Year ended March 31,

2024

2025

2026

RMB

(in millions)

Net assets (liabilities)

28

(461

)

406

Identifiable intangible assets

602

1,544

408

Deferred tax assets

—

1

27

Deferred tax liabilities

(199

)

(382

)

(64

)

431

702

777

Noncontrolling interests and mezzanine equity

(98

)

(587

)

(824

)

Net identifiable assets (liabilities)

333

115

(47

)

Goodwill

1,782

4,899

2,297

Total purchase consideration

2,115

5,014

2,250

Fair value of previously held equity interests

—

(1,555

)

(731

)

Purchase consideration settled

(2,038

)

(1,564

)

(1,456

)

Deferred consideration as of year end

77

1,895

63

Total purchase consideration is comprised of:

- cash consideration

2,115

2,549

1,519

- fair value of previously held equity interests

—

1,555

731

- others

—

910

—

2,115

5,014

2,250