443 ) Effect of currency translation adjustment ( 3,717 ) — ( 110 ) — — — ( 3,827 ) The change in fair value of the investments 8,714 11,442 ( 5,145 ) — — — 15,011 Fair value of Level 3 investments as at March 31, 2021 22,595 19,065 1,686 — — 8,000 51,346 Addition — — — — 16,215 5,600 21,815 Disposal(1) — ( 18,157 ) — — — ( 3,000 ) ( 21,157 ) Impairment — — ( 1,635 ) — — ( 3,000 ) ( 4,635 ) Effect of currency translation adjustment ( 677 ) — ( 51 ) — ( 344 ) — ( 1,072 ) The change in fair value of the investments — ( 908 ) — — — ( 516 ) ( 1,424 ) Fair value of Level 3 investments as at March 31, 2022 21,918 — — — 15,871 7,084 44,873 Addition — — — — — 8,000 8,000 Impairment — — — — ( 16,817 ) ( 3,600 ) ( 20,417 ) Effect of currency translation adjustment 1,816 — — — 946 239 3,001 The change in fair value of the investments 922 — — — — ( 2,011 ) ( 1,089 ) Fair value of Level 3 investments as at March 31, 2023 24,656 — — — — 9,712 34,368 (1) For the year ended March 31, 2022, the Company derecognized the available-for-sale debt security investment and recycled the previously recognized fair value change recorded as other comprehensive income of RMB 11,106 into the gain from investments (Note 10). The Company determines the fair value of its investments by using the market approach. As for the market approach, the determination of the fair value was based on estimates, judgments and information of other comparable public companies as well as observable price changes based on the recent transactions of the securities, or similar securities that the Company holds. The significant unobservable inputs adopted in the valuation as of March 31, 2021, 2022 and 2023 are as following: For the years ended March 31, 2021 2022 2023 Lack of marketability discount 30 % 30 % 30 % Risk-free rate 0.5 % 2 %- 3 % 3.6 %- 4.3 % Expected volatility 45 % 30 %- 46 % 39 %- 60 % Revenue multiple 7.92 1 - 10 4 - 9 Net profit multiple 16 25 - Significant increases (decreases) in lack of marketability discount in isolation would result in significantly lower (higher) fair value measurement. Significant increases (decreases) in risk-free rate, expected volatility, revenue multiple or net profit multiple in isolation would result in significantly higher (lower) fair value measurement |
Loan Receivables
Loan Receivables | 12 Months Ended |
Mar. 31, 2023 | |
Receivables [Abstract] | |
Loan Receivables | 8 LOAN RECEIVABLES As of March 31, 2022 2023 RMB RMB Loan receivables - principal 54,211 35,633 - service fee 772 261 Allowance for doubtful accounts ( 28,195 ) ( 28,665 ) Loan receivables, net 26,788 7,229 Allowance for doubtful accounts movement For the year ended 2021 2022 2023 RMB RMB RMB Balance at beginning of year ( 23,169 ) ( 28,615 ) ( 28,195 ) Additions ( 5,446 ) — ( 470 ) Reversals — 420 — Balance at end of year ( 28,615 ) ( 28,195 ) ( 28,665 ) |
Other Assets
Other Assets | 12 Months Ended |
Mar. 31, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | 9 OTHER ASSETS The other assets consist of the following: As of March 31, 2022 2023 RMB RMB Prepayments,receivables and other current assets VAT receivables 8,941 8,707 Receivables of technology service 22,787 21,217 Receivables from third-party payment service providers (1) 8,988 8,711 Other prepaid expenses 4,969 20,130 Deposits 2,515 2,655 Employee loans and advances 667 1,474 Interest receivable 343 631 Receivables of financing facilitation service 1,806 452 Prepaid promotion fees 184 107 Others 5,756 6,982 Less: Allowance for doubtful accounts ( 1,821 ) ( 1,940 ) Total prepayments, receivables and other current assets 55,135 69,126 Other non-current assets Gold (2) — 32,378 Prepayment for maintenance expenditure — 17,116 Long-term deposit 16,414 14,146 Prepayment for office building (3) 198,550 — Total non-current assets 214,964 63,640 (1) Receivables from third party payment service providers represent cash due from the Group’s third party on-line payment service providers in relation to their processing of payments for the Group. As of March 31, 2022 and 2023, no allowance for doubtful accounts was provided for these receivables. (2) As of March 31, 2023, the Company has purchased physical gold of RMB 32,378 in total. As the Company intends to hold the gold for an indefinite long term period, the Company has recorded the asset in “other non-current assets” on the Consolidated Balance Sheets. The Company will record any decline in net realizable value lower than acquisition cost as a non-operating loss. The net realizable value is determined based on market value less cost to sale. Any recovery in valuation will only be recognized to the extent of previously recorded fiscal year losses, and only to the extent such recovery occurs in the same fiscal year as when such losses were recorded. As of March 31, 2023, the market value of the gold less cost to sell was higher than its purchase cost. Therefore, there was no impairment loss recognized for the year ended March 31, 2023. (3) On August 8, 2020, the Group entered into an agreement with a third-party company to purchase an office building located in Hangzhou, China for a total consideration of RMB 209,000 . As of March 31, 2022, the Group had paid RMB 198,550 for the office building purchase. As of March 31, 2023, the construction of the building has been completed and the prepayments have been transferred to the property and equipment (Note 11). The movement of allowance for doubtful accounts is analyzed as follows: For the year ended 2021 2022 2023 RMB RMB RMB Balance at beginning of year ( 1,522 ) ( 1,691 ) ( 1,821 ) Additions ( 169 ) ( 268 ) ( 178 ) Write-offs — 138 59 Balance at end of year ( 1,691 ) ( 1,821 ) ( 1,940 ) |
Investments
Investments | 12 Months Ended |
Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | 10 INVESTMENTS The Company’s long-term investments consist of the following: As of March 31, 2022 2023 RMB RMB Available-for-sale debt securities iSNOB 21,918 24,656 Poppy 15,871 — Others 7,084 9,712 44,873 34,368 Equity method investments Jiaxing Neixiangyoupan Equity investment Fund Partnership 25,842 31,745 Others 1,405 3,205 27,247 34,950 Total 72,120 69,318 Available-for-sale debt securities The following table summarizes, by major security type, the Company’s available-for-sale debt securities as of March 31, 2022 and 2023: As of March 31, 2022 2023 RMB RMB Cost 28,601 16,786 Unrealized gains, including foreign exchange adjustment 16,272 17,582 Fair Value 44,873 34,368 iSNOB Upon the closing of the latest financing of iSNOB in May 2018, the Company held 18,000,000 convertible and redeemable preferred shares of iSNOB, and the equity interest of the Company was 14.5 %. According to the investment agreement, the Company has the option to request iSNOB to redeem the Company’s investments at the Company’s investment cost plus the interest if iSNOB fails to consummate a qualified IPO within a pre-agreed period of time from the date of the Company’s investment. Therefore, the convertible and redeemable preferred shares that the Company subscribed from iSNOB are not in substance common stocks and are classified as an available-for-sale debt investment and is measured at its fair value with the changes in fair value booked in other comprehensive income. In October 2020, the Company entered into a share repurchase agreement with iSNOB, pursuant to which, iSNOB repurchased 73.4 % of the Company’s investment at a total price of approximately US$ 16,000 (equivalent to RMB 104,399 ). After this transaction, the Company still held 4,785,714 convertible and redeemable preferred shares of iSNOB, accounting for 3.35 % of the total equity interests of iSNOB on a fully diluted basis. The Company recognized a “Gain from investments, net” of RMB 91,184 at the excess of the total cash consideration over the cost base of the preferred shares sold of RMB 13,215 in the Consolidated Statements of Operations and Comprehensive loss. The gain also included the recycled accumulated unrealized gains of RMB 46,029 for the preferred shares sold that were previously recorded in other comprehensive income in equity. As of March 31, 2021, the Company remeasured its remaining investment in iSNOB at a fair value of RMB 22,595 , which was determined by management with the assistance of an independent appraiser. For the year ended March 31, 2021, the unrealized securities holding gain net of tax of RMB 8,714 was reported in other comprehensive income. For the year ended March 31, 2021, foreign currency translation loss of RMB 3,717 was reported as foreign currency translation adjustments in other comprehensive income. As of March 31, 2022, the Company remeasured its remaining investment in iSNOB and believed that there was no fair value change of iSNOB during the year ended March 31, 2022. For the year ended March 31, 2022, foreign currency translation loss of RMB 677 was reported as foreign currency translation adjustments in other comprehensive income. As of March 31, 2023, the Company remeasured its remaining investment in iSNOB at a fair value of RMB 24,656 , which was determined by management with the assistance of an independent appraiser. For the year ended March 31, 2023, the unrealized securities holding gain net of tax of RMB 922 was reported in other comprehensive income. For the year ended March 31, 2023, foreign currency translation gain of RMB 1,816 was reported as foreign currency translation adjustments in other comprehensive income. Ruisha Technology In July 2019, the Group purchased a 18.1 % shareholding of Ruisha Technology with a cash consideration of RMB 7,000 and an intangible asset with a fair value of RMB 50 . According to the investment agreement, the Group had the option to request Ruisha Technology to redeem the Group’s investments at the Group’s investment cost plus the interest until the occurrence of a redemption event, which is outside the control of Ruisha. The redeemable shares of Ruisha Technology held by the Group were therefore considered not in substance common stock and classified as an available-for-sale debt investment and were measured at its fair value with the changes in fair value booked in other comprehensive income. As of March 31, 2021, the Group remeasured the investment at a fair value of RMB 19,065 , which were determined by management with the assistance of an independent appraisal. For the years ended March 31, 2021, the unrealized securities holding gain, net of tax of RMB 9,726 was reported in other comprehensive income. As disclosed in Note 3, the Company derecognized its investment in Ruisha Technology and recycled the unrealized gain of RMB 11,106 previously recognized in other comprehensive income into “Gain from investments, net” upon the consummation of the acquisition of Ruisha Technology in July 2021. Huzan As of March 31, 2021, the Company classified its equity interest in Huzan as an available-for-sale debt investment which is measured at its fair value with the changes in fair value booked in other comprehensive income as the redeemable shares of Huzan held by the Company are considered not in substance common stock. With the assistance of an independent appraiser, the Company remeasured the investment in Huzan at a fair value of RMB 1,686 . The fair value below the Company’s investment cost was primarily due to its weaker-than-expected business performance, which was considered as other-than-temporary. Therefore, for the fair value decrease of RMB 9,310 , the Company reversed the unrealized gain of RMB 5,145 previously recognized in other comprehensive income and recognized an impairment of RMB 4,055 in “Losses from investments”. In March 2022, Huzan decided to terminate its operation and was under liquidation thereafter. In connection with the business winding-up of Huzan, the Company assessed the recoverability of its investment and as a result of its assessment, the Company wrote down the carrying value of its investment of RMB 1,686 to zero and recognized a loss of RMB 1,635 in “Losses from investment”. For the year ended March 31, 2022, foreign currency translation loss of RMB 51 was reported as foreign currency translation adjustments in other comprehensive income. Xuanwei In March 2020, the Company purchased a 5 % shareholding in Xuanwei with a cash consideration of US$ 500 (equivalent to RMB 3,525 ). According to the investment agreement, the Company has the option to request Xuanwei to redeem the Company’s investments at the Company’s investment cost plus the interest if Xuanwei fails to consummate a qualified IPO within a pre-agreed period of time from the date of the Company’s investment. Therefore,the redeemable shares of Xuanwei held by the Company are considered not in substance common stock and classified as an available-for-sale debt investment and measured at fair value with the changes in fair value booked in other comprehensive income. In March 2021, the Company disposed of all the equity interest it held in Xuanwei to Tencent Group, the Company’s shareholder, at a total cash consideration of US$ 900 (equivalent to RMB 5,914 ). The transaction price was the same as the price at which Tencent purchased from other non-related shareholders that hold the same class shares in the investee. Therefore, the Company recognized a “Gain from investments” of RMB 2,389 in the Consolidated Statements of Operations and Comprehensive loss. Poppy In September 2021, the Company purchased a 10 % equity interest in Poppy with a cash consideration of US$ 2,500 (equivalent to RMB 16,215 ). The Company has the option to request Poppy to redeem the Company’s investments at the Company’s investment cost plus interest if Poppy fails to consummate a qualified IPO within a pre-agreed period of time from the date of the Company’s investment. Therefore, redeemable shares of Poppy held by the Company are considered not in substance common stock and classified as an available-for-sale debt investment which is measured at its fair value with the changes in fair value booked in other comprehensive income. As of March 31, 2022, the Company remeasured its investment in Poppy and believed that there was no fair value change of Poppy during the year ended March 31, 2022. For the year ended March 31, 2022, foreign currency translation loss of RMB 344 was reported as foreign currency translation adjustments in other comprehensive income. For the year ended March 31, 2023, the actual operating results of Poppy were significantly weaker than expected. The Company assessed the recoverability of its investment and as a result of its assessment, the Company wrote down the carrying value of its investment of RMB 15,871 to zero and recognized a loss of RMB 16,817 in “Losses from investment.” For the year ended March 31, 2023, foreign currency translation gain of RMB 946 was reported as foreign currency translation adjustments in other comprehensive income Equity method investments Investment in Neixiangyoupan In December 2019, the Group entered into a partnership agreement with Neixiangyoupan to subscribe for the shares of Neixiangyoupan as a Limited Partner (“LP”) and made the first capital injection in May 2020. As of March 31, 2022 and 2023, RMB 24,750 and RMB 28,464 in cumulative capital contributions has been made by the Group, respectively, representing approximately 14.8 % of the entity's equity interest at each balance sheet date. The investment is accounted for under the equity method as the Group has the ability to exercise significant influence over Neixiangyoupan as an LP. For the years ended March 31, 2021, 2022 and 2023, the Group recognized RMB 478 of share of loss, RMB 1,570 of share of gain and RMB 2,189 of share of gain of Neixiangyoupan, respectively. The Group's equity method investments are not considered individually material or in the aggregate to meet the necessary reporting threshold under Rule 4-08(g) of Regulation S-X. |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | 11 PROPERTY AND EQUIPMENT, NET Property and equipment consist of the following: As of March 31, 2022 2023 RMB RMB Building — 191,743 Leasehold improvements 29,556 29,966 Electronic equipment 13,399 9,846 Furniture and office equipment 5,675 5,577 Vehicles 1,405 1,617 Computer softwares 3,473 3,473 Subtotal 53,508 242,222 Less: accumulated depreciation and amortization ( 45,806 ) ( 47,633 ) Property, equipment and software, net 7,702 194,589 Depreciation and amortization expense recognized for the years ended March 31, 2021, 2022 and 2023 were RMB 9,327 , RMB 5,396 and RMB 5,312 , respectively. No impairment charges were recorded for the years ended March 31, 2021, 2022 and 2023. |
Intangible Assets, Net
Intangible Assets, Net | 12 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets, Net | 12 INTANGIBLE ASSETS, NET The following table summarizes the Group’s intangible assets, net: As of March 31, 2022 Gross Accumulated Accumulated Net carrying RMB RMB RMB RMB Domain name 11,540 ( 3,451 ) ( 8,072 ) 17 Trademarks 1,481 ( 489 ) — 992 Insurance agency license 2,848 ( 748 ) ( 2,100 ) — Broadcasting license 86,667 ( 47,977 ) ( 38,690 ) — Buyer and customer relationship 502,270 ( 468,037 ) — 34,233 Brand (1) 184,470 ( 172,110 ) ( 12,360 ) — Strategic business resources (2) 1,367,838 ( 1,321,838 ) — 46,000 Technology 32,840 ( 22,246 ) ( 2,014 ) 8,580 Total 2,189,954 ( 2,036,896 ) ( 63,236 ) 89,822 As of March 31, 2023 Gross Accumulated Accumulated Net carrying RMB RMB RMB RMB Domain name 12,247 ( 3,566 ) ( 8,667 ) 14 Trademarks 1,481 ( 641 ) — 840 Insurance agency license 2,848 ( 748 ) ( 2,100 ) — Broadcasting license 86,667 ( 47,977 ) ( 38,690 ) — Buyer and customer relationship 502,270 ( 475,937 ) ( 17,033 ) 9,300 Brand (1) 184,470 ( 172,110 ) ( 12,360 ) — Strategic business resources (2) 1,456,331 ( 1,456,331 ) — — Technology 32,840 ( 24,226 ) ( 6,214 ) 2,400 Total 2,279,154 ( 2,181,536 ) ( 85,064 ) 12,554 (1) Brand was acquired through the Group’s acquisitions with Aimei and Meiliworks (Note 1(a)) . (2) Strategic business resources were acquired through a business cooperation agreement the Company entered into with Tencent in July 2018. Pursuant to the agreement, Tencent offered the Company traffic support through Tencent’s online platform and provided the Company certain intellectual property resources to promote and advertise the Company’s products and brands. Amortization expense for intangible assets were RMB 341,802 , RMB 328,154 and RMB 59,992 for the years ended March 31, 2021, 2022 and 2023, respectively. As of March 31, 2022, the Group determined that there were two asset groups, including the live video broadcast (“LVB”) focused online business asset group and brands and the customized services business asset group. As of March 31, 2022, after considering the first-ever year-over-year decrease of the gross merchandise volume (“GMV”) from LVB and the weaker-than-expected operating results, the Group concluded that these changes in circumstances represented a triggering event which required the Group to perform an impairment test on the LVB focused online business asset group. Given that the aggregated undiscounted cash flows were lower than the carrying amount of this asset group, the Group concluded that it was necessary to determine the fair value of the asset group for purposes of determining a potential impairment charge. The determined fair value of the LVB focused online business asset group resulted in an impairment charge of RMB 48,862 which was allocable to each asset in the group. The charge was allocated to each asset on a pro rata basis based upon respective carrying values and after giving consideration to the fair values of each individual asset. The fair value of each asset was determined using appropriate valuation methodologies, including the relief of royalty method for the broadcasting, insurance agency and domain name intangibles. The cost savings approach was used to fair value the strategic business services intangible asset. The replacement cost approach was used to fair value property, plant, and equipment. Judgment in estimating the fair values of these assets included estimating future growth rates, royalty rates and/or discount rates. As a result of management’s analysis, the Group recorded impairment charges for the broadcasting license, insurance agency license and domain name intangible assets of RMB 38,690 , RMB 2,100 and RMB 8,072 , respectively, for the year ended March 31, 2022, as the Group believes the future economic benefit to be generated from these intangible assets are not sufficient to recover related net book values. No impairment charges were recorded in 2021. During the year ended March 31, 2022, the Company recognized intangible assets amounting to RMB 49,400 in connection with the acquisition of Ruisha Technology, which were measured at fair value upon the completion of acquisition. Details of acquired intangible assets are included in Note 3. As of March 31, 2023, considering the weaker-than-expected operating results of the Company, the Group concluded that there were indicators that the carrying value of certain intangible assets may not be fully recoverable. Given that the aggregated undiscounted cash flows of the brands and the customized services business asset group were lower than the carrying amount of this asset group, the Group concluded that it was necessary to determine the fair value of the asset group for purposes of determining a potential impairment charge. The determined fair value of the asset group resulted in an impairment charge of RMB 21,233 which was allocable to each asset in the group. The charge was allocated to each asset on a pro rata basis based upon respective carrying values and after giving consideration to the fair values of each individual asset. The fair value of each intangible asset was determined using appropriate valuation methodologies, including the relief of royalty method for the technology and multi-period excess earnings method for the customer relationship. Judgement in estimating the fair values of these assets included estimating future growth rates, royalty rates and/or discount rates. As a result of management analysis, the Group recorded impairment charges for the customer relationship and technology assets of RMB 17,033 and RMB 4,200 , respectively, for the year ended March 31, 2023, as the Group believes the future economic benefit to be generated from these intangible assets are not sufficient to recover related net book values. As of March 31, 2023, amortization expense related to the intangible assets for future periods are estimated to be as follows: For the years ended March 31, RMB 2024 3,689 2025 3,671 2026 3,662 2027 1,301 2028 103 Thereafter 128 12,554 |
Leases
Leases | 12 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Leases | 13 Leases The Group has operating leases primarily for office facilities which have lease terms varying from one to three years . Total lease costs for the year ended March 31, 2023 was RMB 10,951 included in research and development, sales and marketing and general and administrative expenses in the Group’s Consolidated Statements of Operations and Comprehensive Loss. Out of the total lease costs, there was RMB 2,341 of expenses for short-term leases within 12 months. As of March 31, 2023, the operating lease arrangements of the Group, primarily for office, that have not yet commenced was not material. Supplemental cash flow information related to leases were as follows: For the year ended March 31, 2023 RMB Cash paid for the rentals included in the lease liabilities 7,654 Right-of-use assets obtained in exchange for lease liabilities — As of March 31, 2023, supplemental consolidated balance sheet information related to leases were as follows: As of March 31, 2023 RMB Right-of-use assets 5,441 Current portion of lease liabilities 2,654 Non-current lease liabilities 753 Lease term and discount rates were as follows: As of March 31, 2023 RMB Weighted-average remaining lease term Operating leases 1.28 years Weighted-average discount rate Operating leases 4.4 % As of March 31, 2023 RMB Maturities of lease liabilities were as follows: 2024 2,744 2025 768 Total undiscounted lease payments 3,512 Less: imputed interest ( 105 ) Total present value of lease liabilities 3,407 As of March 31, 2022, future minimum payments under non-cancellable operating leases for offices consist of the following: As of March 31, 2022 For the year ended March 31, RMB 2023 10,800 2024 5,815 2025 2,876 Total 19,491 Amounts are based on ASC 840, Leases that were superseded upon the Group’s adoption of ASC 842, Leases on April 1, 2022. Under ASC 840, the rental expenses were RMB 27,942 and RMB 14,336 for the years ended March 31, 2021 and 2022, respectively, and were charged to Consolidated Statements of Operations and Comprehensive Loss when incurred. |
Goodwill
Goodwill | 12 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | 14 GOODWILL The changes in the carrying amount of goodwill were as follows: LVB focused online Brands and customized services Total RMB RMB RMB Balance as of March 31, and 2021 Goodwill 1,568,653 — 1,568,653 Accumulated impairment loss ( 1,382,149 ) — ( 1,382,149 ) 186,504 — 186,504 Transaction during the year Addition (Note (a)) — 63,460 63,460 Impairment recognized during the year ended March 31, 2022 (Note (b)) ( 186,504 ) — ( 186,504 ) Balance as of March 31, 2022 Goodwill 1,568,653 63,460 1,632,113 Accumulated impairment loss ( 1,568,653 ) — ( 1,568,653 ) — 63,460 63,460 Transaction during the year Impairment recognized during the year ended March 31, 2023 (Note (b)) — ( 63,460 ) ( 63,460 ) Balance as of March 31, 2023 Goodwill 1,568,653 63,460 1,632,113 Accumulated impairment loss ( 1,568,653 ) ( 63,460 ) ( 1,632,113 ) — — — (a) During the year ended March 31, 2022, the addition in goodwill was in relation to the acquisition of Ruisha Technology in July 2021 (Note 3). (b) Goodwill impairment The Group performs an impairment test on its goodwill on an annual basis, and in between annual tests when an event occurs or circumstances change that could indicate that the goodwill might be impaired. The Group adopted ASU No. 2017-04 which simplified the test for goodwill impairment by eliminating the second step of the impairment test. Following the new guidance, an impairment charge shall be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value. As of March 31, 2021, as the market capitalization of the Company was below its carrying value, the Group estimated the fair value of the LVB focused online business reporting unit in using the income approach methodology of valuation where significant judgments and estimates were applied, including the forecasts of future operating results, discount rates, and expected future growth rates with the consideration of the recent market environment. Based on the result of annual impairment testing, the fair value of the LVB focused online business reporting unit exceeded its carrying amount. As a result, there was no additional impairment of goodwill as of March 31, 2021. In addition, management has further analyzed and concluded that difference between the fair value of the reporting unit and the Company’s market capitalization is mainly attributable to the control premiums that are not reflected in its quoted market price of the Company. Upon consummation of the acquisition of Ruisha Technology in July 2021, the Group has two reporting units, including the LVB focused online business reporting unit and brands and the customized services business reporting unit. For the six months ended September 30, 2021, and as a result of weaker-than-expected operating results of the Group due to the continuously heightened competitive environment as well as ongoing market capitalization (compared with net book value) considerations, management concluded the existence of triggering events which required the Group to perform an interim goodwill impairment test of the LVB focused online business reporting unit as of September 30, 2021. When performing the interim goodwill impairment test, the Group estimated the fair value of the LVB focused online business reporting unit using the income approach methodology of valuation where significant judgments and estimates were applied, including the forecasts of future operating results, discount rates, and expected future growth rates with the consideration of the recent market environment. As a result of this test, management determined that all remaining goodwill related to the LVB focused online business reporting unit (RMB 186,504 ) should be impaired as of September 30, 2021. As of March 31, 2022, the Group performed an annual goodwill impairment test on the Group’s brands and customized services business reporting unit. To determine the fair value of the brands and customized services business reporting unit, the Company used the income approach methodology of valuation where significant judgments and estimates were applied, including the forecasts of future operating results, discount rates, and expected future growth rates with the consideration of the recent market environment. Based on the result of annual impairment testing, the fair value of the brands and customized services business reporting unit exceeded its carrying amount. As a result, there was no additional impairment of goodwill as of March 31, 2022. As of March 31, 2023, as a result of the completion of the integration of Ruisha Technology’s business operation into the Group’s core business, the Group concluded that there was only one reporting unit as defined in ASC 350-20-35-34. As of March 31, 2023, the Group performed the annual impairment test on the goodwill by comparing its market capitalization (the Group only has one reporting unit which includes all of the assets of the Group) as of March 31, 2023 with the carrying amount of its net assets. Given the prolonged period of deficits in market price, also taking into consideration of its continuously weaker-than-expected performance, the Group provided full impairment charge of RMB 63,460 against the balance of goodwill. Consequently, as of March 31, 2023, the carrying value of the Group’s goodwill was nil . |
