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Equity securities and other investments | 12 Months Ended
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Mar. 31, 2025
Equity securities and other investments |
Equity securities and other investments | 11. Equity securities and other investments
|  | As of March 31, 2024 |
|  | Original cost |  |  | Cumulative net losses |  |  | Carrying value |
|  | RMB |  |  | RMB |  |  | RMB |
|  | (in millions) |
Equity securities: |  |  |  |  |  |  |  |  |
Listed equity securities |  |  | 92,456 |  |  |  | (25,275 | ) |  |  | 67,181 |
Investments in privately held companies |  |  | 110,863 |  |  |  | (14,385 | ) |  |  | 96,478 |
Debt investments: |  |  |  |  |  |  |  |  |
Debt securities and loan investments |  |  | 20,723 |  |  |  | (9,641 | ) |  |  | 11,082 |
Other treasury investments |  |  | 106,150 |  |  |  | — |  |  |  | 106,150 |
|  |  | 330,192 |  |  |  | (49,301 | ) |  |  | 280,891 |
|  | As of March 31, 2025 |
|  | Original cost |  |  | Cumulative net (losses) gains |  |  | Carrying value |
|  | RMB |  |  | RMB |  |  | RMB |
|  | (in millions) |
Equity securities: |  |  |  |  |  |  |  |  |
Listed equity securities |  |  | 79,024 |  |  |  | (1,394 | ) |  |  | 77,630 |
Investments in privately held companies |  |  | 113,646 |  |  |  | (17,479 | ) |  |  | 96,167 |
Debt investments: |  |  |  |  |  |  |  |  |
Debt securities and loan investments |  |  | 15,009 |  |  |  | (6,224 | ) |  |  | 8,785 |
Other treasury investments |  |  | 227,935 |  |  |  | 81 |  |  |  | 228,016 |
|  |  | 435,614 |  |  |  | (25,016 | ) |  |  | 410,598 |
Details of the significant additions during the years ended March 31, 2023, 2024 and 2025 are set out in Note 4. Equity securities For equity securities which were still held as of March 31, 2023, 2024 and 2025, net unrealized (losses) gains, including impairment losses, of RMB(29,481) million, RMB(28,790) million and RMB 16,746 million, respectively, were recognized in interest and investment income, net, for the years ended March 31, 2023, 2024 and 2025. Investments in privately held companies include equity investments for which the Company elected to account for using the measurement alternative (Note 2(t)), for which the carrying value as of March 31, 2024 and 2025 were RMB 89,660 million and RMB 88,728 million, respectively. For equity investments accounted for using the measurement alternative as of March 31, 2024, the Company recorded cumulative upward adjustments of RMB 20,965 million and cumulative impairments and downward adjustments of RMB 32,760 million. For these investments, the Company recorded upward adjustments of RMB 8,121 million and impairments and downward adjustments of RMB 11,585 million during the year ended March 31, 2024. For equity investments accounted for using the measurement alternative as of March 31, 2025, the Company recorded cumulative upward adjustments of RMB 27,197 million and cumulative impairments and downward adjustments of RMB 44,232 million. For these investments, the Company recorded upward adjustments of RMB 8,345 million and impairments and downward adjustments of RMB 10,033 million during the year ended March 31, 2025. 11. Equity securities and other investments (Continued) Debt investments Debt investments include convertible and exchangeable bonds accounted for under the fair value option, for which the fair value as of March 31, 2024 and 2025 were RMB 3,344 million and RMB 963 million, respectively. The aggregate fair value of these convertible and exchangeable bonds was lower than their aggregate unpaid principal balance as of March 31, 2024 and 2025 by RMB 4,607 million and RMB 2,420 million, respectively. Unrealized losses recorded on these convertible and exchangeable bonds in the consolidated income statements were RMB 262 million, RMB 1,225 million and RMB 17 million during the years ended March 31, 2023, 2024 and 2025, respectively. Debt investments also include debt investments accounted for at amortized cost, for which the allowance for credit losses as of March 31, 2024 and 2025 were RMB 5,034 million and RMB 3,779 million, respectively. During the years ended March 31, 2023, 2024 and 2025, (reversal of impairment losses) impairment losses on these debt investments of RMB(356) million, RMB 872 million and RMB(1,175) million, respectively, were recorded in interest and investment income, net in the consolidated income statements. As of March 31, 2024 and 2025, repayment of loans provided to shareholders of equity method investees with total principal amount of RMB 5,527 million and RMB 5,529 million, respectively, was expected to be provided substantially through the sale of collateral. Expected credit losses for these loans were assessed on an individual basis, based on the fair value of the corresponding shares pledged as collateral as of the reporting date, adjusted for selling costs as appropriate. The fair value of the collateral as of March 31, 2024 and 2025 were RMB 3,304 million and RMB 4,325 million, respectively. There was no commitment to lend additional funds. The carrying amount of debt investments accounted for at amortized cost 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. Other treasury investments mainly comprise of investments in fixed deposits, certificates of deposits and marketable debt securities with original maturities over one year for treasury purposes.

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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 Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/825/tableOfContent + Details
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