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Equity securities and other investments | 6 Months Ended
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Sep. 30, 2020
Equity securities and other investments |
10. | Equity securities and other investments
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of March 31, 2020
​ |  | ​ |  | Gross |  | Gross |  | Provision |  | ​
​ | ​ | Original | ​ | unrealized | ​ | unrealized | ​ | for decline | ​ | Carrying
​ |  | cost |  | gains |  | losses |  | in value |  | value
​ | ​ | (in millions of RMB)
Equity securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Listed equity securities | ​ | 68,488 | ​ | 18,070 | ​ | (20,255) | ​ | — | ​ | 66,303
Investments in privately held companies |  | 92,832 | ​ | 19,601 | ​ | (815) | ​ | (24,065) | ​ | 87,553
Debt investments (i) | ​ | 14,685 | ​ | 13 | ​ | (1,555) | ​ | (1,436) | ​ | 11,707
​ |  | 176,005 | ​ | 37,684 | ​ | (22,625) | ​ | (25,501) | ​ | 165,563
​ ​
10. | Equity securities and other investments (Continued)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of September 30, 2020
​ |  | ​ |  | Gross |  | Gross |  | Provision |  | ​
​ | ​ | Original | ​ | unrealized | ​ | unrealized | ​ | for decline | ​ | Carrying
​ |  | cost |  | gains |  | losses |  | in value |  | value
​ | ​ | (in millions of RMB)
Equity securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Listed equity securities |  | 70,204 | ​ | 38,783 | ​ | (13,412) | ​ | — | ​ | 95,575
Investments in privately held companies | ​ | 93,593 | ​ | 20,019 | ​ | (1,353) | ​ | (29,138) | ​ | 83,121
Debt investments (i) |  | 17,984 | ​ | 56 | ​ | (1,780) | ​ | (1,031) | ​ | 15,229
​ |  | 181,781 | ​ | 58,858 | ​ | (16,545) | ​ | (30,169) | ​ | 193,925
​
| (i) | Debt investments include convertible and exchangeable bonds accounted for under the fair value option, for which the fair value as of March 31, 2020 and September 30, 2020 were RMB4,704 million and RMB5,936 million, respectively. The aggregate fair value of these convertible and exchangeable bonds was lower than their aggregate unpaid principal balance as of March 31, 2020 and September 30, 2020 by RMB1,576 million and RMB1,802 million, respectively. Net losses from fair value changes recorded on convertible and exchangeable bonds in the condensed consolidated income statements were RMB753 million and RMB271 million during the six months ended September 30, 2019 and 2020, respectively.
For equity securities, a summary of gains and losses, including impairment losses, recognized in interest and investment income, net is as follows: ​
​ | ​ | ​ | ​ | ​
​ |  | Six months ended
​ | ​ | September 30,
​ |  | 2019 |  | 2020
​ | ​ | (in millions of RMB)
Net unrealized (losses) gains recognized during the period for equity securities still held as of the end of the period | ​ | (9,624) | ​ | 25,940
Net gains recognized during the period from disposals of equity securities during the period |  | 496 | ​ | 3
Net (losses) gains recognized during the period on equity securities |  | (9,128) | ​ | 25,943
​ The Company elected to record a majority of equity investments in privately held companies over which the Company neither has control nor significant influence through investment in common stock or in-substance common stock using the measurement alternative at cost, less impairment, with subsequent adjustment for observable price changes resulting from orderly transactions for identical or similar investments of the same issuer. During the six months ended September 30, 2019 and 2020, upward adjustments of RMB1,742 million and RMB3,776 million were recorded in interest and investment income, net, in the condensed consolidated income statements, respectively. During the same periods, impairments and downward adjustments of RMB5,854 million and RMB5,667 million were recorded in interest and investment income, net, in the condensed consolidated income statements, respectively. The Company’s impairment analysis considers both qualitative and quantitative factors that may have a significant effect on the fair value of these equity securities. As of March 31, 2020 and September 30, 2020, the amount of investments in privately held companies for which the Company elected to record using the measurement alternative was RMB80,939 million and RMB77,082 million, respectively. ​
10. | Equity securities and other investments (Continued)
During the six months ended September 30, 2019 and 2020, no realized gains or losses were recognized for the disposal of debt investments. During the same periods, impairment losses on debt investments of RMB841 million and RMB97 million were recorded in interest and investment income, net in the condensed consolidated income statements, respectively. The carrying amount of debt investments approximates their fair value due to the fact that the related effective interest rates approximate rates currently offered by financial institutions for similar debt instruments of comparable maturities.

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 + Details
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