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Document and Entity Information	12 Months Ended
Document and Entity Information	Mar. 31, 2020 shares
Document and Entity Information
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Amendment Flag	false
Document Period End Date	Mar. 31, 2020
Entity Registrant Name	Global Cord Blood Corp
Entity Central Index Key	0001467808
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Filer Category	Accelerated Filer
Entity Voluntary Filers	No
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding	121,551,075
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes

Consolidated Balance Sheets ¥ in Thousands, $ in Thousands	Mar. 31, 2020 USD ($)	Mar. 31, 2020 CNY (¥)	Mar. 31, 2019 CNY (¥)
Current assets
Cash and cash equivalents	$ 772,988	¥ 5,473,373	¥ 4,997,861
Accounts receivable, less allowance for doubtful accounts (March 31, 2019: RMB89,634; March 31, 2020: RMB111,869 (US$15,799))	14,723	104,251	96,923
Inventories	6,180	43,758	27,612
Prepaid expenses and other receivables	6,325	44,785	25,532
Total current assets	800,216	5,666,167	5,147,928
Property, plant and equipment, net	73,817	522,679	545,340
Operating lease right-of-use assets	642	4,548
Non-current deposits	49,057	347,360	236,719
Non-current accounts receivable, less allowance for doubtful accounts (March 31, 2019: RMB74,800; March 31, 2020: RMB71,421 (US$10,087))	22,600	160,031	104,857
Inventories	12,020	85,109	77,194
Intangible assets, net	13,109	92,823	97,444
Investments in equity securities at fair value	14,307	101,306	107,362
Other equity investment	26,710	189,129	189,129
Deferred tax assets	7,160	50,701	44,981
Total assets	1,019,638	7,219,853	6,550,954
Current liabilities
Accounts payable	2,823	19,992	33,566
Accrued expenses and other payables	16,099	113,989	79,977
Operating lease liabilities	242	1,717
Deferred revenue	56,879	402,751	461,986
Income tax payable	4,566	32,329	20,113
Total current liabilities	80,609	570,778	595,642
Non-current deferred revenue	323,376	2,289,762	2,108,442
Non-current operating lease liabilities	252	1,782
Other non-current liabilities	63,679	450,900	404,482
Deferred tax liabilities	2,562	18,140	19,626
Total liabilities	470,478	3,331,362	3,128,192
Shareholders' equity of Global Cord Blood Corporation
Ordinary shares - US$0.0001 par value, 250,000,000 shares authorized, 121,687,974 shares issued and 121,551,075 shares outstanding as of March 31, 2019 and 2020, respectively	12	83	83
Additional paid-in capital	296,801	2,101,582	2,101,582
Treasury stock, at cost (March 31, 2019 and 2020: 136,899 shares, respectively)	(398)	(2,815)	(2,815)
Accumulated other comprehensive losses	(13,369)	(94,663)	(88,738)
Retained earnings	265,215	1,877,940	1,407,223
Total equity attributable to Global Cord Blood Corporation	548,261	3,882,127	3,417,335
Non-controlling interests	899	6,364	5,427
Total equity	549,160	3,888,491	3,422,762
Commitments and contingencies
Total liabilities and equity	$ 1,019,638	¥ 7,219,853	¥ 6,550,954

Consolidated Balance Sheets (Parenthetical) ¥ in Thousands, $ in Thousands	Mar. 31, 2020 USD ($) $ / shares shares	Mar. 31, 2020 CNY (¥) shares	Mar. 31, 2019 $ / shares	Mar. 31, 2019 CNY (¥) shares
Consolidated Balance Sheets
Accounts receivable, allowance for doubtful accounts	$ 15,799	¥ 111,869		¥ 89,634
Non-current accounts receivable, allowance for doubtful accounts	$ 10,087	¥ 71,421		¥ 74,800
Ordinary shares, par value per share \| $ / shares	$ 0.0001		$ 0.0001
Ordinary shares, shares authorized	250,000,000	250,000,000		250,000,000
Ordinary shares, shares issued	121,687,974	121,687,974		121,687,974
Ordinary shares, shares outstanding	121,551,075	121,551,075		121,551,075
Treasury stock, shares	136,899	136,899		136,899

Consolidated Statements of Comprehensive Income ¥ in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2020 USD ($) $ / shares	Mar. 31, 2020 CNY (¥) ¥ / shares	Mar. 31, 2019 CNY (¥) ¥ / shares	Mar. 31, 2018 CNY (¥) ¥ / shares
Consolidated Statements of Comprehensive Income
Revenues	$ 172,503	¥ 1,221,460	¥ 986,754	¥ 936,768
Cost of revenues	(26,710)	(189,128)	(186,027)	(181,483)
Gross profit	145,793	1,032,332	800,727	755,285
Operating expenses
Research and development	(2,981)	(21,109)	(14,688)	(12,718)
Sales and marketing	(36,996)	(261,958)	(235,062)	(219,202)
General and administrative	(26,866)	(190,232)	(169,320)	(243,502)
Total operating expenses	(66,843)	(473,299)	(419,070)	(475,422)
Operating income	78,950	559,033	381,657	279,863
Other income/(expenses), net
Interest income	3,581	25,359	25,320	21,936
Interest expense				(3,257)
Foreign currency exchange gains/(losses)	(43)	(303)	(62)	133
Change in fair value of equity securities	(1,860)	(13,172)	(57,125)
Dividend income	72	507	976	634
Others	1,043	7,388	5,695	4,226
Total other income/(expenses), net	2,793	19,779	(25,196)	23,672
Income before income tax	81,743	578,812	356,461	303,535
Income tax expense	(14,276)	(101,084)	(61,260)	(62,656)
Net income	67,467	477,728	295,201	240,879
Net income attributable to non-controlling interests	(990)	(7,011)	(4,077)	(3,781)
Net income attributable to Global Cord Blood Corporation's shareholders	$ 66,477	¥ 470,717	¥ 291,124	¥ 237,098
Earnings per share:
Basic \| (per share)	$ 0.55	¥ 3.87	¥ 2.40	¥ 2.10
Diluted \| (per share)	$ 0.55	¥ 3.87	¥ 2.40	¥ 1.99
Other comprehensive (losses)/income, net of nil income taxes
Foreign currency translation adjustments	$ (837)	¥ (5,925)	¥ 28,232	¥ (49,630)
Unrealized holding losses arising during the year				(29,619)
Reclassification adjustment for loss included in net income				167
Total other comprehensive (losses)/income	(837)	(5,925)	28,232	(79,082)
Comprehensive income	66,630	471,803	323,433	161,797
Comprehensive income attributable to non-controlling interests	(990)	(7,011)	(4,077)	(3,781)
Comprehensive income attributable to Global Cord Blood Corporation's shareholders	$ 65,640	¥ 464,792	¥ 319,356	¥ 158,016

Consolidated Statements of Comprehensive Income (Parenthetical) - CNY (¥) ¥ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Other comprehensive losses
Other comprehensive income, income taxes	¥ 0	¥ 0	¥ 0

Consolidated Statements of Changes in Equity ¥ in Thousands, $ in Thousands	Share capital USD ($) shares	Share capital CNY (¥) shares	Additional paid-in capital USD ($)	Additional paid-in capital CNY (¥)	Treasury stock USD ($) shares	Treasury stock CNY (¥) shares	Accumulated other comprehensive income/(losses) USD ($)	Accumulated other comprehensive income/(losses) CNY (¥)	Retained earnings USD ($)	Retained earnings CNY (¥)	Non-controlling interests USD ($)	Non-controlling interests CNY (¥)	USD ($) shares	CNY (¥) shares
Balance at Mar. 31, 2017		¥ 50		¥ 936,417		¥ (2,815)		¥ 24,428		¥ 879,775		¥ 4,694		¥ 1,842,549
Balance, shares at Mar. 31, 2017 \| shares	73,140,147	73,140,147			(136,899)	(136,899)							73,003,248	73,003,248
Net income										237,098		3,781		¥ 240,879
Other comprehensive income								(79,082)						(79,082)
Share-based compensation				83,322										83,322
Issuance of shares upon conversion of convertible notes		¥ 28		1,034,132										¥ 1,034,160
Issuance of shares upon conversion of convertible notes (in shares) \| shares	40,521,494	40,521,494
Vesting of restricted share units scheme		¥ 5		(5)
Vesting of restricted share units scheme (in shares) \| shares	7,300,000	7,300,000											7,300,000	7,300,000
Dividend declared to holder of non-controlling interests												(3,086)		¥ (3,086)
Balance (ASU 2016-01) at Mar. 31, 2018								(62,316)		62,316
Balance at Mar. 31, 2018		¥ 83		2,053,866		¥ (2,815)		(54,654)		1,116,873		5,389		¥ 3,118,742
Balance, shares at Mar. 31, 2018 \| shares	120,961,641	120,961,641			(136,899)	(136,899)							120,824,742	120,824,742
Cumulative effect of adoption of ASU 2016-01 \| ASU 2016-01								(62,316)		62,316
Balance, adjusted		¥ 83		2,053,866		¥ (2,815)		(116,970)		1,179,189		5,389		¥ 3,118,742
Net income										291,124		4,077		295,201
Other comprehensive income								28,232						28,232
Dividend declared to holder of non-controlling interests												(4,039)		(4,039)
Dividend declared and ordinary shares issued to the Company's shareholders				47,716						(63,090)				¥ (15,374)
Dividend declared and ordinary shares issued to the Company's shareholders (in shares) \| shares	726,333	726,333											726,333	726,333
Balance at Mar. 31, 2019		¥ 83		2,101,582		¥ (2,815)		(88,738)		1,407,223		5,427		¥ 3,422,762
Balance, shares at Mar. 31, 2019 \| shares	121,687,974	121,687,974			(136,899)	(136,899)							121,551,075	121,551,075
Net income										470,717		7,011	$ 67,467	¥ 477,728
Other comprehensive income								(5,925)					(837)	(5,925)
Dividend declared to holder of non-controlling interests												(6,074)		(6,074)
Balance at Mar. 31, 2020	$ 12	¥ 83	$ 296,801	¥ 2,101,582	$ (398)	¥ (2,815)	$ (13,369)	¥ (94,663)	$ 265,215	¥ 1,877,940	$ 899	¥ 6,364	$ 549,160	¥ 3,888,491
Balance, shares at Mar. 31, 2020 \| shares	121,687,974	121,687,974			(136,899)	(136,899)							121,551,075	121,551,075

