Cover Page
Cover Page | 6 Months Ended |
Mar. 31, 2021 | |
Document Information [Line Items] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Mar. 31, 2021 |
Entity Registrant Name | Q&K International Group Limited |
Entity Central Index Key | 0001769256 |
Current Fiscal Year End Date | --09-30 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands | Mar. 31, 2021CNY (¥) | Mar. 31, 2021USD ($) | Sep. 30, 2020CNY (¥) |
Current assets: | |||
Cash and cash equivalents | ¥ 26,363 | $ 4,024 | ¥ 22,879 |
Restricted cash | 107 | 16 | 8,887 |
Accounts receivable, net | 1,844 | 281 | 1,943 |
Amounts due from related parties | 168 | ||
Prepaid rent and deposit | 11,624 | 1,774 | 51,281 |
Advances to suppliers | 20,025 | 3,056 | 16,043 |
Other current assets | 74,677 | 11,398 | 101,803 |
Total current assets | 134,640 | 20,549 | 203,004 |
Non-current assets: | |||
Property and equipment, net | 298,792 | 45,605 | 358,022 |
Intangible assets, net | 157,171 | 23,989 | 222,123 |
Land use rights | 10,305 | 1,573 | 10,448 |
Other assets | 89,086 | 13,597 | 57,133 |
Total non-current assets | 555,354 | 84,764 | 647,726 |
Total assets | 689,994 | 105,313 | 850,730 |
Current liabilities: | |||
Accounts payable | 348,217 | 53,148 | 294,469 |
Amounts due to related parties | 12 | 2 | 6,594 |
Deferred revenue | 98,527 | 15,038 | 152,619 |
Short-term debt | 785,417 | 119,878 | 762,136 |
Rental installment loans | 31,396 | 4,792 | 54,505 |
Deposits from tenants | 69,682 | 10,636 | 82,191 |
Payable for asset acquisition | 165,808 | 25,307 | 165,808 |
Accrued expenses and other current liabilities | 523,707 | 79,933 | 443,418 |
Total current liabilities | 2,022,766 | 308,734 | 1,961,740 |
Non-current liabilities: | |||
Long-term debt | 448,496 | 68,454 | 464,920 |
Convertible note, net | 285,736 | 43,612 | 206,466 |
Long-term deferred rent | 164,308 | 25,078 | 212,054 |
Total non-current liabilities | 898,540 | 137,144 | 883,440 |
Total liabilities | 2,921,306 | 445,878 | 2,845,180 |
Commitments and contingencies (Note 14) | |||
Shareholders' deficit: | |||
Ordinary shares (US$0.00001 par value per share; 5,000,000,0000 shares authorized; 1,436,010,850 and 1,461,010,850 shares issued and outstanding as of September 30, 2020 and March 31, 2021, respectively) | 94 | 14 | 92 |
Treasury shares, at cost | (298,110) | ||
Additional paid-in capital | 1,844,610 | 281,543 | 2,085,099 |
Accumulated deficit | (4,117,490) | (628,452) | (3,809,516) |
Accumulated other comprehensive income | 31,857 | 4,862 | 18,357 |
Total Q&K International Group Limited shareholders' deficit | (2,240,929) | (342,033) | (2,004,078) |
Noncontrolling interest | 9,617 | 1,468 | 9,628 |
Total shareholders' deficit | (2,231,312) | (340,565) | (1,994,450) |
Total liabilities and shareholders' deficit | ¥ 689,994 | $ 105,313 | ¥ 850,730 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2021 | Sep. 30, 2020 |
Ordinary shares, par value | $ 0.00001 | $ 0.00001 |
Ordinary shares, shares authorized | 50,000,000,000 | 50,000,000,000 |
Ordinary shares, shares issued | 1,461,010,850 | 1,436,010,850 |
Ordinary shares, shares outstanding | 1,461,010,850 | 1,436,010,850 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS ¥ in Thousands, $ in Thousands | 6 Months Ended | ||
Mar. 31, 2021CNY (¥)¥ / sharesshares | Mar. 31, 2021USD ($)$ / sharesshares | Mar. 31, 2020CNY (¥)¥ / sharesshares | |
Net revenues: | |||
Rental service | ¥ 541,671 | $ 82,675 | ¥ 555,706 |
Value-added services and others | 73,538 | 11,224 | 71,395 |
Total net revenues | 615,209 | 93,899 | 627,101 |
Operating costs and expenses: | |||
Operating cost | (684,205) | (104,431) | (682,225) |
Selling and marketing expenses | (12,503) | (1,908) | (40,450) |
General and administrative expenses | (46,243) | (7,058) | (65,089) |
Research and development expenses | (4,765) | (727) | (15,412) |
Pre-operation expenses | (12,725) | ||
Impairment loss on long-lived assets | (42,584) | (6,500) | (250,048) |
Other expense, net | (26,426) | (4,033) | (13,870) |
Total operating costs and expenses | (816,726) | (124,657) | (1,079,819) |
Loss from operations | (201,517) | (30,758) | (452,718) |
Interest expense, net | (64,287) | (9,812) | (61,518) |
Debt extinguishment cost | (41,964) | (6,405) | |
Foreign exchange loss, net | (192) | (29) | (4) |
Fair value change of contingent earn-out liabilities | 97,417 | ||
Loss before income taxes | (307,960) | (47,004) | (416,823) |
Income tax expense | (25) | (4) | (26) |
Net loss | (307,985) | (47,008) | (416,849) |
Less: net loss attributable to noncontrolling interests | (11) | (2) | (26) |
Net loss attributable to Q&K International Group Limited ordinary shareholders | ¥ (307,974) | $ (47,006) | ¥ (416,823) |
Net loss per share attributable to ordinary shareholders of Q&K International Group Limited—Basic and diluted | (per share) | ¥ (0.23) | $ (0.03) | ¥ (0.34) |
Weighted average number of ordinary shares used in computing net loss per share—Basic and diluted | shares | 1,352,152,052 | 1,352,152,052 | 1,226,807,606 |
Net loss | ¥ (307,985) | $ (47,008) | ¥ (416,849) |
Other comprehensive income (loss), net of tax of nil: | |||
Foreign currency translation adjustments | 13,500 | 2,061 | (1,464) |
Comprehensive loss | (294,485) | (44,947) | (418,313) |
Less: comprehensive loss attributable to noncontrolling interests | (11) | (2) | (26) |
Net loss attributable to Q&K International Group Limited ordinary shareholders | ¥ (294,474) | $ (44,945) | ¥ (418,287) |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) - CNY (¥) ¥ in Thousands | 6 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Other comprehensive income (loss), tax | ¥ 0 | ¥ 0 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' DEFICIT ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) | Series A non-redeemable preferred sharesCNY (¥)shares | Ordinary sharesCNY (¥)shares | Treasury stockCNY (¥) | Additional paid in capitalCNY (¥) | Accumulated other comprehensive (loss) incomeCNY (¥) | Accumulated deficitCNY (¥) | TotalCNY (¥) | Noncontrolling interestsCNY (¥) |
Beginning balance at Sep. 30, 2019 | ¥ (2,236,351) | ¥ 35,777 | ¥ 27 | ¥ (5,908) | ¥ (2,275,924) | ¥ (2,246,028) | ¥ 9,677 | |||
Beginning balance, shares at Sep. 30, 2019 | shares | 255,549,510 | 430,450,490 | ||||||||
Issuance of ordinary shares in connection with initial public offering ("IPO"), net off issuance of cost of RMB 29,289 | 289,027 | ¥ 6 | ¥ 289,021 | 289,027 | ||||||
Issuance of ordinary shares in connection with initial public offering ("IPO"), net off issuance of cost of RMB 29,289, shares | shares | 93,150,000 | |||||||||
Conversion of Series A non-redeemable preferred shares into ordinary shares | ¥ (35,777) | ¥ 17 | 35,760 | |||||||
Conversion of Series A non-redeemable preferred shares into ordinary shares, shares | shares | (255,549,510) | 255,549,510 | ||||||||
Conversion of mezzanine equity into ordinary shares | 1,425,478 | ¥ 42 | 1,425,436 | 1,425,478 | ||||||
Conversion of mezzanine equity into ordinary shares, shares | shares | 656,860,850 | |||||||||
Share-based compensation | 39,901 | 39,901 | 39,901 | |||||||
Net loss | (416,849) | (416,823) | (416,823) | (26) | ||||||
Foreign currency translation adjustments | (1,464) | (1,464) | (1,464) | |||||||
Ending balance at Mar. 31, 2020 | (900,258) | ¥ 92 | 1,790,118 | (7,372) | (2,692,747) | (909,909) | 9,651 | |||
Ending balance, shares at Mar. 31, 2020 | shares | 1,436,010,850 | |||||||||
Beginning balance at Sep. 30, 2020 | (1,994,450) | ¥ 92 | ¥ (298,110) | 2,085,099 | 18,357 | (3,809,516) | (2,004,078) | 9,628 | ||
Beginning balance, shares at Sep. 30, 2020 | shares | 1,436,010,850 | |||||||||
Transfer of treasury shares to extinguish debt with a lender | 41,964 | ¥ 298,110 | (256,146) | 41,964 | ||||||
Share-based compensation | 15,348 | 15,348 | 15,348 | |||||||
Exercise of share-based compensation | 2 | ¥ 2 | 2 | |||||||
Exercise of share-based compensation, shares | shares | 25,000,000 | |||||||||
Warrants issued in connection with convertible notes | 309 | 309 | 309 | |||||||
Net loss | (307,985) | $ (47,008) | (307,974) | (307,974) | (11) | |||||
Foreign currency translation adjustments | 13,500 | 2,061 | 13,500 | 13,500 | ||||||
Ending balance at Mar. 31, 2021 | ¥ (2,231,312) | $ (340,565) | ¥ 94 | ¥ 1,844,610 | ¥ 31,857 | ¥ (4,117,490) | ¥ (2,240,929) | ¥ 9,617 | ||
Ending balance, shares at Mar. 31, 2021 | shares | 1,461,010,850 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' DEFICIT (Parenthetical) ¥ in Thousands | 6 Months Ended |
Mar. 31, 2020CNY (¥) | |
Statement of Stockholders' Equity [Abstract] | |
Issuance of ordinary shares in connection with initial public offering ("IPO"), net off issuance of cost | ¥ 29,289 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands | 5 Months Ended | 6 Months Ended | |||||
Feb. 28, 2021CNY (¥) | Feb. 28, 2021USD ($) | Mar. 31, 2021CNY (¥) | Mar. 31, 2021USD ($) | Sep. 30, 2020CNY (¥) | Mar. 31, 2020CNY (¥) | Mar. 31, 2021USD ($) | |
Operating activities: | |||||||
Net loss | ¥ (307,985) | $ (47,008) | ¥ (416,849) | ||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
Share-based compensation | 15,348 | 2,343 | 39,901 | ||||
Depreciation and amortization | 49,804 | 7,602 | 16,244 | ||||
Loss from disposal of property, plant and equipment | 28,372 | 4,330 | 107,219 | ||||
Accretion of interest expense | 678 | 103 | 0 | ||||
Fair value change of contingent earn-out liabilities | (97,417) | ||||||
Debt extinguishment cost | 41,964 | 6,405 | |||||
Deferred rent | (42,277) | (6,452) | 17,841 | ||||
Impairment loss | 42,586 | 6,500 | 250,048 | ||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | 99 | 15 | (1,990) | ||||
Amounts due from related parties | 168 | 26 | 4,658 | ||||
Prepaid rent and deposit | 39,657 | 6,053 | 53,100 | ||||
Advances to suppliers | (3,982) | (608) | 54,219 | ||||
Other current assets | 27,128 | 4,141 | (205,976) | ||||
Other assets | (31,953) | (4,877) | (66,878) | ||||
Accounts payable | 57,625 | 8,795 | 145,104 | ||||
Amounts due to related parties | (6,582) | (1,005) | 1,997 | ||||
Deferred revenue | (54,092) | (8,256) | (21,340) | ||||
Deposits from tenants | (12,509) | (1,909) | (35,961) | ||||
Accrued expenses and other current liabilities | 78,385 | 11,966 | (23,638) | ||||
Net cash used in operating activities | (77,566) | (11,836) | (179,718) | ||||
Investing activities: | |||||||
Purchases of property and equipment | (3,879) | (592) | (75,439) | ||||
Net cash used in investing activities | (3,879) | (592) | (75,439) | ||||
Financing activities: | |||||||
Proceeds from IPO, net off issuance cost of RMB 29,289 | 289,027 | ||||||
Proceeds from issuance of convertible notes | ¥ 84,638 | $ 12,880 | 84,638 | 12,880 | |||
Proceeds from short-term bank borrowings | 52,452 | 8,006 | 247,552 | ||||
Repayment of short-term bank borrowings | (1,200) | (183) | (65,000) | ||||
Proceeds from long-term bank borrowings | 39,400 | 6,014 | |||||
Repayment of long-term bank borrowings | (861) | (131) | (45,863) | ||||
Proceeds from rental installment loans | 19,049 | 2,907 | 251,779 | ||||
Repayment of rental installment loans | (124,908) | (19,065) | (556,750) | ||||
Proceeds from capital lease and other financing arrangement payable | 65,415 | ||||||
Repayment of capital lease and other financing arrangement payable | (184) | (28) | (51,496) | ||||
Net cash provided by financing activities | 68,386 | 10,400 | 134,664 | ||||
Effect of foreign exchange rate changes | 7,763 | 1,389 | 4,044 | ||||
Net (decrease) in cash, cash equivalents and restricted cash | (5,296) | (639) | (116,449) | ||||
Cash, cash equivalents and restricted cash at the beginning of the period | ¥ 31,766 | $ 4,679 | 31,766 | 4,679 | ¥ 134,365 | 250,814 | |
Cash, cash equivalents and restricted cash at the end of the period | 26,470 | 4,040 | 31,766 | 134,365 | |||
Supplemental disclosure of cash flow information: | |||||||
Interest paid, net of amounts capitalized | 445 | 68 | 9,139 | ||||
Income taxes paid | 80 | ||||||
Reconciliation to amounts on the consolidated balance sheets: | |||||||
Cash and cash equivalents | 26,363 | 22,879 | $ 4,024 | ||||
Restricted cash | 107 | 8,887 | 16 | ||||
Total cash, cash equivalents and restricted cash | 26,470 | 31,766 | ¥ 134,365 | $ 4,040 | |||
Supplemental schedule of non-cash investing and financing activities: | |||||||
Purchases of property and equipment included in payables | (74,103) | ||||||
Acquisition of rental assets financed by ADS (Note 4) | (22,540) | ||||||
Conversion of Series A non-redeemable preferred shares and mezzanine into ordinary shares | ¥ (1,425,478) | ||||||
Transfer of treasury shares to extinguish debt with a lender | ¥ 41,964 | $ 6,405 |
ORGANIZATION AND PRINCIPAL ACTI
ORGANIZATION AND PRINCIPAL ACTIVITIES | 6 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND PRINCIPAL ACTIVITIES | 1. ORGANIZATION AND PRINCIPAL ACTIVITIES Q&K International Group Limited (the “Company” or “Q&K”), its subsidiaries and consolidated variable interest entities (the “Group”) is a rental apartment operation platform in the People’s Republic of China (the “PRC”), that provides rental and value-added services to young, emerging urban residents since 2012. The Group sources and converts apartments to standardized furnished rooms and leases to young people seeking affordable residence in cities in the PRC . The Company completed its initial public offering (IPO) on the Nasdaq Global Market in November 2019, for a net offering size of approximately US$44,534 (equivalent to RMB289,027). The Company offered 2,700,000 ADSs in the IPO, with each ADS represents 30 Class A ordinary shares, par value $0.00001 per share at $17 per ADS. In addition, the underwriters of the Company’s IPO have exercised in full their over-allotment option to purchase additional 405,000 ADSs, with each ADS represents 30 Class A ordinary shares, par value $0.00001 per share at $17 per ADS. |
SUMMARY OF PRINCIPAL ACCOUNTING
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES | 6 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES | 2. SUMMARY OF PRINCIPAL ACCOUNTING POLICIES Basis of presentation The unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Security and Exchange Commission and accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial reporting. Certain information and footnote disclosures normally included in financial statements prepared in conformity with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these statements should be read in conjunction with the Company’s audited consolidated financial statements for the years ended September 30, 2020 filed on February 16, 2021. In the opinion of the management, the accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments, which are necessary for a fair presentation of financial results for the interim periods presented. The Company believes that the disclosures are adequate to make the information presented not misleading. The accompanying unaudited condensed consolidated financial statements have been prepared using the same accounting policies as used in the preparation of the Company’s consolidated financial statements for the year ended September 30, 2020. The results of operations for the six months ended March 31, 2020 and 2021 are not necessarily indicative of the results for the full years. Going concern The Group has been incurring losses from operations since its inception. Accumulated deficits amounted to RMB 3,809,516 and RMB 4,117,490 as of September 30, 2020 and March 31, 2021, respectively. Net cash used in operating activities were RMB 77,566 and RMB 179,718 for the six months ended March 31, 2021 and 2020, respectively. As of September 30, 2020 and March 31, 2021, current liabilities exceeded current assets by RMB 1,758,736 and RMB 1,888,126, respectively. In addition, the Company’s operations have been affected by the outbreak and spread of the coronavirus disease 2019 (COVID-19), COVID-19 COVID-19 Due to the outbreak of COVID-19, COVID-19 average month-end occupancy of COVID-19. These factors raise substantial doubt about the Group’s ability to continue as a going concern. The financial statements do not include any adjustments that might be necessary if the Group is unable to continue as a going concern. The Group intends to meet the cash requirements for the next 12 months from the issuance date of this report through a combination of bank loans, issuance of convertible notes, and principal shareholder’s financial support. The Group will focus on the following activities: • In July 2020, the Company has executed a convertible note and warrant purchase agreement with two investors (Note 7). By the date of this report, the Company issued the several instalments of Notes and raised proceeds aggregating (equivalent to ) from the investor. No issuance cost was incurred. Pursuant to the convertible and warrant purchase agreement with investors, the Company is able to issue additional Notes to raise proceeds of $51,924 in the future; • In April 2021, the Company entered into two bank borrowing extension agreements with SHRB, pursuant to which the bank extended due date of one borrowing with the principal of RMB 100,000 to February 2022, and due date of the one borrowing with the principal of RMB 89,400 to March 2022, • Between July and August 2021, the Company plans raise proceeds through registered direct offering, and • In July 2021, a principal shareholder of the Company, has agreed to consider to provide necessary financial support in the form of debt and/or equity, to the Group to enable the Group to meet its other liabilities and commitments as they become due for at least twelve months from the issuance date of this unaudited condensed consolidated financial statements. However, future financing requirements will depend on many factors, including the scale and pace of the expansion of the Group’s apartment network, efficiency in apartment operation, including apartment renovation and pricing, the expansion of the Group’s sales and marketing activities, and potential investments in, or acquisitions of, businesses or technologies. Inability to access financing on favorable terms in a timely manner or at all would materially and adversely affect the Group’s business, results of operations, financial condition, and growth prospects. Capitalization of interest Interest cost incurred on funds used to construct leasehold improvements during the active construction