| EQUITY INVESTMENTS |
8. EQUITY INVESTMENTS Equity investments consist of the following: | | | | | | September 30 | | | As of March 31, | | | Investees: | | Invested shares or percentage | | | 2025 | | | 2026 | | | 2026 | | | | | | | | RMB | | | RMB | | | US$ | | | Equity securities in public companies: | | | | | | | | | | | | | | | | | | Direct Booking Technology Co., Ltd. | | | 716,667 shares | | | | - | | | | 17,450,798 | | | | 2,529,834 | | | Equity securities in private companies: | | | | | | | | | | | | | | | | | | Lanzhi Yunchuang Technology Beijing Co., Ltd. | | | 17 | % | | | - | | | | 10,000,000 | | | | 1,449,696 | | | Zhi Ding Group Co., Limited | | | 20 | % | | | - | | | | 13,796,000 | | | | 2,000,000 | | | Total | | | | | | | - | | | | 41,246,798 | | | | 5,979,530 | | The movement of equity securities in public companies are as below: | | | September 30, | | | As of March 31, | | | | | 2025 | | | 2026 | | | 2026 | | | | | RMB | | | RMB | | | US$ | | | Direct Booking Technology Co., Ltd.: | | | | | | | | | | | Original investment cost | | | — | | | | 12,050,492 | | | | 1,746,954 | | | Revaluation gain | | | — | | | | 5,673,782 | | | | 822,526 | | | Foreign currency translation variance | | | — | | | | (273,476 | ) | | | (39,646 | ) | | Fair value of the investment securities as of period end | | | — | | | | 17,450,798 | | | | 2,529,834 | |
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