Consolidated Statements of Cash Flows ¥ in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2020 USD ($)	Mar. 31, 2020 CNY (¥)	Mar. 31, 2019 CNY (¥)	Mar. 31, 2018 CNY (¥)
Operating activities:
Net income	$ 67,467	¥ 477,728	¥ 295,201	¥ 240,879
Adjustments to reconcile net income to net cash provided by operating activities:
(Gain)/loss on disposal of property, plant and equipment	7	51	451	(828)
Depreciation of property, plant and equipment	6,331	44,828	47,744	45,969
Reduction in the carrying amount of right-of-use assets	330	2,335
Amortization of intangible assets	653	4,621	4,621	4,621
Deferred income taxes	(1,017)	(7,206)	(14,688)	(9,935)
Provision for doubtful accounts	3,445	24,395	38,214	31,716
Interest on convertible notes				1,023
Amortization of debt issuance costs				690
Share-based compensation				84,268
Change in fair value of equity securities	1,860	13,172	57,125
Loss on disposal of available-for-sale equity securities				167
Changes in operating assets and liabilities:
Accounts receivable	(12,273)	(86,897)	(30,367)	6,338
Inventories	(3,399)	(24,061)	(5,330)	286
Prepaid expenses and other receivables	(2,815)	(19,935)	(3,071)	(4,316)
Non-current deposits				9
Accounts payable	(1,917)	(13,574)	22,194	312
Accrued expenses and other payables	4,230	29,953	5,559	8,227
Operating lease liabilities	(319)	(2,259)
Deferred revenue	17,242	122,085	330,041	347,118
Amounts due to related parties				(4,679)
Income tax payable	1,725	12,216	2,706	6,024
Other non-current liabilities	6,574	46,552	41,718	60,873
Net cash provided by operating activities	88,124	624,004	792,118	818,762
Investing activities:
Purchase of property, plant and equipment	(3,423)	(24,240)	(30,689)	(67,066)
Proceeds from disposal of property, plant and equipment	170	1,195	479	372
Refund of deposits for purchase of property, plant and equipment	986	6,984
Proceeds from disposal of available-for-sale equity securities				217
Refund of non-current deposits	29,658	210,000
Payment of non-current deposits	(48,017)	(340,000)
Net cash used in investing activities	(20,626)	(146,061)	(30,210)	(66,477)
Financing activities:
Payment for dividends to shareholders			(18,173)
Payment for dividends to holder of non-controlling interests	(570)	(4,039)	(3,019)	(2,015)
Net cash used in financing activities	(570)	(4,039)	(21,192)	(2,015)
Effect of foreign currency exchange rate change on cash and cash equivalents	227	1,608	6,535	(9,924)
Net increase in cash and cash equivalents	67,155	475,512	747,251	740,346
Cash and cash equivalents at beginning of year	705,833	4,997,861	4,250,610	3,510,264
Cash and cash equivalents at end of year	772,988	5,473,373	4,997,861	4,250,610
Non-cash investing activities:
Property, plant and equipment acquired by non-current deposits	690	4,884	10,783
Non-cash financing activity:
Payable for dividends to holder of non-controlling interests	858	6,074	4,039
Supplemental disclosures of cash flow information:
Cash paid for income taxes	$ 13,567	¥ 96,074	¥ 73,242	66,567
Cash paid for interest				¥ 1,537

Principal activities and basis of presentation	12 Months Ended
Principal activities and basis of presentation	Mar. 31, 2020
Principal activities and basis of presentation
Principal activities and basis of presentation	1 Principal activities and basis of presentation (a) Principal activities Global Cord Blood Corporation (the “Company”) and its subsidiaries (collectively the “Group”) are principally engaged in the provision of umbilical cord blood storage and ancillary services in the People’s Republic of China (the “PRC”). The Group provides cord blood testing and processing services and storage services under the direction of subscribers for a cord blood processing fee and a storage fee. The Group also tests, processes and stores donated cord blood, and provides matching services to the public for a fee. As of March 31, 2020, the Group has three operating cord blood banks, one in the Beijing municipality, one in the Guangdong province and one in the Zhejiang province, the PRC. The Company’s shares are listed on the New York Stock Exchange (the “NYSE”). (b) Basis of presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP ”).

Summary of significant accounting policies

12 Months Ended

Mar. 31, 2020

Summary of significant accounting policies

Summary of significant accounting policies

2 Summary of significant accounting policies

(a) Principles of consolidation

The accompanying consolidated financial statements include the financial statements of the Company and its subsidiaries in which the Company, directly or indirectly, has a controlling financial interest. For consolidated subsidiaries where the Company’s ownership is less than 100%, the portion of equity (net assets) in a subsidiary not attributable, directly or indirectly, to the Company, are presented as non-controlling interests. All significant intercompany balances and transactions have been eliminated on consolidation.

(b) Use of estimates

The preparation of the consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include the estimate of stand-alone selling price for each performance obligation in contracts with customers that contain more than one performance obligation, the estimated number of successful match units over the estimated weighted average remaining useful life of donated cord blood units, the useful lives of property, plant and equipment and intangible assets, the recoverability of property, plant and equipment and intangible assets, the collectibility of accounts receivables, and the realizability of inventories and deferred tax assets.

The reporting currency of the Company is Renminbi (“RMB”).

The functional currency of Beijing Jiachenhong Biological Technologies Co., Ltd. ("Beijing Jiachenhong"), Guangzhou Municipality Tianhe Nuoya Bio-engineering Co., Ltd. ("Guangzhou Nuoya") and Zhejiang Lukou Biotechnology Co., Ltd. ("Zhejiang Lukou") is RMB and the functional currency of the Company is United States dollars (“US$”). The functional currencies of subsidiaries of the Company outside the PRC are either US$ or Hong Kong dollars.

Transactions of Beijing Jiachenhong, Guangzhou Nuoya and Zhejiang Lukou denominated in currencies other than RMB are translated into RMB at the exchange rates quoted by the People’s Bank of China (the “PBOC”) prevailing at the dates of the transactions. Monetary assets and liabilities of Beijing Jiachenhong, Guangzhou Nuoya and Zhejiang Lukou denominated in foreign currencies are translated into RMB using the applicable exchange rates quoted by the PBOC at the balance sheet date. The resulting exchange differences are recorded in foreign currency exchange gains/(losses) in the consolidated statements of comprehensive income.

Transactions of the Company and subsidiaries outside the PRC denominated in currencies other than their functional currencies are translated into their functional currencies at the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities of the Company and subsidiaries outside the PRC denominated in foreign currencies are translated into their functional currencies using the applicable exchange rates at the balance sheet date. The resulting exchange differences are recorded in foreign currency exchange gains/(losses) in the consolidated statements of comprehensive income.

Assets and liabilities of the Company and subsidiaries outside the PRC are translated into RMB using the exchange rate at the balance sheet date. Revenues and expenses of the Company and subsidiaries outside the PRC are translated at the average exchange rates prevailing during the year. The adjustments resulting from translation of financial statements of the Company and subsidiaries outside the PRC are recorded as a separate component of accumulated other comprehensive income within shareholders’ equity.

RMB is not a fully convertible currency. All foreign exchange transactions involving RMB must take place either through the PBOC or other institutions authorized to buy and sell foreign exchange. The exchange rates adopted for the foreign exchange transactions are the rates of exchange quoted by the PBOC.

For the convenience of the readers, certain amounts as of and for the year ended March 31, 2020 included in the accompanying consolidated financial statements have been translated into U.S. dollars at the rate of US$1.00 = RMB7.0808, being the spot exchange rate of U.S. dollars in effect on March 31, 2020 for cable transfers in RMB per U.S. dollar as certified for customs purposes by the Federal Reserve, the central bank of the United States of America. No representation is made that the RMB amounts could have been, or could be, converted into U.S. dollars at that rate or at any other rate on March 31, 2020 or at any other date. The U.S. dollars convenience translation is not required under U.S. GAAP.

(d) Cash and cash equivalents

Cash consists of cash on hand and demand deposits. Cash equivalents include short-term, highly liquid investments with original maturities of three months or less at the date of purchase and readily convertible into known amounts of cash. Cash and cash equivalents of the Group are mainly maintained in the PRC and are denominated in several currencies. As of March 31, 2019 and 2020, cash and cash equivalents maintained in the PRC amounted to RMB4,951,352 and RMB5,435,526 (US$767,643), respectively. The Group’s cash and cash equivalents denominated in U.S. dollars, Australian dollars, Renminbi, Hong Kong dollars and Singapore dollars are as follows:


	March 31,
	2019		2020
	Original currency	RMB	Original currency	RMB
U.S. dollars	4,229	28,205	778	5,547
Australian dollars	4	17	4	15
Renminbi	4,951,377	4,951,377	5,435,559	5,435,559
Hong Kong dollars	19,431	16,614	32,905	30,088
Singapore dollars	333	1,648	435	2,164

Cash and cash equivalents held at financial institutions located in the PRC and Hong Kong are insured up to certain amount. Management believes that these major financial institutions have high credit ratings.