Accruals and Other Liabilities
Accruals and Other Liabilities | 12 Months Ended |
Mar. 31, 2023 | |
Payables and Accruals [Abstract] | |
Accruals and Other Liabilities | 15 ACCRUALS AND OTHER LIABILITIES As of March 31, 2022 2023 RMB RMB Accrued liabilities and other current liabilities Deposits from merchants (1) 116,314 104,945 Receipts under custody (2) 134,106 134,691 Payables for purchases of office building — 10,450 Accrued expenses 6,932 8,578 Accrued advertisement expenses 6,091 4,849 Other payables 9,195 7,204 272,638 270,717 Non-current Initial reimbursement payment from depositary bank (3) 890 - 273,528 270,717 (1) The customer deposits mainly represent the cash deposits as collateral collected from the merchants of the online platform. The deposit can be withdrawn immediately after the merchants terminate its online shop on the platform. (2) The receipts under custody mainly represent the amounts received by the Group from the registered users for their purchase through the Company’s online market platform, and have not been remitted to the third-party merchants yet. (3) The Company received initial reimbursement payment of US$ 935 (RMB 6,297 ) from depositary bank in January 2019. The amount was recorded ratably as other income over 5 year arrangement period. For the year ended March 31, 2021, 2022 and 2023, the Company has recorded RMB 1,267 , RMB 1,201 and RMB 1,281 in other income. For the year ended March 31, 2021, 2022 and 2023, the Group received additional reimbursement payments of US$ 1,638 (RMB 10,829 ), US$ 448 (RMB 2,857 ) and nil from depositary bank for the transaction costs incurred in the prior years and the amount was recorded in other income. |
Taxation
Taxation | 12 Months Ended |
Mar. 31, 2023 | |
Taxes Payable [Abstract] | |
Taxation | 16 TAXATION (a) Value-added tax (“VAT”) and surcharges During the years presented, the Group is subject to statutory VAT rate of 6 % for revenues from technology services, marketing services, commissions, financing solutions and other services and 13 % and 6 % for online direct sales. The entities within the Group, which are qualified for small scale taxpayers, are subject to statutory VAT rate of 3 %. The Group is also subject to cultural undertaking development fees at the rate of 3 % on advertising revenues, which are part of revenues from marketing services in PRC. The cultural undertaking development fees are recorded in the cost of revenues in the Consolidated Operations and Comprehensive Loss. The Group is also subject to urban construction tax at the rate of 1 % or 7 %, education surcharges at the rate of 3 %, local education surcharges at the rate of 2 % and other surcharges on VAT payments to the tax authorities according to PRC tax law, which are recorded in the cost of revenues in the Consolidated Operations and Comprehensive Loss. (b) Income taxes (expense)/benefit Composition of income tax (expenses)/benefits For the year ended March 31, 2021 2022 2023 RMB RMB RMB Current income tax expense ( 9,825 ) ( 1,450 ) ( 6,965 ) Deferred income tax benefit 4,644 15,962 8,948 ( 5,181 ) 14,512 1,983 Cayman Islands (“Cayman”) Under the current tax laws of the Cayman Islands, the Company is not subject to tax on income or capital gains. In addition, upon payments of dividends by the Company to its shareholders, no Cayman Islands withholding tax will be imposed. Hong Kong Under the current Hong Kong Inland Revenue Ordinance, the Company’s subsidiaries incorporated in Hong Kong are subject to a two-tiered profits tax rates regime. Under the two-tiered profits tax rates regime, the first HK$2 million of profits of the qualifying group entity will be taxed at 8.25 %, and profits above HK$2 million will be taxed at 16.5 %. PRC 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” (“HNTE”). The HNTE certificates of Hangzhou Shiqu and Hangzhou Juangua were renewed in 2019 and are valid from 2019 to 2021. The HNTE certificate of Hangzhou Shiqu was renewed in 2022 and is valid from 2022 to 2024. The HNTE certificate of Hangzhou Juangua expired in 2022 and Hangzhou Juangua is still applying for the renewal in 2023. On November 8, 2013, Hangzhou Shiqu and Hangzhou Juangua were entitled to be “Software Enterprises”. According to the new CIT Law and relevant regulations, starting from the first profit-making year, such entities could enjoy a tax holiday of 2 -year CIT exemption and subsequently 3 -year 12.5 % preferential tax rate. As Hangzhou Shiqu and Hangzhou Juangua have never been profitable, they have never been able to benefit from the tax holiday as “Software Enterprises”. Accordingly, the tax holiday benefit will still be operable when these entities initially report profits. On November 30, 2018, Hangzhou Juandou obtained its HNTE certificate with a valid period from 2018 to 2021 with a preferential tax rate of 15 % to the extent it has taxable income under the CIT Law, as long as it maintains the HNTE qualification and duly conducts relevant CIT filing procedures with the relevant tax authority. The HNTE certificates of Hangzhou Juandou was renewed in 2021 and are valid for another three years from 2021 to 2023. On December 16, 2021, Lishuijuanfu Network and Technology Co., Ltd. (“Lishui Juanfu”) and Ruisha Technology obtained their respective HNTE certificate with a valid period of three years . Therefore, Lishui Juanfu and Ruisha Technology are eligible to enjoy a preferential tax rate of 15 % from 2021 to 2023 to the extent that they have taxable income under the EIT Law, as long as they maintain the HNTE qualification and duly conduct relevant CIT filing procedures with the relevant tax authority. Tax holidays had no immediate tax impact as there is no taxable profit for Hangzhou Shiqu and Hangzhou Juangua for the years ended March 31, 2021, 2022 and 2023. Effective from January 1, 2018, Hangzhou Shiqu, Hangzhou Juangua and Hangzhou Juandou are allowed to carry forward the annual net operating loss incurred for the year of 2013 onwards for 10 years. Lishui Juanfu and Ruisha Technology are allowed to carry forward the annual net operating loss incurred for the year of 2019 onwards for 10 years. According to relevant laws and regulations promulgated by the State Administration of Tax of the PRC effective from 2008 onwards, enterprises engaging in research and development activities are entitled to claim 200 % or 175 % of their qualified research and development expenses so incurred as tax deductible expenses when determining their assessable profits for the year (‘Super Deduction’). The additional deduction of 100 % or 75 % of qualified research and development expenses can only be claimed directly in the annual EIT filing and subject to the approval from the relevant tax authorities. The Group’s other PRC subsidiaries, consolidated VIEs and VIEs’ subsidiaries are subject to the statutory income tax rate of 25 %. PRC withholding tax on dividends The New CIT Law provides that an enterprise established under the laws of a foreign country or region but whose “de facto management body” is located in the PRC be treated as a resident enterprise for PRC tax purposes and consequently be subject to the PRC income tax at the rate of 25 % for its global income. The Implementing Rules of the CIT Law merely define the location of the “de facto management body” as “the place where the exercising, in substance, of the overall management and control of the production and business operation, personnel, accounting, property, etc., of a non-PRC company is located.” Based on a review of surrounding facts and circumstances, the Group does not believe that it is likely that its operations outside of the PRC should be considered a resident enterprise for PRC tax purposes. The CIT Law also imposes a withholding income tax of 10 % on dividends distributed by a foreign-invested entity (“FIE”) to its immediate holding company outside of China, if such immediate holding company is considered as a non-resident enterprise without any establishment or place within China or if the received dividends have no connection with the establishment or place of such immediate holding company within China, unless such immediate holding company’s jurisdiction of incorporation has a tax treaty with China that provides for a different withholding arrangement. According to the Double Tax Arrangement between Mainland China and Hong Kong Special Administrative Region, dividends paid by an FIE in China to its immediate holding company in Hong Kong will be subject to withholding tax at a rate of no more than 5 % if the foreign investor owns directly at least 25% of the shares of the FIE and if Hong Kong company is a beneficial owner of the dividend. The State Administration of Taxation (“SAT”) further promulgated Circular [2009] 601 and SAT Public Notice [2018] No.9 regarding the assessment criteria on beneficial owner status. To the extent that the consolidated VIEs and the VIEs’ subsidiaries have undistributed earnings, the Company will accrue appropriate expected tax associated with repatriation of such undistributed earnings. As of March 31, 2022 and 2023, the Company did not record any withholding tax on the retained earnings of its subsidiaries, the consolidated VIEs and the VIEs’ subsidiaries in the PRC as they were still in accumulated deficit position. The components of loss before tax are as follows: For the year ended March 31, 2021 2022 2023 RMB RMB RMB Loss before tax Loss from PRC entities ( 61,292 ) ( 138,698 ) ( 92,070 ) Loss from Cayman Islands and Hong Kong entities ( 261,498 ) ( 518,188 ) ( 96,319 ) Total loss before tax ( 322,790 ) ( 656,886 ) ( 188,389 ) For the year ended March 31, 2021 2022 2023 RMB RMB RMB Income tax (expense)/benefit Current income tax expense ( 9,825 ) ( 1,450 ) ( 6,965 ) Deferred tax benefit 4,644 15,962 8,948 Total income tax (expense)/benefit ( 5,181 ) 14,512 1,983 Reconciliation of the differences between statutory tax rate and the effective tax rate Reconciliation of the differences between the PRC statutory tax rate of 25% and the Group’s effective tax rate is as follows: For the year ended March 31, 2021 2022 2023 PRC Statutory tax rate 25 % 25 % 25 % Difference in EIT rates of certain subsidiaries ( 21 %) ( 29 %) ( 12 %) Permanent book – tax difference ( 2 %) ( 8 %) ( 3 %) Additional deduction for research and development expenditures 3 % 1 % 2 % Effect of change on tax rate 0 % 0 % ( 18 )% Changes in valuation allowance ( 6 %) 13 % 7 % Effective tax rate ( 1 %) 2 % 1 % The effect of change on tax rate is due to the expiration of HNTE certification of Hangzhou Juangua. Expenses not deductible for tax purposes and non-taxable income primarily represent share-based compensation expense and entertainment expense. (c) Deferred tax assets and liabilities Deferred taxes were measured using the enacted tax rates for the periods in which they are expected to be reversed. Significant components of the Group’s deferred tax assets are as follows: As of March 31, 2022 2023 RMB RMB Deferred tax assets: - Tax losses carried forward 282,984 125,113 - Carryforwards of un-deducted advertising expenses 167,812 329,868 - Accruals and other liabilities 5,773 8,394 - Provision for doubtful accounts 7,879 4,312 - Impairment of available-for-sale investments 1,255 900 Less: valuation allowance ( 465,703 ) ( 468,587 ) Net deferred tax assets — — Deferred tax liabilities: - Recognition of intangible assets arisen from business 12,112 3,369 Net deferred tax liabilities 12,112 3,369 As of March 31, 2023, the Group had net operating loss carry forwards of approximately RMB 543,015 which mainly arose from the subsidiaries, the consolidated VIEs and the VIEs’ subsidiaries established in the PRC. The loss carry forwards from PRC entities will expire during the calendar year from 2023 to 2032 . The net operating loss of the Group will start to expire if not utilized. Other than the expiration, there are no other limitations or restrictions upon Group’s ability to use these operating losses carry forwards. There is no expiration for the advertising expenses carryforwards. As of March 31, 2023, net operating loss carry forwards from PRC entities will expire as follows: At December 31, RMB 2023 20,518 2024 110,411 2025 141,244 2026 98,601 2027 77,860 Thereafter 94,381 543,015 A valuation allowance is provided against deferred tax assets when the Group determines that it is more likely than not that the deferred tax assets will not be utilized in the future. In making such determination, the Group evaluates a variety of factors including the Group’s operating history, accumulated deficit, existence of taxable temporary differences and reversal periods. Movement of valuation allowance For the year ended March 31, 2021 2022 2023 RMB RMB RMB Balance at beginning of the period 752,907 540,973 465,703 Addition 16,934 19,865 10,298 Effect of change on tax rate — — 30,001 Written off for expiration of net operating losses ( 225,742 ) ( 2,380 ) ( 20,022 ) Utilization of previously unrecognized tax loss and ( 3,126 ) ( 92,755 ) ( 17,393 ) Balance at end of the period 540,973 465,703 468,587 Uncertain tax positions As of March 31, 2022, the Group did not record any reserves for uncertain tax positions. For the year ended March 31, 2023, and as a result of information obtained through an ongoing tax examination regarding one of the Company’s PRC subsidiaries for the period from January 1, 2019 to December 31, 2021, the Group updated its estimate of the realizable benefit of an uncertain tax position that had originally been expected to be fully sustained through examination. As a result, a reserve related to an uncertain tax position of RMB 6,680 , including interest of RMB 2,447 , was recorded for the year ended March 31, 2023. It is possible that the estimate and ultimate resolution of this matter may further change as the examination progresses and ultimately concludes. However, any potential change to the Group’s current estimation is not expected to be material. In general, the PRC tax authorities have up to five years to review a company’s tax filings. Accordingly, tax filings of the Company’s PRC subsidiaries and VIEs for tax years 2018 through 2022 remain subject to the review by the relevant PRC tax authorities. |
Ordinary Shares
Ordinary Shares | 12 Months Ended |
Mar. 31, 2023 | |
Federal Home Loan Banks [Abstract] | |
Ordinary Shares | 17 ORDINARY SHARES Prior to May 24, 2013, each ordinary share had a par value of US$0.001. On May 24, 2013, the Board of Directors of the Company passed the resolution that each issued and unissued share of the authorized share capital of the Company, with a par value of US$0.001 each, be subdivided into 100 shares with a par value of US$ 0.00001 each. Immediately prior to the consummation of the IPO, the authorized share capital of the Company is US$ 500,000 divided into 50,000,000,000 shares comprising of (i) 49,000,000,000 Class A Ordinary Shares of a par value of US$ 0.00001 each, (ii) 500,000,000 Class B Ordinary Shares of a par value of US$ 0.00001 each and (iii) 500,000,000 shares of a par value of US$ 0.00001 each of such class or classes (however designated) as the board of directors may determine in accordance with the Memorandum of Association of the Company. On December 10, 2018, the Company consummated its IPO on the New York Stock Exchange with a total 118,750,000 shares of Class A Ordinary Shares issued at a price of US$ 0.56 per share. Subsequently on December 18, 2018, over-allotment option were fully exercised and the Company issued additional 2,122,750 shares of Class A Ordinary Shares issued at a price of US$ 0.56 per share. As of March 31, 2019, the Company had 2,371,289,450 shares of Class A Ordinary Shares and 303,234,004 shares of Class B Ordinary Shares issued and outstanding. Effective September 1, 2022, the Board of Directors approved an new share repurchase program to repurchase shares up to US$ 10 million worth of outstanding ADSs of the Company over the next 12 months. The share repurchases may be made from time to time in the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations. The Company’s board of directors will review the share repurchase program periodically and may authorize adjustment of its terms and size. The Company expects to fund repurchases made under this program from its existing funds. These repurchased class A ordinary shares were recorded as treasury stock and were accounted for under the cost method. Under the cost method, when the Company’s shares are acquired for purposes other than retirement, the costs of the acquired stock will be shown separately as a deduction from the total of capital stock. No repurchased shares of common stock have been retired. For the year ended March 31, 2021, 44,555,900 Class A Ordinary Shares were repurchased with a total consideration of US$ 3,642 (RMB 24,362 ), at a weighted average price of US$ 0.08 per share in open market, and 161,960,075 outstanding Class A Ordinary Shares were repurchased with a total consideration of US$ 13,799 (RMB 95,496 ), at a weighted average price of US$ 0.09 per share from certain shareholders. For the year ended March 31, 2022, 25,644,050 Class A Ordinary Shares were repurchased with a total consideration of US$ 1,502 (RMB 9,689 ), at a weighted average price of US$ 0.06 per share in open market. For the year ended March 31, 2023, 29,778,000 Class A Ordinary Shares were repurchased with a total consideration of US$ 198 (RMB 1,333 ), at a weighted average price of US$ 0.01 per share in open market. As of March 31, 2022 and 2023, the Company had 2,433,353,800 and 2,433,709,000 shares of Class A Ordinary Shares issued and 2,190,737,700 and 2,161,314,900 shares of Class A Ordinary Shares outstanding and 303,234,004 and 303,234,004 shares of Class B Ordinary Shares issued and outstanding, respectively. The shareholders agreement provides that for so long as Tencent and its affiliates, the principal shareholders hold no less than 50 % of the shares in the Company that they currently hold, Tencent has a veto right on any proposed transfer or issuance of the Company’s securities to the competitors of Tencent, subject to certain exceptions for open market transactions and underwritten offerings. The Company has a dual class voting structure under which all of the ordinary shares held by the founders are designated as Class B Ordinary Shares and all of the other ordinary shares are designated as Class A Ordinary Shares. Class A and Class B Ordinary Shares have the same rights except for voting and conversion rights. Both of the Class A and Class B Ordinary Shares were entitled to one vote per share before the IPO. Upon the completion of the IPO, holders of Class B Ordinary Shares are entitled to 30 votes per share. Each Class B Ordinary Share is convertible into one Class A Ordinary Share at any time by the holder while Class A Ordinary Shares are not convertible into Class B Ordinary Shares under any circumstances. |
Share Based Compensation
Share Based Compensation | 12 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share Based Compensation | 18 SHARE BASED COMPENSATION (a) Global Share Plan On December 9, 2011, the Company’s Board of Directors approved the establishment of Global Share Plan that provides for granting options to eligible directors, employees and etc. (collectively, the “Grantees”) to acquire ordinary shares of the Company at an exercise price as determined by the Board at the time of grant. According to the latest Amended and Restated Global Share Plan, the Board of Directors accumulatively authorized and reserved 384,111,187 ordinary shares for the issuance as of March 31, 2023. Since adoption of the Global Share Plan, the Company granted RSUs and options to the Grantees. All RSUs and options granted have a contractual term of ten years , and the majority vest over a period of four years of continuous service on a straight-line basis. Under the option plan, options are exercisable subject to the grantee’s continuous service and the listing of the stock of the Company on a public stock exchange market or be held in escrow if the employee exercise the vested part when leaving the Company, which is normally in fifteen days after resignation. On December 10, 2018 , the Company has consummated its IPO on the New York Stock Exchange. The Company accounts for share based compensation costs on a straight-line basis over the requisite service period for the award based on the fair value on their respective grant dates. Valuation of stock options The Group uses the Binominal option pricing model to estimate the fair value of stock options. The Group estimates the risk free rate based on the yield to maturity of U.S. treasury bonds denominated in US$ 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 behavior of employees. Expected term is the contract life of the option. The expected volatility at the date of grant date and each option valuation date was estimated based on the historical stock prices of comparable companies. The Group has never declared or paid any cash dividends on its capital stock, and the Group does not anticipate any dividend payments in the foreseeable future. There were no options granted for the years ended March 31, 2021, 2022 and 2023. Summary of option activities under the Global Share Plan The following table sets forth the summary of option activities under the Company’s Global Share Plan: Number of Weighted Weighted Average Aggregate (US$) (In years) (US$) Outstanding as of April 1, 2020 19,460,008 0.13 4.26 189 Exercised ( 2,865,800 ) 0.03 Forfeited or cancelled (post-vesting) ( 3,151,360 ) 0.27 Outstanding as of March 31, 2021 13,442,848 0.12 3.27 371 Forfeited or cancelled (post-vesting) ( 1,491,990 ) 0.19 Outstanding as of March 31, 2022 11,950,858 0.11 1.74 — Expired ( 440,000 ) 0.02 Forfeited or cancelled (post-vesting) ( 68,000 ) 0.23 Outstanding as of March 31, 2023 11,442,858 0.11 0.83 0.00 Vested and expected to vest as of March 31, 2023 11,442,858 0.11 0.83 0.00 Exercisable as of March 31, 2023 11,442,858 0.11 0.83 0.00 The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the estimated fair value of the underlying stock at each reporting date. The Company recognized share-based compensation expenses of RMB 1,161 , nil and nil for share options granted under the Global Share Plan in the Consolidated Statements of Operations and Comprehensive Loss for the years ended March 31, 2021, 2022 and 2023, respectively. As of March 31, 2022 and 2023, there was no unrecognized compensation expense in relation to the share options. (b) Service-based RSUs A summary of activities of the service-based RSUs for the years ended March 31, 2021, 2022 and 2023 is presented below: Number of RSUs Weighted-Average US$ Unvested at March 31, 2020 50,365,952 0.31 Granted 42,695,000 0.05 Vested ( 8,195,402 ) 0.54 Forfeited ( 14,092,450 ) 0.30 Unvested at March 31, 2021 70,773,100 0.13 Granted 3,559,000 0.07 Vested ( 12,858,575 ) 0.28 Forfeited ( 29,584,475 ) 0.09 Unvested at March 31, 2022 31,889,050 0.10 Granted 132,327,600 0.01 Vested ( 81,298,225 ) 0.04 Forfeited ( 400,875 ) 0.07 Unvested at March 31, 2023 82,517,550 0.01 For the years ended March 31, 2021, 2022 and 2023, total share-based compensation expenses recognized by the Group for the service-based RSUs granted were RMB 25,134 , RMB 12,458 and RMB 13,563 , respectively. As of March 31, 2022 and 2023, there were RMB 12,859 and RMB 5,473 of unrecognized share-based compensation expenses related to the service-based RSUs granted which is expected to be recognized over a weighted-average period of 1.89 and 2.98 years. The total fair value and intrinsic value of RSUs vested was RMB 7,070 , RMB 3,782 and RMB 3,646 during the years ended March 31, 2021, 2022 and 2023, respectively. |
Related Party Transactions and
Related Party Transactions and Balances | 12 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions and Balances | 19 RELATED PARTY TRANSACTIONS AND BALANCES Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. Parties are also considered to be related if they are subject to common control or common significant influence. Related parties may be individuals or corporate entities. The following entities are considered to be related parties to the Group: Name of related parties Relationship with the Group Tencent Group Shareholder of the Group The Group had the following transactions with the major related parties: For the year ended 2021 2022 2023 RMB RMB RMB Cost of revenue: Cloud technology services from Tencent Group 35,403 24,915 20,363 Payment processing fees to Tencent Group 10,354 6,898 1,984 Total 45,757 31,813 22,347 The Group had the following balances with the major related parties: As of March 31, 2022 2023 RMB RMB Due from Tencent Group 640 1,260 Due to Tencent Group ( 4,694 ) ( 4,196 ) All balances with the related parties as of March 31, 2022 and 2023 were unsecured, interest free. All balances with the related parties as of March 31,2022 and 2023 had no fixed terms for repayment except for the balance due from Tencent Group of RMB 618 as of March 31, 2023 resulting from the disposal of Xuanwei (Note 10), which is expected to be received within one year. |
Loss Per Share
Loss Per Share | 12 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Loss Per Share | 20 LOSS PER SHARE Basic loss per share and diluted loss per share have been calculated in accordance with ASC 260 on computation of earnings per share for the years ended March 31, 2021, 2022 and 2023 as follows: Year ended March 31, 2021 2022 2023 RMB RMB RMB Numerator: Net loss attributable to ordinary shareholders-Basic and Diluted ( 327,971 ) ( 639,800 ) ( 177,984 ) Denominator: Weighted average number of ordinary shares-Basic and Diluted 2,630,425,361 2,519,948,060 2,554,338,579 Basic and diluted loss per share ( 0.12 ) ( 0.25 ) ( 0.07 ) Basic loss per share is computed using the weighted average number of ordinary shares outstanding during the period. Diluted loss per share is computed using the weighted average number of ordinary shares and dilutive ordinary share equivalents outstanding during the period. The following ordinary share equivalents were excluded from the computation of diluted net loss per share for the periods presented to eliminate any anti-dilutive effect: Year ended March 31, 2021 2022 2023 Share options and RSUs 29,131,536 13,520,133 21,498,272 |
Restricted Net Assets
Restricted Net Assets | 12 Months Ended |
Mar. 31, 2023 | |
Receivables [Abstract] | |
Restricted Net Assets | 21 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 year ended March 31, 2022 and 2023, nil and nil appropriations to the statutory reserve, enterprise expansion fund and staff welfare and bonus fund have been made by the Group. In addition, due to restrictions on the distribution of share capital from the Group’s PRC subsidiaries and also as a result of these entities’ unreserved accumulated losses, total restrictions placed on the distribution of the Group’s PRC subsidiaries’ net assets were RMB 552,055 as of March 31, 2023. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 22 COMMITMENTS AND CONTINGENCIES (a) Operating lease commitments The Group has entered into non-cancellable operating leases covering various facilities. See Note 13 for additional details on the Group’s operating lease commitments. (b) Capital and other commitments There is no future capital and other commitments as of March 31, 2023. (c) Contingencies The Group is subject to legal proceedings and regulatory actions in the ordinary course of business. The results of such proceedings cannot be predicted with certainty, but the Group does not anticipate that the final outcome arising out of any such matter will have a material adverse effect on our consolidated financial position, cash flows or results of operations on an individual basis or in the aggregate. As of March 31, 2023, the Group is not a party to any material legal or administrative proceedings. The Group accounts for loss contingencies if both of the following conditions are met: a) Information available before the financial statements are issued or are available to be issued indicates that it is probable that an asset had been impaired or a liability had been incurred at the date of the financial statements; and b) The amount of loss can be reasonably estimated. As of March 31, 2023, the Group did no t have material loss contingencies. |
Parent Company Only Condensed F
Parent Company Only Condensed Financial Information | 12 Months Ended |
Mar. 31, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