period is capitalized. The interest capitalized is determined by applying the borrowing interest rate to the average amount of accumulated capital expenditures for the assets under construction during the period. Total interest expenses incurred were RMB 61,518 and RMB 64,287 for the six months ended March 31, 2020 and 2021, respectively, out of which no interest expenses were capitalized during relevant periods. Land use rights Land use rights, which are all located in the PRC, are recorded at cost and amortized on a straight-line basis over the remaining term of the land certificates, which is between 30 to 50 years. Amortization expense of land use rights for the six months ended March 31, 2020 and 2021 amounted to RMB143 and RMB143, respectively. Impairment of long-lived assets The Group evaluates its long-lived assets and finite lived intangibles for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. When these events occur, the Group measures impairment by comparing the carrying amount of the assets to future undiscounted net cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flows is less than the carrying amount of the assets, the Group recognizes an impairment loss equal to the difference between the carrying amount and fair value of these assets. The Group performed an impairment test of its long-lived assets associated with certain apartments due to the continued underperformance relative to the projected operating results, and recognized impairment losses of RMB 250,048 and RMB 42,584 during the six months ended March 31, 2020 and 2021, respectively. Capital lease and other financing arrangement Leases of leasehold improvements or furniture, fixtures and equipment that transfer to the Group substantially all of the risks and rewards of ownership by the end of the lease term are classified as capital leases. The leasehold improvements and liability are measured initially at an amount equal to the lower of their fair value or the present value of the minimum lease payments. Subsequent to initial recognition, the assets are accounted for in accordance with the accounting policy applicable to that asset. Minimum lease payments made under capital leases are apportioned between the finance expense and the reduction of the outstanding lease liability. The finance expense is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the lease liability. The Company started to cooperate with a rental service company to source and renovate apartments since August 2018. For certain identified newly sourced apartments, the rental service company reimburses the Company for costs incurred for the renovation. The Company then makes payments to the rental service company in installments equal to the reimbursed renovation costs plus interest and tax over a period of five years. At the end of the five-year period, the ownership of the renovation will be transferred to the Company. The Company accounts for this arrangement with the rental service company as a capital lease. As of March 31, 2021, the Company had capital lease payable of RMB 68,080. The leasehold improvements or furniture, fixtures and equipment used in apartments obtained under such capital lease arrangements are with aggregate initial value of RMB 136,146 and carrying value of RMB 42,073 as of March 31, 2021. Under the same arrangement above, the Company also sells leasehold improvements and furniture, fixtures and equipment of certain existing apartments to the rental service company at carrying value and simultaneously leases them back. Such transaction fails sales and lease-back accounting and is accounted for as a financing arrangement. The proceeds received from the rental service company are reported as other financing arrangement payable. As of March 31, 2021, the Company has RMB 388,537 other financing arrangement payable. The underlying leasehold improvements and furniture, fixtures and equipment are with aggregate initial value of RMB 374,609 and carrying value of RMB 115,765 as of March 31, 2021. Lease accounting with tenants The Group sources apartments from landlords and converts them into standardized furnished rooms to lease to tenants seeking affordance residences in China. Revenues are primarily derived from the lease payments from its tenants and are recorded net of tax. The Group typically enters into 12 to 26-month lock-in lock-in lock-in lock-in In April 2020, the Group started to modify arrangements with a rental service company for apartments in certain cities. For some apartments under this arrangement, the Group no longer leases in apartments from the rental service company or enters into new lease-out lease-in lease-out 840-10-15-6(a), leases-in leased-out lock-in The gross Rental incentives Tenants who prepay rent are entitled to rental discounts. Tenants who prepay rent of at least the first six months of the lease term can enjoy a 5% rental discount, and tenants who prepay at least the first twelve months of lease term rental can enjoy a 10% rental discount (subject to a RMB200 limit per month). Such incentives are only applicable during the lock-in Lease accounting with landlords The Group leases apartments from landlords usually for a period of five three 90-120 non-compounding Rental expense to the landlords recorded in unaudited condensed consolidated statements of comprehensive losses were RMB 512,753 and RMB 506,225 for the six months ended March 31, 2020 and 2021, respectively. Treasury shares The Company accounts for treasury shares using the cost method. Under this method, the cost incurred to purchase the shares is recorded in the treasury shares account on the consolidated balance sheets. At retirement of the treasury shares, the ordinary shares account is charged only for the aggregate par value of the shares. The excess of the acquisition cost of treasury shares over the aggregate par value is allocated between additional paid- in capital (up to the amount credited to the additional paid-in For the year ended September 30, 2020, the Group repurchased 77,250,000 ordinary shares from certain major investors in the IPO, through cash payment of RMB 248,859 and issuance of convertible notes of RMB 49,251 (equivalent to $7,232 ). As of March 31, 2021, the Company transferred treasury shares of 77,250,000 to one of its debtors as a debt extinguishment cost, with a fair value of RMB 41,964, or $6,405. The fair value is determined at the trading price of per share price of no outstanding treasury shares. Convenience translation The Group’s business is primarily conducted in the PRC and all of the revenues are denominated in RMB. The financial statements of the Group are stated in RMB. Translations of balances in the consolidated balance sheet, and the related consolidated statements of comprehensive loss, shareholders’ equity and cash flows from RMB into US dollars as of and for the six months ended March 31, 2021 are solely for the convenience of the readers and were calculated at the rate of USD1.00=RMB 6.5518, representing the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board on March 31, 2021. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into USD at that rate on March 31, 2021, or at any other rate. Fair value The Group defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. The established fair value hierarchy 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. The three levels of inputs may be used to measure fair value include: 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 assets 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 assets 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. The Group’s financial instruments include cash and cash equivalents, restricted cash, accounts receivable, amounts due from related parties, accounts payable, amounts due to related parties, short-term debt, rental installment loans, deposits from tenants, other current liabilities, long-term debt, convertible note, and contingent earn-out The following table summarizes the fair value of the Group’s financial liabilities that are accounted for at fair value on a recurring basis, by level within the fair value hierarchy, for the six months ended March 31, 2020 and 2021: Fair Value Measurements at Reporting Date Using Six Months Ended March 31, Description Fair Value as of Quoted Prices Significant Significant Total Gain 2020 Contingent earn-out — — 97,417 2021 liabilities — — — The Group determines the fair value with the help from third party professional valuation specialists, and the assumptions used in estimating fair value require significant judgment. The use of different assumptions and judgments could result in a materially different estimate of fair value. Key inputs in determining the fair value of the contingent earn-out earn-out The following table presents the Group’s assets measured at fair value on a non-recurring Fair Value Measurements at Reporting Date Using Six Months Ended March 31, Description Fair Value as of Quoted Prices Significant Significant Total 2020 Property and 246,139 246,139 250,048 2021 20,452 20,452 16,004 2021 Apartment rental 75,074 75,074 26,580 2021 Trademarks 81,469 81,469 — Fair value of the property and equipment was determined by the Group based on the income approach using the discounted cash flow associated with the underlying assets, which incorporated certain assumptions including projected rooms’ revenue, growth rates and projected operating costs based on current economic condition, expectation of management and projected trends of current operating results. As a result, the Group has determined that the majority of the inputs used to value its property and equipment are unobservable inputs that fall within Level 3 of the fair value hierarchy. The revenue growth rate and the discount rate were the significant unobservable inputs used in the fair value measurement, which were 4% and 10% for the six months ended March 31, 2020 and 3% and 11% for the six months ended March 31, 2021, respectively. As a result of reduced expectations of future cash flows from certain leased apartments, the Group determined that the property and equipment was not fully recoverable and consequently recorded impairment charges of RMB 250,048 and RMB 16,004 for the six months ended March 31, 2020 and 2021, respectively. The Group acquired from Great Alliance Coliving Limited. and its affiliates (“Beautiful House”) certain assets, including approximately 72,000 apartment rental contracts and leasehold improvements attached to the apartments, and trademarks of Beautiful House. The Company determined the estimated fair values using Level 3 inputs after review and consideration of relevant information, which are unobservable inputs that fall within Level 3 of the fair value hierarchy. • The apartment rental agreements with both landlords and tenants were valued using the multiperiod excess earnings method, which incorporated certain assumptions including projected rooms’ revenue, growth rates and projected operating costs based on current economic condition, expectation of management and projected trends of current operating results. The revenue growth rate and the discount rate were the significant unobservable inputs used in the fair value measurement, which were negative 12.5% and 19%, and • T As of March 31, 2021, the Group reviewed the fair value of the apartment rental agreements based on the income approach using the discounted cash flow associated with the underlying assets, which incorporated certain assumptions including projected rooms’ revenue, growth rates and projected operating costs based on current economic condition, expectation of management and projected trends of current operating results. As a result, the Group has determined that the majority of the inputs used to value its property and equipment are unobservable inputs that fall within Level 3 of the fair value hierarchy. The revenue growth rate and the discount rate were the significant unobservable inputs used in the fair value measurement, which were 3% and 11% for the six months ended March 31, 2021. As a result of reduced expectations of future cash flows from certain leased apartments, the Group consequently recorded impairment charges of RMB . The financial instruments primarily including cash and cash equivalents, restricted cash, account receivables, amounts due from related parties, account payables, amounts due to related parties, short-term debt, rental installment loans, deposits from tenants, other liabilities, are carried at cost which approximates their fair value due to the short-term nature of these instruments. The convertible note and long-term debt approximates their fair values, because the bearing interest rate approximates market interest rate, and market interest rates have not fluctuated significantly since the commencement of loan contracts signed. Recent accounting pronouncements In February 2016, the FASB issued ASU 2016-02, right-of-use No. 2018-10 No. 2018-11, No. 2018-10 2016-02 No. 2018-11 2019-10, 2019-10 2016-02. 2016-02 2018-11 right-of-use In June 2016, the FASB issued ASU 2016-13, Credit 2019-10 2016-13. In August 2018, the FASB released ASU 2018-13, 2018-13 2018-13 In December 2019, the FASB issued ASU No. 2019-12, Income 2019-12 2019-12 |
OTHER CURRENT ASSETS
OTHER CURRENT ASSETS | 6 Months Ended |
Mar. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
OTHER CURRENT ASSETS | 3. OTHER CURRENT ASSETS As of September 30, 2020 As of March 31, Due from a rental service company (1) 52,410 52,410 Deductible input value added tax (“VAT”) (2) 35,660 — Due from a service provider (3) 9,501 17,625 Others 4,232 4,642 Total 101,803 74,677 (1) As of September 30, 2020 and March 31, 2021, the balance due from a rental service company represented the reimbursement renovation costs due from the rental service company. The Company started to cooperate with a rental service company to source and renovate apartments since August 2018. For certain identified newly sourced apartments, the rental service company reimburses the Company for costs incurred for the renovation. The Company then makes payments to the rental service company in installments equal to the reimbursed renovation costs plus interest and tax over a period of five years. (2) The deductible input VAT represented the excess of input VAT arising from purchases over be deducted (3) Upon asset acquisition with Beautiful House, the Group engaged a third party service provider to provide apartment operation services to the Group. To support the operation services, the Company made interest free loans to the service provider and the loans are repayable on demand. |
PROPERTY AND EQUIPMENT, NET
PROPERTY AND EQUIPMENT, NET | 6 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT, NET | 4. PROPERTY AND EQUIPMENT, NET Property and equipment, net consist of the following: As of September 30, 2020 As of March 31, Cost: Buildings 40,167 40,167 Leasehold improvements 316,665 270,914 Furniture, fixtures and equipment used in apartments 122,171 101,267 Vehicle 3,043 3,043 Office furniture, fixtures and equipment 20,504 20,454 Less: Accumulated depreciation (217,582 ) (206,542 ) Construction in progress 73,054 69,489 Property and equipment, net 358,022 298,792 In December 2019, the Company acquired from a third party certain rental assets with fair value of RMB 22,540. The consideration was 7,662,060 shares of the Company’s Class A ordinary shares. As of March 31, 2021, the share consideration was not paid and was in the account of “additional paid-in Depreciation expenses were RMB106,754 and RMB18,603 for the six months ended March 31, 2020 and 2021, respectively. Impairment expenses were RMB 313,355 and RMB 16,005 for the six months ended March 31, 2020 and 2021, respectively. |
INTANGIBLE ASSETS, NET
INTANGIBLE ASSETS, NET | 6 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS, NET | 5. INTANGIBLE ASSETS, NET Intangible assets, net consist of the following: As of September 30, 2020 As of March 31, Cost: Apartment rental contracts 209,636 173,658 Trademarks 86,900 86,900 Software 2,275 2,275 Less: Accumulated amortization (76,688 ) (105,662 ) Intangible assets, net 222,123 157,171 Amortization expenses were RMB 322 and RMB 31,058 for the six months ended March 31, 2020 and 2021, respectively. Impairment expenses were RMB 620,225 and RMB 26,580 for the six months ended March 31, 2020 and 2021, respectively . The following table sets forth the Group’s amortization expenses for the five years since March 31, 2021: Amortization Six months ending September 30, 2021 29,350 Year ending September 30, 2022 32,384 Year ending September 30, 2023 27,590 Year ending September 30, 2024 20,558 Year ending September 30, 2025 and thereafter 47,289 157,171 |
DEBT
DEBT | 6 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