(e) Investment securities

Prior to the adoption of Accounting Standards Update ("ASU") No. 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities ("ASU 2016-01") on April 1, 2018, management determines the appropriate classification of its investment securities at the time of purchase and re-evaluates such designations at each reporting date.

Trading securities were recorded at fair value. Realized and unrealized holding gains and losses, net of the related tax effect, on trading securities are included in earnings.

Available-for-sale equity securities were recorded at fair value. Unrealized holding gains and losses, net of the related tax effect, on available-for-sale equity securities were excluded from earnings and were reported as a separate component of accumulated other comprehensive income until realized. Realized gains and losses from the sale of available-for-sale equity securities were determined on a specific-identification basis. Where the fair value of an investment in equity securities was not readily determinable, the investment was recorded at cost.

A decline in the market value of available-for-sale securities that was deemed to be other-than-temporary resulted in an impairment to reduce the carrying amount to fair value. The impairment was charged to earnings and a new cost basis for the security was established. In determining whether an impairment was other-than-temporary, the Group considered whether it had the ability and intent to hold the investment until a market price recovery and considered whether evidence indicating the cost of the investment was recoverable outweighs evidence to the contrary. Evidence considered in this assessment included the reasons for the impairment, the severity and duration of the impairment, forecasted performance of the investee, and the general market condition in the geographic area or industry the investee operates in.

Upon the adoption of ASU 2016-01 on April 1, 2018, equity securities with readily determinable fair value are measured at fair values, and any changes in fair value are recognized in earnings. Where the fair value of an investment in equity securities is not readily determinable, the Group recognizes such investment in other investment, and uses the measurement alternative of cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer.

For equity investments measured at fair value with changes in fair value recorded in earnings, the Group does not assess whether those securities are impaired. For equity investments without readily determinable fair value, at each reporting period, the Group makes a qualitative assessment considering impairment indicators to evaluate whether the investment is impaired. Impairment indicators that the Group considers include, but are not limited to, (i) the deterioration of earnings performance, credit rating, asset quality, or business prospects of the investee; (ii) a significant adverse change in the regulatory, economic, or technological environment of the investee; and (iii) a significant adverse change in the general market condition of either the geographic area or the industry in which the investee operates. If a qualitative assessment indicates that the investment is impaired, the Group has to estimate the investment's fair value and if the fair value is less than the investment's carrying value, the Group recognizes an impairment loss in other expenses equal to the difference between the carrying value and fair value.

Dividend income is recognized in other income when earned.

(f) Accounts receivable

Accounts receivable represent amounts due from subscribers for cord blood processing and storage services, which are recognized in accordance with the Group's revenue recognition policies (Note 2(l)). Installments receivable from subscribers which are due for repayment in over one year under the deferred payment option are classified as non-current accounts receivable. Accounts receivable are stated net of allowance for doubtful accounts.

The allowance for doubtful accounts is the Group’s best estimate of losses in the Group’s accounts receivable, which is determined based on historical write-off experience, customer specific facts and economic conditions.

The Group reviews its allowances for doubtful accounts quarterly. Outstanding account balances are reviewed on a pooled basis by ageing of such balances. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Group’s PRC subsidiaries are required to comply with local tax requirements on the write-offs of doubtful accounts, which allow for such write-offs only when the related account balances are aged over three years and sufficient evidence is available to prove the debtor’s inability to make payments. For financial reporting purposes, the Group's PRC subsidiaries generally record write-offs of doubtful accounts at the same time the local tax requirements for the write-offs are met. As a result, there are generally time lags between the time when a provision for doubtful accounts is recorded and the time the doubtful accounts are written off against the related allowance. The Group does not have any off-balance-sheet credit exposure related to its customers.

(g) Inventories

The Group collects, tests, freezes and stores donated umbilical cord blood for future transplantation or research purposes in return for a fee. Collection, testing and processing costs attributable to the processing of donated umbilical cord blood are capitalized as inventories, stated at the lower of cost or net realizable value on a weighted-average basis, and recognized as cost of revenues when revenue is recognized. Cost comprises direct materials, direct labor and an allocation of production overheads. Inventories that are not expected to be realized within 12 months from the balance sheet date are classified as non-current assets. Consumables and supplies are included in inventories and classified as current assets.

(h) Property, plant and equipment

Property, plant and equipment are stated at cost less accumulated depreciation.

Depreciation on property, plant and equipment is calculated based on the straight-line method (after taking into account their respective estimated residual values) over the estimated useful lives of the assets as follows:


Buildings		37.5 – 50 years
Leasehold improvements		Shorter of the lease term or estimated useful lives of 10 years
Machineries		5 – 10 years
Motor vehicles		5 years
Furniture, fixtures and office equipment		3 – 5 years

No depreciation expense is provided in respect of construction-in-progress.

Depreciation of property, plant and equipment attributable to the processing of donated umbilical cord blood for future transplantation is capitalized as part of inventories, and is expensed to cost of revenues when revenue is recognized.

(i) Intangible assets

Intangible assets represent the operating rights to operate cord blood banks and are stated at the fair value on the date of acquisition less accumulated amortization. Where payment for an operating right is non-deductible for tax purpose, the simultaneous equations method is used to record the assigned value of the asset and the related deferred tax liability, such that the carrying amount of the asset upon initial recognition less deferred tax liability recognized equals the amount paid for the asset. Amortization expense is recognized on a straight-line basis over the estimated useful life of the operating rights of 30 years.

(j) Leases

Prior to the adoption of ASU No. 2016-02, Leases (Topic 842) and subsequent amendments to the initial guidance including ASU No. 2017-13, ASU No. 2018-10, ASU No. 2018-11, ASU No. 2018-20, and ASU No. 2019-01 (collectively, "Topic 842"), operating leases were not recognized on the balance sheet of the Company, instead, rental expenses with fixed payments were recognized on a straight-line basis over the lease term.

Effective April 1, 2019, the Company adopted Topic 842 using a modified retrospective transition approach for leases that exist at, or are entered into after April 1, 2019, and has not recast the comparative periods presented in the consolidated financial statements. At the inception of a contract, the Company determines if the arrangement is, or contains, a lease. Operating lease liabilities are recognized at lease commencement based on the present value of lease payments over the lease term. Operating lease right of use assets are initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial cost of revenues incurred less any lease incentives received. As the rate implicit in the lease cannot be readily determined, the Company uses incremental borrowing rate at the lease commencement date in determining the imputed interest and present value of lease payments. The incremental borrowing rate is determined based on the rate of interest that the Company would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term in a similar economic environment. The lease term for all of the Company's leases includes the non-cancellable period of the lease plus any additional periods covered by either a Company's option to extend (or not to terminate) the lease that the Company is reasonably certain to exercise, or an option to extend (or not to terminate) the lease controlled by the lessor. For operating leases, the company recognizes a single lease cost on a straight-line basis over the remaining lease term.

The Company has elected not to recognize right-of-use assets or lease liabilities for leases with an initial term of 12 months or less and the Company recognizes lease expense for these leases on a straight-line basis over the lease terms. In addition, the company has elected not to separate non-lease components (e.g. common area maintenance fees) from lease components.

(k) Impairment of long-lived assets

Long-lived assets, including property, plant and equipment, operating lease right-of-use assets and intangible assets with finite useful lives, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of long-lived assets to be held and used is measured by a comparison of the carrying amount of an asset or asset group to the estimated undiscounted future cash flows expected to be generated by the asset or asset group. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flows models, quoted market values and third-party independent appraisals, as considered necessary. No impairment of long-lived assets was recognized for the years ended March 31, 2018, 2019 and 2020.

(l) Revenue recognition

The Group receives fees for collecting, testing, freezing and storing of cord blood units. Once the cord blood units are collected, tested, screened and successfully meet all of the required attributes, the Group freezes the units and stores them in a cryogenic freezer. Under the cord blood processing and storage agreement (the "Agreement”) signed with the customer, the Group charges separate processing fee and storage fees to the customer and such Agreement provides a storage period of eighteen years. Pursuant to the Agreement, the processing fee is non-refundable unless the cord blood is non-viable for storage, and no penalty is charged to customers for early termination of the cord blood storage service. The Group offers discount to customers from time to time.

Prior to April 1, 2018, the Group recognized revenue in accordance with Accounting Standards Codification (“ASC”) Topic 605, Revenue Recognition (“ASC 605”). The Agreement is a multiple-element arrangement, which includes (i) the processing of cord blood unit; and (ii) the storage of cord blood unit. The Group accounts for the arrangement under the ASC 605-25, Revenue Recognition — Multiple-Element Arrangements. In accordance with ASC 605-25, revenue arrangements that include multiple elements are analyzed to determine whether the deliverables can be divided into separate units of accounting or treated as a single unit of accounting. The consideration received is allocated among the separate units of accounting based on their relative selling prices determined based on prices of these elements as sold on a stand-alone basis, and the applicable revenue recognition criteria are applied to each of the separate units. In an arrangement with multiple deliverables, the delivered product or service shall be considered a separate unit of accounting when the following criteria are met: (i) the delivered item or items have value to the customer on a standalone basis; and (ii) if the arrangement includes a general right of return relative to the delivered item, delivery or performance of the undelivered item or items is considered probable and substantially in the control of the Group. Based on evaluation of the criteria, the Group has determined that the cord blood processing services and cord blood storage services are separate units. The Group considers all reasonably available information to allocate the overall arrangement fee to cord blood processing and cord blood storage services based on their relative selling prices. The Group recognizes processing fee revenue upon successful completion of processing services and when the cord blood unit meets all the required attributes for storage, and recognizes the storage fee revenues ratably over the annual storage period. Fees derived from the provision of donated cord blood for transplantation and research are recognized when the cord blood unit is delivered and the risk of loss is transferred to the recipient. The Group’s revenues are net of value-added tax collected on behalf of tax authorities at 6% on the invoiced amount in respect of the services rendered.

