Long-Term Investments

12 Months Ended

Mar. 31, 2021

Long-term Investments and Receivables, Net [Abstract]

Long-term investments

11. Long-term investments

The Company’s long-term investments consist of the following:

	As of March 31,		As of March 31,
	2020		2021
	RMB		RMB
Equity method investments		3,104		2,973
Available-for-sale investments		70,328		71,357
Total		73,432		74,330

Equity method investments

The Company applies equity method in accounting for its investments in entities in which the Company has the ability to exercise significant influence but does not have control. As of March 31, 2020 and 2021, the carrying value of the equity method investments were RMB3.1 million and RMB3.0 million respectively, the change of which primarily relates to the equity loss recognized.

Available-for-sale debt investments

The following table summarizes the Company’s available-for-sale debt investments as of March 31, 2020:

	Cost		Gross unrealized gains		Gross unrealized losses		Fair value
Unlisted debt securities		60,000		10,328		—	70,328

The following table summarizes the Company’s available-for-sale debt investments as of March 31, 2021:

	Cost		Gross unrealized gains		Gross unrealized losses		Fair value
Unlisted debt securities		60,000		11,357		—	71,357

In October 2017, the Company purchased 7.2% shareholding of Qingdao Shuangan Biotechnology Co., Ltd (“Qingdao Shuangan”) with a cash consideration of RMB10 million. According to the investment agreement, the Company is entitled to demand redemption after 48 months from the transaction closing date. As of March 31, 2020 and 2021, based on the valuation results, the Company re-measured the investment in Qingdao Shuangan at fair value of RMB17 million and RMB17.3 million, respectively. For the years ended March 31, 2020 and 2021, the unrealized securities holding gain (net of tax) of RMB1.0 million and RMB0.02 million was recorded as other comprehensive income, respectively.

In October 2019, the Company purchased 23.64% shareholding of Beijing Petdog Technology Development Co., Ltd. (“Beijing Petdog”) with a cash consideration of RMB50 million. According to the investment agreement, the Company is entitled to demand redemption after 60 months from the transaction closing date. As of March 31, 2020 and 2021, based on the valuation results, the Company re-measured the investment at fair value of RMB53.3 million and RMB54.0 million, respectively. For year ended March 31, 2020 and 2021, the unrealized securities holding gain (net of tax) of RMB2.3 million and RMB0.75 million was recorded as other comprehensive income.