20 DECONSOLIDATION OF RUISHA TECHNOLOGY

In July 2021, Hangzhou Juangua obtained voting interest control over “Ruisha Technology” through a business acquisition transaction. As a result, the Group controls Hangzhou Ruisha through Hangzhou Juangua. In August 2025, Ruisha Technology repurchased its shares from the Group, resulting the Group’s share interest in Ruisha Technology decreased from 59.6% to 48.2%. The Group deconsolidated Ruisha Technology since August 31, 2025.

According to ASC 810-10-40, the difference between the carrying value of the assets, liabilities and non-controlling interest of Ruisha Technology that were deconsolidated, and the aggregate of the consideration received and fair value of the continuing investment, resulted in a gain in the amount of RMB36,909 before tax. This gain on the deconsolidation was presented on the Group’s Consolidated Statement of Operations and Comprehensive (Loss)/Income for the year ended March 31, 2026.