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Investment securities and fair value disclosure | 12 Months Ended
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Mar. 31, 2017
Investment securities and fair value disclosure |
Investment securities and fair value disclosure | 11. Investment securities and fair value disclosure
|  | As of March 31, 2016 |
|  | Original cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Provision for decline in value |  | Fair value |
|  | (in millions of RMB) |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trading securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Listed equity securities |  |  | 646 |  |  | 230 |  |  | (105 | ) |  | — |  |  | 771 |
Financial derivatives |  |  | 7 |  |  | 171 |  |  | — |  |  | — |  |  | 178 |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Listed equity securities and other treasury investments |  |  | 12,701 |  |  | 5,940 |  |  | (438 | ) |  | (957 | ) |  | 17,246 |
Held-to-maturity securities |  |  | 10,760 |  |  | — |  |  | — |  |  | (7 | ) |  | 10,753 |
Investment securities accounted for under the fair value option |  |  | 4,256 |  |  | 366 |  |  | — |  |  | — |  |  | 4,622 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
|  |  | 28,370 |  |  | 6,707 |  |  | (543 | ) |  | (964 | ) |  | 33,570 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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|  | As of March 31, 2017 |
|  | Original cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Provision for decline in value |  | Fair value |
|  | (in millions of RMB) |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Listed equity securities |  |  | 15,325 |  |  | 9,792 |  |  | (836 | ) |  | (1,019 | ) |  | 23,262 |
Held-to-maturity securities |  |  | 12,241 |  |  | — |  |  | — |  |  | (180 | ) |  | 12,061 |
Investment securities accounted for under the fair value option |  |  | 183 |  |  | — |  |  | — |  |  | — |  |  | 183 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
|  |  | 27,749 |  |  | 9,792 |  |  | (836 | ) |  | (1,199 | ) |  | 35,506 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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During the years ended March 31, 2016 and 2017, the Company completed several investments accounted for as investment securities. Details of these significant investments are summarized in Note 4. During the years ended March 31, 2015, 2016 and 2017, gross realized gains of RMB141 million, RMB1,012 million and RMB6,306 million and gross realized losses of RMB97 million, RMB410 million and RMB534 million from disposals of investment securities were recognized in interest and investment income, net in the consolidated income statements, respectively. During the same period, impairment losses of nil, RMB962 million and RMB173 million were charged in interest and investment income, net in the consolidated income statements, respectively, as a result of other-than-temporary decline in values related to a listed equity security and held-to-maturity securities. As of March 31, 2015, 2016 and 2017, net unrealized gains of RMB3,384 million, RMB5,502 million and RMB8,956 million on available-for-sale securities were recorded in accumulated other comprehensive income, respectively. For available-for-sale securities with unrealized losses, their related aggregate fair values amounted to RMB4,929 million, RMB1,751 million and RMB4,366 million as of March 31, 2015, 2016 and 2017, respectively. The carrying amounts of available-for-sale securities that were in a loss position over twelve months were insignificant as of the same dates. The carrying amount of long-term held-to-maturity investments approximates their fair value due to the fact that the related interest rates approximate rates currently offered by financial institutions for similar debt instruments of comparable maturities. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs to valuation methodologies used to measure fair value:
| Level 1 |  | - |  | Valuations based on unadjusted quoted prices for identical assets and liabilities in active markets.
| Level 2 |  | - |  | Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data.
| Level 3 |  | - |  | Valuations based on unobservable inputs reflecting assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment.
