v3.25.2
Fair Value Measurement
 12 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurement

6 FAIR VALUE MEASUREMENT

As of March 31, 2024 and 2025, the Group’s assets and liabilities that are measured or disclosed at fair value on a recurring basis in periods subsequent to their initial recognition are as follows:

 

 

Fair value measurement at reporting date using

 

Description

 

Fair value as of March 31, 2024

 

 

Quoted Prices in Active Markets for Identical Assets (Level 1)

 

 

Significant Other Observable Inputs (Level 2)

 

 

Significant Unobservable Inputs (Level 3)

 

 

RMB

 

 

RMB

 

 

RMB

 

 

RMB

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Short-term investments

 

 

 

 

 

 

 

 

 

 

 

 

- wealth management products

 

 

51,935

 

 

 

-

 

 

 

51,935

 

 

 

-

 

- equity securities with readily determinable fair values

 

 

1,998

 

 

 

1,998

 

 

 

-

 

 

 

-

 

Available-for-sale debt securities

 

 

46,782

 

 

 

-

 

 

 

-

 

 

 

46,782

 

Total assets

 

 

100,715

 

 

 

1,998

 

 

 

51,935

 

 

 

46,782

 

 

 

Fair value measurement at reporting date using

 

Description

 

Fair value as of March 31, 2025

 

 

Quoted Prices in Active Markets for Identical Assets (Level 1)

 

 

Significant Other Observable Inputs (Level 2)

 

 

Significant Unobservable Inputs (Level 3)

 

 

RMB

 

 

RMB

 

 

RMB

 

 

RMB

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Short-term investments

 

 

 

 

 

 

 

 

 

 

 

 

- wealth management products

 

 

231,247

 

 

 

-

 

 

 

231,247

 

 

 

-

 

- equity securities with readily determinable fair values

 

 

59,070

 

 

 

59,070

 

 

 

-

 

 

 

-

 

Available-for-sale debt securities

 

 

7,755

 

 

 

-

 

 

 

-

 

 

 

7,755

 

Total assets

 

 

298,072

 

 

 

59,070

 

 

 

231,247

 

 

 

7,755

 

 

When available, the Group uses quoted market prices to determine the fair value of an asset or liability. If quoted market prices are not available, the Group will measure fair value using valuation techniques that use, when possible, current market-based or independently sourced market parameters, such as interest rates and currency rates. Following is a description of the valuation techniques that the Group uses to measure the fair value of assets that the Group reports in its Consolidated Balance Sheets at fair value on a recurring basis.

Short-term investments

Short-term investments held by the Group include wealth management products issued by banks and other financial institutions or equity securities with readily determinable fair values. The Group values its investments in wealth management products in using model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data, and accordingly, the Group classifies the valuation techniques that use these inputs as Level 2. The Group values its investments in equity securities with readily determinable fair values using quoted market prices and classifies the valuation technique that use these inputs within Level 1.

Available-for-sale debt securities investments

The Group classifies its available-for-sales debt securities as Level 3 investments. The roll forward of major Level 3 investments are as following:

 

iSNOB Holdings Limited ("iSNOB")

 

 

Jiangxi Chengqianqihou Food Supply Chain Co., Ltd. (“Jiangxi Chengqianqihou”)

 

 

Juesekuangxiang (Shanghai) Technology Co. Ltd. (“Juesekuangxiang”)

 

 

Hangzhou Jimi Biotechnology Co., Ltd. (“Jimi”)

 

 

Poppy Mobile Inc ("Poppy")

 

 

Others

 

 

Total

 

 

RMB

 

 

RMB

 

 

RMB

 

 

RMB

 

 

RMB

 

 

RMB

 

 

RMB

 

Fair value of Level 3 investments as at March 31, 2022

 

 

21,918

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

15,871

 

 

 

7,084

 

 

 

44,873

 

Addition

 

 

—

 

 

 

5,000

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,000

 

 

 

8,000

 

Impairment

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(16,817

)

 

 

(3,600

)

 

 

(20,417

)

Effect of currency translation adjustment

 

 

1,816

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

946

 

 

 

239

 

 

 

3,001

 

The change in fair value of the investments

 

 

922

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(2,011

)

 

 

(1,089

)

Fair value of Level 3 investments as at March 31, 2023

 

 

24,656

 

 

 

5,000

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4,712

 

 

 

34,368

 

Addition

 

 

—

 

 

 

—

 

 

 

6,875

 

 

 

5,459

 

 

 

 

 

 

 

 

 

12,334

 

Disposal

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(298

)

 

 

(298

)

Impairment

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1,425

)

 

 

(1,425

)

Effect of currency translation adjustment

 

 

801

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

97

 

 

 

898

 

The change in fair value of the investments

 

 

564

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

341

 

 

 

905

 

Fair value of Level 3 investments as at March 31, 2024

 

 

26,021

 

 

 

5,000

 

 

 

6,875

 

 

 

5,459

 

 

 

—

 

 

 

3,427

 

 

 

46,782

 

Disposal

 

 

—

 

 

 

(5,000

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(5,000

)

Impairment

 

 

(8,150

)

 

 

—

 

 

 

(6,875

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(15,025

)

Effect of currency translation adjustment

 

 

(321

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

40

 

 

 

(281

)

The change in fair value of the investments

 

 

(17,550

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1,171

)

 

 

(18,721

)

Fair value of Level 3 investments as at March 31, 2025

 

 

—

 

 

 

—

 

 

 

—

 

 

 

5,459

 

 

 

—

 

 

 

2,296

 

 

 

7,755

 

 

(1)
The Company determines the fair value of its available-for-sale debt securities by using the market approach.

As for the market approach, the determination of the fair value was based on information of other comparable public companies, observable price changes based on the recent transactions of the securities, or similar securities that the Company holds, and significant unobservable inputs. The unobservable inputs adopted in the valuation as of March 31, 2023, 2024 and 2025 are as following:

 

For the years ended March 31,

 

 

2023

 

2024

 

 

2025

 

Lack of marketability discount

 

30%

 

30%

 

 

19%-25%

 

Risk-free rate

 

3.6%-4.3%

 

2.2%-4.5%

 

 

1.6%-4.0%

 

Expected volatility

 

39%-60%

 

42%-67%

 

 

45%-59%

 

Revenue multiple

 

4-9

 

 

3

 

 

 

11

 

 

Significant increases (decreases) in lack of marketability discount in isolation would result in significantly lower (higher) fair value measurement. Significant increases (decreases) in revenue multiple in isolation would result in significantly higher (lower) fair value measurement.