Effective April 1, 2018, the Group adopted the new guidance of Accounting Standards Codification ("ASC") Topic 606, Revenue from Contracts with Customers ("ASC 606"), which supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. According to ASC 606, the Group recognizes revenues when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. The Agreement includes two promised services which are (i) the processing service of cord blood unit; and (ii) the storage service of cord blood unit. As the promise to provide the processing service to subscriber is distinct from the promise to provide the storage service in the contract, two performance obligations are identified in the Agreement. The consideration expected to be received is allocated at contract inception among the performance obligations based on their relative selling prices determined based on prices of these elements as sold on a stand-alone basis, and the applicable revenue recognition criteria are applied to each of the performance obligation. The Group considers all reasonably available information to allocate the overall arrangement fee to processing and storage services based on their relative selling prices. The Group recognizes processing fee revenue when the performance obligation is satisfied at a point in time, which is upon successful completion of processing services and when the cord blood unit meets all the required attributes for storage, and recognizes the storage fee revenues ratably over the annual storage period as the performance obligation is satisfied over time. The Group believes the methodology of recognizing storage revenues over time meaningfully depicts the timing of storage services delivered to customers as it exerts the necessary efforts to deliver such services equally over time. The revenue recognition policy adopting ASC 606 is consistent with previous accounting practice.

During the years ended March 31, 2018, 2019 and 2020, the Group offered its customers three payment options:

(i)

Payment of the processing fee upon delivery of the cord blood unit to the Group’s premises for processing and the annual storage fee in advance at the beginning of each annual period;

(ii)

Payment of the processing fee upon delivery of the cord blood unit to the Group’s premises for processing and an upfront payment of storage fees for a period of eighteen years; and

(iii)

Payment of the processing fee by installment over multiple periods and the annual storage fee in advance at the beginning of each annual period or an upfront payment of storage fees for a period of eighteen years paid by several installments.

Under payment option (ii), it does not contain a financing component, because the difference between the promised consideration and the cash selling price of the service arises for non-finance reasons, and the difference between those amounts is proportional to the reasons for the difference.

Under payment option (iii), the period between fulfillment of the performance obligation of processing services and the receipt of payment is greater than a year, and a significant financing component is present. The promised amount of consideration is discounted to present value based on a discount rate reflective of a separate financing transaction between the customer and the Group, at contract inception. The significant financing component is recorded as a reduction to revenue and accounts receivable initially, with such accounts receivable discount amortized to interest income over the period to receipt of payment. Installments due for payment beyond one year are classified as non-current accounts receivable.

When payment from customers occurs prior to revenue recognition, a contract liability is recorded as deferred revenue on the consolidated balance sheet.

Fees derived from the provision of donated cord blood for transplantation and research are recognized upon the satisfaction of its performance obligation, which is to transfer the control of the promised cord blood unit to the recipient. The transfer of control of the cord blood unit is satisfied at a point in time, which is the delivery of the cord blood unit to the recipient and evidenced by signed acknowledgements.

The Group’s revenues are net of value-added tax collected on behalf of tax authorities at 6% on the invoiced amount in respect of the services rendered.

(m) Research and development costs

Research and development costs are incurred for research activities conducted to enhance collection and storage technologies, and measures to improve the results in umbilical cord blood stem cells extraction and separation. They also include research expenses on the use of cord blood stem cells in different medical treatments. Research and development costs are expensed as incurred.

(n) Advertising costs

Advertising costs are expensed as incurred and included in sales and marketing expenses in the consolidated statements of comprehensive income in the amount of RMB37,424, RMB39,586 and RMB49,392 (US$6,975) for the years ended March 31, 2018, 2019 and 2020, respectively.

(o) Employee benefits

Contributions to employee benefits (which are defined contribution plans) are charged to the consolidated statements of comprehensive income when the related employee service is provided. The Group does not have any defined benefit plans.

(p) Debt issuance costs

Costs incurred by the Group that are directly attributable to the issuance of the convertible notes are deferred and charged to the consolidated statements of comprehensive income using an effective interest rate method from the date the convertible notes were issued to the earliest date the holders of the convertible notes can demand payment, which is five years.

(q) Income taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases, tax loss carry forwards and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. A valuation allowance is provided to reduce the amount of deferred tax assets if it is considered more likely than not that some portion or all of the deferred tax assets will not be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the consolidated statements of comprehensive income in the period that includes the enactment date.

The Group recognizes in the consolidated financial statements the impact of a tax position if that position is more likely than not of being sustained upon examination, based on the technical merits of the position. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Group has elected to classify interest and penalties related to unrecognized tax benefits, if and when required, as part of income tax expense in the consolidated statements of comprehensive income.

A deferred tax liability is not recognized for the excess of the Group's financial statements carrying amount over the tax base of its investment in a foreign subsidiary, due to the Company's plan and intention to reinvest these foreign subsidiaries' earnings indefinitely.

(r) Commitments and contingencies

In the normal course of business, the Group is subject to contingencies, including legal proceedings and claims that relate to a wide range of matters, including, among others, product liability. An accrual for a loss contingency is recognized when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. If a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, is disclosed.

(s) Earnings per share

Basic earnings per ordinary share is computed by dividing net income attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year using the two-class method. Under the two-class method, net income attributable to ordinary shareholders is allocated between ordinary shares and participating securities based on contractual participating rights of security to share in undistributed earnings as if all of the earnings had been distributed.

Diluted earnings per share is computed by dividing net income attributable to ordinary shareholders, as adjusted to exclude any income or expenses related to dilutive ordinary equivalents shares by the weighted average number of ordinary shares and dilutive potential ordinary shares outstanding during the period. Dilutive potential ordinary shares consist of (i) the ordinary shares issuable upon the conversion of the convertible notes applying the if-converted method; (ii) the ordinary shares issuable upon the vesting of the restricted share units (“RSU”) scheme applying the treasury stock method; and (iii) the ordinary shares issuable as scrip dividend. Dilutive potential ordinary shares in the diluted earnings per share computation are excluded to the extent that their effect is anti-dilutive.

(t) Share-based compensation

The Group recognizes share-based payments as compensation cost and measures such cost based on the grant date fair value of the equity instrument issued. Compensation expense is recognized on a straight-line basis over the requisite service period, which is generally the vesting period.

(u) Segment reporting

The Company's chief operating decision maker ("CODM") has been identified as the Chief Executive Officer. The CODM regularly reviews financial information at the operating segment level in order to make decisions about resources to be allocated to the segments and to assess their performance. The Group has one operating segment, as defined by ASC Topic 280, Segment Reporting, which is processing and storage of cord blood units. All of the Group’s operations and customers are located in the PRC. Consequently, no geographic information is presented.

(v) Fair value measurement

The Group utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Group determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels:

Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date.

Level 2 Inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.

Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date.

See Note 22 to the consolidated financial statements.

(w) Recently issued accounting standards

In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09"), to supersede nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. This guidance was originally effective for annual reporting and interim periods beginning after December 15, 2016 with early adoption not permitted. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date (“ASU 2015-14”), which defers the effective date of ASU 2014-09 to fiscal years and interim reporting periods beginning after December 15, 2017 and permits early adoption as early as the original effective date of ASU 2014-09. The new revenue standard may be applied retrospectively to each prior period presented ("full retrospective method") or retrospectively with the cumulative effect recognized as of the date of adoption ("modified retrospective method"). The Company applied the modified retrospective method to those contracts that are not completed contracts on April 1, 2018 upon the adoption of ASU 2014-09. Results for reporting periods beginning after April 1, 2018 are presented under the new revenue recognition, while prior period amounts are not adjusted and continue to be reported in accordance with ASC 605. The adoption of this new revenue standard did not impact retained earnings as of April 1, 2018 and there are no changes between the reported results for the year ended March 31, 2019 under Topic 606 and those would have been reported under Topic 605.

In January 2016, the FASB issued ASU 2016-01 which amends certain aspects of recognition, measurement, presentation and disclosure of financial statements. ASU 2016-01 requires all equity investments to be measured at fair value with changes in fair value recognized through net income (other than those accounted for under equity method of accounting or those that result in consolidation of the investees). ASU 2016-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. To further clarify ASU 2016-01, the FASB issued ASU 2018-03, Technical Corrections and Improvements to Financial Instruments — Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2018-03”), in February 2018. ASU 2018-03 requires application of a prospective transition approach only for those equity investments for which the new measurement alternative is being applied. Additionally, if an entity voluntarily discontinues using the measurement alternative, the investment and all identical or similar investments of the same issuer must be measured at fair value. Public business entities with fiscal years beginning between December 15, 2017 and June 15, 2018, were not required to adopt these amendments until the interim period beginning after June 15, 2018. Early adoption was permitted. For equity securities that are accounted for under the fair value method, the adoption of these amendments is by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. Upon the adoption of this new standard on April 1, 2018, cumulative effect of change in fair value of equity securities of RMB62,316 was adjusted from accumulated other comprehensive losses to retained earnings. Decrease in fair value of equity securities of RMB57,125 and RMB13,172 (US$1,860) was recognized as other expenses through net income for the years ended March 31, 2019 and 2020, respectively.

In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows — Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”), which clarifies the presentation and classification of certain cash receipts and cash payments in the statement of cash flows. ASU 2016-15 was effective for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption was permitted. The Company adopted ASU 2016-15 on April 1, 2018 and concluded that no impact on its consolidated financial statements as a result of the adoption of this guidance.

In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (“ASU 2016-18”). ASU 2016-18 requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown in the statement of cash flows. ASU 2016-18 was effective for fiscal years beginning after December 15, 2017, and interim period within those fiscal years. Early adoption was permitted, including adoption in an interim period. The standard is applied using a retrospective transition method to each period presented. The Company adopted ASU 2016-18 on April 1, 2018 and concluded that no impact on its consolidated financial statements as a result of the adoption of this guidance.

