CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY

12 Months Ended

Mar. 31, 2022

Condensed Financial Information Disclosure [Abstract]

CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY

28. CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY

The Company performed a test on the restricted net assets of consolidated subsidiaries in accordance with Securities and Exchange Commission Regulation S-X Rule 4-08 (e) (3), “General Notes to Financial Statements” and concluded that it was applicable for the Company to disclose the financial statements for the parent company.

The subsidiaries did not pay any dividends to the Company for the periods presented. For the purpose of presenting parent company only financial information, the Company records its investments in its subsidiaries under the equity method of accounting. Such investments are presented on the separate condensed balance sheets of the Company as “Investments (deficit) in subsidiaries” and the loss of the subsidiaries is presented as “share of losses of subsidiaries”. Certain information and footnote disclosures generally included in financial statements prepared in accordance with US GAAP have been condensed and omitted. The footnote disclosures contain supplemental information relating to the operations of the Company, as such, these statements should be read in conjunction with the notes to the consolidated financial statements of the Company.

The parent company did not have significant capital and other commitments, long-term obligations, other long-term debt, or guarantees as of March 31, 2021 and 2022.

Balance sheets	March 31, 2021		March 31, 2022
	RMB		RMB
ASSETS
Current assets:
Cash and cash equivalents		346		599
Amounts due from intra-Group entities		8,753,029		8,438,565
Other receivables		2,415		2,170
Forward contract assets		—		36
Prepaid expenses		4,189		5,104
Total assets		8,759,979		8,446,474
LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ DEFICIT
Current liabilities:
Other payables and other current liabilities		46,866		22,678
Investment deficit in subsidiaries		10,618,691		9,120,730
Amounts due to intra-Group entities		90,114		90,112
Warrant liabilities		—		196,390
Total liabilities		10,755,671		9,429,910

Balance sheets(Continued)	March 31, 2021			March 31, 2022
	RMB			RMB
Mezzanine equity
Senior convertible preferred shares (US$0.0001 par value, nil and 1,000,000,000 shares authorized as of March 31, 2021 and 2022, respectively; nil and 400,524,323 shares issued and outstanding as of March 31, 2021 and 2022, respectively)		—			526,484
Total mezzanine equity		—			526,484
Shareholders’ deficit
Ordinary shares (US$0.0001 par value, 10,000,000 shares authorized as of March 31, 2021 and 2022, respectively; 1,071,621,698 Class A ordinary shares and 40,809,861 Class B ordinary shares issued and outstanding as of March 31, 2021; 1,146,044,859 Class A ordinary shares and 40,809,861 Class B ordinary shares issued and outstanding as of March 31, 2022)		733			782
Additional paid-in capital		13,695,877			14,254,109
Accumulated other comprehensive income		217,747			288,461
Accumulated deficit		(15,910,049	)		(16,053,272	)
Total shareholders’ deficit		(1,995,692	)		(1,509,920	)
Total liabilities, mezzanine equity and shareholders’ deficit		8,759,979			8,446,474

Statements of comprehensive loss	For the year ended December 31,			For the three months ended March 31,			For the fiscal year ended March 31,			For the fiscal year ended March 31,
	2019			2020			2021			2022
	RMB			RMB			RMB			RMB
Operation expense
Sales and marketing		(24,622	)		—			(5,036	)		—
Research and development		(258	)		2,158			2,217			—
General and administrative		(136,459	)		19,018			(21,161	)		(39,398	)
Provision for credits losses, net		—			(3,490	)		—			—
Total operating expenses		(161,339	)		17,686			(23,980	)		(39,398	)
Loss from operations		(161,339	)		17,686			(23,980	)		(39,398	)
Share of loss of subsidiaries		(1,818,665	)		(2,491,563	)		(275,229	)		(293,128	)
Interest expense, net		(47,677	)		(10,727	)		(14,041	)		—
Other income, net		39,131			426			13,075			3,303
Foreign exchange (loss)/ gain		(126	)		(1	)		9			(231	)
Fair value impact of the issuance of senior convertible preferred shares		—			—			—			186,231
Inducement charge of convertible notes		—			—			(121,056	)		—
Net loss		(1,988,676	)		(2,484,179	)		(421,222	)		(143,223	)
Other comprehensive (loss)/ income
Foreign currency translation		(17,869	)		38,572			110,983			70,714
Total comprehensive loss		(2,006,545	)		(2,445,607	)		(310,239	)		(72,509	)

Statements of cash flow	For the year ended December 31,			For the three months ended March 31,			For the fiscal year ended March 31,			For the fiscal year ended March 31,
	2019			2020			2021			2022
	RMB			RMB			RMB			RMB
Net cash generated from/ (used in) operating activities		18,977			(218	)		(35,016	)		(52,104	)
Net cash generated from investing activities		755,553			—			—			—
Net cash (used in)/ generated from financing activities		(781,527	)		(2,058	)		34,308			52,379
Effect of exchange rate changes on cash and cash equivalents		50			16			(27	)		(22	)
Net (decrease)/increase in cash and cash equivalents		(6,947	)		(2,260	)		(735	)		253
Cash and cash equivalents at beginning of the period		10,288			3,341			1,081			346
Cash and cash equivalents at end of the period		3,341			1,081			346			599