Parent Company Only Condensed Financial Information | 23 PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION The Company performed a test on the restricted net assets of consolidated subsidiaries, VIEs and VIEs’ subsidiaries in accordance with SEC 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 information for the parent company only as the restricted net assets of consolidated subsidiaries exceed 25 percent of consolidated net assets as of the end of the most recently completed fiscal year. The subsidiaries did not pay any dividend to the Company for the years presented. Certain information and footnote disclosures generally included in financial statements prepared in accordance with U.S. 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 Company did not have significant capital and other commitments, or guarantees as of March 31, 2023. CONDENSED BALANCE SHEETS As of March 31, 2022 2023 RMB RMB US$ Cash and cash equivalents 4,349 14,668 2,136 Prepayments, receivables and other current assets 795 47 7 Amounts due from related parties 571 618 90 Total current assets 5,715 15,333 2,233 Non-current assets: Intangible assets, net 46,000 — — Amounts due from subsidiaries 1,066,882 1,050,048 152,899 Investments in other investees 37,789 30,849 4,492 Total non-current assets 1,150,671 1,080,897 157,391 Total assets 1,156,386 1,096,230 159,624 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Amounts due to subsidiaries 104,015 104,015 15,146 Taxes payable 526 526 76 Accruals and other current liabilities 1,439 2,429 355 Total current liabilities 105,980 106,970 15,577 Non-current liabilities: Investment deficit of subsidiaries 258,372 350,284 51,005 Deferred tax liabilities 1,408 1,614 235 Other non-current liabilities 890 — — Total non-current liabilities 260,670 351,898 51,240 Total liabilities 366,650 458,868 66,817 As of March 31, 2022 2023 RMB RMB US$ SHAREHOLDERS’ EQUITY Class A ordinary shares (US$0.00001 par value; 49,000,000,000 shares authorized as of March 31, 2022 and 2023; 2,433,353,800 and 2,433,709,000 shares issued as of March 31, 2022 and 2023,respectively; 2,190,737,700 and 2,161,314,900 shares outstanding as of March 31, 2022 and 2023, respectively) 165 165 24 Class B ordinary shares (US$0.00001 par value; 500,000,000 shares authorized as of March 31, 2022 and 2023; 303,234,004 shares issued and outstanding as of March 31, 2022 and 2023, respectively) 16 16 2 Treasury stock (US$0.00001 par value; 242,616,100 and 272,394,100 shares as of March 31, 2022 and 2023) ( 136,113 ) ( 137,446 ) ( 20,014 ) Additional paid-in capital 9,471,101 9,484,664 1,381,074 Statutory reserves 3,331 3,331 485 Accumulated other comprehensive income 69,016 82,396 11,999 Accumulated deficit ( 8,617,780 ) ( 8,795,764 ) ( 1,280,763 ) Total MOGU Inc. shareholders’ equity 789,736 637,362 92,807 Total liabilities and shareholders’ equity 1,156,386 1,096,230 159,624 CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS For the year ended March 31, 2021 2022 2023 RMB RMB RMB US$ General and administrative expenses ( 9,155 ) ( 5,151 ) ( 3,249 ) ( 473 ) Amortization of intangible assets ( 322,230 ) ( 301,866 ) ( 49,957 ) ( 7,274 ) Other income, net 6,138 1,008 ( 78,030 ) ( 11,362 ) Loss from operations ( 325,247 ) ( 306,009 ) ( 131,236 ) ( 19,109 ) Interest income 78 1 — — Loss from subsidiaries, VIEs and VIEs’ subsidiaries ( 82,563 ) ( 334,730 ) ( 38,453 ) ( 5,600 ) (Loss)/gain from investments, net 89,518 ( 1,636 ) ( 16,816 ) ( 2,449 ) Loss before income tax and share of results of equity investee ( 318,214 ) ( 642,374 ) ( 186,505 ) ( 27,158 ) Income tax expenses ( 9,757 ) — — — Share of results of equity investee — — 99 14 Net loss ( 327,971 ) ( 642,374 ) ( 186,406 ) ( 27,144 ) Net loss attributable to MOGU Inc., ( 327,971 ) ( 642,374 ) ( 186,406 ) ( 27,144 ) Net Loss ( 327,971 ) ( 642,374 ) ( 186,406 ) ( 27,144 ) Other comprehensive income/(loss): Foreign currency translation adjustments, net of nil tax ( 72,993 ) ( 17,400 ) 14,264 2,077 Share of other comprehensive (loss)/income of subsidiaries, VIEs and VIEs’ subsidiaries, net of tax 9,726 ( 10,729 ) ( 1,761 ) ( 256 ) Unrealized securities holding gains/(losses), net of tax ( 41,384 ) — 877 127 Total other comprehensive income/(loss) ( 104,651 ) ( 28,129 ) 13,380 1,948 Total comprehensive loss ( 432,622 ) ( 670,503 ) ( 173,026 ) ( 25,196 ) CONDENSED STATEMENTS OF CASH FLOWS For the year ended March 31, 2021 2022 2023 RMB RMB RMB US$ Net cash provided by/(used in) operating activities 3,322 ( 1,642 ) ( 1,712 ) ( 249 ) Net cash provided by investing activities 37,446 13,608 13,364 1,946 Net cash used in financing activities ( 119,249 ) ( 9,689 ) ( 1,333 ) ( 194 ) Net (decrease)/increase in cash and cash equivalents ( 78,481 ) 2,277 10,319 1,503 Cash and cash equivalents at beginning of year 80,553 2,072 4,349 633 Cash and cash equivalents at end of year 2,072 4,349 14,668 2,136 Basis of presentation The Company’s accounting policies are the same as the Group’s accounting policies with the exception of the accounting for the investments in subsidiaries, VIEs and VIEs’ subsidiaries. For the Company only condensed financial information, the Company records its investments in subsidiaries, VIEs and VIEs’ subsidiaries under the equity method of accounting as prescribed in ASC 323, Investments—Equity Method and Joint Ventures. Such investments are presented on the Condensed Balance Sheets as “Investments in subsidiaries, VIEs and VIEs’ subsidiaries” and shares in the subsidiaries, VIEs and VIEs’ subsidiaries’ loss are presented as “Equity in loss of subsidiaries, VIEs and VIEs’ subsidiaries” on the Condensed Statements of Operations and Comprehensive Loss. The parent company only condensed financial information should be read in conjunction with the Group’ consolidated financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Consolidation | (a) Basis of presentation and consolidation The consolidated financial statements of the Group have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S.GAAP”). On March 18, 2022, the Company announced a change in the ratio of its American Depositary Shares (“ ADSs ”) to its Class A ordinary shares (the “ ADS Ratio ”), par value US$ 0.00001 per share, from the current ADS Ratio of one (1) ADS to twenty-five ( 25 ) Class A ordinary share to a new ADS Ratio of one (1) ADS to three hundred ( 300 ) Class A ordinary shares. The change in the ADS Ratio was effective on March 28, 2022. The number of ADSs and net loss per ADS as disclosed elsewhere in these consolidated financial statements have been retrospectively adjusted, where applicable. Significant accounting policies followed by the Group in the preparation of the accompanying consolidated financial statements are summarized below. |
Principles of Consolidation | (b) Principles of consolidation The consolidated financial statements include the financial statements of the Company, its subsidiaries, the consolidated VIEs and VIEs’ subsidiaries for which the Company is the ultimate primary beneficiary in each instance. Subsidiaries are those entities in which the Company, directly or indirectly, controls more than one half of the voting power, or has the power to govern the financial and operating policies, to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of directors. A VIE is an entity in which the Company, or its subsidiaries, through Contractual Agreements, has the power to direct activities, bears the risks of, and enjoys the rewards normally associated with, ownership of the entity, and therefore the Company or its subsidiaries are the primary beneficiary of the entity. All transactions and balances among the Company, its subsidiaries, the consolidated VIEs and VIEs’ subsidiaries have been eliminated upon consolidation. |
Business Combination and Non-controlling Interests | (c) Business combination and non-controlling interests The Company accounts for its business combinations using the acquisition method of accounting. Transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets and liabilities acquired or assumed are measured separately at their fair values as of the acquisition date, irrespective of the extent of any non-controlling interests. The excess of (i)the total costs of acquisition, fair value of the non-controlling interests and acquisition date fair value of any previously held equity interest in the acquiree over (ii)the fair value of the identifiable net assets of the acquiree is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the Consolidated Statements of Operations and Comprehensive Loss. During the measurement period, which can be up to one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the Consolidated Statements of Operations and Comprehensive Loss. In a business combination achieved in stages, the Company re-measures the previously held equity interest in the acquiree immediately before obtaining control at its acquisition-date fair value and the re-measurement gain or loss, if any, is recognized in the Consolidated Statements of Operations and Comprehensive Loss. When there is a change in ownership interests or a change in contractual arrangements that results in a loss of control of a subsidiary or consolidated VIE, the Company deconsolidates the subsidiary or consolidated VIE from the date control is lost. Any retained non-controlling investment in the former subsidiary or consolidated VIE is measured at fair value and is included in the calculation of the gain or loss upon deconsolidation of the subsidiary or consolidated VIE. For the Company’s majority-owned subsidiaries, the consolidated VIEs and the VIEs’ subsidiaries, non-controlling interests are recognized to reflect the portion of their equity that is not attributable, directly or indirectly, to the Company as the controlling shareholder. Non-controlling interests are classified as a separate line item in the equity section of the Group’s Consolidated Balance Sheets and have been separately disclosed in the Group’s Consolidated Statements of Operations and Comprehensive Loss to distinguish the interests from that of the Company. |
Use of Estimates | (d) Use of estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent liabilities at the balance sheet date, and the reported revenues and expenses during the reported period in the consolidated financial statements and accompanying notes. Significant accounting estimates are used for, but not limited to, fair value of available-for-sale debt securities, recoverability of receivables, assessment for impairment of long-lived assets, intangible assets and goodwill and useful lives of intangible assets and property and equipment. Actual results may differ materially from those estimates. |
Foreign Currency Translation | (e) Foreign currency translation The Group’s reporting currency is Renminbi (“RMB”). The functional currency of the Group’s entities incorporated in Cayman Islands and Hong Kong, China (“HK”) is the United States dollars (“US$”). The Group’s PRC subsidiaries, consolidated VIEs and VIEs’ subsidiaries determined their functional currency to be RMB. Transactions denominated in currencies other than the relevant functional currency are translated into the functional currency at the exchange rates quoted by authoritative banks prevailing at the dates of the transactions. Exchange gains and losses resulting from those foreign currency transactions denominated in a currency other than the functional currency are recorded as a component of Other income, net in the Consolidated Statements of Operations and Comprehensive Loss. Total foreign exchange gains/(losses) were a gain of RMB 5,574 , a gain of RMB 1,214 and a loss of RMB 8,547 for the years ended March 31, 2021, 2022 and 2023, respectively. The financial statements of the Group entities that use US$ as functional currency are translated from the functional currency into RMB for preparation of the consolidated financial statements of the Group. 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, gains and losses are translated into RMB using the periodic average exchange rates. The resulting foreign currency translation adjustments are recorded in accumulated other comprehensive income/(loss) as a component of shareholders’ equity. Total foreign currency translation adjustments recorded in the Group’s other comprehensive (loss)/income were a loss of RMB 72,993 , a loss of RMB 17,400 and a gain of RMB 14,264 for the years ended March 31, 2021, 2022 and 2023, respectively. |
Convenience Translation | (f) Convenience translation Translations of the Consolidated Balance Sheets, the Consolidated Statements of Operations and Comprehensive Loss and the Consolidated Statements of Cash Flows from RMB into US$ as of and for the year ended March 31, 2023 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB 6.8676 , representing the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board on March 31, 2023. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on March 31, 2023, or at any other rate. |
Fair Value Measurement | (g) Fair value measurement Financial instruments 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 measured 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 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. • Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical asset or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. • Level 3 applies to asset or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. Accounting guidance also describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future cash flows to a single present value amount. The measurement is based on the value indicated by current market expectations about those future cash flows. The cost approach is based on the amount that would currently be required to replace an asset. The Company’s financial instruments include cash and cash equivalents, restricted cash, short-term investments, loan receivables, other receivables, amounts due from related parties, operating lease liabilities, accounts payable, amounts due to related parties, accruals and other current liabilities and short-term borrowings. The carrying amounts of loan receivables, other receivables, accounts payable, accruals and other current liabilities and short-term borrowing approximate their fair value due to their relatively short maturity. |
Cash and Cash Equivalents | (h) Cash and cash equivalents Cash and cash equivalents consist of cash on hand, deposits held by financial institutions as well as highly liquid investments, which have original maturities of three months or less and are readily convertible to known amount of cash. |
Restricted Cash | (i) Restricted cash Cash that is restricted as to withdrawal or for use or pledged as security is reported separately on the Consolidated Balance Sheets. The Group’s restricted cash mainly represents deposits held in designated bank accounts as security for payment processing. Restricted cash with an expected collection period within one year is classified as current assets in the Consolidated Balance Sheets. Restricted cash is included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the Consolidated Statement of Cash Flows. |
Short-term Investments | (j) Short-term investments Short-term investments are comprised of (i) time deposits placed with banks with original maturities longer than three months but less than one year, (ii) investments in wealth management products issued by banks and other financial institutions, primarily with the pre-agreed fixed interest rate or variable interest rates and with original maturities within one year, and (iii) equity securities with readily determinable fair value. The time deposits and wealth management products are generally not permitted to be redeemed early or are subject to penalties for redemption prior to maturity. The short-term investments are stated at fair value. Changes in the fair value are reflected in the Consolidation Statement of Operations and Comprehensive Loss. |
Loan Receivables, Net | (k) Loan receivables, net Loan receivables represent the funds extended by the Group to qualified merchants and users through its factoring arrangements. The loan periods generally range from 1 month to 12 months. The loan receivables are measured at amortized cost and net of allowance for doubtful accounts. The Group considers many factors in assessing the collectability of its loan receivable, such as the age of the amounts due, the payment history, creditworthiness and financial conditions of the borrowers, to determine the allowance percentage of the overdue balances. The Group adjusts the allowance balance periodically when there are significant differences between estimated and actual bad debts. An allowance for doubtful accounts is recorded in the period in which a loss is determined probable. If the loan receivable with allowance for doubtful accounts is subsequently collected, the previously recognized allowance for doubtful accounts is reversed. The amount of reversal is recognized in the Consolidated Statements of Operations and Comprehensive Loss. |
Inventories, Net | (l) Inventories, net Inventories, consisting of products available for sale, are stated at the lower of cost and net realizable value. Cost of inventory is determined using the weighted average cost method. Adjustments are recorded to write down the cost of inventory to the estimated net realizable value due to slow-moving merchandise and damaged goods, which is dependent upon factors such as historical and forecasted consumer demand, and promotional environment. The Group takes ownership, risks and rewards of the products purchased. Write downs recorded in the Consolidated Statements of Operations and Comprehensive Loss for the years ended March 31, 2021, 2022 and 2023 were immaterial. |
Property and Equipment, Net | (m) Property and equipment, net Property and equipment are stated at cost less accumulated depreciation and impairment. Property and equipment are depreciated at rates sufficient to write off their costs less impairment and residual value, if any, over the estimated useful lives on a straight-line basis. The estimated useful lives are as follows: Electronic equipment 3 years Furniture and office equipment 5 years Computer software 3 - 10 years Vehicles 5 years Building 46 years Leasehold improvements Shorter of the expected use life or the lease term Repairs and maintenance costs are charged to expense as incurred. Retirements, sales and disposals of assets are recorded by removing the costs, accumulated depreciation and impairment with any resulting gain or loss recognized in the Consolidated Statements of Operations and Comprehensive Loss. |
Intangible Assets, Net | (n) Intangible assets, net Intangible assets purchased from third parties are initially recorded at cost. The Group performs a valuation of the identifiable intangible assets acquired in a business combination to determine the relative fair value to be assigned to each asset acquired. The intangible assets are amortized using the straight-line method or other method which reflects the pattern in which the asset’s economic benefits are consumed over the estimated economic useful lives of the assets. The estimated useful lives of intangible assets are as follows: Domain name 5 - 20 years Trademarks 4 - 10 years Insurance agency license 20 years Broadcasting license 4 - 5 years Buyer and customer relationship 5 years Brand 2 - 8 years Technology 2 - 5 years Strategic business resources 3 - 5 years The Group recorded impairment charges for intangible assets of nil , RMB 48,890 and RMB 21,233 (Note 12) for the years ended March 31, 2021, 2022 and 2023, respectively. |
Goodwill | (o) Goodwill Goodwill represents the excess of the purchase price over the fair value of the identifiable assets and liabilities acquired in a business combination. Goodwill is not depreciated or amortized but is tested for impairment on an annual basis as of March 31, and in between annual tests when an event occurs or circumstances change that could indicate that the asset might be impaired. In accordance with the FASB guidance on “Testing of Goodwill for Impairment” a company first has the option to assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the company decides, as a result of its qualitative assessment, that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the quantitative impairment test is mandatory. Otherwise, no further testing is required. The quantitative impairment test consists of a comparison of the fair value of each reporting unit with its carrying amount, including goodwill. An impairment charge is recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value. Application of a goodwill impairment test requires significant management judgment, including the identification of reporting units, assigning assets and liabilities to reporting units, assigning goodwill to reporting units, and determining the fair value of each reporting unit. The Company estimates the fair value of its reporting units using the income approach (discounted cash flows) methodology of valuation. The judgment in estimating the fair value of reporting units includes estimating future cash flows, determining appropriate discount rates and making other assumptions. Changes in these estimates and assumptions could materially affect the determination of fair value for each reporting unit. As of March 31, 2023, the Group had only one reporting unit. For the years ended March 31, 2021, 2022 and 2023, the Group recorded goodwill impairment charges of nil , RMB 186,504 and RMB 63,460 , respectively (Note 14). |
Investments | (p) Investments The Group’s investments include equity method investments and available-for-sale security investments. The Group has investments in privately held companies. The Group applies the equity method of accounting to account for an equity investment, in common stock or in-substance common stock, over which it has significant influence but does not own a majority equity interest or otherwise control. An investment in in-substance common stock is an investment in an entity that has risk and reward characteristics that are substantially similar to that entity’s common stock. The Group considers subordination, risks and rewards of ownership and obligation to transfer value when determining whether an investment in an entity is substantially similar to an investment in that entity’s common stock. Under the equity method, the Group’s share of the post-acquisition profits or losses of the equity investee are recorded in share of results of equity investee in the Consolidated Statements of Operations and Comprehensive Loss. The excess of the carrying amount of the investment over the underlying equity in net assets of the equity investee represents goodwill and intangible assets acquired. When the Group’s share of losses in the equity investee equals or exceeds its interest in the equity investee, the Group does not recognize further losses, unless the Group has incurred obligations or made payments or guarantees on behalf of the equity investee. If the investee subsequently reports earnings the Group resumes applying the equity method by only recognizing such income to the extent it exceeds previously unrecognized cumulative losses, Investments in debt securities are accounted for as available-for-sale debt security investments, and are carried at estimated fair value with the aggregate unrealized gains and losses related to these investments, net of taxes, reported through other comprehensive income. Realized gains or losses are charged to earnings during the period in which the gains or losses are realized. Gain or losses are realized when such investments are sold or when dividends are declared or payments are received or when other than temporarily impaired. Equity securities that have readily determinable fair values are measured at fair value, with changes in fair value reported through earnings. Currently, the maturities for debt securities the Group held are longer than 12 months and the Company does not expect to convert securities to cash within one year. The Group continually reviews its investments to determine whether a decline in fair value to below the carrying value is other-than-temporary. The primary factors the Group considers in its determination are the duration and severity of the decline in fair value; the financial condition, operating performance and the prospects of the equity investee; and other company specific information such as recent financing rounds. If the decline in fair value is deemed to be other-than-temporary, the carrying value of the investment is written down to fair value. |
Impairment of Long-lived Assets | (q) Impairment of long-lived assets Long-lived assets are evaluated for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not be fully recoverable or that the useful life is shorter than the Group had originally estimated. When these events occur, the Group evaluates the impairment for the long-lived assets 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 assets and their eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying value of the assets, the Group recognizes an impairment loss based on the excess of the carrying value of the assets over the fair value of the assets. |
Short-term borrowings | (r) Short-term borrowings Borrowings are recognized initially at fair value, net of debt discounts or premiums, debt issuance costs and other incidental fees. Debt discounts or premiums, debt issuance costs and other incidental fees are recorded as a reduction of the proceeds received and the related accretion is recorded as interest expense in the Consolidated Statements of Operations and Comprehensive Loss over the estimated term of the facilities using the effective interest method. As of March 31, 2022, the Company had short-term borrowings from one financial institution of RMB 10,064 with an interest rate of 6.8 % per annum. The borrowings were repaid in January and February 2023. As of March 31, 2023, the Company had no short-term borrowings. |
Revenue Recognition | (s) 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, the Group applies the five steps as 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 Group allocates the transaction price to each performance obligation based on the relative standalone selling price of the goods or services provided. Revenue is recognized upon transfer of control of promised goods or services to a customer. Revenue is recorded net of value-added-tax. Revenue recognition policies for each type of revenue stream are analyzed as follows: Commission revenues The Group operates its online platform as a marketplace for merchants to sell their merchandise to the users and also provides integrated platform-wide services. The merchants can choose the marketplace service only or both of the marketplace service and integrated platform-wide services. When the transactions are completed on the Group’s platform, the Group charges merchants commissions at their respective agreed percentage of the amount of merchandise sold by merchants. The Group has determined that services to enable the successful merchandise transactions on the Group’s marketplace and integrated promotional related services are separate performance obligations. The merchandise transactions are deemed completed (with related commission revenue earned) upon users’ acceptance of merchandise. For the years ended March 31, 2022 and 2023, commission revenue related only to the obligation to enable successful merchandise transactions, and there was no commission revenue recognized in fiscal 2022 and 2023 related to integrated promotional related services. Commission revenue recognized in fiscal 2021 related to integrated promotional related services was immaterial. The Group applies the practical expedient that allocates the commission revenues for the integrated services to the respective day on which the Group has the right to invoice. The Group does not control the underlying merchandise provided by merchants before they are transferred to users, as the Group is not responsible for fulfilling the promise to provide the merchandise to users and has no inventory risk before the merchandise are transferred to the users or after the control is transferred to the users. In addition, the Group has no discretion in establishing prices of the merchandise provided by merchants. Revenues are recognized on a net basis by the Group as an agent to the extent of the commission the Group earns at the point of users’ acceptance of merchandise. Commission fees are refundable if and when users return the merchandise to merchants and the refund is recognized as variable consideration. The Group determines the amount of consideration to which the Group expects to be entitled subject to constraint that it is probable that a significant reversal in the cumulative amount of revenue recognized will not occur when the uncertainty is resolved. The Group recognizes the amounts received for which the Group does not expect to be entitled as a refund liability when it transfers service to merchants as an agent. At the end of each reporting period, the Group updates its assessment of amounts for which it expects to be entitled in exchange for the transferred services and makes a corresponding change to the amount of commission revenue recognized. Marketing services revenues The Group provides marketing services to merchants and brand partners that help them promote their products in designated areas on the Group’s platform directly or via social network platforms over particular periods of time that will then divert users back to the Group’s platform. Such service revenues are charged at fixed prices or at prices established through the Group’s online auction system. In general, merchants and brand partners need to prepay for the marketing services. Revenue is recognized ratably over the period during which the content is displayed, or when the content or offerings are clicked or viewed, or when an underlying sales transaction is completed by a merchant. Financing solutions revenues Financing solutions include loans to users and merchants through factoring arrangements. The Group extends loans to users by making payments to merchants on behalf of users. In this manner, the Group purchases merchants’ receivables due from respective users without recourse and charges a service fee (which includes a financing component) to users based on the principal and repayment terms. The Group also extends loans to merchants by purchasing their accounts receivables from users with recourse and charges a service fee to merchants based on the principal. The Group records loan receivables when the cash is advanced to the users or merchants. The service fees are recognized over the term of loans. Financing solutions also include the services to facilitate the financial institutions to provide loans to merchants and users through the Group’s online platform and services to manage repayments. The service fees are charged to the borrowers based on agreed rates of the principal and are allocated between facilitation service and repayment management service in the same transaction based on the relative standalone selling price of each. Revenue is recognized when the fund is drawn down by the borrowers for the facilitation service or over the financing period on a straight-line basis for the repayment management service. Technology services revenues The Group provides technology services to corporate customers who operate through the Group’s online platform and third-party platforms. Fees are fixed or charged as agreed percentages of the amount of the successful transactions of the customers. Revenue from technology services is recognized when the services are rendered, ratably over the period during which the services are provided, or upon the completion of successful transactions. Other revenues Other revenues are mainly comprised of the revenues from: (i) online direct sales whereby the Group sells its own merchandise products through its platform and recognizes the product sales revenue on a gross basis, (ii) promotion services that the Group provides to financial institutions, (iii) logistical services provided to merchants and users, and (iv) other services. Revenue is recognized when the services are rendered. 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, 2023, remaining performance obligations represent advance payments received by the Group for future technology services provide to brand customers. The aggregate amount of the transaction price allocated to remaining performance obligations was RMB 1,501 . |