DEBT | 6. DEBT The short-term and long-term debt as of September 30, 2020 and March 31, 2021 were as follows: As of September 30, As of March 31, Short-term debt: Short-term bank borrowings (1) 176,752 92,627 Long-term bank borrowings, current portion (1) 159,721 162,721 Capital lease and other financing arrangement payable, current portion (2) 201,835 264,849 Other short-term payable (3) 223,828 265,220 Subtotal 762,136 785,417 Long-term debt: Long-term bank borrowings, non-current (1) 196,682 231,222 Capital lease and other financing arrangement payable, non-current (2) 242,719 191,768 Other long term payable (3) 25,519 25,506 Subtotal 464,920 448,496 Total 1,227,056 1,233,913 (1) Bank borrowings On September 26, 2016, the Group entered into a three-year bank credit facility with Shanghai Huarui Bank (the “SHRB”) under which the Group can draw-down up to RMB300,000 by September 26, 2019. The interest rate for this credit facility was determined on the draw-down date. The weighted average interest rate for borrowings drawn under such credit facility was 7.5% and 7.5% per annum for the years ended September 30, 2018 and 2019, respectively. The credit facility is collateralized by future cash flows generated by rental service revenue of certain rental units of the Group. The three-year revolving bank credit facility matured in September 2019. As of March 31, 2021, the Group had an outstanding balance of RMB 193,929 , of which RMB 27,000 was subject to an interest rate of 8.75 % per annum and remaining balance was subject to an interest rate of 7.5% per annum. In July and November 2020, SHRB extended due date of borrowing for the principal of RMB 27,000 to January through March of 2022 October 2021 December These two loans were guaranteed by Q&K Investment Consulting Co., Ltd. (“Q&K Investment Consulting”) and Shanghai Qingke E-Commerce Co., Ltd. (“Q&K E-commerce”). The Company used the bank borrowings to repay the outstanding bank borrowings. On September 26, 2020, the Group entered into an 18-month On April 30, 2020, the Group entered into an 18-month February 2022 E-commerce On May 28, 2020, the Group entered into an 18-month February 2022 E-commerce . On June 13, 2017, the Group entered into a 10-year In the first quarter of 2019, the Group obtained a three-year revolving bank credit facility with SHRB under which the Group can draw-down up to RMB2,000,000, of which RMB1,000,000 is for rental installment loans, by February 2022 with annual interest rate of 7.5%. As of March 31, 2021, excluding the rental installment loan facility, the Group did not draw down bank borrowings. As of March 31, 2021, the tenants has drawn down rental instalment loans of RMB 3,116, and the Company recorded the amount in the account of “rental instalment loans”. On June 27, 2019, the Group entered into a six-month (2) Capital lease and other financing arrangement payable Future minimum lease payments required under the capital lease arrangements are as follows: March 31, 2021 28,552 2022 20,029 2023 12,747 2024 10,473 2025 3,328 2026 and there after — 75,129 Less payment amount allocated to interest 7,049 Present value of capital lease obligation 68,080 Current portion of capital lease obligation 28,552 Long-term portion of capital lease obligation 39,528 68,080 Other financing arrangement payable was comprise of current portion payable of RMB 236,297 and noncurrent portion of RMB 152,240, respectively. Future payment schedule required under other financing arrangements as of March 31, 2021 was RMB 183,789 for the six months ended September 30, 2021, RMB 86,925 and RMB 79,689 for the year ended September 30, 2022 and 2023, respectively. (3) Other short and long term payable Among the other short-term payable of RMB 223,828 as of September 30, 2020, RMB 221,328 was due to Azure Investments Ltd (“Azure”). The balance was due on September 30, 2020. On March 8, 2021, the Company and Azure entered into a share interest payment agreement pursuant to which the Company agreed to deliver treasury shares of 2,575,000 ADS to Azure and Azure agreed to extend the borrowings to the Company. The share interest payment was recorded as a debt extinguishment cost of RMB 41,964 (approximately $6.4 million), valued at $2.48 per ADS on March 8, 2021. The difference between the cost of treasury shares and the debt extinguishment cost was recorded as a reduction against additional paid-in capital. Other long term payable mainly represents loans from certain third party entities with no fixed term at an annual interest rate of 5%. Other short term payable mainly represents loans from certain third party entities due within one year at an annual interest rate ranging between |
CONVERTIBLE NOTE, NET
CONVERTIBLE NOTE, NET | 6 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
CONVERTIBLE NOTE, NET | 7. CONVERTIBLE NOTE, NET The Company has executed a convertible note and warrant purchase agreement dated July 22, 2020 (the “Purchase Agreements”) with one investor which is controlled by one principal shareholder of the Group (Note 13) and one third party investor under which the investors may subscribe at par for up to $100,000 in aggregate principal amount of the Company’s four-year convertible notes (the “Notes”) and five-year warrants to subscribe to a certain number of the ADSs. As of March 31, 2021, the Company closed 7 (approximately RMB 297,454 ). The maturity dates of these Notes shall be the five Series 1 Note bears interest of 7.5% per annum payable in cash annually and another 7.5% per annum payable in cash on the maturity date. Series 2 Note bears interest of 3.5% per annum payable in cash annually and another 13.5% per annum payable in cash on the maturity date. In the event of a Fundamental Change, as defined in the Purchase Agreement, the interest rate increases to 25% per annum and the holders of the Notes can require the Company to redeem the outstanding principal and interest for cash. Each of the holders of the Notes at any time on or after the 41st day after the issuance date of the Notes and prior to the maturity date, at its option, may convert in whole but not in part the entire outstanding principal amount and the accrued and unpaid interest into ADSs. The conversion price is as follows: (1) the conversion price is calculated as % of the 30-Trading Day VWAP as of the issue date of each Note, or (2) if the Company completes an ADS offering of at least $50,000 within eighteen (18) months after the issuance date of this Note, eighty percent (80)% of the issue price per ADS in such offering, such adjusted conversion price shall be effective on the day immediately succeeding the closing date of the ADS offering. The conversion price is subject to adjustment in the event of a Make Whole Fundamental Change, as defined in the Purchase Agreement. The Company may at its option, upon the delivery of a mandatory conversion notice to the holders of the Notes (the “Mandatory Conversion Notice”, and such date of delivery, the “Mandatory Conversion Date”), require the holders of the Notes to convert all the outstanding principal amount and all the accrued but unpaid share interest as of the Mandatory Conversion Date into the ADSs, in the event that: (i) the reported sales price of the ADS of the Company is no less than $22.00 per ADS, subject to adjustment in the event of fundamental change, as defined, for more than sixty (60) consecutive trading days and (ii) the average daily trading volume during such sixty (60) consecutive trading days is more than $15,000 per trading day. In addition, the Company issued to the holder of the Notes, warrants to purchase ADSs equal to 4% of the principal balance on the date of issuance and 4%, 6%, 7% and 8% of the principal amount of the Notes outstanding as of such anniversary dates. Each of the warrants expire five years after its respective issue date and has an exercise price equivalent to 110% of the volume weighted average price (“VWAP”) of the ADSs over the 60 trading days preceding the date of issuance of each warrant, subject to certain adjustments upon the occurrence of certain dilutive events. The proceeds from issuance of the Notes were allocated to the relative fair values of the Notes and warrants. The Company estimated fair value of Notes were RMB 209,212, using discount cash flow model, which took into consideration the term yields ranging between 18.12% and 25.58%. The Company estimated fair value of the warrants issued at RMB 4,961, respectively, using the Black-Scholes valuation model, which took into consideration the underlying price of ordinary shares, a risk-free interest rate, expected term and expected volatility. As a result, the valuation of the warrant was categorized as Level 3 in accordance with ASC 820, “Fair Value Measurement”. The Company allocated proceeds totaling RMB 6,874 to the warrants which was recorded as an additional paid-in The key assumption used in estimates are as follows: July 29, September 25, October 14, October 20, October 29, December 15, February 25, Terms of warrants 60 months 60 months 60 months 60 months 60 months 60 months 60 months Exercise price 11.4618 10.2214 9.3041 8.6653 7.6830 5.1676 3.5418 Risk free rate of interest 0.21 % 0.21 % 0.29 % 0.29 % 0.29 % 0.28 % 0.58 % Dividend yield 0.00 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % Annualized volatility of underlying stock 40.0 % 39.0 % 39.0 % 39.0 % 39.0 % 40.0 % 41.0 % The discounts of RMB 6,874 will be amortized as additional interest expense over the terms of Notes. For the six months ended March 31, 2021 and 2020, the Company accrued accretion of interest expenses of RMB 678 and RMB nil. A summary of warrants activity for the six months ended March 31, 2021 was as follows: Number of shares Weighted average life Expiration Dates Balance of warrants outstanding as of September 30, 2020 109,567 4.84 years Grants of Warrants on October 14, 2020 4,815 5 years October 14, 2025 Grants of Warrants on October 20, 2020 13,848 5 years October 20, 2025 Grants of Warrants on October 29, 2020 15,619 5 years October 29, 2025 Grants of Warrants on December 15, 2020 28,718 5 years December 15, 2025 Grants of Warrants on February 25, 2021 23,152 5 years February 25, 2025 Balance of warrants outstanding as of March 31, 2021 195,719 4.50 years The warrants are subject to anti-dilution provisions to reflect stock dividends a n |
ACCRUED EXPENSES AND OTHER CURR
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | 6 Months Ended |
Mar. 31, 2021 | |
Accrued Liabilities, Current [Abstract] | |
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | 8. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES As of September 30, 2020 As of March 31, 2021 Due to a rental service company (1) 182,542 184,551 Tenant deposits 83,682 105,253 Payable to a constructor for leasehold improvements 53,623 55,100 Other tax payable 51,832 51,536 Accrued utilities 22,513 25,123 Interest payable 13,435 57,961 Accrued payroll and welfare 10,451 7,425 Operation service payable 6,602 11,310 Deferred rent 2,503 8,443 Others 16,235 17,005 Total 443,418 523,707 (1) As of March 31, 2021, the balance of due to a rental service company primarily represented the rental deposits and prepaid rental fee collected from tenants. The rental deposits and prepaid rental fee belonged to the rental service company, for which the Group provided apartment operation services since April 2020. |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 6 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
SHARE-BASED COMPENSATION | 9. SHARE-BASED COMPENSATION The Company utilized Yijia Inc., a company controlled by the Founder as a vehicle to hold shares that will be used to provide incentives and rewards to employees and executives who contribute to the success of the Company’s operations. According to the Group’s board resolutions, in July 2017 and March 2018, 86 million shares were reserved to Yijia Inc. Yijia Inc. has no activities other than administrating the incentive program and does not have any employees. On behalf of the Group and subject to approvals from the board or directors, the Founder has the authority to select eligible participants to whom equity awards will be granted; determine the number of shares covered; and establish the terms, conditions and provision of such awards. The board resolutions allow the grantees to hold options to purchase from the Yijia Inc. the equity shares of the Company. All the share information disclosed in this section refers to the shares of the Group the grantees are entitled through Yijia Inc. shares. The related expenses are reflected in the Group’s consolidated financial statements as share-based compensation expenses with an offset to 756 paid-in Stock Option A On August 31, 2014, April 21, 2016, October 17, 2016 and October 18, 2016, the Group granted an aggregate number of 26.86 million share options to certain management, employees and non-employees Stock Option B On July 31, 2017, the Group granted 43.14 million share options to management and employees of the Group. The options vested immediately upon the grant date and the exercise price were US$0.31 (RMB2.00) per share. All grantees were restricted from transferring its exercised ordinary shares during certain periods subsequent to the IPO date (the “lock-up lock-up Binomial options pricing model was applied in determining the estimated fair value of the options granted. The model requires the input of highly subjective assumptions including the estimated expected stock price volatility and, the exercise multiple for which employees are likely to exercise share options. The estimated fair value of the ordinary shares, at the option grants, was determined with assistance from an independent third party valuation firm. The Group’s management is ultimately responsible for the determination of the estimated fair value of its ordinary shares. The following table presents the assumptions used to estimate the fair values of the share options granted in the years presented: April 2016 October 2016 July 2017 Risk-free rate of return 3.18 % 3.18 % 3.21 % Contractual life of option 10 years 10 years 8.4 years Estimated volatility rate 37 % 37 % 35 % Expected dividend yield 0 % 0 % 0 % Fair value of underlying ordinary shares US$ 0.03 US$ 0.04 US$ 0.05 A summary of option activity during the six months ended March 31, 2020 and 2021 is presented below: Number of Exercise Price Remaining Outstanding, as of September 30, 2019 68,220,000 2 6.74 Granted — — — Forfeited (26,470,000 ) 2 6.74 Outstanding, as of March 31, 2020 41,750,000 2 6.70 Outstanding, as of September 30, 2020 41,750,000 2 6.10 Granted — — — Forfeited (950,000 ) 2 1.09 Outstanding, as of March 31, 2021 40,800,000 2 5.58 Vested or expected to vest as of March 31, 2021 40,800,000 2 5.58 The Group recognized the compensation cost for the stock options on a straight line basis over the requisite service periods. Given the vesting was contingent on the IPO, no share-based compensation expense is recognized until the date of the IPO. For the six months ended March 31, 2020 and 2021, the Group recorded compensation expenses of RMB nil and RMB 685 in connection with the above stock options. Restricted Share Units (“RSU”) 2017 RSU In 2017, the Group issued 15.99 million RSU to a consulting company, of which 5.2 million RSU vested immediately upon grant, and the Group has the right to repurchase the remaining 10.79 million RSU anytime at its discretion with nominal price before certain dates (“repurchase rights”). The Group determined RSU with repurchase rights are not considered issued until the expiration of such rights. At each of the expiration dates, the corresponding RSU are considered issued and vested immediately, and a measurement date has been reached. Under such arrangement, the Group recorded 2.6 million, 2.6 million, 2.8 million, 2.8 million and 2.6 million RSU at the measurement date fair value per share of US$0.05, US$0.06, US$0.10, US$0.20 and US$0.25 on March 16, 2017, November 12, 2017, April 1, 2018, December 1, 2018 and April 1, 2019, respectively. In July 2019, the Group repurchased total 5.19 million RSUs. The fair value of RSU was determined by reference to the fair value of ordinary shares of the Group and was appraised by an independent valuation firm. 2021 RSU In March 2021, the Group issued 25 million RSU to a consulting company, all of which vested immediately upon grant. Under such arrangement, the Group recorded 25 million RSU at the measurement date fair value per share of US$0.09 by reference to the share price in the open market on grant date. The total expenses recognized in the consolidated statements of comprehensive loss for the aforementioned RSUs granted were RMB nil and RMB 14,664, respectively for the six months ended March 31, 2020 and 2021, respectively. |
LOSSES PER SHARE
LOSSES PER SHARE | 6 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
LOSSES PER SHARE | 10. LOSSES PER SHARE The following table sets forth the computation of basic and diluted earnings per share for the years indicate d: Six months ended March 31, 2020 2021 Net loss attributable to Q&K International Group Limited (416,823 ) (307,974 ) Net loss per share attributable to ordinary shareholders of Q&K International Group Limited—Basic and diluted (0.34 ) (0.23 ) Weighted average number of ordinary shares used in computing net loss per share—Basic and diluted 1,226,807,606 1,352,152,052 For the six months ended March 31, 2020 and 2021, respectively, potential ordinary shares from assumed conversion of 2,789,720 and 5,014,672 convertible notes as well as 41,750,000 and 40,800,000 options and109,567 and 195,719 warrants to purchase the Company’s ordinary shares have not been reflected in the calculation of diluted net loss per share as their inclusion would have been anti-dilutive. |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 11. INCOME TAXES Cayman Islands Under the current laws of the Cayman Islands, the Company, Q&K International Group Limited is not subject to tax on income or capital gain. BVI Islands Under the current laws of the British Virgin Islands (“BVI”), the Company, QK365.com Inc. incorporated in BVI is not subject to tax on income or capital gain. Hong Kong QingKe (China) Limited is subject to Hong Kong profit tax. The applicable tax rate for the first Hong Kong dollar (“HKD$”) $2,000 of assessable profits is 8.25% and assessable profits above HKD$2,000 will continue to be subject to the rate of 16.5% for corporations in Hong Kong, effective from the year of assessment 2018/2019. No Hong Kong profit tax has been provided as the Group has not had assessable profit that was earned in or derived from Hong Kong during the years presented. United States of America The Group’s subsidiary in the U.S. is registered in the state of Delaware and is subject to a flat U.S. federal corporate marginal income tax rate of 21% and state income tax rate of 8.7% respectively. PRC Under the Law of the People’s Republic of China on Enterprise Income Tax (“EIT Law”), which was effective from January 1, 2008, domestically-owned enterprises and foreign-invested enterprises are subject to a uniform tax rate of 25%. Tax expense consisted current tax expenses of RMB 26 and RMB 25 for the six months ended March 31, 2020 and 2021, respectively. The Group considers positive and negative evidence to determine whether some portion or all of the deferred tax assets will more likely than not be realized. This assessment considers, among other matters, the nature, frequency and severity of recent losses, forecasts of future profitability, the duration of statutory carryforward periods, the Group’s experience with tax attributes expiring unused and tax planning alternatives. Valuation allowances have been established for deferred tax assets based on a more likely than not threshold. The Group’s ability to realize deferred tax assets depends on its ability to generate sufficient taxable income within the carryforward periods provided for in the tax law. According to the PRC Tax Administration and Collection Law, the statute of limitations is three years if the underpayment of income taxes is due to computational errors made by the taxpayer. The statute of limitations will be extended to five years under special circumstances, which are not clearly defined, but an underpayment of income tax liability exceeding RMB100 is specifically listed as a special circumstance. In the case of a transfer pricing related adjustment, the statute of limitations is ten years. There is no statute of limitations in the case of tax evasion. The Group’s PRC subsidiaries are therefore subject to examination by the PRC tax authorities from 2015 through 2020 on non-transfer In accordance with the EIT Law, dividends, which arise from profits of foreign invested enterprises (“FIEs”) earned after January 1, 2008, are subject to a 10% withholding income tax. In addition, under tax treaty between the PRC and Hong Kong, if the foreign investor is incorporated in Hong Kong and qualifies as the beneficial owner, the applicable withholding tax rate is reduced to 5%, if the investor holds at least 25% in the FIE, or 10%, if the investor holds less than 25% in the FIE. A deferred tax liability should be recognized for the undistributed profits of PRC subsidiaries unless the Company has sufficient evidence to demonstrate that the undistributed dividends will be reinvested and the remittance of the dividends will be postponed indefinitely. The Group plans to indefinitely reinvest undistributed profits earned from its China subsidiaries in its operations in the PRC. Therefore, no withholding income taxes for undistributed profits of the Group’s subsidiaries have been provided as of September 30, 2020 and March 31, 2021. Under applicable accounting principles, a deferred tax liability should be recorded for taxable temporary differences attributable to the excess of financial reporting basis over tax basis in a domestic subsidiary. However, recognition is not required in situations where the tax law provides a means by which the reported amount of that investment can be recovered tax-free Aggregate undistributed earnings of the Group’s PRC subsidiaries and VIE that are available for distribution was not material as of September 30, 2020 and March 31, 2021. |
