Redeemable non-controlling interests

12 Months Ended

Mar. 31, 2023

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.

For the years ended March 31 2021, 2022 and 2023, the Company recognized accretion of RMB0.1 million, RMB0.6 million and RMB0.7 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, 2022 and 2023, the redeemable

non-controlling

interests was RMB6.5 million and RMB7.2 million, respectively.

The following tables provides details of the redeemable non-controlling interests activity for the years ended March 31, 2021, 2022 and 2023:


	Year Ended March 31, 2021		Year Ended March 31, 2022		Year Ended March 31, 2023
	RMB		RMB		RMB
Beginning balance		5,809		5,947		6,522
Accretion of redeemable non-controlling interests		138		575		675

Ending balance		5,947		6,522		7,197