User Incentives | (t) User incentives In order to promote its online platform and attract more registered users, from time to time, the Group at its own discretion issues vouchers in various forms to users without any concurrent transactions in place or any substantive action needed from the recipient. These vouchers can be used in purchase of goods in a broad range of merchants as an immediate discount of their next purchase, some of which can only be used when the purchase amount exceeds pre-defined threshold. The Group settles with the merchants in cash for the vouchers used by the users. As the users are required to make future purchases of the merchants’ merchandises to redeem the vouchers, the Group recognizes the amounts of redeemed vouchers as marketing expenses when future purchases are made. During the years ended March 31, 2021, 2022 and 2023, the Group recorded marketing expenses related to the vouchers of RMB 46,676 , RMB 34,365 and RMB 17,284 , respectively. |
Cost of Revenue | (u) Cost of revenue Cost of revenue is comprised of primarily payroll costs including share-based compensation expenses, information technology related expenses, cost of inventory, payment handling costs, depreciation expenses, rental expenses, warehousing and logistic expenses and other costs. |
Sales and Marketing Expenses | (v) Sales and marketing expenses Sales and marketing expenses are comprised primarily of promotion expenses, payroll costs including share-based compensation expenses, depreciation expenses and other daily expenses which are related to the sales and marketing departments. |
Research and Development Expenses | (w) Research and development expenses Research and development expenses are expensed as incurred and primarily consist of staff costs including share-based compensation expenses, rental expenses and other expenses. The Company expenses all costs that are incurred in connection with the planning and implementation phases of development and costs that are associated with repair or maintenance of the existing websites and mobile applications or the development of software, mobile application and website content. |
General and Administrative Expenses | (x) General and administrative expenses General and administrative expenses consist of staff costs including share-based compensation expenses and related expenses for employees involved in general corporate functions, including accounting, finance, tax, legal and human relations; and costs associated with use by these functions of facilities and equipment, such as depreciation expenses, rental and other general corporate related expenses. |
Government Grants | (y) Government grants Government grants represent cash subsidies received from the PRC government. Cash subsidies which have no conditions that need to be satisfied to fully realize the subsidies are recognized as other income when received. Total government grants received were RMB 15,819 , RMB 8,608 and RMB 7,244 for the years ended March 31, 2021, 2022 and 2023, respectively. |
Leases | (z) Leases On April 1, 2022, the Group adopted ASC 842. The Group elected the package of practical expedients permitted under the transition guidance within the new standard, which allowed the Group to carry forward the historical determination of contracts as leases, lease classification and not reassess initial direct costs for historical lease arrangements. Accordingly, previously reported financial statements, including footnote disclosures, have not been recast to reflect the application of the new standard to all comparative periods presented. The Group also elected the practical expedient of short-term lease exemption for operating leases with a term of one year or less. The Group determines if an arrangement is a lease at inception. The Group has no existing finance leases for each of periods presented. Operating leases are primarily for office facilities and are included in right-of-use (“ROU”) assets and operating lease liabilities on its consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. The operating lease ROU assets and liabilities are recognized at lease commencement date based on the present value of lease payments over the lease term. As the implicit rate in lease is not readily determinable for the Group’s operating leases, the Group uses its incremental borrowing rate based on the information available at lease commencement date in determining the present value of lease payments. The incremental borrowing rate for a lease is determined by the rate of interest the Group would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. The Group’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Group will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Upon the adoption of the new lease standard, the Company recognized operating lease assets of RMB 16,427 , including a reclassification of prepaid rent balance of RMB 2,920 , and total operating lease liabilities of RMB 13,507 in its consolidated balance sheet as of April 1, 2022. There was no impact to accumulated deficit at adoption. |
Share-based Compensation | (aa) Share-based compensation The Company grants restricted share units (“RSUs”) and share options of the Company to eligible employees, non-employee consultants and accounts for these share-based awards in accordance with ASC 718 Compensation — Stock Compensation and ASC 505-50 Equity-Based Payments to Non-Employees. Employees’ share-based awards are measured at the grant date fair value of the awards and recognized as expenses a) immediately at grant date if no vesting conditions are required; or b) using the straight-line method, net of actual forfeitures, over the requisite service period, which is the vesting period. All transactions in which goods or services are received in exchange for equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. The Group adopted Accounting Standards Update (“ASU”) 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Non-employee Share-Based Payment Accounting for the year ended March 31, 2021. Upon the adoption of this guidance, the Company no longer re-measures equity-classified share-based awards granted to consultants or non-employees at each reporting date through the vesting date and the accounting for these share-based awards to consultants or non-employees and employees will be substantially aligned. The impact of the adoption is not material. Before the Group’s IPO, the fair value of the RSUs was assessed using the income approach/discounted cash flow method, with a discount for lack of marketability given that the shares underlying the awards were not publicly traded at the time of grant. This assessment required complex and subjective judgments regarding the Company’s projected financial and operating results, its unique business risks, the liquidity of its ordinary shares and its operating history and prospects at the time the grants were made. After the IPO, the fair value of the RSUs is determined based on the quoted market price of ordinary shares on the grant date. In addition, the binomial option-pricing model is used to measure the value of share options. The determination of the fair value of share options 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 behavior, 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 with the assistance from an independent valuation firm using management’s estimates and assumptions. 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, and subsequent events are not indicative of the reasonableness of the original estimates of fair value made by the Company for accounting purposes. In accordance with ASU 2016-09, the Group makes an entity-wide accounting policy election to account for forfeitures when they occur. According to ASC 718, a change in any of the terms or conditions of RSUs or share options shall be accounted for as a modification of the plan. Therefore, the Group calculates incremental compensation cost of a modification as the excess of the fair value of the modified RSUs or share options over the fair value of the original RSUs or share options immediately before their terms are modified, measured based on the share price and other pertinent factors at the modification date. For vested RSUs or share options, the Group would recognize incremental compensation cost in the period the modification occurs and for unvested RSUs or share options, the Group would recognize, over the remaining requisite service period, the sum of the incremental compensation cost and the remaining unrecognized compensation cost for the original awards on the modification date. |
Treasury Stock | (ab) Treasury stock Effective September 1, 2022, the Board of Directors approved a new share repurchase program to repurchase shares up to US$ 10 million worth of outstanding ADSs/class A ordinary share of the Company over the next 12 months. Each one of ADSs represents 300 class A ordinary share (Note 2(a)). The share repurchases may be made from time to time in the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations. The Company’s board of directors will review the share repurchase program periodically and may authorize adjustment of its terms and size. The Company expects to fund repurchases made under this program from its existing funds. These repurchased ADSs/Class A ordinary shares are recorded as treasury stock and are accounted for under the cost method. Under the cost method, when the Company’s shares are acquired for purposes other than retirement, the costs of the acquired stock are shown separately as a deduction from the total of capital stock. No repurchased shares of common stock have been retired. Up to March 31, 2023, 110,434,025 Class A ordinary shares were repurchased with a total consideration of US$ 6,294 (RMB 41,950 ), at a weighted average price of US$ 0.06 per share in open market, and 161,960,075 outstanding Class A ordinary shares were repurchased with a total consideration of US$ 13,799 (RMB 95,496 ), at a weighted average price of US$ 0.09 per share from certain shareholders. |
Employee Benefits | (ac) 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 labor regulations require that the PRC subsidiaries and VIEs of the Group make contributions to the government for these benefits based on certain percentages of the employees’ salaries, up to a maximum amount specified by the local government. The Group has no legal obligation for the benefits beyond the contributions made. The total amounts for such employee benefit expenses, which were expensed as incurred, were RMB 30,654 , RMB 37,586 and RMB 23,947 for the years ended March 31, 2021, 2022 and 2023, respectively. |
Taxation | (ad) Taxation Income taxes Current income taxes are provided on the basis of income/(loss) 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 provided using the liability method. Under this method, deferred income taxes are recognized for the tax consequences of temporary differences by applying enacted statutory rates applicable to future years to differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities. The effect on deferred taxes of a change in tax rates is recognized in the Consolidated Statements of Operations and Comprehensive Loss in the period that the change is enacted in the respective jurisdiction. A valuation allowance is provided to reduce the amount of deferred tax assets if it is considered more likely than not that some portion of, or all of the deferred tax assets will not be realized. Deferred income taxes are classified as non-current in the Consolidated Balance Sheets. Uncertain tax positions 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 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. As of March 31, 2022, the Group did not have any significant unrecognized uncertain tax positions. As of March 31, 2023, the Group recognized a RMB 6,680 tax reserve related to the uncertain tax positions (Note 16). |
Statutory Reserves | (ae) Statutory reserves In accordance with China’s Company Laws, the Company’s consolidated VIEs and VIEs’ subsidiaries in PRC must make appropriations from their after-tax profit (as determined under the Accounting Standards for Business Enterprises as promulgated by the Ministry of Finance of the People’s Republic of China (“PRC GAAP”)) to non-distributable reserve funds including (i) statutory surplus fund and (ii) discretionary surplus fund. The appropriation to the statutory surplus fund must be at least 10 % of the after-tax profits calculated in accordance with PRC GAAP. Appropriation is not required if the statutory surplus fund has reached 50 % of the registered capital of the respective company. Appropriation to the discretionary surplus fund is made at the discretion of the respective company. Pursuant to the laws applicable to China’s Foreign Investment Enterprises, the Company’s subsidiary that is a foreign investment enterprise in China have to make appropriations from their after-tax profit (as determined under PRC GAAP) to reserve funds including (i)general reserve fund, (ii)enterprise expansion fund and (iii)staff bonus and welfare fund. The appropriation to the general reserve fund must be at least 10% of the after tax profits calculated in accordance with PRC GAAP. Appropriation is not required if the general reserve fund has reached 50% of the registered capital of the respective company. Appropriations to the other two reserve funds are at the respective companies’ discretion. The Group has made RMB 701 , nil and nil appropriations to the statutory surplus fund and other reserve funds for Hangzhou Juandou,Shanghai Shiqu and Meilishuo Beijing for the years ended March 31, 2021, 2022 and 2023, respectively. The Company’s other subsidiaries and consolidated VIEs and VIEs’ subsidiaries in China were each in accumulated loss positions. |
Comprehensive Income/(Loss) | (af) Comprehensive income/(loss) Comprehensive income/(loss) is defined as the change in equity of a company during a period from transactions and other events and circumstances excluding those resulting from investments by shareholders and distributions to shareholders. The Group recognizes foreign currency translation adjustments as other comprehensive income/(loss) in the Consolidated Statements of Operations and Comprehensive Loss. As such adjustments relate to subsidiaries for which the functional currency is not RMB and which do not incur income tax obligations, there are no tax adjustments to arrive at other comprehensive income/(loss) on a net of tax basis. |
Net Income/(Loss) Per Share | (ag) Net income/(loss) per share Basic net income/(loss) per share is computed by dividing net income/(loss) attributable to holders of ordinary shares, by the weighted average number of ordinary shares outstanding during the period using the two class method. Using the two class method, net income is allocated between ordinary shares and other participating securities (i.e. 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 losses. Diluted net income/(loss) per share is calculated by dividing net income/(loss) attributable to ordinary shareholders, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Ordinary equivalent shares consist of ordinary shares issuable upon the exercise of outstanding share options using the treasury stock method. Ordinary equivalent shares are not included in the denominator of the diluted earnings per share calculation when inclusion of such shares would be anti-dilutive. |
Segment Reporting | (ah) Segment reporting Operating segments are defined as components of an enterprise engaging in businesses activities for which separate financial information is available that is regularly evaluated by the Group’s chief operating decision makers (“CODM”) in deciding how to allocate resources and assess performance. The Group’s CODM has been identified as the Chief Executive Officer. The Group’s CODM only reviews consolidated results. This resulted in only one operating and reportable segment in the Group. The Group’s long-lived assets are substantially all located in the PRC and substantially all the Group’s revenues are derived from within the PRC, therefore, no geographical segments are presented. |
Recent Accounting Pronouncements | (ai) Recent accounting pronouncements In June 2016, the FASB amended guidance related to the impairment of financial instruments as part of ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This ASU relates to the measurement of credit losses for certain financial assets measured at amortized cost and available-for-sale debt securities. The FASB further issued Accounting Standards Update No. 2018-19, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses,” or ASU 2018-19, Accounting Standards Update No. 2019-04, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses,” or ASU 2019-04, Accounting Standards Update No. 2019-05, “Financial Instruments-Credit Losses (Topic 326): Targeted Transition Relief,” or ASU 2019-05, Accounting Standards Update No. 2019-10, “Financial Instruments-Credit Losses (Topic 326): Effective Dates,” or ASU 2019-10 and Accounting Standards Update No. 2019-11, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses,” or ASU 2019-11. The amendments in these ASUs provide clarifications to ASU 2016-13. For financial assets measured at amortized cost, ASU 2019-04 requires an entity to (1) estimate its lifetime expected credit losses upon recognition of the financial assets and establish an allowance to present the net amount expected to be collected, (2) recognize this allowance and changes in the allowance during subsequent periods through net income and (3) consider relevant information about past events, current conditions and reasonable and supportable forecasts in assessing the lifetime expected credit losses. For available-for-sale debt securities, ASU 2019-04 made several targeted amendments to the existing other-than-temporary impairment model, including (1) requiring disclosure of the allowance for credit losses, (2) allowing reversals of the previously recognized credit losses until the entity has the intent to sell, is more-likely-than-not required to sell the securities or the maturity of the securities, (3) limiting impairment to the difference between the amortized cost basis and fair value and (4) not allowing entities to consider the length of time that fair value has been less than amortized cost as a factor in evaluating whether a credit loss exists. According to Accounting Standards Update No. 2019-10, “Financial Instruments-Credit Losses (Topic 326): Effective Dates,” for public business entities that are U.S. SEC filers, the amendments in this Update are effective for fiscal years beginning after December 15, 2019. For all other entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. As an emerging growth company, the Company elected to use the extended transition period for complying with any new or revised financial accounting standards. Therefore, the Group elected to adopt this new guidance for the year ended March 31, 2024, including interim periods in the year ended March 31, 2024. The ASU is currently not expected to have a material impact on the consolidated financial statements . In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (ASU 2021-08), which clarifies that an acquirer of a business should recognize and measure contract assets and contract liabilities in a business combination in accordance with Topic 606, Revenue from Contracts with Customers. The new amendments are effective for us for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The amendments should be applied prospectively to business combinations occurring on or after the effective date of the amendments, with early adoption permitted. The standard is effective for the Group for the year ended March 31, 2024 including interim periods in the year ended March 31, 2024. The ASU is currently not expected to have a material impact on the consolidated financial statements. In June 2022, the FASB issued ASU 2022-03 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The update clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The update also clarifies that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The update also requires certain additional disclosures for equity securities subject to contractual sale restrictions. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2024, and interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. As an emerging growth company, the standard is effective for the Group for the year ended March 31, 2026 including interim periods in the year ended March 31, 2026. The Group is in the process of evaluating the impact of the new guidance on its consolidated financial statements. |
Organization and Principal Ac_2
Organization and Principal Activities (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Major Subsidiaries, Consolidated VIEs and VIE's Subsidiaries | As of March 31, 2023, the Company’s major subsidiaries, the consolidated VIEs and VIE’s subsidiary are as follows: Equity interest Place and date of Subsidiaries: Meili Group Limited 100 % Hong Kong, China June 23, 2011 Hangzhou Shiqu 100 % Hangzhou, China November 16, Meilishuo (Beijing) Network Technology Co., Ltd. 100 % Beijing, China November 23, Place and date of Consolidated VIEs: Hangzhou Juangua Hangzhou, China April 13, 2010 Beijing Meilishikong Network and Technology Co., Ltd. Beijing, China July 6, 2010 Place and date of VIE’s subsidiary: Ruisha Technology Hangzhou, China , July 2021 |
Schedule of Amounts and Balances of VIEs Included in Consolidated Financial Statements With Intercompany Transactions Eliminated | The following table sets forth the assets, liabilities, results of operations and changes in cash and cash equivalents and restricted cash of the consolidated VIEs and their subsidiaries taken as a whole, which are included in the Group’s consolidated financial statements with intercompany transactions eliminated: As of March 31, 2022 2023 RMB RMB Cash and cash equivalents 213,094 259,033 Restricted cash 809 810 Short-term investments — 25,584 Inventories, net 64 131 Loan receivables, net 26,788 7,229 Prepayments, receivables and other current assets 34,137 54,617 Amounts due from non-VIE subsidiaries of the Company (1) 76,920 105,334 Amounts due from related parties — 614 Property and equipment, net 1,238 191,598 Intangible assets, net 43,104 11,933 Right-of-use assets — 650 Goodwill 63,460 — Investments 34,331 38,469 Other non-current assets 212,613 33,050 Total assets 706,558 729,052 As of March 31, 2022 2023 RMB RMB Amounts due to non-VIE subsidiaries of the Company (2) 1,405,464 1,512,750 Accounts payable 552 548 Salaries and welfare payable 4,464 5,398 Advances from customers 89 68 Taxes payable 1,656 3,246 Amounts due to related parties 1,331 1,395 Current portion of lease liabilities — 307 Accruals and other current liabilities 217,527 214,359 Deferred tax liabilities 10,704 1,755 Total liabilities 1,641,787 1,739,826 Total shareholders’ deficit ( 935,229 ) ( 1,010,774 ) Note 1: The amount due from non-VIE subsidiaries of the Company as of March 31, 2022 and 2023 mainly represent the receivables of the VIEs due from the Company’s wholly-owned subsidiaries for treasury management purposes and service charges. Note 2: The amount due to non-VIE subsidiaries of the Company as of March 31, 2022 and 2023 mainly represent the payables resulting from technical and consulting services fee charged by the Group’s relevant PRC subsidiaries to the VIEs in accordance with exclusive consultation and service agreements. Year ended March 31, 2021 2022 2023 RMB RMB RMB Third-party revenues 85,012 69,793 60,972 Inter-company revenues 25,679 31,816 26,785 Third-party costs and expenses ( 95,454 ) ( 187,958 ) ( 189,199 ) Inter-company costs and expenses (3) ( 32,490 ) ( 15,779 ) ( 13,545 ) Third-party other operating income 5,983 2,415 4,922 Inter-company other operating (loss)/income (4) — ( 197,698 ) 17,650 Income from non-operations 8,197 12,750 9,874 Loss before income tax benefit ( 3,073 ) ( 284,661 ) ( 82,541 ) Add: Income tax benefit 4,794 14,689 8,757 Net profit/(loss) 1,721 ( 269,972 ) ( 73,784 ) Year ended March 31, 2021 2022 2023 RMB RMB RMB Inter-company payments for service charges (5) ( 39,859 ) ( 40,409 ) ( 4,561 ) Other operating activities with non-VIE subsidiaries (6) 68,317 131,050 114,322 Operating activities with external parties ( 3,132 ) ( 69,065 ) ( 26,610 ) Net cash provided by operating activities 25,326 21,576 83,151 Net cash (used in)/provided by investing activities ( 202,312 ) 28,143 ( 37,211 ) Net (decrease)/increase in cash and cash equivalents and restricted cash ( 176,986 ) 49,719 45,940 Note 3: Inter-company costs and expenses are technical and consulting services fee charged by the Group’s relevant PRC subsidiaries to the VIEs in accordance with exclusive consultation and service agreements, all of which have been eliminated in the presentation of Consolidated Statements of Operations and Comprehensive Loss. Note 4: Inter-company other operating (loss)/income represents the write-off of the amounts among the Group’s non-VIE subsidiaries and the VIEs, all of which have been eliminated in the presentation of Consolidated Statements of Operations and Comprehensive Loss . Note 5: Inter-company payments for service charges represents the cash paid by the VIEs to the Group’s relevant PRC subsidiaries for technical and consulting services charges in accordance with exclusive consultation and service agreements, all of which have been eliminated in the presentation of Consolidated Statements of Cash flows . Note 6: Other operating activities with non-VIE subsidiaries included cash receipts for treasury management purposes and service fees charged by the VIEs to the Group’s non-VIE subsidiaries,all of which have been eliminated in the presentation of Consolidated Statements of Cash flows . |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Estimated Useful Lives of Property and Equipment | The estimated useful lives are as follows: Electronic equipment 3 years Furniture and office equipment 5 years Computer software 3 - 10 years Vehicles 5 years Building 46 years Leasehold improvements Shorter of the expected use life or the lease term |
Schedule of Estimated Useful Lives of Intangible Assets | The estimated useful lives of intangible assets are as follows: Domain name 5 - 20 years Trademarks 4 - 10 years Insurance agency license 20 years Broadcasting license 4 - 5 years Buyer and customer relationship 5 years Brand 2 - 8 years Technology 2 - 5 years Strategic business resources 3 - 5 years |
Significant Acquisition Trans_2
Significant Acquisition Transactions (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions | The Company accounted for the step acquisition using the acquisition method of accounting. Identifiable assets and liabilities acquired or assumed are measured separately at their fair values as of the acquisition date, irrespective of the extent of any non-controlling interests. The excess of (i) the total costs of acquisition, fair value of the non-controlling interests and acquisition date fair value of any previously held equity interest in Ruisha Technology over (ii) the fair value of the identifiable net assets of Ruisha Technology is recorded as goodwill. The allocation of the purchase price as of the date of acquisition is summarized as follows: Amount Estimated useful lives RMB Net assets acquired (1) 12,639 Amortizable intangible assets Customer Relationship 39,500 5 years Technology 9,900 5 years Goodwill (2) 63,460 Deferred tax liabilities ( 12,350 ) Noncontrolling interests (3) ( 44,993 ) 68,156 Amount RMB Total purchase price is comprised of: -fair value of previously held equity interests 18,156 -cash consideration 50,000 Total 68,156 (1) Net assets acquired primarily included cash and cash equivalents of RMB 13,868 , prepayments, receivables and other current assets of RMB 8,427 , property and equipment of RMB 91 , intangible assets, net of RMB 39 , other non-current assets, net of RMB 91 , accounts payable of RMB 465 , salaries and welfare payable of RMB 123 , advances from customers of RMB 156 , taxes payable of RMB 277 , accruals and other current liabilities of RMB 8,617 and non-current liabilities of RMB 239 as of the date of the acquisition. (2) Goodwill arising from this acquisition was attributable to the synergies expected from using the operating experience of Ruisha Technology to boost the Company’s 2B business (Note 14). (3) Fair value of the noncontrolling interests was estimated based on the equity value of Ruisha Technology derived by the purchase consideration, adjusted for a discount for control premium. |