STATUTORY RESERVES AND NET REST
STATUTORY RESERVES AND NET RESTRICTED ASSETS | 6 Months Ended |
Mar. 31, 2021 | |
Statutory Reserves And Restricted Assets [Abstract] | |
STATUTORY RESERVES AND NET RESTRICTED ASSETS | 12. STATUTORY RESERVES AND NET RESTRICTED ASSETS The Company’s ability to pay dividends is primarily dependent on the Company receiving distributions of funds from its subsidiaries. Relevant PRC statutory laws and regulations permit payments of dividends by the VIE and subsidiaries of the VIE incorporated in PRC only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. The consolidated results of operations reflected in the consolidated financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of the Company’s subsidiaries. Under PRC law, the Company’s subsidiaries and consolidated VIEs located in the PRC (collectively referred as the (“PRC entities”) are required to provide for certain statutory reserves, namely a general reserve, an enterprise expansion fund and a staff welfare and bonus fund. The PRC entities are required to allocate at least 10% of their after tax profits on an individual company basis as determined under PRC accounting standards to the statutory reserve and has the right to discontinue allocations to the statutory reserve if such reserve has reached 50% of registered capital on an individual company basis. In addition, the registered capital of the PRC entities is also restricted. Amounts restricted including paid-in |
RELATED PARTY TRANSACTIONS AND
RELATED PARTY TRANSACTIONS AND BALANCES | 6 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS AND BALANCES | 13. 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. The related parties mainly act as service providers and service recipients to the Group. The Group is not obligated to provide any type of financial support to these related parties. Related Party Relationship with the Group Shanghai Laiguan Property Management Co., Ltd. (“Laiguan”) An entity controlled by certain shareholders of the Group Shanghai Yijia Property Management Co., Ltd. (“Yijia Property”) An entity controlled by certain shareholders of the Group Shanghai Youzhen Information Technology Co., Ltd. (“Youzhen”) An entity controlled by the parents of Founder and CEO of the Group Shanghai Qingji Property Management Co., Ltd. (“Qingji”) An entity controlled by certain shareholders of the Group Key Space(S) Ptd. Ltd. (“Key Space”) An entity controlled by certain shareholder of the Group The Group entered into the following transactions with its related pa r For the six months ended March 31, 2020 and 2021, s e respectively : Six months ended March 31, 2020 2021 Labor outsourcing service expense to Laiguan 16,674 — Labor outsourcing service expense to Qingji. 12,443 — Total 29,117 — As stated in Note 7, during October 2020 through February 2021, the Group issued convertible notes in exchange for cash aggregating $12,880 (RMB 84,638) to Key Space. As of March 31, 2021, the Group had convertible notes of $44,130 due to Key Space, amo u As of September 30, 2020 and March 31, 2021, amounts due from related parties were RMB168 and RMB nil, respectively, and details are as follows: As of September 30, As of March 31, 2021 Youzhen. 125 — Others 43 — Total 168 — As of September 30, 2020 and March 31, 2021, amounts due to related parties were RMB 6,594 and RMB 12, respectively, and details are as follows: As of September 30, As of March 31, 2021 Yijia Property. 4,156 — Qingji 1,539 — Laiguan 882 — Others 17 12 Total 6,594 12 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 14. COMMITMENTS AND CONTINGENCIES (a) Operating lease commitments The Group has entered into lease agreements for properties which it operates. Such leases are classified as operating leases. Future minimum lease payments under non-cancellable For the six months ended September 30, 2021 380,933 For the twelve months ended September 30, 2022 888,599 For the twelve months ended September 30, 2023 774,378 For the twelve months ended September 30, 2024 606,808 For the twelve months ended September 30, 2025 486,649 Thereafter 796,652 Total 3,934,019 (b) Purchase Commitments As of March 31, 2021, the Group’s did not have commitments related to leasehold improvements and installation of equipment . (c) Contingencies During the year ended September 30, 2020, the Group, via short message notification, early terminated certain apartment rental agreements with landlords. As of March 31, 2021, the Group estimated the contingent compensation expenses due to landlords as follows: • Certain landlords had disputes on the early termination and entered into legal proceedings against the Group for compensation aggregating RMB 5,211. The Company estimated it exposed to the compensation of RMB 5,211 and recorded the contingent liability in the account of “accrued expenses and other current liabilities”. • Certain landlords had disputes but did not enter into legal proceedings against the Company. These landlords had rights to file legal proceedings against the Group within 3 years from the short message notification, for a maximum compensation of RMB 51,924, which is three times of the rental agreement value. However the Group estimated the likelihood of the legal proceeding as reasonably possible though these landlords has not initiated legal proceedings as of the report date. In addition, the compensation amount will be negotiated with each individual landlord, the amount of compensation cannot be reasonably estimated as of the date of report date. As of March 31, 2021, the Group did not accrue the contingent liability in the balance sheet. • Certain landlords did not reply to the Group’s short message within three months, which legally implied that they agreed with the termination, and the Group is not obliged to compensation for these landlords. The Group is subject to periodic legal or administrative proceedings in the ordinary course of business. Except for the above mentioned contingencies, the Group does not believe that any currently pending legal or administrative proceeding to which the Group is a party will have a material effect on its business or financial condition. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 15. SUBSEQUENT EVENTS On April 23, 2021, the Company entered into a share charge agreement with Shanghai Huarui Bank Co., Ltd. (“Huarui”) (the “Agreement”). Pursuant to the Agreement, the Company has charged 77,100,000 Class A ordinary shares of the Company, which are treasury shares of the Company, and other property in connection with these shares as set forth in the Agreement (collectively, the “Charged Property”), to Huarui (the “Charge”). The Charge is to secure the payment and other obligations of the Company’s subsidiaries, as borrowers, under certain loan agreements with Huarui, as lender, with an aggregate outstanding principal amount of RMB383.3 million. If an event of default occurs under these loan agreements, subject to the terms in the Agreement, Huarui will be authorized to arrange for the Charged Property to be registered in the name of Huarui or its nominee, and will be entitled to exercise all voting and/or consensual powers pertaining to the Charged Property following the transfer of the legal title of the Charged Property to Huarui or its nominee. On July 22, 2020, the Company entered into a series of asset purchase agreements with Great Alliance Coliving Limited. and its affiliates (the “Sellers”) to acquire assets, including approximately 72,000 apartment rental contracts with leasehold improvements attached to it, and trademarks of Beautiful House. As of March 31, 2021, the outstanding payable consisted of cash consideration payable of $23,200 (equivalent of RMB 165,808) and share consideration of RMB 289,733 which were recorded in the account of “Payable for asset acquisition” and “additional paid-in capital”, respectively. In May 2021, the Company settled both cash consideration payable and share consideration payable by delivering 186,375,850 ordinary shares to the Sellers. The Sellers are entitled to trade the ordinary shares in open market. In addition, among the 186,375,850 shares delivered, 57,786,458 ordinary shares will oblige the Company to make up the shortfall if the cash collected by the Sellers are lower than $0.4014 per share, and the Company will repurchase ordinary shares at per share cost of The Group evaluated subsequent events through July 26, 2021, the date on which these financial statements were issued, and the management determined that other than those that have been disclosed in the consolidated financial statements and subsequent events disclosed above, no subsequent events that require recognition and disclosure in the consolidated financial statements. |
SUMMARY OF PRINCIPAL ACCOUNTI_2
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation The unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Security and Exchange Commission and accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial reporting. Certain information and footnote disclosures normally included in financial statements prepared in conformity with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these statements should be read in conjunction with the Company’s audited consolidated financial statements for the years ended September 30, 2020 filed on February 16, 2021. In the opinion of the management, the accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments, which are necessary for a fair presentation of financial results for the interim periods presented. The Company believes that the disclosures are adequate to make the information presented not misleading. The accompanying unaudited condensed consolidated financial statements have been prepared using the same accounting policies as used in the preparation of the Company’s consolidated financial statements for the year ended September 30, 2020. The results of operations for the six months ended March 31, 2020 and 2021 are not necessarily indicative of the results for the full years. |
Going concern | Going concern The Group has been incurring losses from operations since its inception. Accumulated deficits amounted to RMB 3,809,516 and RMB 4,117,490 as of September 30, 2020 and March 31, 2021, respectively. Net cash used in operating activities were RMB 77,566 and RMB 179,718 for the six months ended March 31, 2021 and 2020, respectively. As of September 30, 2020 and March 31, 2021, current liabilities exceeded current assets by RMB 1,758,736 and RMB 1,888,126, respectively. In addition, the Company’s operations have been affected by the outbreak and spread of the coronavirus disease 2019 (COVID-19), COVID-19 COVID-19 Due to the outbreak of COVID-19, COVID-19 average month-end occupancy of COVID-19. These factors raise substantial doubt about the Group’s ability to continue as a going concern. The financial statements do not include any adjustments that might be necessary if the Group is unable to continue as a going concern. The Group intends to meet the cash requirements for the next 12 months from the issuance date of this report through a combination of bank loans, issuance of convertible notes, and principal shareholder’s financial support. The Group will focus on the following activities: • In July 2020, the Company has executed a convertible note and warrant purchase agreement with two investors (Note 7). By the date of this report, the Company issued the several instalments of Notes and raised proceeds aggregating (equivalent to ) from the investor. No issuance cost was incurred. Pursuant to the convertible and warrant purchase agreement with investors, the Company is able to issue additional Notes to raise proceeds of $51,924 in the future; • In April 2021, the Company entered into two bank borrowing extension agreements with SHRB, pursuant to which the bank extended due date of one borrowing with the principal of RMB 100,000 to February 2022, and due date of the one borrowing with the principal of RMB 89,400 to March 2022, • Between July and August 2021, the Company plans raise proceeds through registered direct offering, and • In July 2021, a principal shareholder of the Company, has agreed to consider to provide necessary financial support in the form of debt and/or equity, to the Group to enable the Group to meet its other liabilities and commitments as they become due for at least twelve months from the issuance date of this unaudited condensed consolidated financial statements. However, future financing requirements will depend on many factors, including the scale and pace of the expansion of the Group’s apartment network, efficiency in apartment operation, including apartment renovation and pricing, the expansion of the Group’s sales and marketing activities, and potential investments in, or acquisitions of, businesses or technologies. Inability to access financing on favorable terms in a timely manner or at all would materially and adversely affect the Group’s business, results of operations, financial condition, and growth prospects. |
Capitalization of interest | Capitalization of interest Interest cost incurred on funds used to construct leasehold improvements during the active construction period is capitalized. The interest capitalized is determined by applying the borrowing interest rate to the average amount of accumulated capital expenditures for the assets under construction during the period. Total interest expenses incurred were RMB 61,518 and RMB 64,287 for the six months ended March 31, 2020 and 2021, respectively, out of which no interest expenses were capitalized during relevant periods. |
Land use rights | Land use rights Land use rights, which are all located in the PRC, are recorded at cost and amortized on a straight-line basis over the remaining term of the land certificates, which is between 30 to 50 years. Amortization expense of land use rights for the six months ended March 31, 2020 and 2021 amounted to RMB143 and RMB143, respectively. |
Impairment of long-lived assets | Impairment of long-lived assets The Group evaluates its long-lived assets and finite lived intangibles for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. When these events occur, the Group measures impairment by comparing the carrying amount of the assets to future undiscounted net cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flows is less than the carrying amount of the assets, the Group recognizes an impairment loss equal to the difference between the carrying amount and fair value of these assets. The Group performed an impairment test of its long-lived assets associated with certain apartments due to the continued underperformance relative to the projected operating results, and recognized impairment losses of RMB 250,048 and RMB 42,584 during the six months ended March 31, 2020 and 2021, respectively. |