In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business (“ASU 2017-01”), which clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions or disposals of assets or businesses. ASU 2017-01 was effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption was permitted. ASU 2017-01 is applied prospectively on or after the effective date. The Company adopted ASU 2017-01 on April 1, 2018 and concluded that no impact on its consolidated financial statements as a result of the adoption of this guidance.

In February 2016, the FASB issued Topic 842 which requires companies to generally recognize on the balance sheet operating and financing lease liabilities and corresponding right-of-use assets. The standard is effective for publicly-traded companies for annual reporting periods, and interim periods within those years, beginning after December 15, 2018. Early adoption is permitted. The Company adopted this standard on a modified retrospective basis and used the following practical expedients:

-the Company did not reassess if any expired or existing contracts are or contain leases; and

-the Company did not reassess the classification of any expired or existing leases.

The adoption of Topic 842 resulted in the recognition of the right-of-use assets and the lease liabilities for operating lease as of April 1, 2019 of RMB6,883 and RMB5,758, respectively. There was no cumulative effect to the retained earnings as of April 1, 2019.

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments — Credit Losses (Topic 326) (“ASU 2016-13”) and subsequent amendments to the initial guidance including ASU No. 2018-19, ASU No. 2019-04, and ASU No. 2019-05 (collectively, “Topic 326”). Topic 326 requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost. This standard is effective for annual and interim periods beginning after December 15, 2019 and early adoption is permitted for annual and interim periods beginning after December 15, 2018. The Company has adopted this standard since April 1, 2020 and the adoption of this standard did not have material impact on its consolidated financial statements.

In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”), which modifies the disclosure requirements of fair value measurements. The amendments in ASU 2018-13 are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. An entity is permitted to early adopt any removed or modified disclosures upon the issuance of ASU 2018-13 and delay adoption of the additional disclosures until their effective date. The Company has adopted this standard since April 1, 2020 and the adoption of this standard did not have material impact on its consolidated financial statements.

Accounts receivable, net

12 Months Ended

Mar. 31, 2020

Accounts receivable, net

Accounts receivable, net

3 Accounts receivable, net

(a) Accounts receivable consist of the following:


	March 31,
	2019	2020	2020
	RMB	RMB	US$

Accounts receivable	366,214	447,572	63,209
Less: Allowance for doubtful accounts	(164,434)	(183,290)	(25,886)
Total accounts receivable, net	201,780	264,282	37,323

Representing:

Current portion:
- Processing fees	68,113	72,072	10,178
- Storage fees	27,465	30,907	4,365
- Others	1,345	1,272	180
	96,923	104,251	14,723
Non-current portion - Processing fees	104,857	160,031	22,600
Total accounts receivable, net	201,780	264,282	37,323

Non-current accounts receivable as of March 31, 2020 are due for payment as follows:


	March 31, 2020
	RMB	US$
Fiscal years ending March 31,
2022	35,809	5,057
2023	43,095	6,086
2024	37,366	5,277
2025	34,039	4,807
2026 and thereafter	96,143	13,578
	246,452	34,805
Less: Unearned interest	(15,000)	(2,118)
Total non-current accounts receivable	231,452	32,687

(b) An aging analysis of accounts receivable based on due date is as follows:


	March 31,
	2019	2020	2020
	RMB	RMB	US$

Not past due	219,216	285,136	40,269
Within one year past due	27,138	27,179	3,838
Between one to two years past due	30,255	20,645	2,916
Over two years past due	89,605	114,612	16,186
Total accounts receivable	366,214	447,572	63,209


	Year ended March 31,
	2018	2019	2020	2020
	RMB	RMB	RMB	US$

Balance at beginning of year	117,602	127,940	164,434	23,223
Charged to allowance for doubtful accounts	31,716	38,214	24,395	3,445
Write-off charged against the allowance for the year	(21,378)	(1,720)	(5,539)	(782)
Balance at end of year	127,940	164,434	183,290	25,886

Inventories

12 Months Ended

Mar. 31, 2020

Inventories

Inventories

4 Inventories

Inventories consist of the following:


	March 31,
	2019	2020	2020
	RMB	RMB	US$

Current portion:
- Consumables and supplies	27,612	43,758	6,180

Non-current portion:
- Processing costs capitalized in donated umbilical cord blood	77,194	85,109	12,020
Total current and non-current inventories	104,806	128,867	18,200

Collection, testing and processing costs attributable to the processing of donated umbilical cord blood are capitalized as inventories. Management assesses the recoverability of such inventories with reference to future projections of matching fees, number of donated cord blood units of the Group, demand for cord blood units for transplantation and research purposes, and the probability of finding a match in light of the number of units held. Based on such assessments, the management considers that the cord blood processing costs capitalized are recoverable and no write-down for inventories was made during the years ended March 31, 2018, 2019 and 2020.

The Group recognizes the revenue for one matched donated umbilical cord blood unit upon delivery of the unit and recognizes the cost of the cord blood unit equal to the carrying amount of the total inventory (donated umbilical cord blood units) divided by the estimated future number of successful matches which would become realized through sales during the estimated weighted average remaining useful life of the donated umbilical cord blood unit. As of March 31, 2020, the weighted average remaining useful life of the donated umbilical cord blood units was estimated to be approximately 18 years. Based on the historical increase in the number of donated umbilical cord blood matching inquiries and the number of successful matches of donated umbilical cord blood units, the Group estimated the number of successful matches of donated umbilical cord blood units will increase by 7% per annum. There were no material changes to the estimates and assumptions underlying the methodology for the years ended March 31, 2018, 2019 and 2020.

Prepaid expenses and other receivables

12 Months Ended

Mar. 31, 2020

Prepaid expenses and other receivables

Prepaid expenses and other receivables

5 Prepaid expenses and other receivables

Prepaid expenses and other receivables consist of the following:


	March 31,
	2019	2020	2020
	RMB	RMB	US$

Prepaid expenses	14,748	38,760	5,474
VAT tax receivables	4,411	856	121
Other receivables	6,373	5,169	730
Total prepaid expenses and other receivables	25,532	44,785	6,325

Other receivables mainly include advance payments to employees and prepayments.

Property, plant and equipment, net

12 Months Ended

Mar. 31, 2020

Property, plant and equipment, net

Property, plant and equipment, net

6 Property, plant and equipment, net

Property, plant and equipment, net consist of the following:


	March 31,
	2019	2020	2020
	RMB	RMB	US$

Buildings	600,733	604,112	85,318
Leasehold improvements	14,864	14,864	2,099
Machineries	196,123	208,377	29,429
Motor vehicles	19,246	19,088	2,695
Furniture, fixtures and equipment	53,631	55,722	7,869
Construction-in-progress	3,887	1,356	192
	888,484	903,519	127,602
Less: Accumulated depreciation	(343,144)	(380,840)	(53,785)
Total property, plant and equipment, net	545,340	522,679	73,817

Depreciation expense of property, plant and equipment is allocated to the following expense items:


	Year ended March 31,
	2018	2019	2020	2020
	RMB	RMB	RMB	US$

Cost of revenues	30,055	30,848	28,980	4,093
Research and development	1,138	1,358	1,866	264
Sales and marketing	3,217	3,371	2,742	387
General and administrative	11,559	12,167	11,240	1,587
Total depreciation expense	45,969	47,744	44,828	6,331

Non-current deposits

12 Months Ended

Mar. 31, 2020

Non-current deposits

Non-current deposits

7 Non-current deposits

Non-current deposits consist of the following:


		March 31,
	Note	2019	2020	2020
		RMB	RMB	US$

Investment deposit	(i)	224,475	340,000	48,017
Deposit for purchase of machineries		12,244	7,360	1,040
Total non-current deposits		236,719	347,360	49,057

Note:

(i)

During the year ended March 31, 2020, the Group entered into a Letter of Intent with a third party to potentially acquire non-controlling equity interests in a healthcare company with a refundable earnest money deposit of RMB340,000 (US$48,017). The Group previously entered into a Letter of Intent with a third party for a potential acquisition of the equity interests in a company in the healthcare industry with a refundable earnest money deposit of US$33,660. Due to the change in circumstances, the earnest money deposit of US$33,660 was refunded during the year ended March 31, 2020.

Intangible assets, net

12 Months Ended

Mar. 31, 2020

Intangible assets, net

Intangible assets, net

8Intangible assets, net


	March 31,
	2019	2020	2020
	RMB	RMB	US$

Cord blood bank operating rights	138,628	138,628	19,578
Less: Accumulated amortization	(41,184)	(45,805)	(6,469)
Total intangible assets, net	97,444	92,823	13,109

Intangible assets represent the cord blood bank operating rights in the Guangdong and Zhejiang provinces, the PRC.

The cord blood bank operating right in the Guangdong province was acquired through the acquisition of Guangzhou Nuoya in May 2007. The estimated useful life of the operating right is thirty years. Amortization expenses of the operating right in the Guangdong province were RMB971, RMB971 and RMB971 (US$137) for the years ended March 31, 2018, 2019 and 2020, respectively. The operating right is subject to renewal and the next renewal is due in May 2021.

In February 2011, the Group acquired the right to operate the cord blood bank in the Zhejiang province from a third party for cash consideration of US$12,500 (equivalent to RMB82,124). Payment for the operating right is non-deductible for tax purpose. The simultaneous equations method is used to record the assigned value of the asset of RMB109,499 and a related deferred tax liability of RMB27,375 (Note 17(c)), in accordance with the guidance in ASC Topic 740-10-25-51, such that the carrying amount of the asset upon initial recognition less the related deferred tax liability equals the cash consideration paid. The estimated useful life of the operating right in the Zhejiang province is thirty years. Amortization expenses were RMB3,650, RMB3,650 and RMB3,650 (US$516) for the years ended March 31, 2018, 2019 and 2020, respectively. The operating right is subject to renewal and the next renewal is due in September 2022.

