Equity |
6 Months Ended |
|---|---|
Sep. 30, 2026 | |
| Equity [Abstract] | |
| Equity | 11. Equity
Ordinary shares
On June 24, 2025, the Board of the Company approved re-designate 90,000,000 authorized but unissued Class A Ordinary Shares of a par value of US$0.001 each into 90,000,000 authorized but unissued Class B Ordinary Shares of a par value of US$0.001 each, and as a consequence of the Share Redesignation, to change the composition of the Company’s authorized share capital from 1,000,000,000 shares, comprising 990,000,000 Class A Ordinary Shares and 10,000,000 Class B Ordinary Shares to 1,000,000,000 shares, comprising 900,000,000 Class A Ordinary Shares and 100,000,000 Class B Ordinary Shares.
On May 27, 2026, the Company held an extraordinary general meeting of shareholders and approved an increase of the Company’s authorized share capital from US$1,000,000 divided into 1,000,000,000 shares comprising of (i) 900,000,000 class A ordinary shares of a par value of US$0.001 each and (ii) 100,000,000 class B ordinary shares of a par value of US$0.001, to US$20,000,000.00 divided into 20,000,000,000 ordinary shares of a par value of US$0.001 each comprising (i) 18,000,000,000 class A ordinary shares of a par value of US$0.001 each (the “Class A Ordinary Shares”) and (ii) 2,000,000,000 class B ordinary shares of a par value of US$0.001 each (the “Class B Ordinary Shares”), by the creation of additional 17,100,000,000 Class A Ordinary Shares and 1,900,000,000 Class B Ordinary Shares, with immediate effect (the “Share Capital Increase”) and to authorize any director of the Company or the registered office provider of the Company to do all other acts and things as the board of directors of the Company (the “Board”) considers necessary or desirable in connection with the Share Capital Increase, including without limitation, notifying and attending to the necessary filings with the Registrar of Companies in the Cayman Islands.
On July 20, 2026, the board of directors approved (i) a share consolidation of the Company’s issued and unissued Class A ordinary shares and Class B ordinary shares at a ratio of 1-for-5 (the “Share Consolidation”), as a result, the Company’s authorized share capital was adjusted to US$20,000,000 divided into 4,000,000,000 ordinary shares of a par value of US$0.005 each, comprising 3,600,000,000 Class A ordinary shares with a par value of US$0.005 each and 400,000,000 Class B ordinary shares with a par value of US$0.005 each. The Company’s Class A ordinary shares began trading on a post-split basis on the Nasdaq Stock Market LLC on August 3, 2026. As of September 30, 2026 and March 31,2026, the share number was retroactively adjusted to reflect the share consolidation. The Company issued additional 51 Class A ordinary shares due to roundup of fractional shares in the Share Consolidation.
For the six months ended September 30, 2026 and 2025, the Company issued an aggregation of 5,246 and 4,746 ordinary shares (both after giving effect to share consolidation at a ratio of 5-for-1 on August 3, 2026), respectively, to three non-executive directors as part of their compensation. See Note 10 for details.
On June 25, 2026, the Company issued an aggregation of 1,288,203 Class A ordinary shares pursuant to a registered direct offering (after giving effect to share consolidation at a ratio of 5-for-1 on August 3, 2026). The Company raised gross proceeds of $2,940,000 from the equity financing. The Company did not incur offering costs in the registered direct offering.
On July 9, 2026, the Company closed a private placement by issuance of 42,886,244 Class A Ordinary Shares (after giving effect to share consolidation at a ratio of 5-for-1 on August 3, 2026) and warrants to purchase up to 85,772,489 Class A Ordinary Shares (after giving effect to share consolidation at a ratio of 5-for-1 on August 3, 2026). The Company received net proceeds in the amount of $79,886,960, which was calculated at gross proceeds of $80,000,000 deducting offering cost of $113,040. On July 19, 2026, all holders of the warrants exercised their warrants in full pursuant to the cashless exercise provision thereof. On July 20, 2026, the Company issued 72,106,886 Class A Ordinary Shares (after giving effect to share consolidation at a ratio of 5-for-1 on August 3, 2026) for the exercise of the warrants.
As of September 30, 2026 and March 31, 2026, the Company had 121,705,513 and 5,418,883 Class A Ordinary Shares (both after giving effect to share consolidation at a ratio of 5-for-1 on August 3, 2026) issued and outstanding, respectively. As of September 30, 2026 and March 31, 2026, the Company had 2,000,000 Class B Ordinary Shares (after giving effect to share consolidation at a ratio of 5-for-1 on August 3, 2026) issued and outstanding. |