Capital lease and other financing arrangement | Capital lease and other financing arrangement Leases of leasehold improvements or furniture, fixtures and equipment that transfer to the Group substantially all of the risks and rewards of ownership by the end of the lease term are classified as capital leases. The leasehold improvements and liability are measured initially at an amount equal to the lower of their fair value or the present value of the minimum lease payments. Subsequent to initial recognition, the assets are accounted for in accordance with the accounting policy applicable to that asset. Minimum lease payments made under capital leases are apportioned between the finance expense and the reduction of the outstanding lease liability. The finance expense is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the lease liability. The Company started to cooperate with a rental service company to source and renovate apartments since August 2018. For certain identified newly sourced apartments, the rental service company reimburses the Company for costs incurred for the renovation. The Company then makes payments to the rental service company in installments equal to the reimbursed renovation costs plus interest and tax over a period of five years. At the end of the five-year period, the ownership of the renovation will be transferred to the Company. The Company accounts for this arrangement with the rental service company as a capital lease. As of March 31, 2021, the Company had capital lease payable of RMB 68,080. The leasehold improvements or furniture, fixtures and equipment used in apartments obtained under such capital lease arrangements are with aggregate initial value of RMB 136,146 and carrying value of RMB 42,073 as of March 31, 2021. Under the same arrangement above, the Company also sells leasehold improvements and furniture, fixtures and equipment of certain existing apartments to the rental service company at carrying value and simultaneously leases them back. Such transaction fails sales and lease-back accounting and is accounted for as a financing arrangement. The proceeds received from the rental service company are reported as other financing arrangement payable. As of March 31, 2021, the Company has RMB 388,537 other financing arrangement payable. The underlying leasehold improvements and furniture, fixtures and equipment are with aggregate initial value of RMB 374,609 and carrying value of RMB 115,765 as of March 31, 2021. |
Lease accounting with tenants | Lease accounting with tenants The Group sources apartments from landlords and converts them into standardized furnished rooms to lease to tenants seeking affordance residences in China. Revenues are primarily derived from the lease payments from its tenants and are recorded net of tax. The Group typically enters into 12 to 26-month lock-in lock-in lock-in lock-in In April 2020, the Group started to modify arrangements with a rental service company for apartments in certain cities. For some apartments under this arrangement, the Group no longer leases in apartments from the rental service company or enters into new lease-out lease-in lease-out 840-10-15-6(a), leases-in leased-out lock-in The gross Rental incentives Tenants who prepay rent are entitled to rental discounts. Tenants who prepay rent of at least the first six months of the lease term can enjoy a 5% rental discount, and tenants who prepay at least the first twelve months of lease term rental can enjoy a 10% rental discount (subject to a RMB200 limit per month). Such incentives are only applicable during the lock-in |
Lease accounting with landlords | Lease accounting with landlords The Group leases apartments from landlords usually for a period of five three 90-120 non-compounding Rental expense to the landlords recorded in unaudited condensed consolidated statements of comprehensive losses were RMB 512,753 and RMB 506,225 for the six months ended March 31, 2020 and 2021, respectively. |
Treasury shares | Treasury shares The Company accounts for treasury shares using the cost method. Under this method, the cost incurred to purchase the shares is recorded in the treasury shares account on the consolidated balance sheets. At retirement of the treasury shares, the ordinary shares account is charged only for the aggregate par value of the shares. The excess of the acquisition cost of treasury shares over the aggregate par value is allocated between additional paid- in capital (up to the amount credited to the additional paid-in For the year ended September 30, 2020, the Group repurchased 77,250,000 ordinary shares from certain major investors in the IPO, through cash payment of RMB 248,859 and issuance of convertible notes of RMB 49,251 (equivalent to $7,232 ). As of March 31, 2021, the Company transferred treasury shares of 77,250,000 to one of its debtors as a debt extinguishment cost, with a fair value of RMB 41,964, or $6,405. The fair value is determined at the trading price of per share price of no outstanding treasury shares. |
Convenience translation | Convenience translation The Group’s business is primarily conducted in the PRC and all of the revenues are denominated in RMB. The financial statements of the Group are stated in RMB. Translations of balances in the consolidated balance sheet, and the related consolidated statements of comprehensive loss, shareholders’ equity and cash flows from RMB into US dollars as of and for the six months ended March 31, 2021 are solely for the convenience of the readers and were calculated at the rate of USD1.00=RMB 6.5518, representing the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board on March 31, 2021. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into USD at that rate on March 31, 2021, or at any other rate. |
Fair value | Fair value The Group defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. The established fair value hierarchy 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. The three levels of inputs may be used to measure fair value include: 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 assets 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 assets 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. The Group’s financial instruments include cash and cash equivalents, restricted cash, accounts receivable, amounts due from related parties, accounts payable, amounts due to related parties, short-term debt, rental installment loans, deposits from tenants, other current liabilities, long-term debt, convertible note, and contingent earn-out The following table summarizes the fair value of the Group’s financial liabilities that are accounted for at fair value on a recurring basis, by level within the fair value hierarchy, for the six months ended March 31, 2020 and 2021: Fair Value Measurements at Reporting Date Using Six Months Ended March 31, Description Fair Value as of Quoted Prices Significant Significant Total Gain 2020 Contingent earn-out — — 97,417 2021 liabilities — — — The Group determines the fair value with the help from third party professional valuation specialists, and the assumptions used in estimating fair value require significant judgment. The use of different assumptions and judgments could result in a materially different estimate of fair value. Key inputs in determining the fair value of the contingent earn-out earn-out The following table presents the Group’s assets measured at fair value on a non-recurring Fair Value Measurements at Reporting Date Using Six Months Ended March 31, Description Fair Value as of Quoted Prices Significant Significant Total 2020 Property and 246,139 246,139 250,048 2021 20,452 20,452 16,004 2021 Apartment rental 75,074 75,074 26,580 2021 Trademarks 81,469 81,469 — Fair value of the property and equipment was determined by the Group based on the income approach using the discounted cash flow associated with the underlying assets, which incorporated certain assumptions including projected rooms’ revenue, growth rates and projected operating costs based on current economic condition, expectation of management and projected trends of current operating results. As a result, the Group has determined that the majority of the inputs used to value its property and equipment are unobservable inputs that fall within Level 3 of the fair value hierarchy. The revenue growth rate and the discount rate were the significant unobservable inputs used in the fair value measurement, which were 4% and 10% for the six months ended March 31, 2020 and 3% and 11% for the six months ended March 31, 2021, respectively. As a result of reduced expectations of future cash flows from certain leased apartments, the Group determined that the property and equipment was not fully recoverable and consequently recorded impairment charges of RMB 250,048 and RMB 16,004 for the six months ended March 31, 2020 and 2021, respectively. The Group acquired from Great Alliance Coliving Limited. and its affiliates (“Beautiful House”) certain assets, including approximately 72,000 apartment rental contracts and leasehold improvements attached to the apartments, and trademarks of Beautiful House. The Company determined the estimated fair values using Level 3 inputs after review and consideration of relevant information, which are unobservable inputs that fall within Level 3 of the fair value hierarchy. • The apartment rental agreements with both landlords and tenants were valued using the multiperiod excess earnings method, which incorporated certain assumptions including projected rooms’ revenue, growth rates and projected operating costs based on current economic condition, expectation of management and projected trends of current operating results. The revenue growth rate and the discount rate were the significant unobservable inputs used in the fair value measurement, which were negative 12.5% and 19%, and • T As of March 31, 2021, the Group reviewed the fair value of the apartment rental agreements based on the income approach using the discounted cash flow associated with the underlying assets, which incorporated certain assumptions including projected rooms’ revenue, growth rates and projected operating costs based on current economic condition, expectation of management and projected trends of current operating results. As a result, the Group has determined that the majority of the inputs used to value its property and equipment are unobservable inputs that fall within Level 3 of the fair value hierarchy. The revenue growth rate and the discount rate were the significant unobservable inputs used in the fair value measurement, which were 3% and 11% for the six months ended March 31, 2021. As a result of reduced expectations of future cash flows from certain leased apartments, the Group consequently recorded impairment charges of RMB . The financial instruments primarily including cash and cash equivalents, restricted cash, account receivables, amounts due from related parties, account payables, amounts due to related parties, short-term debt, rental installment loans, deposits from tenants, other liabilities, are carried at cost which approximates their fair value due to the short-term nature of these instruments. The convertible note and long-term debt approximates their fair values, because the bearing interest rate approximates market interest rate, and market interest rates have not fluctuated significantly since the commencement of loan contracts signed. |
Recent accounting pronouncements | Recent accounting pronouncements In February 2016, the FASB issued ASU 2016-02, right-of-use No. 2018-10 No. 2018-11, No. 2018-10 2016-02 No. 2018-11 2019-10, 2019-10 2016-02. 2016-02 2018-11 right-of-use In June 2016, the FASB issued ASU 2016-13, Credit 2019-10 2016-13. In August 2018, the FASB released ASU 2018-13, 2018-13 2018-13 In December 2019, the FASB issued ASU No. 2019-12, Income 2019-12 2019-12 |
SUMMARY OF PRINCIPAL ACCOUNTI_3
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of fair value of financial assets and liabilities accounted for at fair value on a recurring basis | The following table summarizes the fair value of the Group’s financial liabilities that are accounted for at fair value on a recurring basis, by level within the fair value hierarchy, for the six months ended March 31, 2020 and 2021: Fair Value Measurements at Reporting Date Using Six Months Ended March 31, Description Fair Value as of Quoted Prices Significant Significant Total Gain 2020 Contingent earn-out — — 97,417 2021 liabilities — — — |
Summary of assets measured at fair value on a non-recurring basis | The following table presents the Group’s assets measured at fair value on a non-recurring Fair Value Measurements at Reporting Date Using Six Months Ended March 31, Description Fair Value as of Quoted Prices Significant Significant Total 2020 Property and 246,139 246,139 250,048 2021 20,452 20,452 16,004 2021 Apartment rental 75,074 75,074 26,580 2021 Trademarks 81,469 81,469 — |
OTHER CURRENT ASSETS (Tables)
OTHER CURRENT ASSETS (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Summary of other current assets | As of September 30, 2020 As of March 31, Due from a rental service company (1) 52,410 52,410 Deductible input value added tax (“VAT”) (2) 35,660 — Due from a service provider (3) 9,501 17,625 Others 4,232 4,642 Total 101,803 74,677 (1) As of September 30, 2020 and March 31, 2021, the balance due from a rental service company represented the reimbursement renovation costs due from the rental service company. The Company started to cooperate with a rental service company to source and renovate apartments since August 2018. For certain identified newly sourced apartments, the rental service company reimburses the Company for costs incurred for the renovation. The Company then makes payments to the rental service company in installments equal to the reimbursed renovation costs plus interest and tax over a period of five years. (2) The deductible input VAT represented the excess of input VAT arising from purchases over be deducted (3) Upon asset acquisition with Beautiful House, the Group engaged a third party service provider to provide apartment operation services to the Group. To support the operation services, the Company made interest free loans to the service provider and the loans are repayable on demand. |
PROPERTY AND EQUIPMENT, NET (Ta
PROPERTY AND EQUIPMENT, NET (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Summary of property and equipment, net | Property and equipment, net consist of the following: As of September 30, 2020 As of March 31, Cost: Buildings 40,167 40,167 Leasehold improvements 316,665 270,914 Furniture, fixtures and equipment used in apartments 122,171 101,267 Vehicle 3,043 3,043 Office furniture, fixtures and equipment 20,504 20,454 Less: Accumulated depreciation (217,582 ) (206,542 ) Construction in progress 73,054 69,489 Property and equipment, net 358,022 298,792 |
INTANGIBLE ASSETS, NET (Tables)
INTANGIBLE ASSETS, NET (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Intangible assets, net as follows | Intangible assets, net consist of the following: As of September 30, 2020 As of March 31, Cost: Apartment rental contracts 209,636 173,658 Trademarks 86,900 86,900 Software 2,275 2,275 Less: Accumulated amortization (76,688 ) (105,662 ) Intangible assets, net 222,123 157,171 |
Details of Group's amortization expenses for the five years | The following table sets forth the Group’s amortization expenses for the five years since March 31, 2021: Amortization Six months ending September 30, 2021 29,350 Year ending September 30, 2022 32,384 Year ending September 30, 2023 27,590 Year ending September 30, 2024 20,558 Year ending September 30, 2025 and thereafter 47,289 157,171 |
DEBT (Tables)
DEBT (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Summary of short-term and long-term debt | The short-term and long-term debt as of September 30, 2020 and March 31, 2021 were as follows: As of September 30, As of March 31, Short-term debt: Short-term bank borrowings (1) 176,752 92,627 Long-term bank borrowings, current portion (1) 159,721 162,721 Capital lease and other financing arrangement payable, current portion (2) 201,835 264,849 Other short-term payable (3) 223,828 265,220 Subtotal 762,136 785,417 Long-term debt: Long-term bank borrowings, non-current (1) 196,682 231,222 Capital lease and other financing arrangement payable, non-current (2) 242,719 191,768 Other long term payable (3) 25,519 25,506 Subtotal 464,920 448,496 Total 1,227,056 1,233,913 |
Summary of future minimum lease payments required under the capital lease arrangements | Future minimum lease payments required under the capital lease arrangements are as follows: March 31, 2021 28,552 2022 20,029 2023 12,747 2024 10,473 2025 3,328 2026 and there after — 75,129 Less payment amount allocated to interest 7,049 Present value of capital lease obligation 68,080 Current portion of capital lease obligation 28,552 Long-term portion of capital lease obligation 39,528 68,080 |
CONVERTIBLE NOTE, NET (Tables)
CONVERTIBLE NOTE, NET (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Summary of key assumption used in estimates of warrants | The key assumption used in estimates are as follows: July 29, September 25, October 14, October 20, October 29, December 15, February 25, Terms of warrants 60 months 60 months 60 months 60 months 60 months 60 months 60 months Exercise price 11.4618 10.2214 9.3041 8.6653 7.6830 5.1676 3.5418 Risk free rate of interest 0.21 % 0.21 % 0.29 % 0.29 % 0.29 % 0.28 % 0.58 % Dividend yield 0.00 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % Annualized volatility of underlying stock 40.0 % 39.0 % 39.0 % 39.0 % 39.0 % 40.0 % 41.0 % |
Summary of warrants activity | A summary of warrants activity for the six months ended March 31, 2021 was as follows: Number of shares Weighted average life Expiration Dates Balance of warrants outstanding as of September 30, 2020 109,567 4.84 years Grants of Warrants on October 14, 2020 4,815 5 years October 14, 2025 Grants of Warrants on October 20, 2020 13,848 5 years October 20, 2025 Grants of Warrants on October 29, 2020 15,619 5 years October 29, 2025 Grants of Warrants on December 15, 2020 28,718 5 years December 15, 2025 Grants of Warrants on February 25, 2021 23,152 5 years February 25, 2025 Balance of warrants outstanding as of March 31, 2021 195,719 4.50 years |
ACCRUED EXPENSES AND OTHER CU_2
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Table) | 6 Months Ended |
Mar. 31, 2021 | |
Accrued Liabilities, Current [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities | As of September 30, 2020 As of March 31, 2021 Due to a rental service company (1) 182,542 184,551 Tenant deposits 83,682 105,253 Payable to a constructor for leasehold improvements 53,623 55,100 Other tax payable 51,832 51,536 Accrued utilities 22,513 25,123 Interest payable 13,435 57,961 Accrued payroll and welfare 10,451 7,425 Operation service payable 6,602 11,310 Deferred rent 2,503 8,443 Others 16,235 17,005 Total 443,418 523,707 (1) As of March 31, 2021, the balance of due to a rental service company primarily represented the rental deposits and prepaid rental fee collected from tenants. The rental deposits and prepaid rental fee belonged to the rental service company, for which the Group provided apartment operation services since April 2020. |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Summary of assumptions used to estimate fair values of share options granted | The following table presents the assumptions used to estimate the fair values of the share options granted in the years presented: April 2016 October 2016 July 2017 Risk-free rate of return 3.18 % 3.18 % 3.21 % Contractual life of option 10 years 10 years 8.4 years Estimated volatility rate 37 % 37 % 35 % Expected dividend yield 0 % 0 % 0 % Fair value of underlying ordinary shares US$ 0.03 US$ 0.04 US$ 0.05 |