The Group determined that a thirty-year period as useful life of the cord blood bank operating rights to be appropriate, following the pattern in which the expected benefits of the asset will be consumed or otherwise used up. The Group’s renewal period with the provincial governmental authorities generally is every three (for cord blood banks in Guangdong and Zhejiang provinces) or nine (for cord blood bank in Beijing municipality) years. The Group has historically renewed cord blood bank operating rights without incurring any significant costs. There are no other legal or regulatory provisions that limit the useful life of the cord blood bank operating rights or that cause the cash flows and useful life of such cord blood bank operating rights to be constrained. In addition, the Group expects the effect of obsolescence, demand, competition, and other economic factors to be minimal.

The Group engaged independent third-party valuation firms in determining the fair values of the cord blood bank operating rights during the acquisitions. The fair values of the cord blood bank operating rights were determined using an income approach and considered assumptions (including turnover rate) that a market participant would make consistent with the highest and best use of the asset by market participants. The periods of expected cash flows used to measure the fair values of the cord blood bank operating rights were thirty years. Without evidence to the contrary, the Group expects that the cord blood bank operating rights will be renewed at the same rate as a market participant would expect, and no other factors would indicate a different useful life is more appropriate. Accordingly, in the absence of other entity-specific factors, the useful life of the cord blood bank operating rights was determined to be thirty years.

A straight-line method of amortization has been adopted as the pattern in which the economic benefits of the operating rights are used up cannot be reliably determined. Estimated amortization expenses for the years ending after March 31, 2020 are:


	March 31, 2020
	RMB	US$
Fiscal years ending March 31,
2021	4,621	653
2022	4,621	653
2023	4,621	653
2024	4,621	653
2025	4,621	653
2026 and thereafter	69,718	9,844
Total amortization expenses	92,823	13,109

Investment in equity securities at fair value

12 Months Ended

Mar. 31, 2020

Investment in equity securities at fair value

Investment in equity securities at fair value

9 Investment in equity securities at fair value


		March 31,
	Note	2019	2020	2020
		RMB	RMB	US$

Listed equity securities
Cordlife Group Limited - listed on Singapore Exchange	(i)	49,270	40,653	5,741
Listed fund investment	(ii)	58,092	60,653	8,566
		107,362	101,306	14,307

Notes:

(i)

As of March 31, 2019 and 2020, the Group held 25,516,666 ordinary shares in CGL, respectively. CGL is a provider of cord blood banking services with operations in Singapore, Hong Kong, India, Indonesia, Malaysia and the Philippines (as well as brand presence in Bangladesh, Myanmar, Thailand and Vietnam), and is listed on the Singapore Exchange. As of March 31, 2019 and 2020, the Group’s equity interest in CGL was 10.1% and 10.0%, respectively.

(ii)

As of March 31, 2019 and 2020, the Group held an investment in industry specific fund which are classified as equity securities measured at fair value since they have readily determinable fair value.

Upon the adoption of ASU 2016-01 on April 1, 2018, accumulated unrealized holding gains of equity securities of RMB62,316 was adjusted from accumulated other comprehensive losses to retained earnings.

As of March 31, 2019 and 2020, the cost basis of the investments in equity securities was RMB100,213 (US$14,153) and the aggregate fair value was RMB107,362 and RMB101,306 (US$14,307), respectively. Decrease in fair value of equity securities of RMB57,125 and RMB13,172 (US$1,860) for the years ended March 31, 2019 and 2020, respectively, was recognized as other expenses through net income.

Dividends received from CGL during the years ended March 31, 2018, 2019 and 2020 of RMB634, RMB976 and RMB507 (US$72), respectively, were recorded in dividend income in the consolidated statements of comprehensive income.

Other equity investment

12 Months Ended

Mar. 31, 2020

Other equity investment

Other equity investment

10 Other equity investment

As of March 31, 2019 and 2020, the Group owned 24% equity interest of Shandong Province Qilu Stem Cells Engineering Co., Ltd. (“Qilu Stem Cells”), which operates a cord blood bank in the Shandong province, the PRC. Since the Group does not have any representation in the board of directors and does not have significant influence over the financial and operating decisions of Qilu Stem Cells, and the equity interests do not have a readily determinable fair value, the investment is stated at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of Qilu Stem Cells. The Group performed an impairment assessment based on Qilu Stem Cells’s operational performance, local demographic trend and the economic environment of the Shandong province and no impairment indicator was identified for the years ended March 31, 2019 and 2020, respectively.

No dividend income was received from Qilu Stem Cells during the years ended March 31, 2018, 2019 and 2020.

Accrued expenses and other payables

12 Months Ended

Mar. 31, 2020

Accrued expenses and other payables

Accrued expenses and other payables

11 Accrued expenses and other payables

Accrued expenses and other payables consist of the following:


		March 31,
	Note	2019	2020	2020
		RMB	RMB	US$

Insurance premium received on behalf of insurance company	(i)	36,987	40,198	5,677
Other tax payables		2,663	921	130
Accrued salaries, bonus and welfare expenses		17,926	30,436	4,298
Accrued consultancy and professional fees		3,945	21,475	3,033
Payable for property, plant and equipment		1,198	2,423	342
Other payables	(ii)	17,258	18,536	2,619
Total accrued expenses and other payables		79,977	113,989	16,099

Notes:

(i)

The Group has an agreement with an insurance company under which the Group collects insurance premiums on behalf of the insurance company from customers who store umbilical cord blood in the Group’s cord blood bank and are enrolled in the insurance scheme of the insurance company. Thus, the amount of gross storage fees includes insurance premiums collected on behalf of the insurance company. The amount attributable to the insurance premiums is included in current and other non-current liabilities (collected and payable over one year) and is not recognized as revenue.

(ii)

Other payables mainly include fee refundable to customers whose cord blood unit does not qualify for subsequent storage, dividends payable to holder of non-controlling interests and other procurement payables.

Operating leases

12 Months Ended

Mar. 31, 2020

Operating leases

Operating leases

12 Operating leases

As of March 31, 2020, the Company has two operating leases for office with remaining terms expiring from 2020 through 2022 and a weighted average remaining lease term of 2.7 years. The Company has fair value renewal options for one of the Company's existing leases, none of which are considered reasonably certain of being exercised or included in the minimum lease term. Weighted average discount rates used in the calculation of the lease liability is 4.75%. The discount rates reflect the estimated incremental borrowing rate, which includes an assessment of the credit rating to determine the rate that the Company would have to pay to borrow, on a collateralized basis for a similar term, an amount equal to the lease payments in a similar economic environment.

Rental expense for the year ended March 31, 2020 was RMB3,399 (US$480). There was no variable lease costs or sublease income for leased assets for the year ended March 31, 2020.

The impact of Topic 842 on the March 31, 2020 consolidated balance sheet was as follows:


	March 31, 2020
	RMB	US$

Operating lease right-of-use assets	4,548	642

Operating lease liabilities	1,717	242
Non-current operating lease liabilities	1,782	252
Total lease liabilities	3,499	494

Supplemental cash flow information related to leases was as follows:


	March 31, 2020
	RMB	US$

Cash paid for amounts included in the measurement of lease liabilities:	2,512	355
Operating cash flows
Right of use assets obtained in exchange for lease obligations	—	—

The maturity analysis of operating leases liabilities as of March 31, 2020 is as follows:


	March 31, 2020
	RMB	US$
Fiscal years ending March 31,
2021	1,860	263
2022	1,700	240
2023	149	21
Total future undiscounted cash flow	3,709	524
Less: Discount factor	(210)	(30)
Lease liabilities	3,499	494

Representing:
Current portion	1,717	242
Non-current portion	1,782	252
Lease liabilities	3,499	494

As previously disclosed in the consolidated financial statements for the year ended March 31, 2019 and under the previous lease standard (Topic 840), future minimum annual lease payments for the years subsequent to March 31, 2019 and in aggregate were as follows:


		March 31,
		2019
		RMB

Fiscal years ending March 31,
2020		2,196
2021		1,832
2022		1,500
Lease liabilities		5,528

Rental expense for the years ended March 31, 2018 and 2019 were RMB3,483 and RMB3,265, respectively.

Deferred revenue

12 Months Ended

Mar. 31, 2020

Deferred revenue

Deferred revenue

13 Deferred revenue

(a) Deferred revenue consists of the following:


		March 31,
	Note	2019	2020	2020
		RMB	RMB	US$

Payments made by customers prior to completion of cord blood processing services	(i)	185,752	99,506	14,052
Unearned storage fees	(b)	2,384,676	2,593,007	366,203
Total current and non-current deferred revenue	(ii)	2,570,428	2,692,513	380,255

Representing:
Current portion		461,986	402,751	56,879
Non-current portion		2,108,442	2,289,762	323,376
Total current and non-current deferred revenue		2,570,428	2,692,513	380,255

Note:

(i)

The balance of payments made by customers prior to completion of cord blood processing services represented payments received from customers during the year upon the signing of the Agreement but before the performance obligation for processing services is satisfied and before the commencement of storage. Of the balance of RMB185,752 as of March 31, 2019, RMB99,759 (US$14,088) was recognized as revenues for the year ended March 31, 2020 and RMB85,993 (US$12,145) from prior year’s balance was reclassified as unearned storage fees which was included in the increase in unearned storage fees during the year in the analysis disclosed in Note 13(b).

(ii)

Of the total balances of current and non-current deferred revenue, the Group expects to recognize RMB368,872 (US$52,095) in fiscal year 2021, RMB191,090 (US$26,987) in fiscal year 2022, RMB191,138 (US$26,994) in fiscal year 2023, and RMB1,941,413 (US$274,179) in the fiscal year 2024 and thereafter, upon the completion of the Group’s performance obligations on related processing and storage services.

