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SENIOR CONVERTIBLE PREFERRED SHARES AND WARRANTS (Tables) | 12 Months Ended
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Mar. 31, 2022
Temporary Equity And Warrant Liability Disclosure [Abstract] |
Summary of senior convertible preferred shares activities | The Company’s senior convertible preferred shares activities for the fiscal year ended March 31, 2022 are summarized below:
|  | Mezzanine Equity |
|  | RMB |
Balance as of March 31, 2021 |  |  | — |
Issuance of senior convertible preferred shares |  |  | 239,452 |
Fair value impact recorded in the applicable issuance days |  |  | 287,032 |
Balance as of March 31, 2022 |  |  | 526,484 |
Schedule of roll forward of Level 3 investment, warrant liabilities | The roll forward of Level 3 financial instruments, including both warrant liabilities and forward contracts, during the fiscal year ended March 31, 2022 was as follows:
|  | Warrant liabilities |  |  | Forward contract assets |
|  | RMB |  |  | RMB |
Fair value of Level 3 financial instruments as of March 31, 2021 |  |  | — |  |  |  | — |
Issuance of warrants |  |  | 647,850 |  |  |  | — |
Fair value of warrants and forward contracts at issuance |  |  | 1,800,147 |  |  |  | 735,244 |
Settlement of forward contracts |  |  | — |  |  |  | (287,032 | )
The change in fair value of financial instruments |  |  | (2,224,660 | ) |  |  | (441,088 | )
Foreign currency translation |  |  | (26,947 | ) |  |  | (7,160 | )
Fair value of Level 3 liabilities/(assets) as of March 31, 2022 |  |  | 196,390 |  |  |  | (36 | )
Summary of composition of fair value impact of issuance of senior convertible preferred shares | The composition of the fair value impact of the issuance of senior convertible preferred shares during the fiscal year ended March 31, 2022 was as follows:
|  | For the fiscal year ended March 31, 2022 |
|  | RMB |
Fair value impact of the warrants |  |  | 424,513 |
Fair value impact of the forward contracts |  |  | (294,156 | )
Gain from the TDR of the 2024 Notes (Note 12) |  |  | 55,874 |
|  |  | 186,231 |
Schedule of estimated fair value using the Black-Scholes option pricing model | For the warrants, with the assistance from an independent valuation firm, the Company estimated its fair value using the Black-Scholes option pricing model using the following main assumptions:
|  | For the fiscal year ended March 31, 2022 |
Risk-free interest rate |  | 0.12%~1.39% |
Expected volatility |  | 43.08%~55.29% |
Dividend yield |  |  | 0 | %
Expected term (in years) |  | 0.78~1.50 |
Fair value of underlying senior convertible preferred share |  | US$0.34 ~ US$1.12 |

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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19279-110258 + Details
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- Definition Summary of composition of the fair value impact of the issuance of senior convertible preferred shares. + References No definition available. + Details
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