Summary of option activity | A summary of option activity during the six months ended March 31, 2020 and 2021 is presented below: Number of Exercise Price Remaining Outstanding, as of September 30, 2019 68,220,000 2 6.74 Granted — — — Forfeited (26,470,000 ) 2 6.74 Outstanding, as of March 31, 2020 41,750,000 2 6.70 Outstanding, as of September 30, 2020 41,750,000 2 6.10 Granted — — — Forfeited (950,000 ) 2 1.09 Outstanding, as of March 31, 2021 40,800,000 2 5.58 Vested or expected to vest as of March 31, 2021 40,800,000 2 5.58 |
LOSSES PER SHARE (Tables)
LOSSES PER SHARE (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Summary of computation of basic and diluted earnings per share | The following table sets forth the computation of basic and diluted earnings per share for the years indicate d: Six months ended March 31, 2020 2021 Net loss attributable to Q&K International Group Limited (416,823 ) (307,974 ) Net loss per share attributable to ordinary shareholders of Q&K International Group Limited—Basic and diluted (0.34 ) (0.23 ) Weighted average number of ordinary shares used in computing net loss per share—Basic and diluted 1,226,807,606 1,352,152,052 |
RELATED PARTY TRANSACTIONS AN_2
RELATED PARTY TRANSACTIONS AND BALANCES (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related party relationship with the group | The following entities are considered to be related parties to the Group. The related parties mainly act as service providers and service recipients to the Group. The Group is not obligated to provide any type of financial support to these related parties. Related Party Relationship with the Group Shanghai Laiguan Property Management Co., Ltd. (“Laiguan”) An entity controlled by certain shareholders of the Group Shanghai Yijia Property Management Co., Ltd. (“Yijia Property”) An entity controlled by certain shareholders of the Group Shanghai Youzhen Information Technology Co., Ltd. (“Youzhen”) An entity controlled by the parents of Founder and CEO of the Group Shanghai Qingji Property Management Co., Ltd. (“Qingji”) An entity controlled by certain shareholders of the Group Key Space(S) Ptd. Ltd. (“Key Space”) An entity controlled by certain shareholder of the Group |
Summary of transactions with related parties | For the six months ended March 31, 2020 and 2021, s e respectively : Six months ended March 31, 2020 2021 Labor outsourcing service expense to Laiguan 16,674 — Labor outsourcing service expense to Qingji. 12,443 — Total 29,117 — As stated in Note 7, during October 2020 through February 2021, the Group issued convertible notes in exchange for cash aggregating $12,880 (RMB 84,638) to Key Space. As of March 31, 2021, the Group had convertible notes of $44,130 due to Key Space, amo u As of September 30, 2020 and March 31, 2021, amounts due from related parties were RMB168 and RMB nil, respectively, and details are as follows: As of September 30, As of March 31, 2021 Youzhen. 125 — Others 43 — Total 168 — As of September 30, 2020 and March 31, 2021, amounts due to related parties were RMB 6,594 and RMB 12, respectively, and details are as follows: As of September 30, As of March 31, 2021 Yijia Property. 4,156 — Qingji 1,539 — Laiguan 882 — Others 17 12 Total 6,594 12 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of future minimum lease payments under non-cancellable operating lease agreements | Future minimum lease payments under non-cancellable For the six months ended September 30, 2021 380,933 For the twelve months ended September 30, 2022 888,599 For the twelve months ended September 30, 2023 774,378 For the twelve months ended September 30, 2024 606,808 For the twelve months ended September 30, 2025 486,649 Thereafter 796,652 Total 3,934,019 |
ORGANIZATION AND PRINCIPAL AC_2
ORGANIZATION AND PRINCIPAL ACTIVITIES - Additional Information (Detail) $ / shares in Units, ¥ in Thousands, $ in Thousands | 1 Months Ended | |||
Nov. 30, 2019USD ($)$ / sharesshares | Mar. 31, 2021$ / shares | Sep. 30, 2020$ / shares | Nov. 30, 2019CNY (¥)shares | |
Ordinary shares, par value | $ 0.00001 | $ 0.00001 | ||
IPO [Member] | ||||
Stock listed for IPO | $ 44,534 | ¥ 289,027 | ||
ADS [Member] | IPO [Member] | ||||
Common stock, shares unissued | shares | 2,700,000 | 2,700,000 | ||
Ordinary shares, par value | $ 0.00001 | |||
Number of common shares for each unit of american depository receipt | 30 | 30 | ||
Sale of stock, price per share | $ 17 | |||
ADS [Member] | Over-Allotment Option [Member] | ||||
Ordinary shares, par value | $ 0.00001 | |||
Number of common shares for each unit of american depository receipt | 30 | 30 | ||
Number of shares issued in transaction | shares | 405,000 | |||
Sale of stock, price per share | $ 17 |
SUMMARY OF PRINCIPAL ACCOUNTI_4
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES - Additional Information (Detail) $ / shares in Units, ¥ in Thousands, $ in Thousands | 1 Months Ended | 5 Months Ended | 6 Months Ended | 8 Months Ended | 12 Months Ended | ||||||||||||
Jul. 31, 2020USD ($) | Feb. 28, 2021CNY (¥) | Feb. 28, 2021USD ($) | Mar. 31, 2021CNY (¥)Rentalcontractsshares | Mar. 31, 2021USD ($)Rentalcontractsshares | Mar. 31, 2020CNY (¥) | Feb. 28, 2021CNY (¥) | Feb. 28, 2021USD ($) | Sep. 30, 2020CNY (¥)shares | Sep. 30, 2022CNY (¥) | Sep. 30, 2021CNY (¥) | Apr. 30, 2021CNY (¥) | Mar. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020CNY (¥) | Nov. 30, 2020CNY (¥) | Sep. 30, 2020$ / shares | Jul. 31, 2020CNY (¥) | |
Accumulated deficits | ¥ (4,117,490) | ¥ (3,809,516) | $ (628,452) | ||||||||||||||
Net cash used in operating activities | 77,566 | $ 11,836 | ¥ 179,718 | ||||||||||||||
Working capital | 1,888,126 | 1,758,736 | |||||||||||||||
Interest expense | 64,287 | 61,518 | |||||||||||||||
Amortization expense of land use rights | 143 | 143 | |||||||||||||||
Property and equipment, accumulated depreciation | 206,542 | 217,582 | |||||||||||||||
Impairment loss | 42,584 | $ 6,500 | 250,048 | ||||||||||||||
Future rentals from outstanding leases that are within the lock-in period | 488,482 | ||||||||||||||||
Rental incentives | ¥ 3,980 | 11,765 | |||||||||||||||
Lease Option to Extend | The Group leases apartments from landlords usually for a period of five to six years which may be extended for an additional three or two years at the discretion of the landlords. | The Group leases apartments from landlords usually for a period of five to six years which may be extended for an additional three or two years at the discretion of the landlords. | |||||||||||||||
Fixed rent, lock in period | 3 years | 3 years | |||||||||||||||
Annual, non-compounding increase for the rest of the lease period | 5.00% | 5.00% | |||||||||||||||
Deferred rent, current | ¥ 8,443 | 2,503 | |||||||||||||||
Long-term deferred rent | 164,308 | 212,054 | $ 25,078 | ||||||||||||||
Rental expense | ¥ 506,225 | 512,753 | |||||||||||||||
Convenience translation rate of USD1.00 | 6.5518 | 6.5518 | |||||||||||||||
Capital lease other financing arrangement | ¥ 68,080 | ||||||||||||||||
Proceeds from issuance of convertible notes | ¥ 84,638 | $ 12,880 | ¥ 84,638 | $ 12,880 | |||||||||||||
Proceeds from Issuance of Debt | ¥ 329,045 | $ 48,076 | |||||||||||||||
Treasury shares outstanding | shares | 0 | 0 | |||||||||||||||
Convertible Notes And Warrant Purchase Agreement [Member] | |||||||||||||||||
Proceeds from issuance of convertible notes | $ | $ 51,924 | ||||||||||||||||
To Settle Interest Expenses Payable [Member] | |||||||||||||||||
Stock shares issued during the period treasury stock shares reissued | shares | 77,250,000 | 77,250,000 | |||||||||||||||
Fair value per share of treasury shares | $ / shares | $ 0.083 | $ 0.083 | |||||||||||||||
Debt Extinguishment Costs [Member] | |||||||||||||||||
Debt extinguishment cost | ¥ 41,964 | $ 6,405 | |||||||||||||||
Forecast [Member] | |||||||||||||||||
Future rentals from outstanding leases that are within the lock-in period | ¥ 164,398 | ¥ 324,084 | |||||||||||||||
Fair Value, Nonrecurring | |||||||||||||||||
Impairment loss | 16,004 | 250,048 | |||||||||||||||
Apartment rental agreements loss | 26,580 | ||||||||||||||||
Fair value recurring | |||||||||||||||||
Contingent earn-out liabilities | ¥ 0 | 0 | 0 | ||||||||||||||
Great Alliance Co living Limited And Affiliates [Member] | |||||||||||||||||
Business combination revenue growth rate for valuation of trademarks acquired | 10.00% | 10.00% | |||||||||||||||
Business combination discount rate for valuation of trademarks acquired | 19.00% | 19.00% | |||||||||||||||
Great Alliance Co living Limited And Affiliates [Member] | Rental Agreement With Landlord [Member] | |||||||||||||||||
Business combination revenue growth rate for rental agreements | 12.50% | 12.50% | |||||||||||||||
Business combination discount rate for measuring rental agreements acquired | 19.00% | 19.00% | |||||||||||||||
Great Alliance Co living Limited And Affiliates [Member] | Rental Agreement With Tenant [Member] | |||||||||||||||||
Business combination revenue growth rate for rental agreements | 12.50% | 12.50% | |||||||||||||||
Business combination discount rate for measuring rental agreements acquired | 19.00% | 19.00% | |||||||||||||||
Rental Contracts [Member] | |||||||||||||||||
Number of Reporting Units | Rentalcontracts | 25,375 | 25,375 | |||||||||||||||
Rental Contracts [Member] | Great Alliance Co living Limited And Affiliates [Member] | |||||||||||||||||
Number of Businesses Acquired | Rentalcontracts | 72,000 | 72,000 | |||||||||||||||
Share Repurchase [Member] | |||||||||||||||||
Payment for the repurchase of initial public offering | ¥ 248,859 | ||||||||||||||||
Share Repurchase [Member] | Common Stock [Member] | |||||||||||||||||
Repurchase of ordinary shares issued during initial public offer | shares | 77,250,000 | ||||||||||||||||
Renewal Term One [Member] | |||||||||||||||||
Lessee operating lease term of renewal | 2 years | 2 years | |||||||||||||||
Renewal Term Two [Member] | |||||||||||||||||
Lessee operating lease term of renewal | 3 years | 3 years | |||||||||||||||
Convertible Notes Payable [Member] | |||||||||||||||||
Convertible notes issued | ¥ 49,251 | ||||||||||||||||
Convertible Notes Payable [Member] | Share Repurchase [Member] | |||||||||||||||||
Convertible notes issued | ¥ 7,232 | ||||||||||||||||
Fair Value, Inputs, Level 3 [Member] | Fair value recurring | |||||||||||||||||
Contingent earn-out liabilities | ¥ 0 | ¥ 0 | |||||||||||||||
Fair Value, Inputs, Level 3 [Member] | Great Alliance Co living Limited And Affiliates [Member] | |||||||||||||||||
Business combination revenue growth rate for valuation of trademarks acquired | 3.00% | 3.00% | |||||||||||||||
Business combination discount rate for valuation of trademarks acquired | 11.00% | 11.00% | |||||||||||||||
Fair Value, Inputs, Level 3 [Member] | Measurement Input, Long-term Revenue Growth Rate | |||||||||||||||||
Property and equipment, measurement input | 3 | 3 | 4 | ||||||||||||||
Fair Value, Inputs, Level 3 [Member] | Measurement Input, Discount Rate | |||||||||||||||||
Property and equipment, measurement input | 11 | 11 | 10 | ||||||||||||||
Tenants who prepay rent of at least the first six months of the lease term [Member] | |||||||||||||||||
Rental discount | 5.00% | 5.00% | |||||||||||||||
Tenants who prepay rent of at least the first twelve months of the lease term [Member] | |||||||||||||||||
Rental discount | 10.00% | 10.00% | |||||||||||||||
Leasehold improvements [Member] | |||||||||||||||||
Property and equipment, gross cost | ¥ 403,191 | ||||||||||||||||
Property and equipment, accumulated depreciation | 136,692 | ||||||||||||||||
Impairment loss | 132,278 | ||||||||||||||||
Capital lease other financing arrangement | 68,080 | ||||||||||||||||
Initial Value of Capital Lease assets | 136,146 | ||||||||||||||||
Carrying Value of Capital Lease Other Financing assets | 42,073 | ||||||||||||||||
Other Financing Payable | 388,537 | ||||||||||||||||
Aggregate of Initial value for Lease Assets | 374,609 | ||||||||||||||||
Carrying Value of Lease Assets | 115,765 | ||||||||||||||||
Property and Equipment [Member] | |||||||||||||||||
Impairment loss | 16,004 | ¥ 250,048 | |||||||||||||||
Furniture, fixtures and equipment [Member] | |||||||||||||||||
Property and equipment, gross cost | 191,117 | ||||||||||||||||
Property and equipment, accumulated depreciation | 46,539 | ||||||||||||||||
Impairment loss | ¥ 89,850 | ||||||||||||||||
Minimum [Member] | |||||||||||||||||
Land use rights, remaining term of the land certificates | 30 years | 30 years | |||||||||||||||
Rent free period with landlords | 90 days | 90 days | |||||||||||||||
Lessor operating lease term | 12 months | 12 months | |||||||||||||||
Lessee operating lease term | 5 years | 5 years | |||||||||||||||
Maximum [Member] | |||||||||||||||||
Land use rights, remaining term of the land certificates | 50 years | 50 years | |||||||||||||||
Rental discount, limit per month | ¥ 200 | ||||||||||||||||
Rent free period with landlords | 120 days | 120 days | |||||||||||||||
Lessor operating lease term | 26 months | 26 months | |||||||||||||||
Lessee operating lease term | 6 years | 6 years | |||||||||||||||
Shanghai Xiangzi Financial Information Service Company Ltd [Member] | Bank Borrowing Agreement One [Member] | |||||||||||||||||
Debt instrument carrying amount | ¥ 100,000 | ¥ 25,929 | ¥ 27,000 | ||||||||||||||
Long term debt instrument maturity date | Mar. 31, 2022 | ||||||||||||||||
Shanghai Xiangzi Financial Information Service Company Ltd [Member] | Bank Borrowing Agreement One [Member] | Subsequent Event [Member] | |||||||||||||||||
Long term debt instrument maturity date | Feb. 28, 2022 | ||||||||||||||||
Shanghai Xiangzi Financial Information Service Company Ltd [Member] | Bank Borrowing Agreement Two [Member] | |||||||||||||||||
Debt instrument carrying amount | ¥ 8,998 | ¥ 132,000 | |||||||||||||||
Long term debt instrument maturity date | Oct. 31, 2021 | ||||||||||||||||
Shanghai Xiangzi Financial Information Service Company Ltd [Member] | Bank Borrowing Agreement Two [Member] | Subsequent Event [Member] | |||||||||||||||||
Debt instrument carrying amount | ¥ 89,400 | ||||||||||||||||
Long term debt instrument maturity date | Mar. 31, 2022 |
SUMMARY OF PRINCIPAL ACCOUNTI_5
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES - Summary of fair value of financial assets and liabilities accounted for at fair value on a recurring basis (Detail) - CNY (¥) ¥ in Thousands | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Sep. 30, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Contingent earn-out liabilities, gain | ¥ 97,417 | ||
Fair Value, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Contingent earn-out liabilities | ¥ 0 | 0 | ¥ 0 |
Contingent earn-out liabilities, gain | 0 | 97,417 | |
Fair Value, Recurring | Fair Value, Inputs, Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Contingent earn-out liabilities | ¥ 0 | ¥ 0 |
SUMMARY OF PRINCIPAL ACCOUNTI_6
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES - Summary of assets measured at fair value on a non-recurring basis (Detail) ¥ in Thousands, $ in Thousands | 6 Months Ended | ||||
Mar. 31, 2021CNY (¥) | Mar. 31, 2021USD ($) | Mar. 31, 2020CNY (¥) | Mar. 31, 2021USD ($) | Sep. 30, 2020CNY (¥) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Property and equipment | ¥ 298,792 | $ 45,605 | ¥ 358,022 | ||
Property and equipment, loss | 42,584 | $ 6,500 | ¥ 250,048 | ||
Fair Value, Nonrecurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Property and equipment | 20,452 | 246,139 | |||
Property and equipment, loss | 16,004 | 250,048 | |||
Apartment rental agreements | 75,074 | ||||
Trademarks | 81,469 | ||||
Apartment rental agreements loss | 26,580 | ||||
Fair Value, Nonrecurring | Fair Value, Inputs, Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Property and equipment | 20,452 | ¥ 246,139 | |||
Apartment rental agreements | 75,074 | ||||
Trademarks | ¥ 81,469 |
OTHER CURRENT ASSETS - Summary
OTHER CURRENT ASSETS - Summary of other current assets (Detail) ¥ in Thousands, $ in Thousands | Mar. 31, 2021CNY (¥) | Mar. 31, 2021USD ($) | Sep. 30, 2020CNY (¥) | |
Other Assets [Abstract] | ||||
Due from a rental service company | [1] | ¥ 52,410 | ¥ 52,410 | |
Deductible input value added tax ("VAT") | [2] | 35,660 | ||
Due from a service provider | [3] | 17,625 | 9,501 | |
Others | 4,642 | 4,232 | ||
Total | ¥ 74,677 | $ 11,398 | ¥ 101,803 | |
[1] | As of September 30, 2020 and March 31, 2021, the balance due from a rental service company represented the reimbursement renovation costs due from the rental service company. The Company started to cooperate with a rental service company to source and renovate apartments since August 2018. For certain identified newly sourced apartments, the rental service company reimburses the Company for costs incurred for the renovation. The Company then makes payments to the rental service company in installments equal to the reimbursed renovation costs plus interest and tax over a period of five years. | |||
[2] | The deductible input VAT represented the excess of input VAT arising from purchases over output VAT arising from sales under the PRC tax laws and regulations. The deductible input VAT is carried forward to future period. As of March 31, 2021, the Company assessed certain PRC subsidiaries would not generate sufficient revenues and output VAT for the balance to be deducted in the next twelve months, the Company reclassified the deductible input VAT to the account of “other assets” as a noncurrent asset. | |||
[3] | Upon asset acquisition with Beautiful House, the Group engaged a third party service provider to provide apartment operation services to the Group. To support the operation services, the Company made interest free loans to the service provider and the loans are repayable on demand. |
PROPERTY AND EQUIPMENT, NET - S
PROPERTY AND EQUIPMENT, NET - Summary of property and equipment, net (Detail) ¥ in Thousands, $ in Thousands | Mar. 31, 2021CNY (¥) | Mar. 31, 2021USD ($) | Sep. 30, 2020CNY (¥) |
Property, Plant and Equipment [Line Items] | |||
Less: Accumulated depreciation | ¥ (206,542) | ¥ (217,582) | |
