Fair value measurement (Tables)

12 Months Ended

Mar. 31, 2026

Table of assets and liabilities that are measured at fair value on a recurring basis and categorized using the fair value hierarchy

The following table summarizes the Company’s assets and liabilities that are measured at fair value on a recurring basis and are categorized under the fair value hierarchy:


	As of March 31, 2025
	Level 1			Level 2		Level 3		Total
	RMB			RMB		RMB		RMB
	(in millions)
Assets
Time deposits and certificate of deposits (i)		—			357,569		—		357,569
Wealth management products (i)		—			83,144		—		83,144
Marketable debt securities (i)		—			16,129		—		16,129
Restricted cash and escrow receivables		43,781			—		—		43,781
Listed equity securities (ii)		67,712	(v)		9,918		—		77,630
Convertible and exchangeable bonds (ii)		—			145		818		963
Option and forward agreements (iii)		—			87		814		901
Deferred consideration (iii)		—			—		3,039		3,039
Others (vi)		—			1,329		6,047		7,376
		111,493			468,321		10,718		590,532
Liabilities
Contingent consideration in relation to investments and acquisitions (iv)		—			—		484		484
Others (iv)		—			389		924		1,313
		—			389		1,408		1,797

12.

Fair value measurement (Continued)


	As of March 31, 2026
	Level 1			Level 2		Level 3		Total
	RMB			RMB		RMB		RMB
	(in millions)
Assets
Time deposits and certificate of deposits (i)		—			244,844		—		244,844
Wealth management products (i)		—			81,501		—		81,501
Marketable debt securities (i)		—			64,311		—		64,311
Restricted cash and escrow receivables		42,038			—		—		42,038
Listed equity securities (ii)		95,318	(v)		5,276		—		100,594
Convertible and exchangeable bonds (ii)		—			—		2,989		2,989
Option and forward agreements (iii)		—			1,159		1,127		2,286
Deferred consideration (iii)		—			—		3,019		3,019
Others (vi)		—			3,794		4,081		7,875
		137,356			400,885		11,216		549,457
Liabilities
Exchangeable bonds		—			10,976		—		10,976
Contingent consideration in relation to investments and acquisitions (iv)		—			—		408		408
Others (iv)		—			2,955		609		3,564
		—			13,931		1,017		14,948

(i)

Included in short-term investments and equity securities and other investments on the consolidated balance sheets.

(ii)

Included in equity securities and other investments on the consolidated balance sheets.

(iii)

Included in prepayments, receivables and other assets on the consolidated balance sheets.

(iv)

Included in accrued expenses, accounts payable and other liabilities on the consolidated balance sheets.

(v)

As of March 31, 2025 and 2026, listed equity securities with fair value of RMB11,921 million and RMB41,800 million were subject to contractual sale restrictions, respectively. The contractual sale restrictions would lapse within twelve months from March 31, 2026.

(vi)

Others primarily represent other investments with underlying assets measured at fair value.

Schedule of rolling forward of convertible bonds categorized within Level 3 under the fair value hierarchy

Convertible and exchangeable bonds investments categorized within Level 3 under the fair value hierarchy:


	Amounts
	RMB
	(in millions)
Balance as of March 31, 2024		3,197
Additions		311
Net increase in fair value		63
Disposal		(1,767	)
Conversion		(985	)
Foreign currency translation adjustments		(1	)
Balance as of March 31, 2025		818
Additions		2,343
Net increase in fair value		73
Disposal		(112	)
Conversion		(61	)
Foreign currency translation adjustments		(72	)
Balance as of March 31, 2026		2,989

Schedule of rolling forward of deferred consideration categorized within Level 3 under the fair value hierarchy

Deferred consideration categorized within Level 3 under the fair value hierarchy:


	Amounts
	RMB
	(in millions)
Balance as of March 31, 2024		—
Additions		3,022
Net increase in fair value		14
Foreign currency translation adjustments		3
Balance as of March 31, 2025		3,039
Net increase in fair value		40
Foreign currency translation adjustments		(60	)
Balance as of March 31, 2026		3,019

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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