Other Revenues (Tables)
Other Revenues (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Other Revenues by Type of Service | Other revenues by type of service is as follows: For the year ended March 31, 2021 2022 2023 RMB RMB RMB Online direct sales 515 208 - Logistic services revenue 2,059 2,148 1,813 Promotion services revenue 9,125 7,772 926 Others 2,956 4,782 5,593 Total 14,655 14,910 8,332 |
Other Income, Net (Tables)
Other Income, Net (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Summary of Other Income, Net | For the year ended March 31, 2021 2022 2023 RMB RMB RMB Government grants 15,819 8,608 7,244 Merchant penalty income (1) 12,383 8,598 5,009 Refund from depositary bank (Note 15(3)) 12,096 4,058 1,281 Exchange gains/(losses) 5,574 1,214 ( 8,547 ) Gains/(losses) on disposal of property and equipment 1,468 ( 448 ) 503 Others 2,545 3,397 1,777 Total 49,885 25,427 7,267 (1) Merchant penalty income represents the penalties charged to the merchants that have quality and/or service issues based on the agreements with the merchants. The Company may use the penalty received from the merchants to settle its users’ complaints. The penalties are therefore recorded in other payables when received and recognized as other income when the Company considers the possibility of the penalty to be paid out is remote. |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Assets Measured at Fair Value on Recurring Basis | As of March 31, 2022 and 2023, the Group’s assets and liabilities that are measured or disclosed at fair value on a recurring basis in periods subsequent to their initial recognition are as follows: Fair value measurement at reporting date using Description Fair value Quoted Prices in Significant Significant RMB RMB RMB RMB Assets: Short-term investments - wealth management products 190,000 — 190,000 — - equity securities with readily determinable fair values 6,853 6,853 — — Available-for-sale debt securities 44,873 — — 44,873 Total assets 241,726 6,853 190,000 44,873 Fair value measurement at reporting date using Description Fair value Quoted Prices in Significant Significant RMB RMB RMB RMB Assets: Short-term investments - wealth management products 145,584 - 145,584 - - equity securities with readily determinable fair values 252 252 - - Available-for-sale debt securities 34,368 - - 34,368 Total assets 180,204 252 145,584 34,368 |
Schedule of Roll Forward of Major Level 3 Investments | The Group classifies its available-for-sales debt securities as Level 3 investments. The roll forward of major Level 3 investments are as following: iSNOB Holdings Limited (“iSNOB”) Ruisha Huzan Inc. Xuanwei Limied Poppy Mobile Inc. Others Total RMB RMB RMB RMB RMB RMB RMB Fair value of Level 3 investments as at March 31, 2020 76,841 7,623 10,996 3,525 — 3,388 102,373 Addition — — — 8,000 8,000 Disposal ( 59,243 ) — — ( 3,525 ) — — ( 62,768 ) Impairment — — ( 4,055 ) — — ( 3,388 ) ( 7,443 ) Effect of currency translation adjustment ( 3,717 ) — ( 110 ) — — — ( 3,827 ) The change in fair value of the investments 8,714 11,442 ( 5,145 ) — — — 15,011 Fair value of Level 3 investments as at March 31, 2021 22,595 19,065 1,686 — — 8,000 51,346 Addition — — — — 16,215 5,600 21,815 Disposal(1) — ( 18,157 ) — — — ( 3,000 ) ( 21,157 ) Impairment — — ( 1,635 ) — — ( 3,000 ) ( 4,635 ) Effect of currency translation adjustment ( 677 ) — ( 51 ) — ( 344 ) — ( 1,072 ) The change in fair value of the investments — ( 908 ) — — — ( 516 ) ( 1,424 ) Fair value of Level 3 investments as at March 31, 2022 21,918 — — — 15,871 7,084 44,873 Addition — — — — — 8,000 8,000 Impairment — — — — ( 16,817 ) ( 3,600 ) ( 20,417 ) Effect of currency translation adjustment 1,816 — — — 946 239 3,001 The change in fair value of the investments 922 — — — — ( 2,011 ) ( 1,089 ) Fair value of Level 3 investments as at March 31, 2023 24,656 — — — — 9,712 34,368 (1) For the year ended March 31, 2022, the Company derecognized the available-for-sale debt security investment and recycled the previously recognized fair value change recorded as other comprehensive income of RMB 11,106 into the gain from investments (Note 10). |
Schedule of Significant Unobservable Inputs Adopted in Valuation of Fair Value Assets | The significant unobservable inputs adopted in the valuation as of March 31, 2021, 2022 and 2023 are as following: For the years ended March 31, 2021 2022 2023 Lack of marketability discount 30 % 30 % 30 % Risk-free rate 0.5 % 2 %- 3 % 3.6 %- 4.3 % Expected volatility 45 % 30 %- 46 % 39 %- 60 % Revenue multiple 7.92 1 - 10 4 - 9 Net profit multiple 16 25 - |
Loan Receivables (Tables)
Loan Receivables (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Receivables [Abstract] | |
Schedule of Loan Receivables, Net | As of March 31, 2022 2023 RMB RMB Loan receivables - principal 54,211 35,633 - service fee 772 261 Allowance for doubtful accounts ( 28,195 ) ( 28,665 ) Loan receivables, net 26,788 7,229 |
Schedule of Allowance for Doubtful Accounts Movement | For the year ended 2021 2022 2023 RMB RMB RMB Balance at beginning of year ( 23,169 ) ( 28,615 ) ( 28,195 ) Additions ( 5,446 ) — ( 470 ) Reversals — 420 — Balance at end of year ( 28,615 ) ( 28,195 ) ( 28,665 ) |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Prepaid Expense and Other Current Assets | The other assets consist of the following: As of March 31, 2022 2023 RMB RMB Prepayments,receivables and other current assets VAT receivables 8,941 8,707 Receivables of technology service 22,787 21,217 Receivables from third-party payment service providers (1) 8,988 8,711 Other prepaid expenses 4,969 20,130 Deposits 2,515 2,655 Employee loans and advances 667 1,474 Interest receivable 343 631 Receivables of financing facilitation service 1,806 452 Prepaid promotion fees 184 107 Others 5,756 6,982 Less: Allowance for doubtful accounts ( 1,821 ) ( 1,940 ) Total prepayments, receivables and other current assets 55,135 69,126 Other non-current assets Gold (2) — 32,378 Prepayment for maintenance expenditure — 17,116 Long-term deposit 16,414 14,146 Prepayment for office building (3) 198,550 — Total non-current assets 214,964 63,640 (1) Receivables from third party payment service providers represent cash due from the Group’s third party on-line payment service providers in relation to their processing of payments for the Group. As of March 31, 2022 and 2023, no allowance for doubtful accounts was provided for these receivables. (2) As of March 31, 2023, the Company has purchased physical gold of RMB 32,378 in total. As the Company intends to hold the gold for an indefinite long term period, the Company has recorded the asset in “other non-current assets” on the Consolidated Balance Sheets. The Company will record any decline in net realizable value lower than acquisition cost as a non-operating loss. The net realizable value is determined based on market value less cost to sale. Any recovery in valuation will only be recognized to the extent of previously recorded fiscal year losses, and only to the extent such recovery occurs in the same fiscal year as when such losses were recorded. As of March 31, 2023, the market value of the gold less cost to sell was higher than its purchase cost. Therefore, there was no impairment loss recognized for the year ended March 31, 2023. (3) On August 8, 2020, the Group entered into an agreement with a third-party company to purchase an office building located in Hangzhou, China for a total consideration of RMB 209,000 . As of March 31, 2022, the Group had paid RMB 198,550 for the office building purchase. As of March 31, 2023, the construction of the building has been completed and the prepayments have been transferred to the property and equipment (Note 11). |
Schedule of Movement of Allowance For Doubtful Accounts | The movement of allowance for doubtful accounts is analyzed as follows: For the year ended 2021 2022 2023 RMB RMB RMB Balance at beginning of year ( 1,522 ) ( 1,691 ) ( 1,821 ) Additions ( 169 ) ( 268 ) ( 178 ) Write-offs — 138 59 Balance at end of year ( 1,691 ) ( 1,821 ) ( 1,940 ) |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Summary of Long Term Investments | The Company’s long-term investments consist of the following: As of March 31, 2022 2023 RMB RMB Available-for-sale debt securities iSNOB 21,918 24,656 Poppy 15,871 — Others 7,084 9,712 44,873 34,368 Equity method investments Jiaxing Neixiangyoupan Equity investment Fund Partnership 25,842 31,745 Others 1,405 3,205 27,247 34,950 Total 72,120 69,318 |
Schedule of Available-for-sale Debt Securities | The following table summarizes, by major security type, the Company’s available-for-sale debt securities as of March 31, 2022 and 2023: As of March 31, 2022 2023 RMB RMB Cost 28,601 16,786 Unrealized gains, including foreign exchange adjustment 16,272 17,582 Fair Value 44,873 34,368 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment consist of the following: As of March 31, 2022 2023 RMB RMB Building — 191,743 Leasehold improvements 29,556 29,966 Electronic equipment 13,399 9,846 Furniture and office equipment 5,675 5,577 Vehicles 1,405 1,617 Computer softwares 3,473 3,473 Subtotal 53,508 242,222 Less: accumulated depreciation and amortization ( 45,806 ) ( 47,633 ) Property, equipment and software, net 7,702 194,589 |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | The following table summarizes the Group’s intangible assets, net: As of March 31, 2022 Gross Accumulated Accumulated Net carrying RMB RMB RMB RMB Domain name 11,540 ( 3,451 ) ( 8,072 ) 17 Trademarks 1,481 ( 489 ) — 992 Insurance agency license 2,848 ( 748 ) ( 2,100 ) — Broadcasting license 86,667 ( 47,977 ) ( 38,690 ) — Buyer and customer relationship 502,270 ( 468,037 ) — 34,233 Brand (1) 184,470 ( 172,110 ) ( 12,360 ) — Strategic business resources (2) 1,367,838 ( 1,321,838 ) — 46,000 Technology 32,840 ( 22,246 ) ( 2,014 ) 8,580 Total 2,189,954 ( 2,036,896 ) ( 63,236 ) 89,822 As of March 31, 2023 Gross Accumulated Accumulated Net carrying RMB RMB RMB RMB Domain name 12,247 ( 3,566 ) ( 8,667 ) 14 Trademarks 1,481 ( 641 ) — 840 Insurance agency license 2,848 ( 748 ) ( 2,100 ) — Broadcasting license 86,667 ( 47,977 ) ( 38,690 ) — Buyer and customer relationship 502,270 ( 475,937 ) ( 17,033 ) 9,300 Brand (1) 184,470 ( 172,110 ) ( 12,360 ) — Strategic business resources (2) 1,456,331 ( 1,456,331 ) — — Technology 32,840 ( 24,226 ) ( 6,214 ) 2,400 Total 2,279,154 ( 2,181,536 ) ( 85,064 ) 12,554 (1) Brand was acquired through the Group’s acquisitions with Aimei and Meiliworks (Note 1(a)) . (2) Strategic business resources were acquired through a business cooperation agreement the Company entered into with Tencent in July 2018. Pursuant to the agreement, Tencent offered the Company traffic support through Tencent’s online platform and provided the Company certain intellectual property resources to promote and advertise the Company’s products and brands. |
Schedule of Amortization Expense | As of March 31, 2023, amortization expense related to the intangible assets for future periods are estimated to be as follows: For the years ended March 31, RMB 2024 3,689 2025 3,671 2026 3,662 2027 1,301 2028 103 Thereafter 128 12,554 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Lessee, Lease, Description [Line Items] | |
Schedule of Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases were as follows: For the year ended March 31, 2023 RMB Cash paid for the rentals included in the lease liabilities 7,654 Right-of-use assets obtained in exchange for lease liabilities — |
Schedule of Supplemental Consolidated Balance Sheet Information Related to Leases | As of March 31, 2023, supplemental consolidated balance sheet information related to leases were as follows: As of March 31, 2023 RMB Right-of-use assets 5,441 Current portion of lease liabilities 2,654 Non-current lease liabilities 753 |
Schedule of Lease Term and Discount Rates | Lease term and discount rates were as follows: As of March 31, 2023 RMB Weighted-average remaining lease term Operating leases 1.28 years Weighted-average discount rate Operating leases 4.4 % |
Office | |
Lessee, Lease, Description [Line Items] | |
Schedule of Future Minimum Lease Payments under Non-cancelable Operating Leases | As of March 31, 2023 RMB Maturities of lease liabilities were as follows: 2024 2,744 2025 768 Total undiscounted lease payments 3,512 Less: imputed interest ( 105 ) Total present value of lease liabilities 3,407 As of March 31, 2022, future minimum payments under non-cancellable operating leases for offices consist of the following: As of March 31, 2022 For the year ended March 31, RMB 2023 10,800 2024 5,815 2025 2,876 Total 19,491 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in Carrying Amount of Goodwill | The changes in the carrying amount of goodwill were as follows: LVB focused online Brands and customized services Total RMB RMB RMB Balance as of March 31, and 2021 Goodwill 1,568,653 — 1,568,653 Accumulated impairment loss ( 1,382,149 ) — ( 1,382,149 ) 186,504 — 186,504 Transaction during the year Addition (Note (a)) — 63,460 63,460 Impairment recognized during the year ended March 31, 2022 (Note (b)) ( 186,504 ) — ( 186,504 ) Balance as of March 31, 2022 Goodwill 1,568,653 63,460 1,632,113 Accumulated impairment loss ( 1,568,653 ) — ( 1,568,653 ) — 63,460 63,460 Transaction during the year Impairment recognized during the year ended March 31, 2023 (Note (b)) — ( 63,460 ) ( 63,460 ) Balance as of March 31, 2023 Goodwill 1,568,653 63,460 1,632,113 Accumulated impairment loss ( 1,568,653 ) ( 63,460 ) ( 1,632,113 ) — — — (a) During the year ended March 31, 2022, the addition in goodwill was in relation to the acquisition of Ruisha Technology in July 2021 (Note 3). (b) Goodwill impairment |
Accruals and Other Liabilities
Accruals and Other Liabilities (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Payables and Accruals [Abstract] | |
Summary of Accruals and Other Liabilities | As of March 31, 2022 2023 RMB RMB Accrued liabilities and other current liabilities Deposits from merchants (1) 116,314 104,945 Receipts under custody (2) 134,106 134,691 Payables for purchases of office building — 10,450 Accrued expenses 6,932 8,578 Accrued advertisement expenses 6,091 4,849 Other payables 9,195 7,204 272,638 270,717 Non-current Initial reimbursement payment from depositary bank (3) 890 - 273,528 270,717 (1) The customer deposits mainly represent the cash deposits as collateral collected from the merchants of the online platform. The deposit can be withdrawn immediately after the merchants terminate its online shop on the platform. (2) The receipts under custody mainly represent the amounts received by the Group from the registered users for their purchase through the Company’s online market platform, and have not been remitted to the third-party merchants yet. (3) The Company received initial reimbursement payment of US$ 935 (RMB 6,297 ) from depositary bank in January 2019. The amount was recorded ratably as other income over 5 year arrangement period. For the year ended March 31, 2021, 2022 and 2023, the Company has recorded RMB 1,267 , RMB 1,201 and RMB 1,281 in other income. For the year ended March 31, 2021, 2022 and 2023, the Group received additional reimbursement payments of US$ 1,638 (RMB 10,829 ), US$ 448 (RMB 2,857 ) and nil from depositary bank for the transaction costs incurred in the prior years and the amount was recorded in other income. |
Taxation (Tables)
Taxation (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Taxes Payable [Abstract] | |
Schedule of Composition of Income Tax (Expenses)/Benefits | Composition of income tax (expenses)/benefits For the year ended March 31, 2021 2022 2023 RMB RMB RMB Current income tax expense ( 9,825 ) ( 1,450 ) ( 6,965 ) Deferred income tax benefit 4,644 15,962 8,948 ( 5,181 ) 14,512 1,983 |
Schedule of Components of Loss Before Tax | The components of loss before tax are as follows: For the year ended March 31, 2021 2022 2023 RMB RMB RMB Loss before tax Loss from PRC entities ( 61,292 ) ( 138,698 ) ( 92,070 ) Loss from Cayman Islands and Hong Kong entities ( 261,498 ) ( 518,188 ) ( 96,319 ) Total loss before tax ( 322,790 ) ( 656,886 ) ( 188,389 ) For the year ended March 31, 2021 2022 2023 RMB RMB RMB Income tax (expense)/benefit Current income tax expense ( 9,825 ) ( 1,450 ) ( 6,965 ) Deferred tax benefit 4,644 15,962 8,948 Total income tax (expense)/benefit ( 5,181 ) 14,512 1,983 |
Schedule of Reconciliation of the Differences Between Statutory Tax Rate and the Effective Tax Rate | Reconciliation of the differences between statutory tax rate and the effective tax rate Reconciliation of the differences between the PRC statutory tax rate of 25% and the Group’s effective tax rate is as follows: For the year ended March 31, 2021 2022 2023 PRC Statutory tax rate 25 % 25 % 25 % Difference in EIT rates of certain subsidiaries ( 21 %) ( 29 %) ( 12 %) Permanent book – tax difference ( 2 %) ( 8 %) ( 3 %) Additional deduction for research and development expenditures 3 % 1 % 2 % Effect of change on tax rate 0 % 0 % ( 18 )% Changes in valuation allowance ( 6 %) 13 % 7 % Effective tax rate ( 1 %) 2 % 1 % |
Schedule of Significant Components of Deferred Tax Assets and Liabilities | (c) Deferred tax assets and liabilities Deferred taxes were measured using the enacted tax rates for the periods in which they are expected to be reversed. Significant components of the Group’s deferred tax assets are as follows: As of March 31, 2022 2023 RMB RMB Deferred tax assets: - Tax losses carried forward 282,984 125,113 - Carryforwards of un-deducted advertising expenses 167,812 329,868 - Accruals and other liabilities 5,773 8,394 - Provision for doubtful accounts 7,879 4,312 - Impairment of available-for-sale investments 1,255 900 Less: valuation allowance ( 465,703 ) ( 468,587 ) Net deferred tax assets — — Deferred tax liabilities: - Recognition of intangible assets arisen from business 12,112 3,369 Net deferred tax liabilities 12,112 3,369 |
Schedule of Operating Loss Carry Forward | As of March 31, 2023, net operating loss carry forwards from PRC entities will expire as follows: At December 31, RMB 2023 20,518 2024 110,411 2025 141,244 2026 98,601 2027 77,860 Thereafter 94,381 543,015 |
Schedule of Movement of Valuation Allowance | Movement of valuation allowance For the year ended March 31, 2021 2022 2023 RMB RMB RMB Balance at beginning of the period 752,907 540,973 465,703 Addition 16,934 19,865 10,298 Effect of change on tax rate — — 30,001 Written off for expiration of net operating losses ( 225,742 ) ( 2,380 ) ( 20,022 ) Utilization of previously unrecognized tax loss and ( 3,126 ) ( 92,755 ) ( 17,393 ) Balance at end of the period 540,973 465,703 468,587 Uncertain tax positions As of March 31, 2022, the Group did not record any reserves for uncertain tax positions. For the year ended March 31, 2023, and as a result of information obtained through an ongoing tax examination regarding one of the Company’s PRC subsidiaries for the period from January 1, 2019 to December 31, 2021, the Group updated its estimate of the realizable benefit of an uncertain tax position that had originally been expected to be fully sustained through examination. As a result, a reserve related to an uncertain tax position of RMB 6,680 , including interest of RMB 2,447 , was recorded for the year ended March 31, 2023. It is possible that the estimate and ultimate resolution of this matter may further change as the examination progresses and ultimately concludes. However, any potential change to the Group’s current estimation is not expected to be material. In general, the PRC tax authorities have up to five years to review a company’s tax filings. Accordingly, tax filings of the Company’s PRC subsidiaries and VIEs for tax years 2018 through 2022 remain subject to the review by the relevant PRC tax authorities. |
Share Based Compensation (Table
Share Based Compensation (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Option Activities Under The Global Share Plan | The following table sets forth the summary of option activities under the Company’s Global Share Plan: Number of Weighted Weighted Average Aggregate (US$) (In years) (US$) Outstanding as of April 1, 2020 19,460,008 0.13 4.26 189 Exercised ( 2,865,800 ) 0.03 Forfeited or cancelled (post-vesting) ( 3,151,360 ) 0.27 Outstanding as of March 31, 2021 13,442,848 0.12 3.27 371 Forfeited or cancelled (post-vesting) ( 1,491,990 ) 0.19 Outstanding as of March 31, 2022 11,950,858 0.11 1.74 — Expired ( 440,000 ) 0.02 Forfeited or cancelled (post-vesting) ( 68,000 ) 0.23 Outstanding as of March 31, 2023 11,442,858 0.11 0.83 0.00 Vested and expected to vest as of March 31, 2023 11,442,858 0.11 0.83 0.00 Exercisable as of March 31, 2023 11,442,858 0.11 0.83 0.00 |
Summary of Activities of the Service-Based RSUs | A summary of activities of the service-based RSUs for the years ended March 31, 2021, 2022 and 2023 is presented below: Number of RSUs Weighted-Average US$ Unvested at March 31, 2020 50,365,952 0.31 Granted 42,695,000 0.05 Vested ( 8,195,402 ) 0.54 Forfeited ( 14,092,450 ) 0.30 Unvested at March 31, 2021 70,773,100 0.13 Granted 3,559,000 0.07 Vested ( 12,858,575 ) 0.28 Forfeited ( 29,584,475 ) 0.09 Unvested at March 31, 2022 31,889,050 0.10 Granted 132,327,600 0.01 Vested ( 81,298,225 ) 0.04 Forfeited ( 400,875 ) 0.07 Unvested at March 31, 2023 82,517,550 0.01 |
Related Party Transactions an_2
Related Party Transactions and Balances (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of transactions with the major related parties | The Group had the following transactions with the major related parties: For the year ended 2021 2022 2023 RMB RMB RMB Cost of revenue: Cloud technology services from Tencent Group 35,403 24,915 20,363 Payment processing fees to Tencent Group 10,354 6,898 1,984 Total 45,757 31,813 22,347 |
Schedule of balances with the major related parties | The Group had the following balances with the major related parties: As of March 31, 2022 2023 RMB RMB Due from Tencent Group 640 1,260 Due to Tencent Group ( 4,694 ) ( 4,196 ) |
Loss Per Share (Tables)
Loss Per Share (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Calculation of Basic and Diluted Loss Per Share | Basic loss per share and diluted loss per share have been calculated in accordance with ASC 260 on computation of earnings per share for the years ended March 31, 2021, 2022 and 2023 as follows: Year ended March 31, 2021 2022 2023 RMB RMB RMB Numerator: Net loss attributable to ordinary shareholders-Basic and Diluted ( 327,971 ) ( 639,800 ) ( 177,984 ) Denominator: Weighted average number of ordinary shares-Basic and Diluted 2,630,425,361 2,519,948,060 2,554,338,579 Basic and diluted loss per share ( 0.12 ) ( 0.25 ) ( 0.07 ) |
Schedule of Computation of Potentially Anti-Dilutive Securities | The following ordinary share equivalents were excluded from the computation of diluted net loss per share for the periods presented to eliminate any anti-dilutive effect: Year ended March 31, 2021 2022 2023 Share options and RSUs 29,131,536 13,520,133 21,498,272 |
Parent Company Only Condensed_2
Parent Company Only Condensed Financial Information (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Balance Sheets | CONDENSED BALANCE SHEETS As of March 31, 2022 2023 RMB RMB US$ Cash and cash equivalents 4,349 14,668 2,136 Prepayments, receivables and other current assets 795 47 7 Amounts due from related parties 571 618 90 Total current assets 5,715 15,333 2,233 Non-current assets: Intangible assets, net 46,000 — — Amounts due from subsidiaries 1,066,882 1,050,048 152,899 Investments in other investees 37,789 30,849 4,492 Total non-current assets 1,150,671 1,080,897 157,391 Total assets 1,156,386 1,096,230 159,624 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Amounts due to subsidiaries 104,015 104,015 15,146 Taxes payable 526 526 76 Accruals and other current liabilities 1,439 2,429 355 Total current liabilities 105,980 106,970 15,577 Non-current liabilities: Investment deficit of subsidiaries 258,372 350,284 51,005 Deferred tax liabilities 1,408 1,614 235 Other non-current liabilities 890 — — Total non-current liabilities 260,670 351,898 51,240 Total liabilities 366,650 458,868 66,817 As of March 31, 2022 2023 RMB RMB US$ SHAREHOLDERS’ EQUITY Class A ordinary shares (US$0.00001 par value; 49,000,000,000 shares authorized as of March 31, 2022 and 2023; 2,433,353,800 and 2,433,709,000 shares issued as of March 31, 2022 and 2023,respectively; 2,190,737,700 and 2,161,314,900 shares outstanding as of March 31, 2022 and 2023, respectively) 165 165 24 Class B ordinary shares (US$0.00001 par value; 500,000,000 shares authorized as of March 31, 2022 and 2023; 303,234,004 shares issued and outstanding as of March 31, 2022 and 2023, respectively) 16 16 2 Treasury stock (US$0.00001 par value; 242,616,100 and 272,394,100 shares as of March 31, 2022 and 2023) ( 136,113 ) ( 137,446 ) ( 20,014 ) Additional paid-in capital 9,471,101 9,484,664 1,381,074 Statutory reserves 3,331 3,331 485 Accumulated other comprehensive income 69,016 82,396 11,999 Accumulated deficit ( 8,617,780 ) ( 8,795,764 ) ( 1,280,763 ) Total MOGU Inc. shareholders’ equity 789,736 637,362 92,807 Total liabilities and shareholders’ equity 1,156,386 1,096,230 159,624 |
Condensed Statements of Operations and Comprehensive Loss | CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS For the year ended March 31, 2021 2022 2023 RMB RMB RMB US$ General and administrative expenses ( 9,155 ) ( 5,151 ) ( 3,249 ) ( 473 ) Amortization of intangible assets ( 322,230 ) ( 301,866 ) ( 49,957 ) ( 7,274 ) Other income, net 6,138 1,008 ( 78,030 ) ( 11,362 ) Loss from operations ( 325,247 ) ( 306,009 ) ( 131,236 ) ( 19,109 ) Interest income 78 1 — — Loss from subsidiaries, VIEs and VIEs’ subsidiaries ( 82,563 ) ( 334,730 ) ( 38,453 ) ( 5,600 ) (Loss)/gain from investments, net 89,518 ( 1,636 ) ( 16,816 ) ( 2,449 ) Loss before income tax and share of results of equity investee ( 318,214 ) ( 642,374 ) ( 186,505 ) ( 27,158 ) Income tax expenses ( 9,757 ) — — — Share of results of equity investee — — 99 14 Net loss ( 327,971 ) ( 642,374 ) ( 186,406 ) ( 27,144 ) Net loss attributable to MOGU Inc., ( 327,971 ) ( 642,374 ) ( 186,406 ) ( 27,144 ) Net Loss ( 327,971 ) ( 642,374 ) ( 186,406 ) ( 27,144 ) Other comprehensive income/(loss): Foreign currency translation adjustments, net of nil tax ( 72,993 ) ( 17,400 ) 14,264 2,077 Share of other comprehensive (loss)/income of subsidiaries, VIEs and VIEs’ subsidiaries, net of tax 9,726 ( 10,729 ) ( 1,761 ) ( 256 ) Unrealized securities holding gains/(losses), net of tax ( 41,384 ) — 877 127 Total other comprehensive income/(loss) ( 104,651 ) ( 28,129 ) 13,380 1,948 Total comprehensive loss ( 432,622 ) ( 670,503 ) ( 173,026 ) ( 25,196 ) |
Condensed Statements of Cash Flows | CONDENSED STATEMENTS OF CASH FLOWS For the year ended March 31, 2021 2022 2023 RMB RMB RMB US$ Net cash provided by/(used in) operating activities 3,322 ( 1,642 ) ( 1,712 ) ( 249 ) Net cash provided by investing activities 37,446 13,608 13,364 1,946 Net cash used in financing activities ( 119,249 ) ( 9,689 ) ( 1,333 ) ( 194 ) Net (decrease)/increase in cash and cash equivalents ( 78,481 ) 2,277 10,319 1,503 Cash and cash equivalents at beginning of year 80,553 2,072 4,349 633 Cash and cash equivalents at end of year 2,072 4,349 14,668 2,136 |
Organization and Principal Ac_3
Organization and Principal Activities - Summary of Major Subsidiaries, Consolidated VIEs and VIE's Subsidiaries (Detail) | 12 Months Ended |
Mar. 31, 2023 | |
Meili Group Limited | |
Schedule of Subsidiaries and Variable Interest Entities [Line Items] | |
Equity interest held | 100% |
Place of incorporation | Hong Kong, China |
Date of incorporation | Jun. 23, 2011 |
Hangzhou Shiqu Information and Technology Co., Ltd. | |
Schedule of Subsidiaries and Variable Interest Entities [Line Items] | |
Equity interest held | 100% |
Place of incorporation | Hangzhou, China |
Date of incorporation | Nov. 16, 2011 |
Meilishuo (Beijing) Network Technology Co., Ltd. | |
Schedule of Subsidiaries and Variable Interest Entities [Line Items] | |
Equity interest held | 100% |
Place of incorporation | Beijing, China |
Date of incorporation | Nov. 23, 2010 |
Hangzhou Juangua Network Co., Ltd. | |
Schedule of Subsidiaries and Variable Interest Entities [Line Items] | |
Place of incorporation | Hangzhou, China |
Date of incorporation | Apr. 13, 2010 |
Beijing Meilishikong Network and Technology Co., Ltd. | |
Schedule of Subsidiaries and Variable Interest Entities [Line Items] | |
Place of incorporation | Beijing, China |
Date of incorporation | Jul. 06, 2010 |
Ruisha Technology | |
Schedule of Subsidiaries and Variable Interest Entities [Line Items] | |
Place of acquisition | Hangzhou, China |
Date of acquisition | 2021-07 |
Organization and Principal Ac_4
Organization and Principal Activities - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) | Jul. 18, 2018 CNY (¥) | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||
VIEs, percentage of equity interest pledged by shareholders | 100% | |||
Asset of the consolidated VIEs that can only be used to settle obligations of the respective consolidated VIEs | ¥ 986,148 | $ 143,594 | ¥ 1,166,980 | |
Members equity | 15,178 | 15,178 | ||