Property and equipment, net | 298,792 | $ 45,605 | 358,022 |
Buildings | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, cost | 40,167 | 40,167 | |
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, cost | 270,914 | 316,665 | |
Less: Accumulated depreciation | (136,692) | ||
Office furniture, fixtures and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, cost | 101,267 | 122,171 | |
Less: Accumulated depreciation | (46,539) | ||
Vehicle | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, cost | 3,043 | 3,043 | |
Office furniture, fixtures and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, cost | 20,454 | 20,504 | |
Construction in progress | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, net | ¥ 69,489 | ¥ 73,054 |
PROPERTY AND EQUIPMENT, NET - A
PROPERTY AND EQUIPMENT, NET - Additional Information (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2019 | Mar. 31, 2021 | Mar. 31, 2020 |
Property, Plant and Equipment [Abstract] | |||
Depreciation expenses | ¥ 18,603 | ¥ 106,754 | |
Business Combination, Recognized Identifiable Assets Acquired | ¥ 22,540 | ||
Number of shares of equity interests issued | 7,662,060 | ||
Impairment of property plant and equipment | ¥ 16,005 | ¥ 313,355 |
INTANGIBLE ASSETS, NET - Summar
INTANGIBLE ASSETS, NET - Summary of Intangible assets, net (Detail) ¥ in Thousands, $ in Thousands | Mar. 31, 2021CNY (¥) | Mar. 31, 2021USD ($) | Sep. 30, 2020CNY (¥) |
Schedule Of Intangible Asset [Line Items] | |||
Less: Accumulated amortization | ¥ (105,662) | ¥ (76,688) | |
Intangible assets, net | 157,171 | $ 23,989 | 222,123 |
Apartment rental contracts [Member] | |||
Schedule Of Intangible Asset [Line Items] | |||
Cost | 173,658 | 209,636 | |
Trademarks [Member] | |||
Schedule Of Intangible Asset [Line Items] | |||
Cost | 86,900 | 86,900 | |
Software [Member] | |||
Schedule Of Intangible Asset [Line Items] | |||
Cost | ¥ 2,275 | ¥ 2,275 |
INTANGIBLE ASSETS, NET - Detail
INTANGIBLE ASSETS, NET - Details of Group's amortization expenses for the five years (Detail) ¥ in Thousands | Mar. 31, 2021CNY (¥) |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |
Six months ending September 30, 2021 | ¥ 29,350 |
Year ending September 30, 2022 | 32,384 |
Year ending September 30, 2023 | 27,590 |
Year ending September 30, 2024 | 20,558 |
Year ending September 30, 2025 and thereafter | 47,289 |
Total | ¥ 157,171 |
INTANGIBLE ASSETS, NET - Additi
INTANGIBLE ASSETS, NET - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 6 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization of Intangible Assets | ¥ 31,058 | ¥ 322 |
Impairment of finite lived intangible assets | ¥ 26,580 | ¥ 620,225 |
DEBT - Summary of short-term an
DEBT - Summary of short-term and long-term debt (Detail) ¥ in Thousands, $ in Thousands | Mar. 31, 2021CNY (¥) | Mar. 31, 2021USD ($) | Sep. 30, 2020CNY (¥) |
Short-term debt: | |||
Short-term bank borrowings | ¥ 92,627 | ¥ 176,752 | |
Long-term bank borrowings, current portion | 162,721 | 159,721 | |
Capital lease and other financing arrangement payable, current portion | 264,849 | 201,835 | |
Other short-term payable | 265,220 | 223,828 | |
Subtotal | 785,417 | $ 119,878 | 762,136 |
Long-term debt: | |||
Long-term bank borrowings, non-current portion | 231,222 | 196,682 | |
Capital lease and other financing arrangement payable, non-current portion | 191,768 | 242,719 | |
Other long term payable | 25,506 | 25,519 | |
Subtotal | 448,496 | $ 68,454 | 464,920 |
Total | ¥ 1,233,913 | ¥ 1,227,056 |
DEBT - Additional Information (
DEBT - Additional Information (Detail) ¥ / shares in Units, $ in Thousands | Mar. 08, 2021CNY (¥)¥ / sharesshares | Mar. 08, 2021USD ($)shares | May 28, 2020CNY (¥) | Apr. 30, 2020CNY (¥) | Jun. 13, 2017CNY (¥) | Dec. 31, 2020CNY (¥) | Sep. 27, 2021CNY (¥) | Apr. 30, 2021CNY (¥) | Mar. 31, 2021CNY (¥) | Mar. 31, 2021USD ($) | Nov. 30, 2020CNY (¥) | Sep. 30, 2020CNY (¥) | Sep. 26, 2020CNY (¥) | Jul. 31, 2020CNY (¥) | Sep. 30, 2019 | Jun. 27, 2019CNY (¥) | Jun. 27, 2019USD ($) | Mar. 31, 2019 | Feb. 21, 2019CNY (¥) | Sep. 30, 2018 | Sep. 26, 2016CNY (¥) |
Debt Instrument [Line Items] | |||||||||||||||||||||
Other financing Future payments, Due in next twelve months | ¥ 183,789,000 | ||||||||||||||||||||
Other financing Future payments, Due in next second year | 86,925,000 | ||||||||||||||||||||
Other financing Future payments, Due in third year | 79,689,000 | ||||||||||||||||||||
Long-term Debt, Current Maturities | 162,721,000 | ¥ 159,721,000 | |||||||||||||||||||
Long-term Debt, Excluding Current Maturities | 448,496,000 | $ 68,454 | 464,920,000 | ||||||||||||||||||
Other financing arrangement payable, Current | 236,297,000 | ||||||||||||||||||||
Other financing arrangement payable, Non current | ¥ 152,240,000 | ||||||||||||||||||||
Other short term debt non current | 223,828,000 | ||||||||||||||||||||
Maximum | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt annual interest rate | 25.00% | 25.00% | |||||||||||||||||||
Other Short Term Debt | Maximum | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt fixed interest rate | 8.50% | 8.50% | |||||||||||||||||||
Other Short Term Debt | Minimum | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt fixed interest rate | 6.00% | 6.00% | |||||||||||||||||||
Buildings [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Collateral Deposit | ¥ 34,068,000 | ||||||||||||||||||||
Shanghai Xiangzi Financial Information Service Company. Ltd. | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt annual interest rate | 8.75% | 8.75% | |||||||||||||||||||
Long-term Debt | ¥ 193,929,000 | ||||||||||||||||||||
Shanghai Xiangzi Financial Information Service Company. Ltd. | Interest Rate Of Eight Point Five Percent [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Long-term Debt | ¥ 27,000,000 | ||||||||||||||||||||
Shanghai Xiangzi Financial Information Service Company. Ltd. | Interest Rate Of Seven Point Five Percent [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt annual interest rate | 7.50% | 7.50% | |||||||||||||||||||
China Merchants Bank | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Weighted average interest rate | 5.39% | ||||||||||||||||||||
Proceeds from borrowings | ¥ 17,210,000 | ||||||||||||||||||||
Debt term | 10 years | ||||||||||||||||||||
Long-term Debt | ¥ 10,613,000 | ||||||||||||||||||||
Long-term Debt, Current Maturities | 1,721,000 | ||||||||||||||||||||
Long-term Debt, Excluding Current Maturities | 8,892,000 | ||||||||||||||||||||
Azure Investments Limited [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Other short term debt non current | ¥ 221,328,000 | ||||||||||||||||||||
Azure Investments Limited [Member] | Share Interest Payment Agreement [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt extinguishment cost | ¥ 41,964,000 | $ 6,400 | |||||||||||||||||||
Azure Investments Limited [Member] | Share Interest Payment Agreement [Member] | ADR [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Fair value per share of treasury shares | ¥ / shares | ¥ 2.48 | ||||||||||||||||||||
Stock shares issued during the period treasury stock shares reissued | shares | 2,575,000 | 2,575,000 | |||||||||||||||||||
Revolving Credit Facility | Shanghai Huarui Bank | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Maximum borrowing capacity | ¥ 2,000,000,000 | ¥ 300,000,000 | |||||||||||||||||||
Weighted average interest rate | 7.50% | 7.50% | |||||||||||||||||||
Debt annual interest rate | 7.50% | ||||||||||||||||||||
Line of credit | 0 | ||||||||||||||||||||
Line Of Credit Current | 0 | ||||||||||||||||||||
Line Of Credit Noncurrent | 0 | ||||||||||||||||||||
Revolving Credit Facility | Shanghai Huarui Bank | Rental Installment Loans [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Maximum borrowing capacity | ¥ 1,000,000,000 | ||||||||||||||||||||
Line of credit | 3,116,000 | ||||||||||||||||||||
Revolving Credit Facility | China CITIC Bank | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Maximum borrowing capacity | ¥ 650,000,000 | ||||||||||||||||||||
Collateral Deposit | $ | $ 105,000 | ||||||||||||||||||||
Eighteen Month Bank Loan Entered On May Twenty Eight Two Thousand Twenty [Member] | Shanghai Huarui Bank | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Proceeds from borrowings | ¥ 50,000,000 | ||||||||||||||||||||
Debt annual interest rate | 7.50% | ||||||||||||||||||||
Long-term Debt | 50,000,000 | ||||||||||||||||||||
Eighteen Month Bank Loan Entered On May Twenty Eight Two Thousand Twenty [Member] | Shanghai Huarui Bank | Subsequent Event [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Long-term Debt | ¥ 50,000,000 | ||||||||||||||||||||
Long term debt instrument maturity date | Feb. 28, 2022 | ||||||||||||||||||||
Eighteen Month Bank Loan Entered On April Thirty Two Thousand Twenty [Member] | Shanghai Huarui Bank | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Proceeds from borrowings | ¥ 50,000,000 | ||||||||||||||||||||
Debt annual interest rate | 7.50% | ||||||||||||||||||||
Long-term Debt | 50,000,000 | ||||||||||||||||||||
Eighteen Month Bank Loan Entered On April Thirty Two Thousand Twenty [Member] | Shanghai Huarui Bank | Subsequent Event [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Long-term Debt | ¥ 50,000,000 | ||||||||||||||||||||
Long term debt instrument maturity date | Feb. 28, 2022 | ||||||||||||||||||||
Eighteen Month Revolving Bank Credit Facility [Member] | Shanghai Huarui Bank | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Maximum borrowing capacity | ¥ 108,000,000 | ||||||||||||||||||||
Weighted average interest rate | 8.50% | ||||||||||||||||||||
Long-term Debt | ¥ 89,400,000 | ||||||||||||||||||||
Eighteen Month Revolving Bank Credit Facility [Member] | Shanghai Huarui Bank | Subsequent Event [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Line of credit facility, Expiration date | Sep. 26, 2022 | ||||||||||||||||||||
Eighteen Month Revolving Bank Credit Facility [Member] | China Merchants Bank | Subsequent Event [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Maximum borrowing capacity | ¥ 91,400,000 | ||||||||||||||||||||
Bank Borrowing Agreement One [Member] | Shanghai Xiangzi Financial Information Service Company. Ltd. | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt annual interest rate | 7.50% | ||||||||||||||||||||
Debt instrument carrying amount | ¥ 25,929,000 | ¥ 100,000,000 | ¥ 27,000,000 | ||||||||||||||||||
Long term debt instrument maturity date | Mar. 31, 2022 | ||||||||||||||||||||
Debt instrument, maturity date | Dec. 31, 2022 | ||||||||||||||||||||
Bank Borrowing Agreement One [Member] | Shanghai Xiangzi Financial Information Service Company. Ltd. | Subsequent Event [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Long term debt instrument maturity date | Feb. 28, 2022 | ||||||||||||||||||||
Bank Borrowing Agreement Two [Member] | Shanghai Xiangzi Financial Information Service Company. Ltd. | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt annual interest rate | 7.50% | ||||||||||||||||||||
Debt instrument carrying amount | ¥ 8,998,000 | ¥ 132,000,000 | |||||||||||||||||||
Long term debt instrument maturity date | Oct. 31, 2021 | ||||||||||||||||||||
Debt instrument, maturity date | Dec. 31, 2022 | ||||||||||||||||||||
Bank Borrowing Agreement Two [Member] | Shanghai Xiangzi Financial Information Service Company. Ltd. | Subsequent Event [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument carrying amount | ¥ 89,400,000 | ||||||||||||||||||||
Long term debt instrument maturity date | Mar. 31, 2022 |
DEBT - Summary of future minimu
DEBT - Summary of future minimum lease payments required under the capital lease arrangements (Detail) ¥ in Thousands | Mar. 31, 2021CNY (¥) |
Debt Disclosure [Abstract] | |
2021 | ¥ 28,552 |
2022 | 20,029 |
2023 | 12,747 |
2024 | 10,473 |
2025 | 3,328 |
2026 and there after | 0 |
Capital leases, future minimum payments due | 75,129 |
Less payment amount allocated to interest | 7,049 |
Present value of capital lease obligation | 68,080 |
Current portion of capital lease obligation | 28,552 |
Long-term portion of capital lease obligation | ¥ 39,528 |
CONVERTIBLE NOTE, NET - Summary
CONVERTIBLE NOTE, NET - Summary of warrants activity (Detail) | 6 Months Ended |
Mar. 31, 2021shares | |
Warrants and Rights Note Disclosure [Abstract] | |
Number of shares, Beginning balance | 109,567 |
Weighted average life,Opening balance | 4 years 10 months 2 days |
Number of shares, Ending balance | 195,719 |
Weighted average life, Ending balance | 4 years 6 months |
Warrant Expirty Date October 14, 2025 [Member] | |
Warrants and Rights Note Disclosure [Abstract] | |
Number of shares, Grants | 4,815 |
Weighted average life, Grants | 5 years |
Expiration dates, Grants | Oct. 14, 2025 |
Warrant Expirty Date October 20, 2025 [Member] | |
Warrants and Rights Note Disclosure [Abstract] | |
Number of shares, Grants | 13,848 |
Weighted average life, Grants | 5 years |
Expiration dates, Grants | Oct. 20, 2025 |
Warrant Expirty Date October 29, 2025 [Member] | |
Warrants and Rights Note Disclosure [Abstract] | |
Number of shares, Grants | 15,619 |
Weighted average life, Grants | 5 years |
Expiration dates, Grants | Oct. 29, 2025 |
Warrant Expirty Date December 15, 2025 [Member] | |
Warrants and Rights Note Disclosure [Abstract] | |
Number of shares, Grants | 28,718 |
Weighted average life, Grants | 5 years |
Expiration dates, Grants | Dec. 15, 2025 |
Warrant Expirty Date February 25, 2025 [Member] | |
Warrants and Rights Note Disclosure [Abstract] | |
Number of shares, Grants | 23,152 |
Weighted average life, Grants | 5 years |
Expiration dates, Grants | Feb. 25, 2025 |
CONVERTIBLE NOTE, NET - Summa_2
CONVERTIBLE NOTE, NET - Summary of key assumption used in estimates of warrants (Detail) | Feb. 25, 2021mo | Dec. 15, 2020mo | Oct. 29, 2020mo | Oct. 20, 2020mo | Oct. 14, 2020mo | Sep. 25, 2020mo | Jul. 29, 2020mo |
Terms of warrants | |||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||||
Fair Value Measurement | 60 | 60 | 60 | 60 | 60 | 60 | 60 |
Exercise price | |||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||||
Fair Value Measurement | 3.5418 | 5.1676 | 7.6830 | 8.6653 | 9.3041 | 10.2214 | 11.4618 |
Risk free rate of interest | |||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||||
Fair Value Measurement | 0.58 | 0.28 | 0.29 | 0.29 | 0.29 | 0.21 | 0.21 |
Divided yield | |||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||||
Fair Value Measurement | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Annualized volatility of underlying stock | |||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||||
Fair Value Measurement | 41 | 40 | 39 | 39 | 39 | 39 | 40 |
CONVERTIBLE NOTE, NET - Additio
CONVERTIBLE NOTE, NET - Additional Information (Detail) $ / shares in Units, ¥ in Thousands, $ in Thousands | 5 Months Ended | 6 Months Ended | ||||||||
Feb. 28, 2021CNY (¥) | Feb. 28, 2021USD ($) | Mar. 31, 2021CNY (¥)Daytrading_days | Mar. 31, 2021USD ($)Daytrading_days | Mar. 31, 2020CNY (¥) | Mar. 31, 2021USD ($)$ / shares | Jul. 22, 2020USD ($) | Jul. 31, 2017$ / shares | Oct. 31, 2016$ / shares | Apr. 30, 2016$ / shares | |
Debt Instrument [Line Items] | ||||||||||
Debt instrument conversion price percentage | 80.00% | 80.00% | ||||||||
Share price | $ / shares | $ 0.05 | $ 0.04 | $ 0.03 | |||||||
Average daily trading volume | $ | $ 15,000 | |||||||||
Debt instrument convertible threshold consecutive trading days | trading_days | 60 | 60 | ||||||||
Adjustments to additional paid in capital warrants issued | ¥ | ¥ 309 | |||||||||
Proceeds from convertible notes | ¥ 84,638 | $ 12,880 | ¥ 84,638 | $ 12,880 | ||||||
Percentage of warrants to purchase ADS | 4.00% | 4.00% | ||||||||
Accretion of interest expenses | ¥ 678 | $ 103 | ¥ 0 | |||||||
Warrants and notes discount on notes | ¥ | ¥ 6,874 | |||||||||
Maximum [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt annual interest rate | 25.00% | 25.00% | ||||||||
Over the terms [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Adjustments to additional paid in capital warrants issued | ¥ | ¥ 6,874 | |||||||||
Warrants to subscribe ADS [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Class of warrants or rights exercise price as a percentage of volume weighted average price of the shares | 110.00% | 110.00% | ||||||||
Number of tradings days for determning the share price | 60 days | 60 days | ||||||||
ADS [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Minimum threshold on offering value | $ | $ 50,000 | |||||||||
Minimum threshold on period for offering after the debt issuance date | 18 months | 18 months | ||||||||
Share price | $ / shares | $ 22 | |||||||||
Notes payable series 1 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt annual interest rate | 4.00% | 4.00% | ||||||||
Notes payable series 2 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt annual interest rate | 6.00% | 6.00% | ||||||||
Notes payable series 3 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt annual interest rate | 7.00% | 7.00% | ||||||||
Notes payable series 4 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt annual interest rate | 8.00% | 8.00% | ||||||||
Convertible Debt [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | $ | $ 100,000 | |||||||||
Convertible Debt [Member] | QKWarrant Component [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Proceeds from convertible notes | $ | $ 4,961 | |||||||||
Convertible Debt [Member] | Closed Eight Issuances Of Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, maturity date | five | five | ||||||||
Convertible Debt [Member] | Fair Value, Inputs, Level 3 [Member] | Measurement Input, Discount Rate [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Fair value of convertible notes | ¥ | ¥ 209,212 | |||||||||
Convertible Debt [Member] | Maximum [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Covertible notes term yield percentage | 25.58% | 25.58% | ||||||||
Convertible Debt [Member] | Minimum [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Covertible notes term yield percentage | 18.12% | 18.12% | ||||||||
Convertible Debt [Member] | July Convertible Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument conversion price percentage | 120.00% | 120.00% | ||||||||
Number of trading days for determining the volume weighted average price per share | Day | 30 | 30 | ||||||||
