Redeemable non-controlling interests

12 Months Ended

Mar. 31, 2022

Noncontrolling Interest [Abstract]

Redeemable non-controlling interests

21. Redeemable non-controlling interests

Yoken Holding Limited (“Yoken”), a wholly owned subsidiary of the Company issued 120,000 redeemable preferred shares amounting to RMB6 million to a third-party investor in October, 2020. The preferred shares are redeemable at the holder’s option if Yoken fails to complete a qualified IPO in a pre-agreed period of time since its issuance with a redemption price measured by 10% interest per year. The preferred shares are therefore accounted for as redeemable non-controlling interests in mezzanine equity and are accreted to the redemption value over the period starting from the issuance date. The contract terms are the same as the Preferred Shares of the Company (Note 20).

For the years ended March 31 2021 and 2022, the Company recognized accretion of RMB0.1 million and RMB0.6 million, respectively, to the respective redemption value of the redeemable non-controlling interest over the period starting from issuance date with a corresponding increase to the accumulated deficit. As of March 31, 2021 and 2022, the redeemable non-controlling interests was RMB5.9 million and RMB6.5 million, respectively.