VIEs and VIEs Subsidiaries | ||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||
Asset of the consolidated VIEs that can only be used to settle obligations of the respective consolidated VIEs | 729,052 | ¥ 706,558 | ||
VIEs and VIEs Subsidiaries | Asset Not Pledged as Collateral [Member] | ||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||
Asset of the consolidated VIEs that can only be used to settle obligations of the respective consolidated VIEs | ¥ 0 | |||
Amended and Restated Loan Agreement | ||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||
Loan agreement to shareholders of VIE, term | 20 years | |||
Amended and Restated Loan Agreement | Mr. Qi Chen | Hangzhou Shiqu Information and Technology Co., Ltd. | ||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||
Loan agreement provided to related parties | ¥ 5,867 | |||
Amended and Restated Loan Agreement | Mr. Yibo Wei | Hangzhou Shiqu Information and Technology Co., Ltd. | ||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||
Loan agreement provided to related parties | 2,362 | |||
Amended and Restated Loan Agreement | Mr. Xuqiang Yue | Hangzhou Shiqu Information and Technology Co., Ltd. | ||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||
Loan agreement provided to related parties | ¥ 1,771 | |||
Exclusive Consultation and Service Agreements | ||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||
Exclusive consultation and service agreement between subsidiary and VIEs, term | 10 years |
Organization and Principal Ac_5
Organization and Principal Activities - Schedule of Amounts and Balances of VIEs Included in Consolidated Financial Statements With Intercompany Transactions Eliminated (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||||
Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2021 CNY (¥) | Mar. 31, 2023 USD ($) | Apr. 01, 2022 CNY (¥) | Mar. 31, 2020 CNY (¥) | ||
Variable Interest Entity [Line Items] | ||||||||
Cash and cash equivalents | ¥ 416,201 | ¥ 438,608 | $ 60,604 | |||||
Restricted cash | 810 | 809 | 118 | |||||
Short-term investments | 145,836 | 196,853 | 21,235 | |||||
Inventories, net | 144 | 79 | 21 | |||||
Loan receivables, net | 7,229 | 26,788 | 1,053 | |||||
Prepayments, receivables and other current assets | 69,126 | 55,135 | 10,066 | |||||
Amounts due from related parties | 1,260 | 640 | 183 | |||||
Property and equipment, net | 194,589 | 7,702 | 28,334 | |||||
Intangible assets, net | 12,554 | 89,822 | 1,828 | |||||
Right-of-use assets | 5,441 | 0 | 792 | ¥ 16,427 | ||||
Goodwill | 0 | 63,460 | ¥ 186,504 | 0 | ||||
Investments | 69,318 | 72,120 | 10,093 | |||||
Other non-current assets | 63,640 | 214,964 | 9,267 | |||||
Total assets | 986,148 | 1,166,980 | 143,594 | |||||
Accounts payable | 8,179 | 17,950 | 1,191 | |||||
Salaries and welfare payable | 13,550 | 12,311 | 1,973 | |||||
Advances from customers | 245 | 901 | 36 | |||||
Taxes payable | 11,126 | 3,265 | 1,620 | |||||
Amounts due to subsidiaries | 4,196 | 4,694 | 611 | |||||
Current portion of lease liabilities | 2,654 | 0 | 386 | |||||
Accruals and other current liabilities | 270,717 | 272,638 | 39,419 | |||||
Deferred tax liabilities | 3,369 | 12,112 | 491 | |||||
Total liabilities | 314,789 | 334,825 | 45,837 | |||||
Total shareholders' deficit | 671,359 | 832,155 | 1,454,896 | $ 97,757 | ¥ 1,980,472 | |||
Other Operating Income (Expense), Net | 7,267 | $ 1,058 | 25,427 | 49,885 | ||||
Loss before income tax benefit | (188,389) | (656,886) | (322,790) | |||||
Add: Income tax benefit | (1,983) | (288) | (14,512) | 5,181 | ||||
Net loss | (186,406) | (27,144) | (642,374) | (327,971) | ||||
Net cash provided by operating activities | (10,090) | (1,469) | (114,409) | (77,931) | ||||
Net Cash Provided by (Used in) Investing Activities | 608 | 89 | 13,947 | (96,663) | ||||
Net cash provided by financing activities | (12,064) | $ (1,757) | 450 | (119,249) | ||||
VIEs and VIEs Subsidiaries | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Cash and cash equivalents | 259,033 | 213,094 | ||||||
Restricted cash | 810 | 809 | ||||||
Short-term investments | 25,584 | 0 | ||||||
Inventories, net | 131 | 64 | ||||||
Loan receivables, net | 7,229 | 26,788 | ||||||
Prepayments, receivables and other current assets | 54,617 | 34,137 | ||||||
Amounts due from related parties | 614 | 0 | ||||||
Property and equipment, net | 191,598 | 1,238 | ||||||
Intangible assets, net | 11,933 | 43,104 | ||||||
Right-of-use assets | 650 | 0 | ||||||
Goodwill | 0 | 63,460 | ||||||
Investments | 38,469 | 34,331 | ||||||
Other non-current assets | 33,050 | 212,613 | ||||||
Total assets | 729,052 | 706,558 | ||||||
Accounts payable | 548 | 552 | ||||||
Salaries and welfare payable | 5,398 | 4,464 | ||||||
Advances from customers | 68 | 89 | ||||||
Taxes payable | 3,246 | 1,656 | ||||||
Amounts due to subsidiaries | 1,395 | 1,331 | ||||||
Current portion of lease liabilities | 307 | 0 | ||||||
Accruals and other current liabilities | 214,359 | 217,527 | ||||||
Deferred tax liabilities | 1,755 | 10,704 | ||||||
Total liabilities | 1,739,826 | 1,641,787 | ||||||
Total shareholders' deficit | (1,010,774) | (935,229) | ||||||
Income from non-operations | 9,874 | 12,750 | 8,197 | |||||
Loss before income tax benefit | (82,541) | (284,661) | (3,073) | |||||
Add: Income tax benefit | (8,757) | (14,689) | (4,794) | |||||
Net loss | (73,784) | (269,972) | 1,721 | |||||
Inter-company payments for service charges | [1] | 4,561 | 40,409 | 39,859 | ||||
Operating activities with external parties | (26,610) | (69,065) | (3,132) | |||||
Net cash provided by operating activities | 83,151 | 21,576 | 25,326 | |||||
Net Cash Provided by (Used in) Investing Activities | (37,211) | 28,143 | (202,312) | |||||
Net increase/(decrease) in cash and cash equivalents and restricted cash | 45,940 | 49,719 | (176,986) | |||||
VIEs and VIEs Subsidiaries | Third party [Member] | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Other Operating Income (Expense), Net | 4,922 | 2,415 | 5,983 | |||||
VIEs and VIEs Subsidiaries | Intercompany [Member] | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Other Operating Income (Expense), Net | [2] | 17,650 | (197,698) | 0 | ||||
VIEs and VIEs Subsidiaries | Third Party Costs [Member] | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Costs and expenses | (189,199) | (187,958) | (95,454) | |||||
VIEs and VIEs Subsidiaries | Intercompany Costs [Member] | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Costs and expenses | [3] | (13,545) | (15,779) | (32,490) | ||||
VIEs and VIEs Subsidiaries | Third Party Revenue [Member] | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Revenues | 60,972 | 69,793 | 85,012 | |||||
VIEs and VIEs Subsidiaries | Inter Company Revenue [Member] | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Revenues | 26,785 | 31,816 | 25,679 | |||||
Non-VIE Subsidiaries | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Amounts due from related parties | [4] | 105,334 | 76,920 | |||||
Amounts due to subsidiaries | [5] | 1,512,750 | 1,405,464 | |||||
Other operating activities with non-VIE subsidiaries | [6] | ¥ 114,322 | ¥ 131,050 | ¥ 68,317 | ||||
[1] Note 5: Inter-company payments for service charges represents the cash paid by the VIEs to the Group’s relevant PRC subsidiaries for technical and consulting services charges in accordance with exclusive consultation and service agreements, all of which have been eliminated in the presentation of Consolidated Statements of Cash flows . Note 4: Inter-company other operating (loss)/income represents the write-off of the amounts among the Group’s non-VIE subsidiaries and the VIEs, all of which have been eliminated in the presentation of Consolidated Statements of Operations and Comprehensive Loss . Note 3: Inter-company costs and expenses are technical and consulting services fee charged by the Group’s relevant PRC subsidiaries to the VIEs in accordance with exclusive consultation and service agreements, all of which have been eliminated in the presentation of Consolidated Statements of Operations and Comprehensive Loss. Note 1: The amount due from non-VIE subsidiaries of the Company as of March 31, 2022 and 2023 mainly represent the receivables of the VIEs due from the Company’s wholly-owned subsidiaries for treasury management purposes and service charges. Note 2: The amount due to non-VIE subsidiaries of the Company as of March 31, 2022 and 2023 mainly represent the payables resulting from technical and consulting services fee charged by the Group’s relevant PRC subsidiaries to the VIEs in accordance with exclusive consultation and service agreements. Note 6: Other operating activities with non-VIE subsidiaries included cash receipts for treasury management purposes and service fees charged by the VIEs to the Group’s non-VIE subsidiaries,all of which have been eliminated in the presentation of Consolidated Statements of Cash flows . |
Summary of Significant Accoun_4
Summary of Significant Accounting Polices - Additional Information (Detail) | 12 Months Ended | 36 Months Ended | 48 Months Ended | ||||||||||||||||
Mar. 31, 2023 CNY (¥) ReportingUnit shares | Mar. 31, 2023 USD ($) ReportingUnit shares | Mar. 31, 2022 CNY (¥) shares | Mar. 31, 2022 USD ($) $ / shares shares | Mar. 31, 2021 CNY (¥) shares | Mar. 31, 2021 USD ($) $ / shares shares | Mar. 31, 2023 CNY (¥) shares | Mar. 31, 2023 CNY (¥) shares | Mar. 31, 2023 USD ($) shares | Mar. 31, 2023 USD ($) $ / shares | Sep. 01, 2022 USD ($) | Apr. 01, 2022 CNY (¥) | Mar. 31, 2022 CNY (¥) | Mar. 28, 2022 | Mar. 18, 2022 $ / shares | Dec. 09, 2018 $ / shares | May 24, 2013 $ / shares | |||
Accounting Policies [Line Items] | |||||||||||||||||||
Shares issued, price per share | $ / shares | $ 0.00001 | ||||||||||||||||||
Exchange gains/(losses) | ¥ (8,547,000) | $ (1,245,000) | ¥ 1,214,000 | ¥ 5,574,000 | |||||||||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | ¥ 14,264,000 | 2,077,000 | (17,400,000) | (72,993,000) | |||||||||||||||
Convenience translation exchange rate (RMB per US $1.00) | 6.8676 | 6.8676 | 6.8676 | 6.8676 | |||||||||||||||
Aggregate amount of transaction price allocated to remaining performance obligations | ¥ 1,501,000 | ¥ 1,501,000 | ¥ 1,501,000 | ||||||||||||||||
Marketing expenses | 17,284,000 | 34,365,000 | 46,676,000 | ||||||||||||||||
Government grants received | 7,244,000 | 8,608,000 | 15,819,000 | ||||||||||||||||
Finance Leases | 0 | 0 | 0 | ||||||||||||||||
Employee benefit expenses | $ 23,947,000 | 37,586,000 | 30,654,000 | ||||||||||||||||
uncertain tax position | ¥ 6,680,000 | ||||||||||||||||||
Minimum percentage, appropriation to the statutory surplus fund of the after-tax profits | 10% | 10% | |||||||||||||||||
Maximum percentage of the registered capital where appropriation is not required | 50% | 50% | |||||||||||||||||
Impairment for intangible assets | ¥ 21,233,000 | $ 3,092,000 | 48,890,000 | 0 | |||||||||||||||
Goodwill impairment | 63,460,000 | [1] | $ 9,240,000 | 186,504,000 | [1] | 0 | |||||||||||||
Short term borrowings | ¥ 0 | 0 | 0 | $ 0 | ¥ 10,064,000 | ||||||||||||||
Short term debt bearing fixed interest rate percentage | 6.80% | ||||||||||||||||||
Number of reporting units | ReportingUnit | 1 | 1 | |||||||||||||||||
Prepaid rent | ¥ 2,920,000 | ||||||||||||||||||
Operating lease liabilities | ¥ 3,407,000 | 3,407,000 | 3,407,000 | 13,507,000 | |||||||||||||||
Operating lease assets | 5,441,000 | ¥ 5,441,000 | 5,441,000 | $ 792,000 | ¥ 16,427,000 | ¥ 0 | |||||||||||||
Open Market | |||||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||||
Stock Repurchased During Period, Value | ¥ 1,333,000 | $ 198,000 | ¥ 9,689,000 | $ 1,502,000 | 24,362,000 | $ 3,642,000 | |||||||||||||
Stock Repurchase Weighted Average Price | $ / shares | $ 0.06 | $ 0.08 | $ 0.01 | ||||||||||||||||
From Certain Shareholders | |||||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||||
Stock Repurchased During Period, Value | ¥ 95,496,000 | $ 13,799,000 | |||||||||||||||||
Stock Repurchase Weighted Average Price | $ / shares | $ 0.09 | ||||||||||||||||||
Class A Ordinary Shares | |||||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||||
Shares issued, price per share | $ / shares | $ 0.00001 | 0.00001 | $ 0.00001 | ||||||||||||||||
Number of ordinary shares represented by each ADS | shares | 300 | 300 | |||||||||||||||||
Class A Ordinary Shares | Open Market | |||||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||||
Stock Repurchased During Period, Shares | shares | 29,778,000 | 29,778,000 | 25,644,050 | 25,644,050 | 44,555,900 | 44,555,900 | 110,434,025 | ||||||||||||
Stock Repurchased During Period, Value | ¥ 41,950,000 | $ 6,294,000 | |||||||||||||||||
Stock Repurchase Weighted Average Price | $ / shares | 0.06 | ||||||||||||||||||
Class A Ordinary Shares | From Certain Shareholders | |||||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||||
Stock Repurchased During Period, Shares | shares | 161,960,075 | 161,960,075 | 161,960,075 | 161,960,075 | |||||||||||||||
Stock Repurchased During Period, Value | ¥ 95,496,000 | $ 13,799,000 | |||||||||||||||||
Stock Repurchase Weighted Average Price | $ / shares | $ 0.09 | ||||||||||||||||||
ADR [Member] | |||||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||||
Shares issued, price per share | $ / shares | $ 0.00001 | ||||||||||||||||||
Depository receipt listing ratio | 300 | 25 | |||||||||||||||||
Statutory Reserves | |||||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||||
Appropriations to statutory surplus fund and other reserve funds | ¥ 0 | ¥ 0 | ¥ 701,000 | ||||||||||||||||
American Depository Shares [Member] | |||||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||||
Stock repurchase authorized value | $ | $ 10,000,000 | ||||||||||||||||||
Maximum | |||||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||||
Loan receivable term | 12 months | 12 months | |||||||||||||||||
Lease term | 3 years | 3 years | 3 years | 3 years | 1 year | ||||||||||||||
Minimum | |||||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||||
Loan receivable term | 1 month | 1 month | |||||||||||||||||
Lease term | 1 year | 1 year | 1 year | 1 year | |||||||||||||||
[1] Goodwill impairment |
Summary of Significant Accoun_5
Summary of Significant Accounting Polices - Schedule of Estimated Useful Lives of Property and Equipment (Detail) | 12 Months Ended |
Mar. 31, 2023 | |
Electronic Equipment | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, estimated useful lives | 3 years |
Furniture and Office Equipment | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, estimated useful lives | 5 years |
Computer Softwares | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, estimated useful lives | 3 years |
Computer Softwares | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, estimated useful lives | 10 years |
Vehicles | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, estimated useful lives | 5 years |
Building | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, estimated useful lives | 46 years |
Leasehold Improvements | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, estimated useful lives | Shorter of the expected use life or the lease term |
Summary of Significant Accoun_6
Summary of Significant Accounting Polices - Schedule of Estimated Useful Lives of Intangible Assets (Detail) | 12 Months Ended |
Mar. 31, 2023 | |
Domain Name | Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, estimated useful lives | 5 years |
Domain Name | Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, estimated useful lives | 20 years |
Trademarks | Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, estimated useful lives | 4 years |
Trademarks | Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, estimated useful lives | 10 years |
Insurance Agency License | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, estimated useful lives | 20 years |
Broadcasting License | Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, estimated useful lives | 4 years |
Broadcasting License | Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, estimated useful lives | 5 years |
Buyer and Customer Relationship | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, estimated useful lives | 5 years |
Brand | Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, estimated useful lives | 2 years |
Brand | Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, estimated useful lives | 8 years |
Technology | Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, estimated useful lives | 2 years |
Technology | Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, estimated useful lives | 5 years |
Strategic Business Resources | Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, estimated useful lives | 3 years |
Strategic Business Resources | Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, estimated useful lives | 5 years |
Significant Acquisition Trans_3
Significant Acquisition Transactions - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 1 Months Ended | 12 Months Ended | |
Jul. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2023 | |
Business Acquisition [Line Items] | |||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | ¥ 21,845 | ||
Ruisha Technology | |||
Business Acquisition [Line Items] | |||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage | 18.10% | ||
Payments to Acquire Businesses, Gross | ¥ 50,000 | ¥ 50,000 | |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Including Subsequent Acquisition, Percentage | 59.62% |
Significant Acquisition Trans_4
Significant Acquisition Transactions - Schedule of Business Acquisitions (Detail) ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | 60 Months Ended | ||||
Jul. 31, 2021 CNY (¥) | Mar. 31, 2022 CNY (¥) | Jul. 31, 2026 | Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2021 CNY (¥) | ||
Business Acquisition [Line Items] | |||||||
Goodwill | ¥ 63,460 | ¥ 0 | $ 0 | ¥ 186,504 | |||
Ruisha Technology | |||||||
Business Acquisition [Line Items] | |||||||
Net assets acquired | [1] | ¥ 12,639 | |||||
Goodwill | [2] | 63,460 | |||||
Deferred tax liabilities | (12,350) | ||||||
Noncontrolling interests | [3] | (44,993) | |||||
Total | 68,156 | ||||||
Total purchase price is comprised of: | |||||||
-fair value of previously held equity interests | 18,156 | ||||||
- cash consideration | 50,000 | 50,000 | |||||
Total | ¥ 68,156 | ||||||
Ruisha Technology | Customer Relationships | |||||||
Business Acquisition [Line Items] | |||||||
Amortizable intangible assets | 39,500 | ||||||
Estimated useful lives | 5 years | ||||||
Ruisha Technology | Technology-Based Intangible Assets | |||||||
Business Acquisition [Line Items] | |||||||
Amortizable intangible assets | ¥ 9,900 | ||||||
Estimated useful lives | 5 years | ||||||
[1] Net assets acquired primarily included cash and cash equivalents of RMB 13,868 , prepayments, receivables and other current assets of RMB 8,427 , property and equipment of RMB 91 , intangible assets, net of RMB 39 , other non-current assets, net of RMB 91 , accounts payable of RMB 465 , salaries and welfare payable of RMB 123 , advances from customers of RMB 156 , taxes payable of RMB 277 , accruals and other current liabilities of RMB 8,617 and non-current liabilities of RMB 239 as of the date of the acquisition. Goodwill arising from this acquisition was attributable to the synergies expected from using the operating experience of Ruisha Technology to boost the Company’s 2B business (Note 14). Fair value of the noncontrolling interests was estimated based on the equity value of Ruisha Technology derived by the purchase consideration, adjusted for a discount for control premium. |
Significant Acquisition Trans_5
Significant Acquisition Transactions - Schedule of Business Acquisitions (Detail) (Parenthetical) - Ruisha Technology ¥ in Thousands | Jul. 31, 2021 CNY (¥) |
Business Acquisition [Line Items] | |
Business combination recognized identifiable assets acquired and liabilities assumed cash and cash equivalents | ¥ 13,868 |
Business combination assets acquired and liabilities assumed current assets other | 8,427 |
Business combination recognized indentifiable assets acquired and liabilities assumed property plant and equipment | 91 |
Business combination identifiable assets acquired and liabilities assumed intangible assets other than goodwill | 39 |
Business combination recognized identifiable assets acquired and liabilities assumed other non current assets | 91 |
Business combination recognized indentfiable assets acquired and liabilities assumed current liabilities account payable | 465 |
Business combination recognized indentifiable assets acquired and liabilities assumed salaries and welfare payable | 123 |
Business combination recognized indentifiable assets acquired and liabilities assumed advances from customers | 156 |
Business combination recognized identifiable assets acquired and liabilities assumed current liabilities taxes payable | 277 |
Business combination recognized identifiable assets acquired and liabilities assumed current liabilities other | 8,617 |
Business combination recognized identifiable assets acquired and liabilities assumed non current liabilities other | ¥ 239 |
Risks and Concentration - Addit
Risks and Concentration - Additional Information (Detail) - Customer | 1 Months Ended | 12 Months Ended | ||
Jul. 31, 2005 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Concentration Risk [Line Items] | ||||
Appreciation (depreciation) of RMB against US$ | (8.20%) | 3.40% | ||
Maximum | ||||
Concentration Risk [Line Items] | ||||
Appreciation (depreciation) of RMB against US$ | 20% | |||
Sales Revenue, Net | Customer Concentration Risk | ||||
Concentration Risk [Line Items] | ||||
Number of customers with revenue greater than 10% of total revenue | 0 | 0 | 0 | |
Cost of Goods, Total | Supplier Concentration Risk | ||||
Concentration Risk [Line Items] | ||||
Number of suppliers with purchases greater than 10% of total purchases | 0 | 0 | 0 |
Other Revenues - Summary of Oth
Other Revenues - Summary of Other Revenues by Type of Service (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2021 CNY (¥) | |
Disaggregation of Revenue [Line Items] | ||||
Revenues | ¥ 232,076 | $ 33,793 | ¥ 337,469 | ¥ 482,392 |
Other Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 8,332 | 14,910 | 14,655 | |
Other Revenues | Online Direct Sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 208 | 515 | |
Other Revenues | Logistic Services Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1,813 | 2,148 | 2,059 | |
Other Revenues | Promotion services revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 926 | 7,772 | 9,125 | |
Other Revenues | Service, Others | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | ¥ 5,593 | ¥ 4,782 | ¥ 2,956 |
Other Income, Net - Summary of
Other Income, Net - Summary of Other Income, Net (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2021 CNY (¥) | ||
Other Income and Expenses [Abstract] | |||||
Government grants | ¥ 7,244 | ¥ 8,608 | ¥ 15,819 | ||
Merchant penalty income | [1] | 5,009 | 8,598 | 12,383 | |
Refund from depositary bank (Note 15(4)) | 1,281 | 4,058 | 12,096 | ||
Exchange gains/(losses) | (8,547) | $ (1,245) | 1,214 | 5,574 | |
Gains/(losses) on disposal of property and equipment | (503) | (448) | 1,468 | ||
Others | 1,777 | 3,397 | 2,545 | ||
Total | ¥ 7,267 | $ 1,058 | ¥ 25,427 | ¥ 49,885 | |
[1] Merchant penalty income represents the penalties charged to the merchants that have quality and/or service issues based on the agreements with the merchants. The Company may use the penalty received from the merchants to settle its users’ complaints. The penalties are therefore recorded in other payables when received and recognized as other income when the Company considers the possibility of the penalty to be paid out is remote. |
Fair Value Measurement - Assets
Fair Value Measurement - Assets and Liabilities Measured or Disclosed At Fair Value on Recurring Basis In Periods Subsequent to Their Initial Recognition (Detail) ¥ in Thousands, $ in Thousands | Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) |
Assets: | |||
Short-term investments | ¥ 145,836 | $ 21,235 | ¥ 196,853 |
Available-for-sale debt securities | 34,368 | 44,873 | |
Fair Value, Measurements, Recurring | |||
Assets: | |||
Available-for-sale debt securities | 34,368 | 44,873 | |
Total assets | 180,204 | 241,726 | |
Fair Value, Measurements, Recurring | Wealth Management Products Issued By Banks | |||
Assets: | |||
Short-term investments | 145,584 | 190,000 | |
Fair Value, Measurements, Recurring | Equity Securities With Readily Determinable Fair Values | |||
Assets: | |||
Short-term investments | 252 | 6,853 | |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Assets: | |||
Available-for-sale debt securities | 0 | 0 | |
Total assets | 252 | 6,853 | |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Wealth Management Products Issued By Banks | |||
Assets: | |||
Short-term investments | 0 | 0 | |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity Securities With Readily Determinable Fair Values | |||
Assets: | |||
Short-term investments | 252 | 6,853 | |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | |||
Assets: | |||
Available-for-sale debt securities | 0 | 0 | |
Total assets | 145,584 | 190,000 | |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Wealth Management Products Issued By Banks | |||
Assets: | |||
Short-term investments | 145,584 | 190,000 | |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Equity Securities With Readily Determinable Fair Values | |||
Assets: | |||
Short-term investments | 0 | 0 | |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | |||
Assets: | |||
Available-for-sale debt securities | 34,368 | 44,873 | |
Total assets | 34,368 | 44,873 | |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Wealth Management Products Issued By Banks | |||
Assets: | |||
Short-term investments | 0 | 0 | |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Equity Securities With Readily Determinable Fair Values | |||
Assets: | |||
Short-term investments | ¥ 0 | ¥ 0 |
Fair Value Measurement - Fair V
Fair Value Measurement - Fair Value Measurements of Roll Forward In Level 3 Financial Instruments (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||
Mar. 31, 2023 CNY (¥) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2021 CNY (¥) | Mar. 31, 2021 USD ($) | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair value of Level 3 investments, Beginning Balance | ¥ 44,873 | ¥ 51,346 | ¥ 102,373 | |||
Addition | 8,000 | 21,815 | 8,000 | $ 62,768 | [1] | |
Disposal | [1] | (21,157) | ||||
Impairment | (20,417) | (4,635) | 7,443 | |||
Effect of currency translation adjustment | 3,001 | (1,072) | ¥ (3,827) | |||
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration] | Gain (Loss) on Investments | Gain (Loss) on Investments | ||||
The change in fair value of the investments | (1,089) | (1,424) | ¥ 15,011 | |||
Fair value of Level 3 investments, Ending Balance | 34,368 | 44,873 | 51,346 | |||
iSNOB Holding Limited | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair value of Level 3 investments, Beginning Balance | 21,918 | 22,595 | 76,841 | |||
Disposal | [1] | (59,243) | ||||
Effect of currency translation adjustment | 1,816 | (677) | (3,717) | |||
The change in fair value of the investments | 922 | 8,714 | ||||
Fair value of Level 3 investments, Ending Balance | 24,656 | 21,918 | 22,595 | |||
Ruisha Technology | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair value of Level 3 investments, Beginning Balance | 19,065 | 7,623 | ||||
Disposal | [1] | (18,157) | ||||
The change in fair value of the investments | (908) | 11,442 | ||||
Fair value of Level 3 investments, Ending Balance | 19,065 | |||||
Shanghai Huzan Information and Technology Co., Ltd. | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair value of Level 3 investments, Beginning Balance | 1,686 | 10,996 | ||||
Impairment | (1,635) | (4,055) | ||||
Effect of currency translation adjustment | (51) | |||||
The change in fair value of the investments | (5,145) | |||||
Fair value of Level 3 investments, Ending Balance | 1,686 | |||||
Xuanwei | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair value of Level 3 investments, Beginning Balance | 3,525 | |||||
Disposal | $ | [1] | $ (3,525) | ||||
Effect of currency translation adjustment | (110) | |||||
Poppy | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair value of Level 3 investments, Beginning Balance | 15,871 | |||||
Addition | 16,215 | |||||
Impairment | (16,817) | |||||
Effect of currency translation adjustment | 946 | (344) | ||||
Fair value of Level 3 investments, Ending Balance | 15,871 | |||||
Others | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair value of Level 3 investments, Beginning Balance | 7,084 | 8,000 | 3,388 | |||
Addition | 8,000 | 5,600 | 8,000 | |||
Disposal | [1] | (3,000) | ||||
Impairment | (3,600) | (3,000) | (3,388) | |||
Effect of currency translation adjustment | 239 | |||||
The change in fair value of the investments | (2,011) | (516) | ||||
Fair value of Level 3 investments, Ending Balance | ¥ 9,712 | ¥ 7,084 | ¥ 8,000 | |||
[1] For the year ended March 31, 2022, the Company derecognized the available-for-sale debt security investment and recycled the previously recognized fair value change recorded as other comprehensive income of RMB 11,106 into the gain from investments (Note 10). |
Fair Value Measurement - Fair_2
Fair Value Measurement - Fair Value Measurements of Roll Forward In Level 3 Financial Instruments (Parenthetical) (Detail) ¥ in Thousands | 12 Months Ended |
Mar. 31, 2022 CNY (¥) | |
Ruisha Technology | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Other comprehensive income loss reclassification adjustment from accumulated other comprehensive income to income statement upon sale of available for sale securities upon consummation of business combination | ¥ 11,106 |
