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Fair Value Measurement (Tables)

12 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of Fair Value Assets Measured at Fair Value on Recurring Basis

As of March 31, 2020 and 2021, the Group’s assets and liabilities that are measured or disclosed at fair value on a recurring basis in periods subsequent to their initial recognition is as follows:

						Fair value measurement at reporting date using
Description		Fair value as of March 31, 2020				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
		RMB				RMB				RMB				RMB
Assets:
Short-term investments			238,000				—				238,000				—
Available-for-sale debt securities			102,373				—				—				102,373
Total assets			340,373				—				238,000				102,373

						Fair value measurement at reporting date using
Description		Fair value as of March 31, 2021				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
		RMB				RMB				RMB				RMB
Assets:
Short-term investments
-wealth management products			260,000				—				260,000				—
- equity securities with readily determinable fair value			245				245				—				—
Available-for-sale debt securities			51,346				—				—				51,346
Total assets			311,591				245				260,000				51,346

Schedule of Roll Forward of Major Level 3 Investments

The Group classified its available-for-sales debt securities as Level 3 investment. The roll forward of major Level 3 investments are as following:

		iSNOB				Ruisha Technology				Huzan				Xuanwei				Kuailaimai				Others				Total
		RMB				RMB				RMB				RMB				RMB				RMB				RMB
Fair value of Level 3 investments as at March 31, 2019			38,378				—				19,822				—				14,259				—				72,459
Addition			—				7,050				—				3,525				—				5,000				15,575
Impairment			—				—				—				—				(14,259	)			—				(14,259	)
Effect of currency translation adjustment			2,004				—				1,036				—				—				—				3,040
The change in fair value of the investments			36,459				573				(9,862	)			—				—				(1,612	)			25,558
Fair value of Level 3 investments as at March 31, 2020			76,841				7,623				10,996				3,525				—				3,388				102,373
Addition			—				—				—				—				—				8,000				8,000
Disposal*			(59,243	)			—				—				(3,525	)			—				—				(62,768	)
Impairment			—				—				(4,055	)			—				—				(3,388	)			(7,443	)
Effect of currency translation adjustment			(3,717	)			—				(110	)			—				—				—				(3,827	)
The change in fair value of the investments			8,714				11,442				(5,145	)			—				—				—				15,011
Fair value of Level 3 investments as at March 31, 2021			22,595				19,065				1,686				—				—				8,000				51,346

* For the year ended March 31, 2021, the amount of disposal in the roll forward included a reclassification adjustment of RMB46,029, representing the unrealized security holding gains for the disposed portion that were previously recorded as other comprehensive income and was reclassified as the gain from investments included in net loss in connection with the disposal.

Schedule of Significant Unobservable Inputs Adopted in Valuation of Fair Value Assets

The significant unobservable inputs adopted in the valuation as of March 31, 2019, 2020 and 2021 are as following:

		For the years ended March 31,
		2019				2020				2021
Lack of marketability discount			30%				30%				30%
Risk-free rate			2.25%-2.60%				0.3%~2.29%				0.5%
Expected volatility			45%-52.68%				42%~54%				45%
Revenue multiple			2.80-18.74				5.09~11.18				7.92
Net profit multiple			21.23				8.95				16

Summary of Significant Unobservable Inputs Adopted in the Valuation

The significant unobservable inputs adopted in the valuation as of March 31, 2020 and 2021 are as following:

		For the years ended March 31,
		2020				2021
Unobservable Inputs
Revenue growth rate			12%~217%				8%~327%
Weighted average cost of capital			20%				30%
Lack of marketability discount			30%				30%
EBIT margin rate			(29.5%)~27.3%				17%~29%

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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.

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-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique used to measure similar asset in prior period by class of asset or liability on non-recurring basis.

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Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period 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 asset.

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