(b) An analysis of unearned storage fees is as follows:


	Year ended March 31,
	2018	2019	2020	2020
	RMB	RMB	RMB	US$

Balance at beginning of year	1,763,389	2,112,195	2,384,676	336,781
Deferred revenue arose during the year	674,015	658,262	660,001	93,210
Credited to income
- From prior year's balance	(193,810)	(238,181)	(276,234)	(39,012)
- From deferred revenue arose during the year	(131,399)	(147,600)	(175,436)	(24,776)
Balance at end of year	2,112,195	2,384,676	2,593,007	366,203

Convertible notes, net

12 Months Ended

Mar. 31, 2020

Convertible notes, net

Convertible notes, net

14 Convertible notes, net

As of March 31, 2017, Golden Meditech Stem Cells (BVI) Company Limited (“GMSC”), a wholly owned subsidiary of Golden Meditech Holdings Limited (“GMHL”) which was a major shareholder of the Company at that time, held US$115,000 in aggregate principal amount of 7% coupon interest rate senior unsecured convertible notes (the “Notes”). The Notes were convertible into the Company’s ordinary shares at a conversion price of US$2.838 per share. The Notes were senior unsecured obligations, in which RMB65,000 of the Notes was mature on April 27, 2017 and RMB50,000 of the Notes was mature on October 3, 2017, and were not redeemable prior to their maturity at the Company’s option. The Notes were convertible at any time in whole or in part, into the Company’s ordinary shares at the conversion price, subject to customary anti-dilution adjustments for significant corporate events. On the maturity date, the Company was obligated to pay a redemption amount on the unconverted portion of the Notes that would be calculated to provide a 12% Internal Rate of Return (“IRR”).

In April 2017, GMSC exercised the conversion of Notes of US$115,000 in aggregate principal amount at a conversion price of US$2.838 per share, which resulted in the issuance of 40,521,494 ordinary shares of the Company. Subsequent to such conversion, the Company has no outstanding convertible notes.

The Company accrued interest on the Notes based on the guaranteed 12% IRR per annum. The difference between the accrued interest rate of 12% and the coupon rate of 7% of the Notes was recorded in convertible notes in the consolidated balance sheets. Debt issuance costs in connection with the issuance of convertible notes were amortized from the date the Notes were issued to the earliest date the holders of the Notes can demand payment, which is five years.

Interest relating to the Notes was recognized as follows:


	Year ended March 31,
	2018	2019	2020	2020
	RMB	RMB	RMB	US$

Interest incurred	2,567	—	—	—
Amortization of debt issuance costs	690	—	—	—
Total interest expense	3,257	—	—	—

Shareholders' equity	12 Months Ended
Shareholders' equity	Mar. 31, 2020
Shareholders' equity
Shareholders' equity	15 Shareholders’ equity (a) Share capital As of March 31, 2017, the Company had 73,003,248 shares outstanding and 73,140,147 shares issued. During the year ended March 31, 2018, the Company issued 40,521,494 ordinary shares upon the conversion of the Notes in April 2017 (Note 14). In addition, 7,300,000 outstanding RSUs were fully vested and resulted in an increase of 7,300,000 shares outstanding (Note 18). As a result, as of March 31, 2018, the Company’s issued and outstanding shares increased to 120,961,641 and 120,824,742 respectively. During the year ended March 31, 2019, the Company issued 726,333 ordinary shares as scrip dividend (Note 15(d)). As a result, the Company's issued and outstanding shares increased to 121,687,974 and 121,551,075 as of March 31, 2019 and 2020. (b) Statutory reserves According to PRC rules and regulations and their Articles of Association, Beijing Jiachenhong, Guangzhou Nuoya and Zhejiang Lukou are required to transfer 10% of net income, as determined in accordance with the relevant financial regulations established by the Ministry of Finance of the PRC, to a statutory surplus reserve until the reserve balance reaches 50% of their respective registered capital. The transfer to this reserve must be made before distribution of dividends to equity holders can be made. The statutory surplus reserve is non-distributable but can be used to make good previous years’ losses, if any, and may be converted into issued capital in proportion to the respective equity holding of the equity holders, provided that the balance of the reserve after such conversion is not less than 25% of the registered capital. Aggregated transfers of RMB16,326, RMB15,841 and RMB20,068 (US$2,834) have been made to the statutory surplus reserve by Beijing Jiachenhong and Zhejiang Lukou for the years ended March 31, 2018, 2019 and 2020, respectively. Accumulated statutory surplus reserve as of March 31, 2019 and 2020 amounted to RMB159,982 and RMB180,050 (US$25,428), respectively. (c) Share repurchase program During the year ended March 31, 2013, the Company repurchased 7,450,914 ordinary shares at a total cost of RMB131,302 of which 7,314,015 shares were subsequently sold to CGL. As of March 31, 2019 and 2020, the remaining 136,899 repurchased ordinary shares had not been cancelled and therefore were presented as treasury stock in the consolidated balance sheets. On July 23, 2019 and July 29, 2020, the Board of Directors approved a new share repurchase program in the aggregate amount of $20,000 for 12 months until July 23, 2020 and July 29, 2021. During the years ended March 31, 2019 and 2020, the Company did not repurchase any of its shares under the new share repurchase programs. (d) Dividend declared On June 26, 2018, the Company's Board of Directors declared a dividend of US$0.08 per ordinary share of the Company, to be paid in cash or in scrip at the election of the shareholders. As a result of the election of the shareholders, the Company issued a total of 726,333 ordinary shares and paid a cash dividend of RMB18,173 during the year ended March 31, 2019.

Revenues

12 Months Ended

Mar. 31, 2020

Revenues

Revenues

16 Revenues

The Group’s revenues are primarily derived from the provision of umbilical cord blood processing and storage services.

Since the Group operates and manages its business solely in the PRC and services are predominately provided to customers located in the PRC, no geographical segment information is provided.

The Group’s revenues by category are as follows:


	Year ended March 31,
	2018	2019	2020	2020
	RMB	RMB	RMB	US$

Cord blood processing fees	604,502	592,123	759,493	107,261
Cord blood storage fees	325,209	385,781	451,670	63,788
Fees derived from the provision of donated cord blood for transplantation and research and others	7,057	8,850	10,297	1,454
Total revenues	936,768	986,754	1,221,460	172,503

Income Tax

12 Months Ended

Mar. 31, 2020

Income tax

Income tax

17 Income tax

Cayman Islands and British Virgin Islands

Under the current laws of the Cayman Islands and the British Virgin Islands, the Company and its subsidiaries that are incorporated in the Cayman Islands and the British Virgin Islands are not subject to tax on income or capital gains. In addition, upon payments of dividends by these companies, no Cayman Islands or British Virgin Islands withholding tax is imposed.

Hong Kong

The Company’s subsidiaries that are incorporated or operate in Hong Kong are subject to Hong Kong Profits Tax on income arising in or derived from Hong Kong. No provision was made for Hong Kong Profits Tax as the subsidiaries did not earn income subject to Hong Kong Profits Tax for the years ended March 31, 2018, 2019 and 2020. The payments of dividends by Hong Kong tax residents are not subject to any Hong Kong withholding tax.

The PRC

The Company’s PRC subsidiaries are subject to PRC statutory income tax rate of 25% unless otherwise specified.

In February 2018, Beijing Jiachenhong received approval from the tax authority on the renewal of its High and New Technology Enterprises (“HNTE”) status which entitled it to the preferential income tax rate of 15% effective retroactively from January 1, 2017 to December 31, 2019. Beijing Jiachenhong is in the process of reapplication for its HNTE certificate which, upon approval, will entitle it to the preferential income tax rate of 15% from January 1, 2020 to December 31, 2022.

In March 2017, Guangzhou Nuoya received approval from the tax authority on the renewal of its HNTE status which entitled it to the preferential income tax rate of 15% effective retroactively from January 1, 2016 to December 31, 2018. In February 2020, Guangzhou Nuoya received approval from the tax authority on the renewal of its HNTE status which entitled it to the preferential income tax rate of 15% effective retroactively from January 1, 2019 to December 31, 2021.

In January 2016, Zhejiang Lukou received approval from the tax authority that it qualified as a HNTE which entitled it to the preferential income tax rate of 15% effective retrospectively from January 1, 2015 to December 31, 2017. In March 2019, Zhejiang Lukou received approval from the tax authority that it qualified as a HNTE which entitled it to the preferential income tax rate of 15% effective retrospectively from January 1, 2018 to December 31, 2020.

The Enterprise Income Tax Law and its implementation rules also impose a withholding tax at 10%, unless reduced by a tax treaty or agreement, for dividends receivable by non-PRC-resident enterprises from PRC-resident enterprises in respect of earnings accumulated beginning on January 1, 2008. The Company has not provided for income taxes on such accumulated earnings of its PRC subsidiaries as of March 31, 2020 since these earnings are intended to be reinvested indefinitely in the PRC. As of March 31, 2020, such undistributed earnings that may be subject to the withholding tax amounted to RMB2,845,502 (US$401,862) and the related unrecognized deferred tax liability was RMB284,550 (US$40,186).