Fair Value Measurement - Schedu
Fair Value Measurement - Schedule of Significant Unobservable Inputs Adopted in Valuation of Fair Value Assets (Detail) - Valuation, Market Approach - Significant Unobservable Inputs (Level 3) | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 |
Lack of Marketability Discount | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value measurement inputs | 0.30 | 0.30 | 0.30 |
Risk Free Rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value measurement inputs | 0.005 | ||
Risk Free Rate | Minimum | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value measurement inputs | 0.036 | 0.02 | |
Risk Free Rate | Maximum | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value measurement inputs | 0.043 | 0.03 | |
Expected Volatility | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value measurement inputs | 0.45 | ||
Expected Volatility | Minimum | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value measurement inputs | 0.39 | 0.30 | |
Expected Volatility | Maximum | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value measurement inputs | 0.60 | 0.46 | |
Revenue Multiple | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value measurement inputs | 7.92 | ||
Revenue Multiple | Minimum | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value measurement inputs | 4 | 1 | |
Revenue Multiple | Maximum | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value measurement inputs | 9 | 10 | |
Net Profit Multiple | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value measurement inputs | 0 | 25 | 16 |
Loan Receivables - Summary of L
Loan Receivables - Summary of Loan Receivables, Net (Detail) - CNY (¥) ¥ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 |
Receivables [Abstract] | ||||
Loan receivables - principal | ¥ 35,633 | ¥ 54,211 | ||
Loan receivables - service fee | 261 | 772 | ||
Allowance for doubtful accounts | (28,665) | (28,195) | ¥ (28,615) | ¥ (23,169) |
Loan receivables, net | ¥ 7,229 | ¥ 26,788 |
Loan Receivables - Summary of A
Loan Receivables - Summary of Allowance for Doubtful Accounts Movement (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Receivables [Abstract] | |||
Balance at beginning of year | ¥ (28,195) | ¥ (28,615) | ¥ (23,169) |
Additions | (470) | (5,446) | |
Reversals | 420 | ||
Balance at end of year | ¥ (28,665) | ¥ (28,195) | ¥ (28,615) |
Other Assets - Schedule of Prep
Other Assets - Schedule of Prepaid Expense and Other Current Assets (Detail) ¥ in Thousands, $ in Thousands | Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2021 CNY (¥) | Mar. 31, 2020 CNY (¥) | |
Prepayments, receivables and other current assets | ||||||
VAT receivables | ¥ 8,707 | ¥ 8,941 | ||||
Receivables of technology service | 21,217 | 22,787 | ||||
Receivables from third-party payment service providers | [1] | 8,711 | 8,988 | |||
Other prepaid expenses | 20,130 | 4,969 | ||||
Deposits | 2,655 | 2,515 | ||||
Employee loans and advances | 1,474 | 667 | ||||
Interest receivable | 631 | 343 | ||||
Receivables of financing facilitation service | 452 | 1,806 | ||||
Prepaid promotion fees | 107 | 184 | ||||
Others | 6,982 | 5,756 | ||||
Less: Allowance for doubtful accounts | (1,940) | (1,821) | ¥ (1,691) | ¥ (1,522) | ||
Total prepayments, receivables and other current assets | 69,126 | $ 10,066 | 55,135 | |||
Other non-current assets | ||||||
Other non-current assets | 63,640 | $ 9,267 | 214,964 | |||
Gold [Member] | ||||||
Other non-current assets | ||||||
Other non-current assets | [2] | 32,378 | 0 | |||
Prepayment for Maintenance Expenditure [Member] | ||||||
Other non-current assets | ||||||
Other non-current assets | 17,116 | 0 | ||||
Prepayment for office building [Member] | ||||||
Other non-current assets | ||||||
Other non-current assets | [3] | 0 | 198,550 | |||
Long term deposit [Member] | ||||||
Other non-current assets | ||||||
Other non-current assets | ¥ 14,146 | ¥ 16,414 | ||||
[1] Receivables from third party payment service providers represent cash due from the Group’s third party on-line payment service providers in relation to their processing of payments for the Group. As of March 31, 2022 and 2023, no allowance for doubtful accounts was provided for these receivables. As of March 31, 2023, the Company has purchased physical gold of RMB 32,378 in total. As the Company intends to hold the gold for an indefinite long term period, the Company has recorded the asset in “other non-current assets” on the Consolidated Balance Sheets. The Company will record any decline in net realizable value lower than acquisition cost as a non-operating loss. The net realizable value is determined based on market value less cost to sale. Any recovery in valuation will only be recognized to the extent of previously recorded fiscal year losses, and only to the extent such recovery occurs in the same fiscal year as when such losses were recorded. As of March 31, 2023, the market value of the gold less cost to sell was higher than its purchase cost. Therefore, there was no impairment loss recognized for the year ended March 31, 2023. On August 8, 2020, the Group entered into an agreement with a third-party company to purchase an office building located in Hangzhou, China for a total consideration of RMB 209,000 . As of March 31, 2022, the Group had paid RMB 198,550 for the office building purchase. As of March 31, 2023, the construction of the building has been completed and the prepayments have been transferred to the property and equipment (Note 11). |
Other Assets - Schedule of Pr_2
Other Assets - Schedule of Prepaid Expense and Other Current Assets (Parenthetical) (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||||
Aug. 08, 2020 CNY (¥) | Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2021 CNY (¥) | Mar. 31, 2020 CNY (¥) | ||
Receivables from third party payment service providers, allowance for doubtful accounts | ¥ 28,665 | ¥ 28,195 | ¥ 28,615 | ¥ 23,169 | |||
Asset impairment charges | 63,460 | ||||||
Other Assets, Noncurrent | 63,640 | $ 9,267 | 214,964 | ||||
Hangzhou China [Member] | Office Buildings [Member] | |||||||
Consideration | ¥ 209,000 | ||||||
Acquisition payment paid | 198,550 | ||||||
Receivables from Third Party Payment Service Providers | |||||||
Receivables from third party payment service providers, allowance for doubtful accounts | 0 | 0 | |||||
Gold [Member] | |||||||
Asset impairment charges | 0 | ||||||
Other Assets, Noncurrent | [1] | ¥ 32,378 | ¥ 0 | ||||
[1] As of March 31, 2023, the Company has purchased physical gold of RMB 32,378 in total. As the Company intends to hold the gold for an indefinite long term period, the Company has recorded the asset in “other non-current assets” on the Consolidated Balance Sheets. The Company will record any decline in net realizable value lower than acquisition cost as a non-operating loss. The net realizable value is determined based on market value less cost to sale. Any recovery in valuation will only be recognized to the extent of previously recorded fiscal year losses, and only to the extent such recovery occurs in the same fiscal year as when such losses were recorded. As of March 31, 2023, the market value of the gold less cost to sell was higher than its purchase cost. Therefore, there was no impairment loss recognized for the year ended March 31, 2023. |
Other Assets - Schedule of Move
Other Assets - Schedule of Movement of Allowance For Doubtful Accounts (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Balance at beginning of year | ¥ (1,821) | ¥ (1,691) | ¥ (1,522) |
Additions | (178) | (268) | (169) |
Write-offs | 59 | 138 | |
Balance at end of year | ¥ (1,940) | ¥ (1,821) | ¥ (1,691) |
Investments - Summary of Long-T
Investments - Summary of Long-Term Investments (Detail) ¥ in Thousands, $ in Thousands | Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2021 CNY (¥) |
Schedule of Investments [Line Items] | ||||
Available-for-sale debt securities | ¥ 34,368 | ¥ 44,873 | ||
Equity method investments | 34,950 | 27,247 | ||
Total | 69,318 | $ 10,093 | 72,120 | |
Jiaxing Neixiangyoupan Equity Investment Fund Partnership | ||||
Schedule of Investments [Line Items] | ||||
Equity method investments | 31,745 | 25,842 | ||
Others | ||||
Schedule of Investments [Line Items] | ||||
Equity method investments | 3,205 | 1,405 | ||
iSNOB | ||||
Schedule of Investments [Line Items] | ||||
Available-for-sale debt securities | 24,656 | 21,918 | ||
Huzan Inc. | ||||
Schedule of Investments [Line Items] | ||||
Available-for-sale debt securities | ¥ 1,686 | |||
Poppy | ||||
Schedule of Investments [Line Items] | ||||
Available-for-sale debt securities | 0 | 15,871 | ||
Others | ||||
Schedule of Investments [Line Items] | ||||
Available-for-sale debt securities | ¥ 9,712 | ¥ 7,084 |
Investments - Schedule of Avail
Investments - Schedule of Available-for-sale Debt Securities (Detail) - CNY (¥) ¥ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Debt Securities, Available-for-Sale [Abstract] | ||
Cost | ¥ 16,786 | ¥ 28,601 |
Unrealized gains, including foreign exchange adjustment | 17,582 | 16,272 |
Fair Value | ¥ 34,368 | ¥ 44,873 |
Investments - Additional Inform
Investments - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||||
Sep. 30, 2021 CNY (¥) | Sep. 30, 2021 USD ($) | Oct. 31, 2020 CNY (¥) shares | Oct. 31, 2020 USD ($) shares | Jul. 31, 2019 CNY (¥) | Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2021 CNY (¥) | Mar. 31, 2021 USD ($) | Mar. 31, 2020 CNY (¥) | Mar. 31, 2020 USD ($) | Mar. 31, 2022 USD ($) | May 31, 2018 shares | |
Schedule of Investments [Line Items] | ||||||||||||||
Available-for-sale debt securities | ¥ 34,368 | ¥ 44,873 | ||||||||||||
Impairment of AFS securities | 20,417 | 4,635 | ¥ (7,443) | |||||||||||
Unrealized securities holding losses, net of tax | (884) | $ (129) | (10,729) | (31,658) | ||||||||||
Foreign currency translation adjustments in other comprehensive income | 14,264 | 2,077 | (17,400) | (72,993) | ||||||||||
Gain/(Loss) from investments, net | (18,615) | (2,711) | 232 | 86,497 | ||||||||||
The change in fair value of the investments | (1,089) | (1,424) | 15,011 | |||||||||||
iSNOB Holding Limited | ||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||
Percentage owned | 3.35% | 3.35% | 14.50% | |||||||||||
Unrealized securities holding losses, net of tax | 922 | (677) | 8,714 | |||||||||||
Foreign currency translation adjustments in other comprehensive income | 1,816 | (3,717) | ||||||||||||
Gain/(Loss) from investments, net | ¥ 91,184 | |||||||||||||
Amount of realized and unrealized gain (loss) on shares sold | 46,029 | |||||||||||||
The change in fair value of the investments | 922 | 8,714 | ||||||||||||
iSNOB Holding Limited | Fair Value, Inputs, Level 3 [Member] | ||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||
Available-for-sale debt securities | 24,656 | 0 | 22,595 | |||||||||||
iSNOB Holding Limited | Consolidated Statements of Operations And Comprehensive Loss | Preferred Shares outstanding | ||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||
Stock Issued During Period, Value, New Issues | 13,215 | |||||||||||||
iSNOB Holding Limited | Share Repurchase Agreement | ||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||
Shares repurchased by investee, total price | ¥ 104,399 | |||||||||||||
Stock repurchased during period, Percentage | 73.40% | 73.40% | ||||||||||||
iSNOB Holding Limited | United States of America, Dollars | Share Repurchase Agreement | ||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||
Shares repurchased by investee, total price | $ | $ 16,000 | |||||||||||||
iSNOB Holding Limited | Redeemable Convertible Preferred Stock | ||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||
Convertible and redeemable preferred shares held | shares | 4,785,714 | 4,785,714 | 18,000,000 | |||||||||||
Ruisha Technology | ||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||
Percentage owned | 18.10% | |||||||||||||
Available-for-sale debt securities | 19,065 | |||||||||||||
Unrealized securities holding losses, net of tax | 9,726 | |||||||||||||
Payments to Acquire Debt Securities, Available-for-Sale | ¥ 7,000 | |||||||||||||
Other comprehensive income loss reclassification adjustment from accumulated other comprehensive income to income statement upon sale of available for sale securities upon consummation of business combination | 11,106 | |||||||||||||
Finite-Lived Intangible Assets Acquired | ¥ 50 | |||||||||||||
The change in fair value of the investments | (908) | 11,442 | ||||||||||||
Huzan Inc. | ||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||
Available-for-sale debt securities | 1,686 | |||||||||||||
Impairment of AFS securities | 4,055 | |||||||||||||
Foreign currency translation adjustments in other comprehensive income | (51) | |||||||||||||
Fair value increase or decrease | 9,310 | |||||||||||||
Amount of reversed unrealized holding gain (loss) | 5,145 | |||||||||||||
Huzan Inc. | Fair Value, Inputs, Level 3 [Member] | ||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||
Available-for-sale debt securities | 1,686 | $ 0 | ||||||||||||
Gain/(Loss) from investments, net | (1,635) | |||||||||||||
Xuanwei Limited | ||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||
Percentage owned | 5% | 5% | ||||||||||||
Unrealized securities holding losses, net of tax | 2,389 | |||||||||||||
Payments to Acquire Debt Securities, Available-for-Sale | ¥ 3,525 | $ 500 | ||||||||||||
Proceeds from Sale of Debt Securities, Available-for-Sale | 5,914 | $ 900 | ||||||||||||
Poppy Mobile Inc. | ||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||
Percentage owned | 10% | 10% | ||||||||||||
Impairment of AFS securities | 16,817 | |||||||||||||
Foreign currency translation adjustments in other comprehensive income | $ 946 | (344) | ||||||||||||
Payments to Acquire Debt Securities, Available-for-Sale | ¥ 16,215 | $ 2,500 | ||||||||||||
Poppy Mobile Inc. | Fair Value, Inputs, Level 3 [Member] | ||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||
Available-for-sale debt securities | 15,871 | |||||||||||||
Gain/(Loss) from investments, net | ¥ (16,817) | |||||||||||||
The change in fair value of the investments | ¥ 0 | |||||||||||||
Jiaxing Neixiangyoupan Equity Investment Fund Partnership | ||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||
Equity method investment ownership percentage | 14.80% | 14.80% | 14.80% | |||||||||||
Income Loss From Share | ¥ 2,189 | ¥ 1,570 | ¥ (478) | |||||||||||
The value of ownership under the equity method investments | ¥ 28,464 | ¥ 24,750 |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Property and Equipment (Detail) ¥ in Thousands, $ in Thousands | Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) |
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | ¥ 242,222 | ¥ 53,508 | |
Less: accumulated depreciation and amortization | (47,633) | (45,806) | |
Property, equipment and software, net | 194,589 | $ 28,334 | 7,702 |
Building | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 191,743 | 0 | |
Leasehold Improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 29,966 | 29,556 | |
Electronic Equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 9,846 | 13,399 | |
Furniture and Office Equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 5,577 | 5,675 | |
Vehicles | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 1,617 | 1,405 | |
Computer Softwares | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | ¥ 3,473 | ¥ 3,473 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Detail) - CNY (¥) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation and amortization expense | ¥ 5,312,000 | ¥ 5,396,000 | ¥ 9,327,000 |
Impairment charges | ¥ 0 | ¥ 0 | ¥ 0 |
Intangible Assets, Net - Schedu
Intangible Assets, Net - Schedule of Intangible Assets (Detail) ¥ in Thousands, $ in Thousands | Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) | |
Finite-Lived Intangible Assets [Line Items] | ||||
Gross Carrying Amount | ¥ 2,279,154 | ¥ 2,189,954 | ||
Accumulated Amortization | (2,181,536) | (2,036,896) | ||
Accumulated Impairment Amount | (85,064) | (63,236) | ||
Net Carrying Amount | 12,554 | $ 1,828 | 89,822 | |
Domain Name | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross Carrying Amount | 12,247 | 11,540 | ||
Accumulated Amortization | (3,566) | (3,451) | ||
Accumulated Impairment Amount | (8,667) | (8,072) | ||
Net Carrying Amount | 14 | 17 | ||
Trademarks | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross Carrying Amount | 1,481 | 1,481 | ||
Accumulated Amortization | (641) | (489) | ||
Accumulated Impairment Amount | 0 | 0 | ||
Net Carrying Amount | 840 | 992 | ||
Insurance Agency License | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross Carrying Amount | 2,848 | 2,848 | ||
Accumulated Amortization | (748) | (748) | ||
Accumulated Impairment Amount | (2,100) | (2,100) | ||
Net Carrying Amount | 0 | 0 | ||
Broadcasting license | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross Carrying Amount | 86,667 | 86,667 | ||
Accumulated Amortization | (47,977) | (47,977) | ||
Accumulated Impairment Amount | (38,690) | (38,690) | ||
Net Carrying Amount | 0 | 0 | ||
Buyer and Customer Relationship | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross Carrying Amount | 502,270 | 502,270 | ||
Accumulated Amortization | (475,937) | (468,037) | ||
Accumulated Impairment Amount | (17,033) | 0 | ||
Net Carrying Amount | 9,300 | 34,233 | ||
Brand | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross Carrying Amount | [1] | 184,470 | 184,470 | |
Accumulated Amortization | [1] | (172,110) | (172,110) | |
Accumulated Impairment Amount | [1] | (12,360) | (12,360) | |
Net Carrying Amount | [1] | 0 | 0 | |
Strategic Business Resources | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross Carrying Amount | [2] | 1,456,331 | 1,367,838 | |
Accumulated Amortization | [2] | (1,456,331) | (1,321,838) | |
Accumulated Impairment Amount | [2] | 0 | 0 | |
Net Carrying Amount | [2] | 0 | 46,000 | |
Technology | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross Carrying Amount | 32,840 | 32,840 | ||
Accumulated Amortization | (24,226) | (22,246) | ||
Accumulated Impairment Amount | (6,214) | (2,014) | ||
Net Carrying Amount | ¥ 2,400 | ¥ 8,580 | ||
[1] Brand was acquired through the Group’s acquisitions with Aimei and Meiliworks (Note 1(a)) . Strategic business resources were acquired through a business cooperation agreement the Company entered into with Tencent in July 2018. Pursuant to the agreement, Tencent offered the Company traffic support through Tencent’s online platform and provided the Company certain intellectual property resources to promote and advertise the Company’s products and brands. |
Intangible Assets, Net - Additi
Intangible Assets, Net - Additional Information (Detail) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) AssetGroup | Mar. 31, 2021 CNY (¥) | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization Expense for Intangible Assets | ¥ 59,992,000 | $ 8,736 | ¥ 328,154,000 | ¥ 341,802,000 |
Impairment of Intangible Assets (Excluding Goodwill) | 21,233,000 | $ 3,092 | ¥ 48,890,000 | ¥ 0 |
Number Of Intangible Asset Groups | AssetGroup | 2 | |||
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration] | Goodwill and Intangible Asset Impairment | |||
Impairment of Intangible Assets | 21,233,000 | ¥ 48,862,000 | ||
Ruisha Technology | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Assets Acquired | 49,400,000 | |||
Broadcasting License Acquired | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Impairment of Intangible Assets (Excluding Goodwill) | 38,690,000 | |||
Insurance Agency License | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Impairment of Intangible Assets (Excluding Goodwill) | 2,100,000 | |||
Internet Domain Names | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Impairment of Intangible Assets (Excluding Goodwill) | ¥ 8,072,000 | |||
Customer Relationships | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Impairment of Intangible Assets (Excluding Goodwill) | 17,033,000 | |||
Technology | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Impairment of Intangible Assets (Excluding Goodwill) | ¥ 4,200,000 |
Intangible Assets, Net - Sche_2
Intangible Assets, Net - Schedule of Amortization Expense (Detail) ¥ in Thousands, $ in Thousands | Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||
2024 | ¥ 3,689 | ||
2025 | 3,671 | ||
2026 | 3,662 | ||
2027 | 1,301 | ||
2028 | 103 | ||
Thereafter | 128 | ||
Net Carrying Amount | ¥ 12,554 | $ 1,828 | ¥ 89,822 |
Leases - Additional Information
Leases - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Apr. 01, 2022 | |
Lessee, Lease, Description [Line Items] | ||||
Total lease costs | ¥ 10,951 | |||
Short-term Lease, Cost | ¥ 2,341 | |||
ASC 840 | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease expenses | ¥ 14,336 | ¥ 27,942 | ||
Maximum | ||||
Lessee, Lease, Description [Line Items] | ||||
Lease term | 3 years | 1 year | ||
Minimum | ||||
Lessee, Lease, Description [Line Items] | ||||
Lease term | 1 year |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Cash Flow Information Related to Leases (Detail) ¥ in Thousands | 12 Months Ended |
Mar. 31, 2023 CNY (¥) | |
Leases [Abstract] | |
Cash paid for the rentals included in the lease liabilities | ¥ 7,654 |
Right-of-use assets obtained in exchange for lease liabilities | ¥ 0 |
Leases - Schedule of Suppleme_2
Leases - Schedule of Supplemental Consolidated Balance Sheet Information Related to Leases (Detail) ¥ in Thousands, $ in Thousands | Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Apr. 01, 2022 CNY (¥) | Mar. 31, 2022 CNY (¥) |
Leases [Abstract] | ||||
Right-of-use assets | ¥ 5,441 | $ 792 | ¥ 16,427 | ¥ 0 |
Current portion of lease liabilities | 2,654 | 386 | 0 | |
Non-current lease liabilities | ¥ 753 | $ 110 | ¥ 0 |
Leases - Schedule of Lease Term
Leases - Schedule of Lease Term and Discount Rates (Detail) | Mar. 31, 2023 |
Lease, Cost [Abstract] | |
Weighted-average remaining lease term | 1 year 3 months 10 days |
Weighted-average discount rate | 4.40% |
Leases - Schedule of Maturities
Leases - Schedule of Maturities of Lease Liabilities (Detail) - CNY (¥) ¥ in Thousands | Mar. 31, 2023 | Apr. 01, 2022 |
Leases [Abstract] | ||
2024 | ¥ 2,744 | |
2025 | 768 | |
Total undiscounted lease payments | 3,512 | |
Less: imputed interest | (105) | |
Total present value of lease liabilities | ¥ 3,407 | ¥ 13,507 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments under Non-cancelable Operating Leases (Detail) - CNY (¥) ¥ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Lessee, Lease, Description [Line Items] | ||
2023 | ¥ 2,744 | |
2024 | 768 | |
Total undiscounted lease payments | ¥ 3,512 | |
Office | ||
Lessee, Lease, Description [Line Items] | ||
2023 | ¥ 10,800 | |
2024 | 5,815 | |
2025 | 2,876 | |
Total undiscounted lease payments | ¥ 19,491 |
Goodwill - Schedule of Changes
Goodwill - Schedule of Changes in Carrying Amount of Goodwill (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||||
Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2021 CNY (¥) | Mar. 31, 2023 USD ($) | ||||
Goodwill [Line Items] | ||||||||
Goodwill, Gross | ¥ 1,632,113 | ¥ 1,632,113 | ¥ 1,568,653 | |||||
Goodwill, Impaired, Accumulated Impairment Loss | (1,632,113) | (1,568,653) | (1,382,149) | |||||
Goodwill | 0 | 63,460 | 186,504 | $ 0 | ||||
Transaction during the year | ||||||||
Addition | [1] | 63,460 | ||||||
Goodwill impairment recognized during the year | (63,460) | [2] | $ (9,240) | (186,504) | [2] | 0 | ||
LVB focused online business | ||||||||
Goodwill [Line Items] | ||||||||
Goodwill, Gross | 1,568,653 | 1,568,653 | 1,568,653 | |||||
Goodwill, Impaired, Accumulated Impairment Loss | (1,568,653) | (1,568,653) | (1,382,149) | |||||
Goodwill | 0 | 0 | ¥ 186,504 | |||||
Transaction during the year | ||||||||
Goodwill impairment recognized during the year | [2] | 0 | (186,504) | |||||
Brands And customized services business | ||||||||
Goodwill [Line Items] | ||||||||
Goodwill, Gross | 63,460 | 63,460 | ||||||
Goodwill, Impaired, Accumulated Impairment Loss | (63,460) | 0 | ||||||
Goodwill | 0 | 63,460 | ||||||
Transaction during the year | ||||||||
Addition | [1] | 63,460 | ||||||
Goodwill impairment recognized during the year | [2] | ¥ (63,460) | ¥ 0 | |||||
[1] During the year ended March 31, 2022, the addition in goodwill was in relation to the acquisition of Ruisha Technology in July 2021 (Note 3). Goodwill impairment |
Goodwill - Additional Informati
Goodwill - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||||
Sep. 30, 2021 CNY (¥) | Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2021 CNY (¥) | ||||
Goodwill [Line Items] | ||||||||
Impairment loss | ¥ 63,460 | [1] | $ 9,240 | ¥ 186,504 | [1] | ¥ 0 | ||
Asset Impairment Charges | 63,460 | |||||||
Goodwill carrying amount | 0 | |||||||
LVB focused online business | ||||||||
Goodwill [Line Items] | ||||||||
Impairment loss | [1] | ¥ 0 | ¥ 186,504 | |||||
Accounting Standards Update 2017-04 [Member] | LVB focused online business | ||||||||
Goodwill [Line Items] | ||||||||
Impairment loss | ¥ 186,504 | |||||||
[1] Goodwill impairment |
Accruals and Other Liabilitie_2
Accruals and Other Liabilities - Summary of Accruals and Other Liabilities (Detail) ¥ in Thousands, $ in Thousands | Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) | |
Accrued liabilities and other current liabilities | ||||
Deposits from merchants | [1] | ¥ 104,945 | ¥ 116,314 | |
Receipts under custody | [2] | 134,691 | 134,106 | |
Payables for purchases of office building | 10,450 | 0 | ||
Accrued expenses | 8,578 | 6,932 | ||
Accrued advertisement expenses | 4,849 | 6,091 | ||
Other payables | 7,204 | 9,195 | ||
Total | 270,717 | $ 39,419 | 272,638 | |
Non-current | ||||
Initial reimbursement payment from depositary bank | [3] | 0 | 890 | |
Total | ¥ 270,717 | ¥ 273,528 | ||
[1] The customer deposits mainly represent the cash deposits as collateral collected from the merchants of the online platform. The deposit can be withdrawn immediately after the merchants terminate its online shop on the platform. The receipts under custody mainly represent the amounts received by the Group from the registered users for their purchase through the Company’s online market platform, and have not been remitted to the third-party merchants yet. The Company received initial reimbursement payment of US$ 935 (RMB 6,297 ) from depositary bank in January 2019. The amount was recorded ratably as other income over 5 year arrangement period. For the year ended March 31, 2021, 2022 and 2023, the Company has recorded RMB 1,267 , RMB 1,201 and RMB 1,281 in other income. For the year ended March 31, 2021, 2022 and 2023, the Group received additional reimbursement payments of US$ 1,638 (RMB 10,829 ), US$ 448 (RMB 2,857 ) and nil from depositary bank for the transaction costs incurred in the prior years and the amount was recorded in other income. |
Accruals and Other Liabilitie_3
Accruals and Other Liabilities - Summary of Accruals and Other Liabilities (Parenthetical) (Detail) ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Jan. 31, 2019 USD ($) | Mar. 31, 2023 CNY (¥) | Mar. 31, 2022 USD ($) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2021 USD ($) | Mar. 31, 2021 CNY (¥) | Jan. 31, 2019 CNY (¥) | |
Payables And Accruals [Line Items] | |||||||
Initial reimbursement payment received | $ 935 | ¥ 6,297 | |||||
Initial reimbursement payment, arrangement period | 5 years | ||||||
Initial reimbursement payment, recorded in other income | ¥ 1,281 | ¥ 1,201 | ¥ 1,267 | ||||
Advance Share Based Payments Refunded To Employees | |||||||
Payables And Accruals [Line Items] | |||||||
Additional reimbursement payment received | ¥ 0 | $ 448 | ¥ 2,857 | $ 1,638 | ¥ 10,829 |
Taxation - Additional Informati
Taxation - Additional Information (Detail) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||
Dec. 16, 2021 | Apr. 01, 2021 | Jan. 01, 2018 | Nov. 08, 2013 | Jun. 30, 2018 | Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2021 CNY (¥) | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Income Taxes [Line Items] | ||||||||||||
Cultural undertaking development fees, percentage of advertising revenues | 3% | 3% | ||||||||||
Education surcharges rate | 3% | 3% | ||||||||||
Local education surcharges rate | 2% | 2% | ||||||||||
Withholding tax | ¥ (1,983,000) | $ (288) | ¥ (14,512,000) | ¥ 5,181,000 | ||||||||
Income tax rate | 25% | 25% | 25% | 25% | 25% | |||||||
Taxable profit | ¥ (188,389,000) | ¥ (656,886,000) | ¥ (322,790,000) | |||||||||
Net operating losses carry forwards, period | 10 years | |||||||||||
Withholding income tax rate on dividends distributed by a foreign-invested entity | 10% | 10% | ||||||||||
Net operating losses carry forwards | ¥ 543,015,000 | |||||||||||
uncertain tax position | 6,680,000 | |||||||||||
uncertain tax position including interest | ¥ 2,447,000 | |||||||||||
Minimum | ||||||||||||
Income Taxes [Line Items] | ||||||||||||
Urban construction tax rate | 1% | 1% | ||||||||||
Qualified research and development expense claim percentage | 175% | 175% | ||||||||||
Additional qualified research and development expense claim percentage | 75% | 75% | ||||||||||
Maximum | ||||||||||||
Income Taxes [Line Items] | ||||||||||||
Urban construction tax rate | 7% | 7% | ||||||||||
Qualified research and development expense claim percentage | 200% | 200% | ||||||||||
Additional qualified research and development expense claim percentage | 100% | 100% | ||||||||||
Earliest Tax Year | ||||||||||||
Income Taxes [Line Items] | ||||||||||||
Net operating losses carry forwards, expiration year | 2023 | 2023 | ||||||||||
Latest Tax Year | ||||||||||||
Income Taxes [Line Items] | ||||||||||||
Net operating losses carry forwards, expiration year | 2032 | 2032 | ||||||||||
Hangzhou Juandou Network Technology Co., Ltd. | ||||||||||||