Fair value of short-term investments and listed equity securities are based on quoted prices in active markets for identical assets or liabilities. All other financial instruments, such as derivative instruments and forward exchange contracts, are valued based on quoted market prices of similar instruments and other significant inputs derived from or corroborated by observable market data. Convertible and exchangeable bonds are valued using binomial model with unobservable inputs including risk-free interest rate, expected volatility and dividend yield. Contingent consideration is valued using an expected cashflow method with unobservable inputs including the probability to achieve the operating and financial targets, which is assessed by the Company, in connection with the contingent consideration arrangements. The following table summarizes the Company's assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy:
|  | As of March 31, 2016 |
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total |
|  | (in millions of RMB) |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term investments |  |  | 4,700 |  |  | — |  |  | — |  |  | 4,700 |
Restricted cash and escrow receivables |  |  | 1,346 |  |  | — |  |  | — |  |  | 1,346 |
Trading securities: |  |  |  |  |  |  |  |  |  |  |  |  |
Listed equity securities |  |  | 771 |  |  | — |  |  | — |  |  | 771 |
Financial derivatives |  |  | — |  |  | 178 |  |  | — |  |  | 178 |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |
Listed equity securities |  |  | 17,246 |  |  | — |  |  | — |  |  | 17,246 |
Investment securities accounted for under the fair value option |  |  | — |  |  | — |  |  | 4,622 |  |  | 4,622 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
|  |  | 24,063 |  |  | 178 |  |  | 4,622 |  |  | 28,863 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |
Forward exchange contracts |  |  | — |  |  | 461 |  |  | — |  |  | 461 |
Contingent consideration in relation to investments and acquisitions |  |  | — |  |  | — |  |  | 1,264 |  |  | 1,264 |
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|  |  | — |  |  | 461 |  |  | 1,264 |  |  | 1,725 |
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|  | As of March 31, 2017 |
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total |
|  | (in millions of RMB) |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term investments |  |  | 3,011 |  |  | — |  |  | — |  |  | 3,011 |
Restricted cash and escrow receivables |  |  | 2,655 |  |  | — |  |  | — |  |  | 2,655 |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |
Listed equity securities |  |  | 23,262 |  |  | — |  |  | — |  |  | 23,262 |
Investment securities accounted for under the fair value option |  |  | — |  |  | — |  |  | 183 |  |  | 183 |
Interest rate swap contracts |  |  | — |  |  | 436 |  |  | — |  |  | 436 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
|  |  | 28,928 |  |  | 436 |  |  | 183 |  |  | 29,547 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |
Forward exchange contracts |  |  | — |  |  | 78 |  |  | — |  |  | 78 |
Contingent consideration in relation to investments and acquisitions |  |  | — |  |  | — |  |  | 921 |  |  | 921 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
|  |  | — |  |  | 78 |  |  | 921 |  |  | 999 |
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Convertible and exchangeable bonds accounted for under the fair value option:
|  | Amounts |
|  | (in millions of RMB) |
Balance at April 1, 2015 |  |  | 3,719 |
Net increase in fair value |  |  | 630 |
Foreign currency translation adjustments |  |  | 273 |
​ | ​ | ​ | ​ | ​
Balance at March 31, 2016 |  |  | 4,622 |
Decrease in fair value |  |  | (113 | )
Conversion or exchange (Notes 4(o) and 4(v)) |  |  | (4,678 | )
Foreign currency translation adjustments |  |  | 169 |
​ | ​ | ​ | ​ | ​
Balance at March 31, 2017 |  |  | — |
​ | ​ | ​ | ​ | ​
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Contingent consideration in relation to investments and acquisitions:
|  | Amounts |
|  | (in millions of RMB) |
Balance at April 1, 2015 |  |  | 1,278 |
Net decrease in fair value |  |  | (14 | )
​ | ​ | ​ | ​ | ​
Balance at March 31, 2016 |  |  | 1,264 |
Additions |  |  | 293 |
Net decrease in fair value |  |  | (642 | )
Foreign currency translation adjustment |  |  | 6 |
​ | ​ | ​ | ​ | ​
Balance at March 31, 2017 |  |  | 921 |
​ | ​ | ​ | ​ | ​
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Other than contingent consideration disclosed in Note 4(l), other items included in contingent consideration as of March 31, 2016 and 2017 are individually insignificant.

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- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References No definition available. + Details
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