Convertible Debt [Member] | Series 1 note [Member] | Interest payable in cash annually [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt annual interest rate | 7.50% | 7.50% | ||||||||
Convertible Debt [Member] | Series 1 note [Member] | Interest payable in cash at maturity [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt annual interest rate | 7.50% | 7.50% | ||||||||
Convertible Debt [Member] | Series 2 note [Member] | Interest payable in cash annually [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt annual interest rate | 3.50% | 3.50% | ||||||||
Convertible Debt [Member] | Series 2 note [Member] | Interest payable in cash at maturity [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt annual interest rate | 13.50% | 13.50% | ||||||||
Convertible Debt [Member] | QKSeries One Note [Member] | Closed Eight Issuances Of Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | $ | $ 44,130 | |||||||||
Convertible Debt [Member] | QKSeries Two Note [Member] | Closed Eight Issuances Of Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | ¥ | ¥ 297,454 |
ACCRUED EXPENSES AND OTHER CU_3
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Schedule Of Accounts Payable And Accrued Liabilities (Detail) ¥ in Thousands, $ in Thousands | Mar. 31, 2021CNY (¥) | Mar. 31, 2021USD ($) | Sep. 30, 2020CNY (¥) |
Accrued Liabilities, Current [Abstract] | |||
Due to a rental service company | ¥ 184,551 | ¥ 182,542 | |
Tenant deposits payable | 105,253 | 83,682 | |
Payable to a constructor for leasehold improvements | 55,100 | 53,623 | |
Other tax payable | 51,536 | 51,832 | |
Accrued utilities | 25,123 | 22,513 | |
Interest payable | 57,961 | 13,435 | |
Accrued payroll and welfare | 7,425 | 10,451 | |
Operation service payable | 11,310 | 6,602 | |
Deferred rent | 8,443 | 2,503 | |
Others | 17,005 | 16,235 | |
Total | ¥ 523,707 | $ 79,933 | ¥ 443,418 |
SHARE-BASED COMPENSATION - Addi
SHARE-BASED COMPENSATION - Additional Information (Detail) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Millions | Mar. 31, 2021shares | Apr. 01, 2019$ / sharesshares | Dec. 01, 2018$ / sharesshares | Apr. 01, 2018$ / sharesshares | Nov. 12, 2017$ / sharesshares | Jul. 31, 2017$ / sharesshares | Jul. 31, 2017¥ / sharesshares | Mar. 16, 2017$ / sharesshares | Jul. 19, 2019CNY (¥) | Mar. 31, 2021$ / sharesshares | Mar. 31, 2021CNY (¥)shares | Mar. 31, 2020CNY (¥)shares | Mar. 31, 2020USD ($)shares | Sep. 30, 2017shares | Oct. 18, 2016$ / sharesshares | Oct. 18, 2016¥ / sharesshares | Sep. 30, 2020shares | Sep. 30, 2019shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Compensation expenses for shares granted | ¥ | ¥ 0 | |||||||||||||||||
Share based compensation stock options outstanding number | 40,800,000 | 40,800,000 | 40,800,000 | 41,750,000 | 41,750,000 | 41,750,000 | 68,220,000 | |||||||||||
Number of Options - Vested or expected to vest | 40,800,000 | 40,800,000 | 40,800,000 | |||||||||||||||
Maximum | Management, Employees and Non-employees | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Percentage of total converted ordinary shares each year after the exercise date subject to restriction from transferring | 25.00% | |||||||||||||||||
Yijia Inc | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Shares reserved | 86,000,000 | 86,000,000 | 86,000,000 | |||||||||||||||
Stock Option A | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Share options vested | 0 | |||||||||||||||||
Share based compensation stock options exercised | 0 | |||||||||||||||||
Share based compensation stock options outstanding number | 10,600,000 | 10,600,000 | 10,600,000 | |||||||||||||||
Share based compensation stock options outstanding weighted average intrinsic value | 0 | |||||||||||||||||
Number of Options - Vested or expected to vest | 0 | 0 | 0 | |||||||||||||||
Stock Option A | Management, Employees and Non-employees | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Share options granted | 26,860,000 | 26,860,000 | ||||||||||||||||
Share options granted, exercise price per share | (per share) | $ 0.31 | ¥ 2 | ||||||||||||||||
Share options granted, vesting percentage on the first and second anniversary after the IPO date | 50.00% | |||||||||||||||||
Stock Option B | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Share based compensation stock options outstanding number | 30,200,000 | 30,200,000 | 30,200,000 | |||||||||||||||
Share based compensation stock options outstanding weighted average intrinsic value | 0 | |||||||||||||||||
Stock Option B | Management And Employees | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Share options granted | 43,140,000 | 43,140,000 | ||||||||||||||||
Share options granted, exercise price per share | (per share) | $ 0.31 | ¥ 2 | ||||||||||||||||
Share options vested | 43,140,000 | 43,140,000 | ||||||||||||||||
Restricted Share Units | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Compensation expenses for shares granted | ¥ | ¥ 14,664 | ¥ 0 | ||||||||||||||||
Restricted Share Units | 2017 RSU [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Restricted share units, value repurchased | ¥ | ¥ 5,190 | |||||||||||||||||
Restricted Share Units | Consulting Company | 2021 RSU [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Restricted share units, issued | 25,000,000 | |||||||||||||||||
Restricted share units, vested | 25,000,000 | |||||||||||||||||
Restricted share units, measurement date fair value | $ / shares | $ 0.09 | |||||||||||||||||
Restricted Share Units | Consulting Company | 2017 RSU [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Restricted share units, issued | 2,600,000 | 2,800,000 | 2,800,000 | 2,600,000 | 2,600,000 | 15,990,000 | ||||||||||||
Restricted share units, vested | 5,200,000 | |||||||||||||||||
Restricted share units, right to repurchase the remaining shares | 10,790,000 | |||||||||||||||||
Restricted share units, measurement date fair value | $ / shares | $ 0.25 | $ 0.20 | $ 0.10 | $ 0.06 | $ 0.05 | |||||||||||||
Share-based Payment Arrangement, Option | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Compensation expenses for shares granted | ¥ 685 | $ 0 |
SHARE-BASED COMPENSATION - Summ
SHARE-BASED COMPENSATION - Summary of option activity (Detail) - ¥ / shares | 6 Months Ended | |||
Mar. 31, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | ||||
Number of Options - Beginning balance | 41,750,000 | 41,750,000 | 68,220,000 | |
Number of Options - Forfeited | (950,000) | (26,470,000) | ||
Number of Options - Ending balance | 40,800,000 | 41,750,000 | 41,750,000 | 68,220,000 |
Number of Options - Vested or expected to vest | 40,800,000 | |||
Exercise Price RMB - Beginning balance | ¥ 2 | ¥ 2 | ||
Exercise Price RMB - Forfeited | ¥ 2 | 2 | ||
Exercise Price RMB - Ending balance | 2 | ¥ 2 | ¥ 2 | |
Exercise Price RMB - Vested or expected to vest | ¥ 2 | |||
Remaining Contractual Life | 5 years 6 months 29 days | 6 years 1 month 6 days | 6 years 8 months 12 days | 6 years 8 months 26 days |
Remaining Contractual Life - Vested or expected to vest | 5 years 6 months 29 days | |||
Remaining Contractual Life - Forfeited | 1 year 1 month 2 days | 6 years 8 months 26 days |
SHARE-BASED COMPENSATION - Su_2
SHARE-BASED COMPENSATION - Summary of assumptions used to estimate fair values of share options granted (Detail) - $ / shares | 1 Months Ended | ||
Jul. 31, 2017 | Oct. 31, 2016 | Apr. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Risk-free rate of return | 3.21% | 3.18% | 3.18% |
Contractual life of option | 8 years 4 months 24 days | 10 years | 10 years |
Estimated volatility rate | 35.00% | 37.00% | 37.00% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Fair value of underlying ordinary shares | $ 0.05 | $ 0.04 | $ 0.03 |
LOSSES PER SHARE - Summary of c
LOSSES PER SHARE - Summary of computation of basic and diluted earnings per share (Detail) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands | 6 Months Ended | ||
Mar. 31, 2021CNY (¥)¥ / sharesshares | Mar. 31, 2021USD ($)$ / sharesshares | Mar. 31, 2020CNY (¥)¥ / sharesshares | |
Numerator: | |||
Net loss attributable to Q&K International Group Limited | ¥ (307,974) | $ (47,006) | ¥ (416,823) |
Net loss attributable to ordinary shareholders—basic and diluted | (per share) | ¥ (0.23) | $ (0.03) | ¥ (0.34) |
Denominator: | |||
Weighted average ordinary shares outstanding—basic and diluted | 1,352,152,052 | 1,352,152,052 | 1,226,807,606 |
LOSSES PER SHARE - Additional I
LOSSES PER SHARE - Additional Information (Detail) - shares | 6 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Payment Arrangement, Option | ||
Antidilutive Securities Excluded From Computation Of EPS | 40,800,000 | 41,750,000 |
Convertible Debt [Member] | ||
Antidilutive Securities Excluded From Computation Of EPS | 5,014,672 | 2,789,720 |
Convertible Bonds And Warrants Attached [Member] | ||
Antidilutive Securities Excluded From Computation Of EPS | 195,719 | 109,567 |
INCOME TAXES - Additional Infor
INCOME TAXES - Additional Information (Detail) | 6 Months Ended | 12 Months Ended | |||
Mar. 31, 2021HKD ($) | Mar. 31, 2021CNY (¥) | Mar. 31, 2020CNY (¥) | Mar. 31, 2019HKD ($) | Sep. 30, 2020HKD ($) | |
Income Taxes [Line Items] | |||||
Current tax expenses | ¥ | ¥ 25 | ¥ 26 | |||
Hong Kong | On The First Two Thousand Hong kong Dollars Of Assessable Income [Member] | |||||
Income Taxes [Line Items] | |||||
Income tax rate | 8.25% | 8.25% | 8.25% | 8.25% | |
Assessable profits on which tax is levied | $ | $ 2,000 | $ 2,000 | $ 2,000 | ||
Hong Kong | Above Two Thousand Hong kong Dollars Of Assessable Income [Member] | |||||
Income Taxes [Line Items] | |||||
Income tax rate | 16.50% | 16.50% | 16.50% | 16.50% | |
Assessable profits on which tax is levied | $ | $ 2,000 | $ 2,000 | $ 2,000 | ||
United States of America | |||||
Income Taxes [Line Items] | |||||
Income tax rate | 21.00% | 21.00% | |||
PRC | |||||
Income Taxes [Line Items] | |||||
Income tax rate | 25.00% | 25.00% | |||
Special circumstance for underpayment of income tax liability amount | ¥ | ¥ 100,000 | ||||
Withholding income tax | 10.00% | 10.00% | |||
Delaware division of revenue | |||||
Income Taxes [Line Items] | |||||
Income tax rate | 8.70% | 8.70% |
STATUTORY RESERVES AND NET RE_2
STATUTORY RESERVES AND NET RESTRICTED ASSETS - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 6 Months Ended | |
Mar. 31, 2021 | Sep. 30, 2020 | |
Statutory Reserves And Restricted Assets [Abstract] | ||
Percentage of profit appropriated to general reserve | 10.00% | |
Percentage of registered capital threshold | 50.00% | |
Paid-in capital and statutory reserve funds | ¥ 930,525 | ¥ 930,525 |
RELATED PARTY TRANSACTIONS AN_3
RELATED PARTY TRANSACTIONS AND BALANCES - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 5 Months Ended | 6 Months Ended | ||||||
Feb. 28, 2021CNY (¥) | Feb. 28, 2021USD ($) | Mar. 31, 2021CNY (¥) | Mar. 31, 2021USD ($) | Mar. 31, 2020CNY (¥) | Mar. 31, 2021USD ($) | Sep. 30, 2020CNY (¥) | Jul. 22, 2020USD ($) | |
Related Party Transaction [Line Items] | ||||||||
Services provided by the related parties | ¥ | ¥ 0 | ¥ 29,117 | ||||||
Amounts due from related parties | ¥ | ¥ 168 | |||||||
Amounts due to related parties | 12 | $ 2 | ¥ 6,594 | |||||
Accrued interest expenses on convertible debt | ¥ | 21,983 | |||||||
Payments of debt issuance costs | ¥ 84,638 | $ 12,880 | ¥ 84,638 | $ 12,880 | ||||
Convertible Debt [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Debt instrument aggregate principal amount | $ 100,000 | |||||||
Convertible Debt [Member] | Key Space [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Amounts due to related parties | 44,130 | |||||||
Convertible Debt [Member] | Interest Of Fifteen Percent [Member] | Key Space [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Debt instrument aggregate principal amount | $ 18,191 | |||||||
Debt annual interest rate | 15.00% | 15.00% | ||||||
Convertible Debt [Member] | Interest Of Seventeen Percent [Member] | Key Space [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Debt instrument aggregate principal amount | $ 25,939 | |||||||
Debt annual interest rate | 17.00% | 17.00% |
RELATED PARTY TRANSACTIONS AN_4
RELATED PARTY TRANSACTIONS AND BALANCES - Related Parties Group (Detail) | 6 Months Ended |
Mar. 31, 2021 | |
Shanghai Laiguan Property Management Co., Ltd. ("Laiguan") | |
Relationship with the group | An entity controlled by certain shareholders of the Group |
Shanghai Yijia Property Management Co., Ltd. ("Yijia Property") | |
Relationship with the group | An entity controlled by certain shareholders of the Group |
Shanghai Youzhen Information Technology Co., Ltd. ("Youzhen") | |
Relationship with the group | An entity controlled by the parents of Founder and CEO of the Group |
Shanghai Qingji Property Management Co., Ltd. ("Qingji") | |
Relationship with the group | An entity controlled by certain shareholders of the Group |
Key Space(S) Ptd. Ltd. ("Key Space") | |
Relationship with the group | An entity controlled by certain shareholder of the Group |
RELATED PARTY TRANSACTIONS AN_5
RELATED PARTY TRANSACTIONS AND BALANCES - Summary of transactions with related parties (Detail) ¥ in Thousands, $ in Thousands | 6 Months Ended | |||
Mar. 31, 2021CNY (¥) | Mar. 31, 2020CNY (¥) | Mar. 31, 2021USD ($) | Sep. 30, 2020CNY (¥) | |
Related Party Transaction [Line Items] | ||||
Services provided by the related parties | ¥ 0 | ¥ 29,117 | ||
Amounts due from related parties | ¥ 168 | |||
Amounts due to related parties | 12 | $ 2 | 6,594 | |
Labor outsourcing service expense to Laiguan | ||||
Related Party Transaction [Line Items] | ||||
Services provided by the related parties | 0 | 16,674 | ||
Labor outsourcing service expense to Qingji | ||||
Related Party Transaction [Line Items] | ||||
Services provided by the related parties | 0 | ¥ 12,443 | ||
Shanghai Laiguan Property Management Co., Ltd. | ||||
Related Party Transaction [Line Items] | ||||
Amounts due to related parties | 0 | 882 | ||
Shanghai Youzhen Information Technology Co., Ltd. | ||||
Related Party Transaction [Line Items] | ||||
Amounts due from related parties | 125 | |||
Shanghai Qingji Property Management Co., Ltd. ("Qingji") | ||||
Related Party Transaction [Line Items] | ||||
Amounts due to related parties | 0 | 1,539 | ||
Others | ||||
Related Party Transaction [Line Items] | ||||
Amounts due from related parties | 43 | |||
Amounts due to related parties | 12 | 17 | ||
Shanghai Yijia Property Management Co., Ltd. | ||||
Related Party Transaction [Line Items] | ||||
Amounts due to related parties | ¥ 0 | ¥ 4,156 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Summary of future minimum lease payments under non-cancellable operating lease agreements (Detail) ¥ in Thousands | Mar. 31, 2021CNY (¥) |
Commitments and Contingencies Disclosure [Abstract] | |
For the six months ended September 30, 2021 | ¥ 380,933 |
For the twelve months ended September 30, 2022 | 888,599 |
For the twelve months ended September 30, 2023 | 774,378 |
For the twelve months ended September 30, 2024 | 606,808 |
For the twelve months ended September 30, 2025 | 486,649 |
Thereafter | 796,652 |
Total | ¥ 3,934,019 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Additional Information (Detail) ¥ in Thousands | 6 Months Ended |
Mar. 31, 2021CNY (¥) | |
Compensation payable for premature termination of operating lease [Member] | |
Commitments and Contingencies [Line Items] | |
Operating lease compensation payable for premature termination | ¥ 5,211 |
Compensation payable for premature termination of operating lease 1 [Member] | |
Commitments and Contingencies [Line Items] | |
Period over which landlord can initiate legal proceedings | 3 years |
Compensation payable for premature termination of operating lease 1 [Member] | Maximum | |
Commitments and Contingencies [Line Items] | |
Operating lease maximum compensation payable for premature termination of operating lease | ¥ 51,924 |
Leasehold improvements and installation of equipment | |
Commitments and Contingencies [Line Items] | |
Purchase commitments | ¥ 0 |
SUBSEQUENT EVENTS - Additional
SUBSEQUENT EVENTS - Additional Information (Detail) $ / shares in Units, ¥ in Thousands, $ in Thousands | May 31, 2021$ / sharesshares | Apr. 23, 2021CNY (¥)shares | Jul. 22, 2020CNY (¥)Rentalcontracts | Mar. 31, 2021CNY (¥) | Mar. 31, 2021USD ($) | Sep. 30, 2020CNY (¥) | Jul. 22, 2020USD ($) |
Long-term debt | ¥ 448,496 | $ 68,454 | ¥ 464,920 | ||||
Asset Purchase Agreement [Member] | Great Alliance Coliving Limited And Its Affiliates [Member] | |||||||
Business combination assets acquired, Number | Rentalcontracts | 72,000 | ||||||
Asset Purchase Agreement [Member] | Great Alliance Coliving Limited And Its Affiliates [Member] | Payable For Asset Acquistion Current [Member] | |||||||
Business combination consideration payable, Cash | ¥ 165,808 | $ 23,200 | |||||
Asset Purchase Agreement [Member] | Great Alliance Coliving Limited And Its Affiliates [Member] | Additional Paid-in Capital [Member] | |||||||
Business combination consideration payable, share | ¥ | ¥ 289,733 | ||||||
Subsequent Event [Member] | Asset Purchase Agreement [Member] | Great Alliance Coliving Limited And Its Affiliates [Member] | |||||||
Business combination consideration, transferred | 186,375,850 | ||||||
Business combination shares transferred and shares to be obliged in case of shortfall in collection by the sellers | 57,786,458 | ||||||
Business combination minimum per share value to be collected by the acquiree | $ / shares | $ 0.4014 | ||||||
Share repurchases price per share | $ / shares | $ 0.4015 | ||||||
Stock repurchased during period shares | 20,860,749 | ||||||
Subsequent Event [Member] | Shanghai Huarui Bank Co Ltd [Member] | Share Charge Agreement [Member] | |||||||
Long-term debt | ¥ | ¥ 383,300 | ||||||
Debt instrument, event of default description | If an event of default occurs under these loan agreements, subject to the terms in the Agreement, Huarui will be authorized to arrange for the Charged Property to be registered in the name of Huarui or its nominee, and will be entitled to exercise all voting and/or consensual powers pertaining to the Charged Property following the transfer of the legal title of the Charged Property to Huarui or its nominee. | ||||||
Subsequent Event [Member] | Class A ordinary shares [Member] | Treasury stock | Shanghai Huarui Bank Co Ltd [Member] | Share Charge Agreement [Member] | |||||||
Debt instrument, shares charged against debt | 77,100,000 |