Income Taxes [Line Items] | ||||||||||||
Preferential tax rate | 15% | 15% | 15% | 15% | ||||||||
Preferential tax rate period | 3 years | |||||||||||
Taxable profit | ¥ 0 | 0 | ¥ 0 | |||||||||
Net operating losses carry forwards, period | 10 years | |||||||||||
Other Subsidiaries | ||||||||||||
Income Taxes [Line Items] | ||||||||||||
Income tax rate | 25% | 25% | ||||||||||
Hangzhou Shiqu Information and Technology Co., Ltd. | ||||||||||||
Income Taxes [Line Items] | ||||||||||||
Taxable profit | ¥ 0 | 0 | 0 | |||||||||
Net operating losses carry forwards, period | 10 years | |||||||||||
Hangzhou Shiqu Information and Technology Co., Ltd. | Software Enterprises | ||||||||||||
Income Taxes [Line Items] | ||||||||||||
Preferential tax rate | 12.50% | |||||||||||
CIT exemption for tax holiday | 2 years | |||||||||||
Preferential tax rate period | 3 years | |||||||||||
Hangzhou Juangua Network Co., Ltd. | ||||||||||||
Income Taxes [Line Items] | ||||||||||||
Taxable profit | 0 | 0 | 0 | |||||||||
Net operating losses carry forwards, period | 10 years | |||||||||||
Hangzhou Juangua Network Co., Ltd. | Software Enterprises | ||||||||||||
Income Taxes [Line Items] | ||||||||||||
Preferential tax rate | 12.50% | |||||||||||
CIT exemption for tax holiday | 2 years | |||||||||||
Preferential tax rate period | 3 years | |||||||||||
Meilishuo (Beijing) Network Technology Co., Ltd. | ||||||||||||
Income Taxes [Line Items] | ||||||||||||
Taxable profit | ¥ 0 | ¥ 0 | ¥ 0 | |||||||||
Lishui Juanfu and Ruisha Technology | High and New Technology Enterprises | ||||||||||||
Income Taxes [Line Items] | ||||||||||||
Preferential tax rate | 15% | 15% | 15% | 15% | ||||||||
Preferential tax rate period | 3 years | |||||||||||
Technology services, marketing services, commissions, financing solutions and other services | ||||||||||||
Income Taxes [Line Items] | ||||||||||||
VAT rate | 6% | 6% | 6% | 6% | ||||||||
Online Direct Sales | ||||||||||||
Income Taxes [Line Items] | ||||||||||||
VAT rate | 6% | 6% | 13% | |||||||||
Small Scale Taxpayers | ||||||||||||
Income Taxes [Line Items] | ||||||||||||
VAT rate | 3% | 3% | 3% | 3% | ||||||||
Cayman Islands | ||||||||||||
Income Taxes [Line Items] | ||||||||||||
Withholding tax | ¥ 0 | ¥ 0 | ¥ 0 | |||||||||
Hong Kong | Taxable Profit First Two Million Hongkong Dollar | ||||||||||||
Income Taxes [Line Items] | ||||||||||||
Income tax rate | 8.25% | 8.25% | ||||||||||
Hong Kong | Taxable Profit Above Two Million Hongkong Dollar | ||||||||||||
Income Taxes [Line Items] | ||||||||||||
Income tax rate | 16.50% | 16.50% | ||||||||||
Hong Kong | Minimum | ||||||||||||
Income Taxes [Line Items] | ||||||||||||
Foreign investor ownership threshold, subject to withholding tax | 25% | 25% | ||||||||||
Hong Kong | Maximum | ||||||||||||
Income Taxes [Line Items] | ||||||||||||
Withholding income tax rate on dividends distributed by a foreign-invested entity | 5% | 5% |
Taxation - Composition of Incom
Taxation - Composition of Income Taxes Benefits (Detail) ¥ 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 Disclosure [Abstract] | ||||
Current income tax expense | ¥ (6,965) | ¥ (1,450) | ¥ (9,825) | |
Deferred income tax benefit | 8,948 | $ 1,303 | 15,962 | 4,644 |
Total income tax (expense)/benefit | ¥ 1,983 | $ 288 | ¥ 14,512 | ¥ (5,181) |
Taxation - Components of Loss B
Taxation - Components of Loss Before Tax (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2021 CNY (¥) | |
Loss before tax | ||||
Loss from PRC entities | ¥ (92,070) | ¥ (138,698) | ¥ (61,292) | |
Loss from Cayman Islands and Hong Kong entities | (96,319) | (518,188) | (261,498) | |
Total loss before tax | (188,389) | (656,886) | (322,790) | |
Income tax(expense)/benefit | ||||
Current income tax expense | (6,965) | (1,450) | (9,825) | |
Deferred tax benefit | 8,948 | $ 1,303 | 15,962 | 4,644 |
Total income tax (expense)/benefit | ¥ 1,983 | $ 288 | ¥ 14,512 | ¥ (5,181) |
Taxation - Reconciliation of Di
Taxation - Reconciliation of Difference Between the PRC Statutory Income Tax Rate and Effective Tax Rate (Detail) | 12 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||||
PRC Statutory tax rate | 25% | 25% | 25% | 25% |
Difference in EIT rates of certain subsidiaries | (12.00%) | (29.00%) | (21.00%) | |
Permanent book - tax difference | (3.00%) | (8.00%) | (2.00%) | |
Additional deduction for research and development expenditures | 2% | 1% | 3% | |
Effective of change on tax rate | (18.00%) | 0% | 0% | |
Changes in valuation allowance | 7% | 13% | (6.00%) | |
Effective tax rate | 1% | 2% | (1.00%) |
Taxation - Significant Componen
Taxation - Significant Components of Deferred Tax Assets (Detail) ¥ in Thousands, $ in Thousands | Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2021 CNY (¥) | Mar. 31, 2020 CNY (¥) |
Deferred tax assets: | |||||
Tax losses carried forward | ¥ 125,113 | ¥ 282,984 | |||
Carryforwards of un-deducted advertising expenses | 329,868 | 167,812 | |||
Accruals and other liabilities | 8,394 | 5,773 | |||
Provision for doubtful accounts | 4,312 | 7,879 | |||
Impairment of available-for-sale investments | 900 | 1,255 | |||
Less: valuation allowance | (468,587) | (465,703) | ¥ (540,973) | ¥ (752,907) | |
Net deferred tax assets | 0 | 0 | |||
Deferred tax liabilities: | |||||
Recognition of intangible assets arisen from business combination and unrealized holding gain | 3,369 | 12,112 | |||
Net deferred tax liabilities | ¥ 3,369 | $ 491 | ¥ 12,112 |
Taxation - Net Operating Loss C
Taxation - Net Operating Loss Carry Forwards From PRC Entities (Detail) ¥ in Thousands | Mar. 31, 2023 CNY (¥) |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carry forwards | ¥ 543,015 |
2023 | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carry forwards | 20,518 |
2024 | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carry forwards | 110,411 |
2025 | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carry forwards | 141,244 |
2026 | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carry forwards | 98,601 |
2027 | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carry forwards | 77,860 |
Thereafter | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carry forwards | ¥ 94,381 |
Taxation - Schedule of Movement
Taxation - Schedule of Movement of Valuation Allowance (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Balance at beginning of the period | ¥ 465,703 | ¥ 540,973 | ¥ 752,907 |
Addition | 10,298 | 19,865 | 16,934 |
Effect of change on tax rate | 30,001 | 0 | 0 |
Written off for expiration of net operating losses | (20,022) | (2,380) | (225,742) |
Utilization of previously unrecognized tax loss and un-deductible advertising expenses | (17,393) | (92,755) | (3,126) |
Balance at end of the period | ¥ 468,587 | ¥ 465,703 | ¥ 540,973 |
Ordinary Shares - Additional In
Ordinary Shares - Additional Information (Detail) $ / shares in Units, ¥ in Thousands, $ in Thousands | 4 Months Ended | 12 Months Ended | 36 Months Ended | 48 Months Ended | |||||||||||
Dec. 18, 2018 $ / shares shares | Dec. 10, 2018 $ / shares shares | Dec. 09, 2018 USD ($) Vote $ / shares shares | May 24, 2013 $ / shares | Mar. 31, 2019 Vote shares | Mar. 31, 2023 USD ($) Vote $ / shares shares | Mar. 31, 2023 CNY (¥) Vote shares | Mar. 31, 2022 USD ($) $ / shares shares | Mar. 31, 2022 CNY (¥) shares | Mar. 31, 2021 USD ($) $ / shares shares | Mar. 31, 2021 CNY (¥) shares | Mar. 31, 2023 $ / shares shares | Mar. 31, 2023 USD ($) $ / shares shares | Mar. 31, 2023 CNY (¥) shares | Sep. 01, 2022 USD ($) | |
Class of Stock [Line Items] | |||||||||||||||
Ordinary shares, par value | $ / shares | $ 0.00001 | ||||||||||||||
Number of shares subdivided into for each share | 100 | ||||||||||||||
Ordinary shares, shares authorized | 50,000,000,000 | ||||||||||||||
Authorized share capital | $ | $ 500,000 | ||||||||||||||
Minimum percentage threshold of ownership in the Company where Tencent has vote power | 50% | 50% | |||||||||||||
Open Market | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Repurchase of ordinary shares value | $ 198 | ¥ 1,333 | $ 1,502 | ¥ 9,689 | $ 3,642 | ¥ 24,362 | |||||||||
Stock repurchase weighted average price | $ / shares | $ 0.01 | $ 0.06 | $ 0.08 | $ 0.01 | $ 0.01 | ||||||||||
From Certain Shareholders | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Repurchase of ordinary shares value | $ 13,799 | ¥ 95,496 | |||||||||||||
Stock repurchase weighted average price | $ / shares | $ 0.09 | ||||||||||||||
American Depository Shares [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Stock repurchase authorized value | $ | $ 10,000 | ||||||||||||||
Class A Ordinary Shares | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Ordinary shares, par value | $ / shares | $ 0.00001 | $ 0.00001 | $ 0.00001 | $ 0.00001 | $ 0.00001 | ||||||||||
Ordinary shares, shares authorized | 49,000,000,000 | 49,000,000,000 | 49,000,000,000 | 49,000,000,000 | 49,000,000,000 | ||||||||||
Ordinary shares, shares issued | 2,433,709,000 | 2,433,353,800 | 2,433,709,000 | 2,433,709,000 | |||||||||||
Ordinary shares, shares outstanding | 2,371,289,450 | 2,161,314,900 | 2,190,737,700 | 2,161,314,900 | 2,161,314,900 | ||||||||||
Number of votes each ordinary share is entitled | Vote | 1 | 1 | |||||||||||||
Class A Ordinary Shares | Open Market | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Repurchase of ordinary shares | 29,778,000 | 29,778,000 | 25,644,050 | 25,644,050 | 44,555,900 | 44,555,900 | 110,434,025 | ||||||||
Repurchase of ordinary shares value | $ 6,294 | ¥ 41,950 | |||||||||||||
Stock repurchase weighted average price | $ / shares | $ 0.06 | $ 0.06 | $ 0.06 | ||||||||||||
Class A Ordinary Shares | From Certain Shareholders | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Repurchase of ordinary shares | 161,960,075 | 161,960,075 | 161,960,075 | 161,960,075 | |||||||||||
Repurchase of ordinary shares value | $ 13,799 | ¥ 95,496 | |||||||||||||
Stock repurchase weighted average price | $ / shares | 0.09 | 0.09 | $ 0.09 | ||||||||||||
Class A Ordinary Shares | IPO | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Ordinary Shares issued | 118,750,000 | ||||||||||||||
Share Price | $ / shares | $ 0.56 | ||||||||||||||
Class A Ordinary Shares | Over-Allotment Option | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Ordinary Shares issued | 2,122,750 | ||||||||||||||
Share Price | $ / shares | $ 0.56 | ||||||||||||||
Class B Ordinary Shares | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Ordinary shares, par value | $ / shares | $ 0.00001 | $ 0.00001 | $ 0.00001 | $ 0.00001 | $ 0.00001 | ||||||||||
Ordinary shares, shares authorized | 500,000,000 | 500,000,000 | 500,000,000 | 500,000,000 | 500,000,000 | ||||||||||
Ordinary shares, shares issued | 303,234,004 | 303,234,004 | 303,234,004 | 303,234,004 | |||||||||||
Ordinary shares, shares outstanding | 303,234,004 | 303,234,004 | 303,234,004 | 303,234,004 | 303,234,004 | ||||||||||
Number of votes each ordinary share is entitled | Vote | 1 | 30 | |||||||||||||
Other Classes of Stock | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Ordinary shares, par value | $ / shares | $ 0.00001 | ||||||||||||||
Ordinary shares, shares authorized | 500,000,000 |
Share Based Compensation - Addi
Share Based Compensation - Additional Information (Detail) - 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] | |||
Ordinary shares reserved for issuance | 384,111,187 | ||
Options granted for the year | 0 | 0 | 0 |
Unrecognized compensation expense | ¥ 0 | ¥ 0 | |
IPO | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Sale of stock transaction date | Dec. 10, 2018 | ||
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share based award granted, contractual term | 10 years | ||
Share based award granted, vesting period | 4 years | ||
Share-based compensation expenses | ¥ 13,563 | ¥ 12,458 | ¥ 25,134 |
Unrecognized compensation expense, weighted average period recognized | 2 years 11 months 23 days | 1 year 10 months 20 days | |
Unrecognized compensation expense | ¥ 5,473 | ¥ 12,859 | |
Total fair value of RSUs vested | 3,646 | 3,782 | 7,070 |
Intrinsic value of RSUs vested | ¥ 3,646 | 3,782 | 7,070 |
Employee Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share based award granted, contractual term | 10 years | ||
Share based award granted, vesting period | 4 years | ||
Share vested term after resignation | 15 days | ||
Share-based compensation expenses | ¥ 0 | ¥ 0 | ¥ 1,161 |
Share Based Compensation - Summ
Share Based Compensation - Summary of Option Activity (Detail) - USD ($) | 12 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Number of share options | ||||
Number of share options, Beginning balance | 11,950,858 | 13,442,848 | 19,460,008 | |
Number of share options, Excercised | (2,865,800) | |||
Number of share options, Expired | (440,000) | |||
Number of share options, Forfeited or cancelled (post-vesting) | (68,000) | (1,491,990) | (3,151,360) | |
Number of share options, Ending balance | 11,442,858 | 11,950,858 | 13,442,848 | 19,460,008 |
Number of share options, Vested and expected to vest as of March 31, 2023 | 11,442,858 | |||
Number of share options, Exercisable as of March 31, 2023 | 11,442,858 | |||
Weighted Average Exercise Price | ||||
Weighted Average Exercise Price, Beginning balance | $ 0.11 | $ 0.12 | $ 0.13 | |
Weighted Average Exercise Price, Exercised | 0.03 | |||
Weighted Average Exercise Price, Expired | 0.02 | |||
Weighted Average Exercise Price, Forfeited or cancelled (post-vesting) | 0.23 | 0.19 | 0.27 | |
Weighted Average Exercise Price, Ending balance | 0.11 | $ 0.11 | $ 0.12 | $ 0.13 |
Weighted Average Exercise Price, Vested and expected to vest as of March 31, 2023 | 0.11 | |||
Weighted Average Exercise Price, Exercisable as of March 31, 2023 | $ 0.11 | |||
Weighted Average Remaining Contractual Life | ||||
Weighted Average Remaining Contractual Life | 9 months 29 days | 1 year 8 months 26 days | 3 years 3 months 7 days | 4 years 3 months 3 days |
Weighted Average Remaining Contractual Life, Vested and expected to vest as of March 31, 2023 | 9 months 29 days | |||
Weighted Average Remaining Contractual Life, Exercisable as of March 31, 2023 | 9 months 29 days | |||
Aggregate Intrinsic Value | ||||
Aggregate Intrinsic Value | $ 0 | $ 0 | $ 371,000 | $ 189,000 |
Aggregate Intrinsic Value, Vested and expected to vest as of March 31, 2023 | 0 | |||
Aggregate Intrinsic Value, Exercisable as of March 31, 2023 | $ 0 |
Share Based Compensation - Su_2
Share Based Compensation - Summary of Activities of Service-based RSU (Detail) - Restricted Stock Units (RSUs) - $ / shares | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Number of RSUs | |||
Number of RSUs, Unvested Beginning balance | 31,889,050 | 70,773,100 | 50,365,952 |
Number of RSUs, Granted | 132,327,600 | 3,559,000 | 42,695,000 |
Number of RSUs, Vested | (81,298,225) | (12,858,575) | (8,195,402) |
Number of RSUs, Forfeited | (400,875) | (29,584,475) | (14,092,450) |
Number of RSUs, Unvested Ending balance | 82,517,550 | 31,889,050 | 70,773,100 |
Weighted-Average Grant-Date Fair Value | |||
Weighted-Average Grant-Date Fair Value, Unvested Beginning balance | $ 0.10 | $ 0.13 | $ 0.31 |
Weighted-Average Grant-Date Fair Value, Granted | 0.01 | 0.07 | 0.05 |
Weighted-Average Grant-Date Fair Value, Vested | 0.04 | 0.28 | 0.54 |
Weighted-Average Grant-Date Fair Value, Forfeited | 0.07 | 0.09 | 0.30 |
Weighted-Average Grant-Date Fair Value, Unvested Ending balance | $ 0.01 | $ 0.10 | $ 0.13 |
Related Party Transactions An_3
Related Party Transactions And Balances - Schedule of Transactions with Major Related Parties (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Related Party Transaction [Line Items] | |||
Cost of revenue | ¥ 22,347 | ¥ 31,813 | ¥ 45,757 |
Tencent Group | Cloud Technology Services | |||
Related Party Transaction [Line Items] | |||
Cost of revenue | 20,363 | 24,915 | 35,403 |
Tencent Group | Processing Fees | |||
Related Party Transaction [Line Items] | |||
Cost of revenue | ¥ 1,984 | ¥ 6,898 | ¥ 10,354 |
Related Party Transactions An_4
Related Party Transactions And Balances - Additional Information (Detail) ¥ in Thousands | Mar. 31, 2023 CNY (¥) |
Tencent Group | |
Related Party Transaction [Line Items] | |
Balance due from related party | ¥ 618 |
Related Party Transactions An_5
Related Party Transactions And Balances - Schedule of Balances with Major Related Parties (Detail) ¥ in Thousands, $ in Thousands | Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) |
Related Party Transaction [Line Items] | |||
Due from related party | ¥ 1,260 | $ 183 | ¥ 640 |
Due to related party | (4,196) | $ (611) | (4,694) |
Tencent Group | |||
Related Party Transaction [Line Items] | |||
Due from related party | 1,260 | 640 | |
Due to related party | ¥ (4,196) | ¥ (4,694) |
Loss Per Share - Schedule of Ca
Loss Per Share - Schedule of Calculation of Basic and Diluted Loss Per Share (Detail) ¥ / shares in Units, ¥ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 $ / shares | Mar. 31, 2023 CNY (¥) ¥ / shares shares | Mar. 31, 2022 CNY (¥) ¥ / shares shares | Mar. 31, 2021 CNY (¥) ¥ / shares shares | |
Numerator: | ||||
Net loss attributable to ordinary shareholders-Basic and Diluted | ¥ | ¥ (177,984) | ¥ (639,800) | ¥ (327,971) | |
Denominator: | ||||
Weighted average number of ordinary shares-Basic | 2,554,338,579 | 2,519,948,060 | 2,630,425,361 | |
Weighted average number of ordinary shares - Diluted | 2,554,338,579 | 2,519,948,060 | 2,630,425,361 | |
Basic loss per share | (per share) | $ (0.01) | ¥ (0.07) | ¥ (0.25) | ¥ (0.12) |
Diluted loss per share | (per share) | $ (0.01) | ¥ (0.07) | ¥ (0.25) | ¥ (0.12) |
Loss Per Share - Schedule of Co
Loss Per Share - Schedule of Computation of Potentially Anti-Dilutive Securities (Detail) - shares | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities excluded from computation of diluted net loss per share | 21,498,272 | 13,520,133 | 29,131,536 |
Restricted Net Assets - Additio
Restricted Net Assets - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Restricted Net Assets [Line Items] | |||
Minimum percentage, appropriation to the statutory surplus fund of the after-tax profits | 10% | ||
Maximum percentage of the registered capital where appropriation is not required | 50% | ||
Amount of restricted net assets of consolidated and unconsolidated subsidiaries | ¥ 552,055 | ||
Statutory Reserves | |||
Restricted Net Assets [Line Items] | |||
Appropriations to statutory surplus fund and other reserve funds | ¥ 0 | ¥ 0 | ¥ 701 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) ¥ in Thousands | Mar. 31, 2023 CNY (¥) |
Other Commitments [Line Items] | |
Capital leases, future minimum payments due | ¥ 0 |
Loss contingency accrual | ¥ 0 |
Parent Company Only Condensed_3
Parent Company Only Condensed Financial Information - Condensed Balance Sheets (Detail) ¥ in Thousands, $ in Thousands | Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2022 USD ($) | Mar. 31, 2021 CNY (¥) | Mar. 31, 2020 CNY (¥) |
Current assets: | ||||||
Cash and cash equivalents | ¥ 416,201 | $ 60,604 | ¥ 438,608 | |||
Prepayments, receivables and other current assets | 69,126 | 10,066 | 55,135 | |||
Amounts due from related parties | 1,260 | 183 | 640 | |||
Total current assets | 640,606 | 93,280 | 718,912 | |||
Non-current assets: | ||||||
Intangible assets, net | 12,554 | 1,828 | 89,822 | |||
Total non-current assets | 345,542 | 50,314 | 448,068 | |||
Total assets | 986,148 | 143,594 | 1,166,980 | |||
Current liabilities: | ||||||
Amounts due to subsidiaries | 4,196 | 611 | 4,694 | |||
Taxes payable | 11,126 | 1,620 | 3,265 | |||
Accruals and other current liabilities | 270,717 | 39,419 | 272,638 | |||
Total current liabilities | 310,667 | 45,236 | 321,823 | |||
Non-current liabilities: | ||||||
Deferred tax liabilities | 3,369 | 491 | 12,112 | |||
Other non-current liabilities | 0 | 0 | 890 | |||
Total non-current liabilities | 4,122 | 601 | 13,002 | |||
Total liabilities | 314,789 | 45,837 | 334,825 | |||
SHAREHOLDERS' EQUITY | ||||||
Treasury stock (US$0.00001 par value; 242,616,100 and 272,394,100 shares as of March 31, 2022 and 2023) | (137,446) | (20,014) | (136,113) | |||
Additional paid-in capital | 9,484,664 | 1,381,074 | 9,471,101 | |||
Statutory reserves | 3,331 | 485 | 3,331 | |||
Accumulated other comprehensive income | 82,396 | 11,999 | 69,016 | |||
Accumulated deficit | (8,795,764) | (1,280,763) | (8,617,780) | |||
Total shareholders' equity | 671,359 | 97,757 | 832,155 | ¥ 1,454,896 | ¥ 1,980,472 | |
Total liabilities and shareholders' equity | 986,148 | 143,594 | 1,166,980 | |||
Class A Ordinary Shares | ||||||
SHAREHOLDERS' EQUITY | ||||||
Ordinary shares | 165 | 24 | 165 | |||
Class B Ordinary Shares | ||||||
SHAREHOLDERS' EQUITY | ||||||
Ordinary shares | 16 | 2 | 16 | |||
Parent Company | ||||||
Current assets: | ||||||
Cash and cash equivalents | 14,668 | 2,136 | 4,349 | $ 633 | ¥ 2,072 | ¥ 80,553 |
Prepayments, receivables and other current assets | 47 | 7 | 795 | |||
Amounts due from related parties | 618 | 90 | 571 | |||
Total current assets | 15,333 | 2,233 | 5,715 | |||
Non-current assets: | ||||||
Intangible assets, net | 0 | 0 | 46,000 | |||
Amounts due from subsidiaries | 1,050,048 | 152,899 | 1,066,882 | |||
Investments in other investees | 30,849 | 4,492 | 37,789 | |||
Total non-current assets | 1,080,897 | 157,391 | 1,150,671 | |||
Total assets | 1,096,230 | 159,624 | 1,156,386 | |||
Current liabilities: | ||||||
Amounts due to subsidiaries | 104,015 | 15,146 | 104,015 | |||
Taxes payable | 526 | 76 | 526 | |||
Accruals and other current liabilities | 2,429 | 355 | 1,439 | |||
Total current liabilities | 106,970 | 15,577 | 105,980 | |||
Non-current liabilities: | ||||||
Investment deficit of subsidiaries | 350,284 | 51,005 | 258,372 | |||
Deferred tax liabilities | 1,614 | 235 | 1,408 | |||
Other non-current liabilities | 0 | 0 | 890 | |||
Total non-current liabilities | 351,898 | 51,240 | 260,670 | |||
Total liabilities | 458,868 | 66,817 | 366,650 | |||
SHAREHOLDERS' EQUITY | ||||||
Treasury stock (US$0.00001 par value; 242,616,100 and 272,394,100 shares as of March 31, 2022 and 2023) | (137,446) | (20,014) | (136,113) | |||
Additional paid-in capital | 9,484,664 | 1,381,074 | 9,471,101 | |||
Statutory reserves | 3,331 | 485 | 3,331 | |||
Accumulated other comprehensive income | 82,396 | 11,999 | 69,016 | |||
Accumulated deficit | (8,795,764) | (1,280,763) | (8,617,780) | |||
Total shareholders' equity | 637,362 | 92,807 | 789,736 | |||
Total liabilities and shareholders' equity | 1,096,230 | 159,624 | 1,156,386 | |||
Parent Company | Class A Ordinary Shares | ||||||
SHAREHOLDERS' EQUITY | ||||||
Ordinary shares | 165 | 24 | 165 | |||
Parent Company | Class B Ordinary Shares | ||||||
SHAREHOLDERS' EQUITY | ||||||
Ordinary shares | ¥ 16 | $ 2 | ¥ 16 |
Parent Company Only Condensed_4
Parent Company Only Condensed Financial Information - Condensed Balance Sheets (Parenthetical) (Detail) - $ / shares | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2019 | Dec. 09, 2018 | May 24, 2013 |
Condensed Financial Statements, Captions [Line Items] | |||||
Ordinary shares, par value | $ 0.00001 | ||||
Ordinary shares, authorized | 50,000,000,000 | ||||
Treasury stock par value | $ 0.00001 | $ 0.00001 | |||
Treasury stock shares | 272,394,100 | 242,616,100 | |||
Class A Ordinary Shares | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Ordinary shares, par value | $ 0.00001 | $ 0.00001 | $ 0.00001 | ||
Ordinary shares, authorized | 49,000,000,000 | 49,000,000,000 | 49,000,000,000 | ||
Ordinary shares, shares issued | 2,433,709,000 | 2,433,353,800 | |||
Ordinary shares, shares outstanding | 2,161,314,900 | 2,190,737,700 | 2,371,289,450 | ||
Class B Ordinary Shares | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Ordinary shares, par value | $ 0.00001 | $ 0.00001 | $ 0.00001 | ||
Ordinary shares, authorized | 500,000,000 | 500,000,000 | 500,000,000 | ||
Ordinary shares, shares issued | 303,234,004 | 303,234,004 | |||
Ordinary shares, shares outstanding | 303,234,004 | 303,234,004 | 303,234,004 | ||
Parent Company | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Treasury stock shares | 272,394,100 | 242,616,100 | |||
Parent Company | Class A Ordinary Shares | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Ordinary shares, par value | $ 0.00001 | $ 0.00001 | |||
Ordinary shares, authorized | 49,000,000,000 | 49,000,000,000 | |||
Ordinary shares, shares issued | 2,433,709,000 | 2,433,353,800 | |||
Ordinary shares, shares outstanding | 2,161,314,900 | 2,190,737,700 | |||
Parent Company | Class B Ordinary Shares | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Ordinary shares, par value | $ 0.00001 | $ 0.00001 | |||
Ordinary shares, authorized | 500,000,000 | 500,000,000 | |||
Ordinary shares, shares issued | 303,234,004 | 303,234,004 | |||
Ordinary shares, shares outstanding | 303,234,004 | 303,234,004 |
Parent Company Only Condensed_5
Parent Company Only Condensed Financial Information - Condensed Statements of Operations and Comprehensive Loss (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2021 CNY (¥) | |
Condensed Financial Statements, Captions [Line Items] | ||||
General and administrative expenses | ¥ (63,445) | $ (9,238) | ¥ (79,178) | ¥ (103,038) |
Amortization of intangible assets | (59,992) | (8,736) | (328,154) | (341,802) |
Other income, net | 7,267 | 1,058 | 25,427 | 49,885 |
Loss from operations | (187,448) | (27,295) | (670,482) | (428,924) |
Interest income | 17,389 | 2,532 | 13,903 | 19,601 |
(Loss)/gain from investments, net | (18,615) | (2,711) | 232 | 86,497 |
Loss before income tax and share of results of equity investee | (189,272) | (27,561) | (656,347) | (322,826) |
Income tax expenses | 1,983 | 288 | 14,512 | (5,181) |
Share of results of equity investee | 883 | 129 | (539) | 36 |
Net loss | (186,406) | (27,144) | (642,374) | (327,971) |
Net loss attributable to MOGU Inc.'s ordinary shareholders | (177,984) | (639,800) | (327,971) | |
Other comprehensive income/(loss): | ||||
Foreign currency translation adjustment, net of nil tax | 14,264 | 2,077 | (17,400) | (72,993) |
Share of other comprehensive loss of equity method investees | 0 | 0 | 0 | 0 |
Unrealized securities holding (losses)/gains, net of tax | (884) | (129) | (10,729) | (31,658) |
Total comprehensive loss attributable to MOGU Inc. | (164,604) | (23,970) | (667,929) | (432,622) |
Parent Company | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
General and administrative expenses | (3,249) | (473) | (5,151) | (9,155) |
Amortization of intangible assets | (49,957) | (7,274) | (301,866) | (322,230) |
Other income, net | (78,030) | (11,362) | 1,008 | 6,138 |
Loss from operations | (131,236) | (19,109) | (306,009) | (325,247) |
Interest income | 0 | 0 | 1 | 78 |
Loss from subsidiaries, VIEs and VIEs' subsidiaries | (38,453) | (5,600) | (334,730) | (82,563) |
(Loss)/gain from investments, net | (16,816) | (2,449) | (1,636) | 89,518 |
Loss before income tax and share of results of equity investee | (186,505) | (27,158) | (642,374) | (318,214) |
Income tax expenses | 0 | 0 | 0 | (9,757) |
Share of results of equity investee | 99 | 14 | 0 | 0 |
Net loss | (186,406) | (27,144) | (642,374) | (327,971) |
Net loss attributable to MOGU Inc.'s ordinary shareholders | (186,406) | (27,144) | (642,374) | (327,971) |
Other comprehensive income/(loss): | ||||
Foreign currency translation adjustment, net of nil tax | 14,264 | 2,077 | (17,400) | (72,993) |
Share of other comprehensive (loss)/income of subsidiaries, VIEs and VIEs ' subsidiaries, net of tax | (1,761) | (256) | (10,729) | 9,726 |
Unrealized securities holding (losses)/gains, net of tax | 877 | 127 | 0 | (41,384) |
Total other comprehensive income/(loss) | 13,380 | 1,948 | (28,129) | (104,651) |
Total comprehensive loss attributable to MOGU Inc. | ¥ (173,026) | $ (25,196) | ¥ (670,503) | ¥ (432,622) |
Parent Company Only Condensed_6
Parent Company Only Condensed Financial Information - Condensed Statements of Operations and Comprehensive Loss (Parenthetical) (Detail) - CNY (¥) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Condensed Financial Statements, Captions [Line Items] | |||
Foreign currency translation adjustments, tax | ¥ 0 | ¥ 0 | ¥ 0 |
Parent Company | |||
Condensed Financial Statements, Captions [Line Items] | |||
Foreign currency translation adjustments, tax | ¥ 0 | ¥ 0 | ¥ 0 |
Parent Company Only Condensed_7
Parent Company Only Condensed Financial Information - Condensed Statements of Cash Flows (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2021 CNY (¥) | |
Condensed Financial Statements, Captions [Line Items] | ||||
Net cash provided by/(used in) operating activities | ¥ (10,090) | $ (1,469) | ¥ (114,409) | ¥ (77,931) |
Net cash provided by investing activities | 608 | 89 | 13,947 | (96,663) |
Net cash used in financing activities | (12,064) | (1,757) | 450 | (119,249) |
Net (decrease)/increase in cash and cash equivalents | (22,406) | (3,262) | (103,467) | (314,490) |
Cash and cash equivalents at beginning of year | 438,608 | |||
Cash and cash equivalents at end of year | 416,201 | 60,604 | 438,608 | |
Parent Company | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net cash provided by/(used in) operating activities | (1,712) | (249) | (1,642) | 3,322 |
Net cash provided by investing activities | 13,364 | 1,946 | 13,608 | 37,446 |
Net cash used in financing activities | (1,333) | (194) | (9,689) | (119,249) |
Net (decrease)/increase in cash and cash equivalents | 10,319 | 1,503 | 2,277 | (78,481) |
Cash and cash equivalents at beginning of year | 4,349 | 633 | 2,072 | 80,553 |
Cash and cash equivalents at end of year | ¥ 14,668 | $ 2,136 | ¥ 4,349 | ¥ 2,072 |
Parent Company Only Condensed_8
Parent Company Only Condensed Financial Information - Additional Information (Detail) | Mar. 31, 2023 |
Condensed Financial Information Disclosure [Abstract] | |
Restricted investments, percent of net assets | 25% |