13. Investments in equity investees

	Cost method			Equity method			Total
	(in millions of RMB)
Balance as of April 1, 2016		33,264			58,197			91,461
Additions (i)		8,860			35,154			44,014
Share of results, other comprehensive income and other reserves (ii)		—			(2,074	)		(2,074	)
Disposals		(2,512	)		(324	)		(2,836	)
Transfers (iii)		(3,763	)		(5,891	)		(9,654	)
Impairment loss (iv)		(2,125	)		(245	)		(2,370	)
Foreign currency translation adjustments		1,680			147			1,827

Balance as of March 31, 2017		35,404			84,964			120,368
Additions (i)		34,121			26,391			60,512
Share of results, other comprehensive income and other reserves (ii)		—			(3,660	)		(3,660	)
Disposals		(3,051	)		(474	)		(3,525	)
Transfers (iii)		(1,725	)		(9,011	)		(10,736	)
Impairment loss (iv)		(1,753	)		(18,153	)		(19,906	)
Foreign currency translation adjustments		(3,054	)		(299	)		(3,353	)

Balance as of March 31, 2018		59,942			79,758			139,700

	(i)	Details of the significant additions of the investments in equity investees are set out in Note 4.
	(ii)	Share of results, other comprehensive income and other reserves included the share of results of the equity investees, the gain or loss arising from the deemed disposal of the equity investees and the amortization of basis differences. The balance excluded the expenses in connection with the share-based awards relating to ordinary shares of the Company and Ant Financial granted to employees of certain equity investees (Note 8(d)).
	(iii)	During the year ended March 31, 2017, transfers under the cost method were primarily related to the completion of the listing of YTO Express (Note 4(ab)) and the step acquisition of Damai (Note 4(d)). Transfers under the equity method were primarily related to the step acquisition of Youku (Note 4(g)).
		During the year ended March 31, 2018, transfers under the equity method were primarily related to the consolidation of Cainiao Network (Note 4(b)) and Intime (Note 4(c)) upon the acquisition of control by the Company.
	(iv)	The Company continually reviews its investments in equity investees to determine whether a decline in fair value below the carrying value is other-than-temporary. The primary factors the Company considers in its determination include the financial condition, operating performance and the prospects of the equity investee; other company specific information such as recent financing rounds; the geographic region, market and industry in which the equity investee operates; and the length of time that the fair value of the investment is below its carrying value. If the decline in fair value is deemed to be other-than-temporary, the carrying value of the equity investee is written down to fair value. Impairment charges in connection with the equity method investments of nil, RMB245 million and RMB18,153 million were recorded in share of results of equity investees in the consolidated income statements for the years ended March 31, 2016, 2017 and 2018, respectively. Impairment charges in connection with the cost method investments of RMB902 million, RMB2,125 million and RMB1,753 million were recorded in interest and investment income, net in the consolidated income statements for the years ended March 31, 2016, 2017 and 2018, respectively.
		Out of the impairment charges relating to the equity method investments for the year ended March 31, 2018, RMB18,116 million was related to the Company's investment in Alibaba Pictures. The impairment amount represented the difference between the market value and the carrying value of this investment as of December 31, 2017. In June 2015, following a financing transaction that diluted the Company's shareholding from a controlling position to minority investment, the Company deconsolidated the financial results of Alibaba Pictures and accounted for the investment in the remaining equity interest under the equity method. A gain of RMB24,734 million arising from the revaluation of the Company's remaining equity interest in Alibaba Pictures was recognized in interest and investment income, net in the consolidated income statement for the year ended March 31, 2016, with a corresponding increase in the carrying value of the investment. Since July 2015, the market value of Alibaba Pictures has declined and remained below the increased carrying value of this investment. Given the market price trend and Alibaba Pictures' strategic decision made in early 2018 to increase investments and expenses for market share growth of its online movie ticketing business, the Company determined that the decline in the market value against the carrying value of this investment was other-than-temporary and an impairment charge was recorded for the year ended March 31, 2018. The fair value measurements with respect to the impairments of other equity investees were individually insignificant and utilized a number of different unobservable inputs not subject to meaningful aggregation.

As of March 31, 2018, equity method investments with an aggregate carrying amount of RMB65,639 million that are publicly traded have increased in value and the total market value of these investments amounted to RMB118,357 million. As of March 31, 2017 and 2018, cost method investments with an aggregate carrying amount of RMB17,273 million and RMB30,318 million have appreciated in value and the Company estimated the fair value to be approximately RMB46,351 million and RMB61,936 million, respectively.

As of the same dates, for certain other cost method investments with an aggregate carrying amount of RMB18,131 million and RMB29,624 million, the Company identified no events or changes in circumstances that may have a significant adverse effect on the fair value of the investments and determined that it is not practicable to estimate their fair values, respectively.

For the years ended March 31, 2017 and 2018, equity method investments held by the Company in aggregate have met the significance criteria as defined under Rule 4-08 (g) of Regulation S-X. As such, the Company is required to present summarized financial information for all of its equity method investments as a group as follows:

	Year ended March 31,
	2016			2017			2018
	(in millions of RMB)
Operating data:
Revenue		20,808			125,701			284,706
Cost of revenue		(17,505	)		(109,790	)		(242,068	)
Loss from operations		(5,429	)		(9,071	)		(7,072	)
Net (loss) income		(1,504	)		(6,743	)		195

	As of March 31,
	2017		2018
	(in millions of RMB)
Balance sheet data:
Current assets		137,900		200,742
Non-current assets		122,844		184,310
Current liabilities		93,354		162,340
Non-current liabilities		12,375		26,107
Noncontrolling interests and mezzanine equity		7,443		16,586