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LONG-TERM INVESTMENTS | 12 Months Ended
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Mar. 31, 2022
LONG-TERM INVESTMENTS |
LONG-TERM INVESTMENTS | 8. LONG-TERM INVESTMENTS The Group’s long-term investments consist of the following:
|  | March 31, |  |  | March 31, |
|  | 2021 |  |  | 2022 |
|  | RMB |  |  | RMB |
Equity investments accounted for using the equity method |  |  |  |  |  |
Beijing Gangjian Shoubao Cultural Media Center LLP (“Gangjian Shoubao”) |  |  | 4,500 |  |  |  | 4,500 |
Weiche Information Technology Co., Ltd. (“Weiche”) |  |  | 1,167 |  |  |  | 1,495 |
|  |  | 5,667 |  |  |  | 5,995 |
Equity investments accounted for using the measurement alternative |  |  |  |  |  |
Jincheng Consumer Finance (Sichuan) Co., Ltd. (“Jincheng”) |  |  | 282,761 |  |  |  | 282,761 |
Total long-term investments |  |  | 288,428 |  |  |  | 288,756 |
Major investments of the Company as of March 31, 2021 and 2022 are summarized as follows: Equity investments accounted for using the equity method Investment in Gangjian Shoubao In April 2019, the Company invested in Gangjian Shoubao, focusing on advertising and media business. The Company is one of the limited partners and does not have control of the partnership. The investee has not started to operate yet. Investment in Weiche In May 2018, the Company acquired 40% of ordinary equity interest of Weiche, a professional information technology company focusing on technology development and technology consulting service. The Company exercises significant influence in Weiche and therefore accounts for this as a long-term investment using equity method. Equity investments accounted for using the measurement alternative Investment in Jincheng In September 2017, the Company invested in Jincheng, a professional consumer financial service company. The Company acquired 19% ordinary equity interest with a total consideration of RMB 233.0 million. The Company exercises significant influence in Jincheng and therefore accounted for this as a long-term investment using equity method. In early 2021, as the Group completed the divesture of its historical loan-facilitation business and, the Group proposed to Jincheng its desire to give up its board seat in Jincheng. The administration process was completed in March 2021. After that, the Group could no longer execute significant influence over Jincheng. The Group accounted for the investment using the alternative method measurement, and no measurement events were identified during the fiscal year ended March 31, 2022. On July 28, 2022, the Company entered into a borrowing agreement with a third-party to obtain a total of RMB 290 million loan with 5% annum interest rate due in December 2024. The equity interest of Jincheng, with carrying amount of RMB 282.8 million, is pledged in order to obtain this new loan.

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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 https://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 https://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 https://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 https://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
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