v3.25.2
Fair Value Measurements (Tables)
 12 Months Ended
Mar. 31, 2024
Fair Value Measurements [Abstract]  
Schedule of Financial Assets and Liabilities Measured and Recorded at Fair Value on Recurring Basis

The following table summarizes the Company’s financial assets and liabilities measured and recorded at fair value on recurring basis as of March 31, 2023 and 2024:

 

       Fair value measurement at reporting date using 
Description  Fair value
as of
March 31,
2023		   Quoted price in
active markets
for identical
assets (Level 1)		   Significant other
observable
Inputs
(Level 2)		   Significant
unobservable
Inputs (Level 3)		 
   RMB   RMB   RMB   RMB 
Assets:                
Short-term investments   69,797    
-
    69,797    
-
 
Available-for-sale debt investments   68,011    
-
    
-
    68,011 
Equity securities with readily determinable fair values   102    102    
-
    
-
 
Total assets   137,910    102    69,797    68,011 
                     
Liabilities:                    
Derivative liabilities   10,701    
-
    
-
    10,701 

 

   Fair value measurement at reporting date using 
Description  Fair value
as of
March 31,
2024		   Quoted price in
active markets
for identical
assets (Level 1)		   Significant
other observable
Inputs
(Level 2)		   Significant
unobservable
Inputs (Level 3)		 
   RMB   RMB   RMB   RMB 
Assets:                
Short-term investments   
-
    
-
    
      -
    
-
 
Available-for-sale debt investments   58,465    
-
    
-
    58,465 
Equity securities with readily determinable fair values   39    39    
-
    
-
 
Total assets   58,504    39    
-
    58,465 
                     
Liabilities:                    
Derivative liabilities   5,721    
-
    
-
    5,721 
Schedule of Roll Forward of Major Level 3 Investments

The roll forward of major Level 3 investments are as following:

 

   Derivative
liabilities		   Available-
for-sale
debt
investments		 
         
Fair value of Level 3 investments as at March 31, 2021   9,996    71,357 
New addition   
-
    16,000 
Reclassification of forward exchange contracts   746    - 
Unrealized fair value change of the derivative liabilities   (1,656)   
-
 
Unrealized fair value change of the available-for-sale debt investments   
-
    (12,491)
Fair value of Level 3 investments as at March 31, 2022   9,086    74,866 
Reclassification of forward exchange contracts   (651)   
-
 
Unrealized fair value change of the derivative liabilities   2,266    - 
Unrealized fair value change of the available-for-sale debt investments   
-
    (6,427)
Disposal of available-for-sale debt investments   
-
    (428)
Fair value of Level 3 investments as at March 31, 2023   10,701    68,011 
Reclassification of forward exchange contracts   (6,014)     
Unrealized fair value change of the derivative liabilities   1,034    - 
Unrealized fair value change of the available-for-sale debt investments   -    (3,546)
Disposal of available-for-sale debt investments   
-
    (6,000)
Fair value of Level 3 investments as at March 31, 2024   5,721    58,465 
Schedule of Significant Unobservable Inputs The significant unobservable inputs adopted in the valuation as of March 31, 2023 and 2024:
   As of
March 31,		  As of
March 31,
   2023  2024
       
Implied price to sales after discount for lack of marketability  1.04x  0.95x
Weighted average cost of capital 
n.a.
 
n.a.
Lack of marketability discount  20%  20%, 28%, 32%
Risk-free rate  2.60%, 2.31%, 2.19%  1.87%, 2.08%, 2.17%
Expected volatility  47.19%, 43.65%, 32.08%  41.55%, 43.47%, 45.49%
Probability  Liquidation scenario: 35%, 40%
Redemption scenario: 35%, 40%
IPO scenario: 30%, 20%		  Liquidation scenario: 40%, 35%
Redemption scenario: 40%, 35%
IPO scenario: 20%, 30%
Schedule of Fair Value of Derivative Liabilities The significant unobservable inputs adopted in the valuation as of March 31, 2023 and 2024 are as follows:
   As of
March 31,		   As of
March 31,		 
   2023   2024 
         
Spot price (US$)   5.90    5.90 
Risk-free rate   3.83%   4.91%
Expected volatility   61.13%   58.28%
Expected expiry years (in years)   2.60    1.60