Income before income tax expense arose from the following tax jurisdictions:


	Year ended March 31,
	2018	2019	2020	2020
	RMB	RMB	RMB	US$

The PRC	435,576	447,195	668,552	94,418
Non-PRC
- Hong Kong	(45)	(65)	(43)	(6)
- British Virgin Islands	(56)	(56,616)	(13,313)	(1,881)
- Cayman Islands	(131,940)	(34,053)	(76,384)	(10,788)
Income before income tax expense	303,535	356,461	578,812	81,743

(a) Income taxes

Income tax expense represents PRC income tax expense as follows:


	Year ended March 31,
	2018	2019	2020	2020
	RMB	RMB	RMB	US$

Current tax expense	72,591	75,948	108,290	15,293
Deferred tax expense	(9,935)	(14,688)	(7,206)	(1,017)
Total income tax expense	62,656	61,260	101,084	14,276

(b) Reconciliation of expected income tax to actual income tax expense

The actual income tax expense reported in the consolidated statements of comprehensive income differs from the amount computed by applying the statutory PRC income tax rate of 25% due to the following:


		Year ended March 31,
	Note	2018	2019	2020	2020
		RMB	RMB	RMB	US$

Income before income tax expense		303,535	356,461	578,812	81,743

Computed “expected” tax expense		75,884	89,115	144,703	20,436
Non-PRC entities not subject to income tax
- Hong Kong		11	16	11	2
- British Virgin Islands		14	14,154	3,328	470
- Cayman Islands		32,985	8,513	19,096	2,696
PRC dividend withholding tax	(i)	—	—	4,500	636
Preferential tax rates	(ii)	(49,093)	(51,428)	(70,580)	(9,968)
Others		2,855	890	26	4
Actual income tax expense		62,656	61,260	101,084	14,276

Note:

(i)

During the year ended March 31, 2020, PRC withholding tax of RMB4.5 million ($0.6 million) was levied on dividends distributed by the Company's PRC subsidiary to its holding company outside the PRC.

(ii)

Impact of preferential tax rates for both basic and diluted per share is RMB0.43, RMB0.42 and RMB0.58 (US$0.08) for the years ended March 31, 2018, 2019 and 2020, respectively.

The tax effects of temporary differences that give rise to deferred tax assets/(liabilities) are presented below:


	March 31,
	2019	2020	2020
	RMB	RMB	US$
Deferred tax assets:
Accounts receivable	32,929	39,573	5,588
Non-current accounts receivable	12,879	11,519	1,627
Inventories	7,834	8,431	1,191
Others	1,858	1,786	251
Deferred tax assets	55,500	61,309	8,657

Deferred tax liabilities:
Deferred revenue	(48)	(38)	(5)
Property, plant and equipment	(5,736)	(5,504)	(777)
Intangible assets	(24,361)	(23,206)	(3,277)
Deferred tax liabilities	(30,145)	(28,748)	(4,059)

Net deferred tax assets	25,355	32,561	4,598

Classification on consolidated balance sheets:
Deferred tax assets	44,981	50,701	7,160
Deferred tax liabilities	(19,626)	(18,140)	(2,562)
Net deferred tax assets	25,355	32,561	4,598

For the years ended March 31, 2018, 2019 and 2020, the Group did not have any unrecognized tax benefits and thus no interest and penalties related to unrecognized tax benefits were recorded. In addition, the Company does not expect that the amount of unrecognized tax benefits will change significantly within the next twelve months.

According to the PRC Tax Administration and Collection Law, the statute of limitation is three years if the underpayment of taxes is due to computational errors made by the taxpayer or the withholding agent. The statute of limitation is extended to five years under special circumstances where the underpayment of taxes is more than RMB100 (US$14). In the case of transfer pricing issues, the statute of limitation is ten years. There is no statute of limitation in the case of tax evasion. The income tax returns of the Group’s PRC subsidiaries for the calendar years from 2015 to 2019 are open to examination by the PRC state and local tax authorities.

Share-based compensation

12 Months Ended

Mar. 31, 2020

Share-based compensation

Share-based compensation

18 Share-based compensation

At the annual general meeting of the Company on February 18, 2011 (the “Adoption Date”), the shareholders of the Company approved a RSU scheme for the purpose of attracting and retaining skilled and experienced personnel. Certain administrative provisions of the RSU scheme were subsequently amended by the Board of Directors of the Company in August 2014. The RSU scheme will be valid and effective for a period of ten years commencing from the Adoption Date of the RSU Scheme.

On December 15, 2014 (the “Grant Date”), the Company granted a total of 7,300,000 RSUs to certain executives, directors and key employees (the “RSU Grantees”) under the RSU scheme. The RSUs will be vested in whole at any time during its valid period, subject to the fulfilment of certain operational and/or financial performance targets as set by relevant committee of the Company’s Board of Directors. Upon vesting, each RSU shall be entitled to the transfer or issue of one ordinary share in the share capital of the Company. The RSUs were exercisable only if the RSU Grantees remained employed by the Company. The fair value of each RSU was US$4.15, which was based on the market price of the ordinary shares of the Company at the Grant Date.

During the year ended March 31, 2018, 1,000,000 RSUs were cancelled upon the resignation of one of the grantees. Previously recognized share-based compensation expense was therefore written back in the year ended March 31, 2018.

In May 2017 (the “Second Grant Date”), 1,000,000 additional RSUs were issued to the RSU Grantees under the RSU scheme. The additional RSUs vested in whole at any time during its valid period, subject to the fulfilment of certain operational and/or financial performance targets as set by relevant committee of the Company’s Board of Directors. Upon vesting, each additional RSU was entitled to the transfer or issue of one ordinary share in the share capital of the Company. The additional RSUs were exercisable only if the additional RSU Grantees remained employed by the Company. The fair value of each additional RSU was US$7.68, which was based on the market price of the ordinary shares of the Company at the Second Grant Date.

During the year ended March 31, 2018, all 7,300,000 RSUs outstanding were fully vested. As of March 31, 2019 and 2020, no RSUs were issued and outstanding.

Share-based compensation expense recognized for RSUs is allocated to the following expense items:


	Year ended March 31,
	2018	2019	2020	2020
	RMB	RMB	RMB	US$

Cost of revenues	1,920	—	—	—
Sales and marketing	(1,534)	—	—	—
General and administrative	83,882	—	—	—
Total share-based compensation expense	84,268	—	—	—

Earnings per share

12 Months Ended

Mar. 31, 2020

Earnings per share

Earnings per share

19 Earnings per share

The following table sets forth the computation of basic and diluted earnings per share for the years ended March 31, 2018, 2019 and 2020:


		Year ended March 31,
	Note	2018	2019	2020	2020
		RMB	RMB	RMB	US$
Numerator:
Net income attributable to the Company’s shareholders		237,098	291,124	470,717	66,477

Denominator:
Weighted average ordinary shares outstanding for basic net income per share		112,938,635	121,270,491	121,551,075	121,551,075
Dilutive effect of RSUs	(i)	6,390,797	—	—	—
Dilutive effect of scrip dividend	(ii)	—	151,091	—	—
Weighted average ordinary shares outstanding for diluted net income per share		119,329,432	121,421,582	121,551,075	121,551,075
Earnings per share
- Basic		2.10	2.40	3.87	0.55
- Diluted	(iii)	1.99	2.40	3.87	0.55

Notes:

(i)

During the year ended March 31, 2018, potential dilutive ordinary shares included 6,390,797 weighted average incremental shares of the RSUs applying the treasury stock method.

(ii)

During the year ended March 31, 2019, included in the diluted earnings per share computation was the potential dilutive ordinary shares of 151,091 represented shares issuable as scrip dividend.

(iii)

During the year ended March 31, 2018, the Company had potentially dilutive ordinary shares of 40,521,494 representing shares issuable upon conversion of the outstanding convertible notes (see Note 14). Such potentially dilutive ordinary shares were excluded from diluted earnings per share computation because their effects would have been anti-dilutive.

Related party transactions

12 Months Ended

Mar. 31, 2020

Related party transactions

Related party transactions

20 Related party transactions

For the years presented, the principal related party transactions are summarized as follows:


		Year ended March 31,
	Note	2018	2019	2020	2020
		RMB	RMB	RMB	US$

Purchase of raw materials	(i)	18,759	—	—	—
Purchase of raw materials and machineries	(ii)	19,419	—	—	—
Consultancy expenses	(iii)	4,481	—	—	—
Interest expenses	14	2,567	—	—	—

Notes:

(i)

During the period from April 1, 2017 to January 31, 2018, the Group purchased raw materials from China Bright Group Co. Limited (“China Bright”), a subsidiary of GMHL, of RMB18,759. Since February 1, 2018, China Bright was no longer a related party of the Group.

(ii)

During the period from April 1, 2017 to January 31, 2018, the Group purchased raw materials and machineries from Beijing Jingjing Medical Equipment Co., Ltd. ("Beijing Jingjing"), a subsidiary of GMHL, of RMB19,419. Since February 1, 2018, Beijing Jingjing was no longer a related party of the Group.

(iii)

During the period from April 1, 2017 to January 31, 2018, consultancy services were provided by Golden Meditech (S) Pte Ltd. (“GM(S)”), a subsidiary of GMHL, to the Group for an amount of RMB4,481. Since February 1, 2018, GM(S) was no longer a related party of the Group.

Employee benefits	12 Months Ended
Employee benefits	Mar. 31, 2020
Employee benefits
Employee benefits	21 Employee benefits Pursuant to the relevant PRC regulations, Beijing Jiachenhong, Guangzhou Nuoya and Zhejiang Lukou are required to make various defined contributions organized by municipal and provincial PRC governments. The contributions are made for each PRC employee at a rate of approximately 40% on a standard salary base as determined by the local Social Security Bureau. The amounts of the defined contributions of RMB30,518, RMB38,231 and RMB40,378 (US$5,702) for the years ended March 31, 2018, 2019 and 2020 respectively, were charged to expense in the consolidated statements of comprehensive income. For the years ended March 31, 2018, 2019 and 2020, 57%, 63% and 61% of costs of employee benefits were recorded in sales and marketing expenses respectively, with the remaining portion of the contributions recorded in general and administrative expenses, cost of revenues and research and development expenses of each year. The Company has no other obligation for the payment of employee benefits associated with these plans beyond the contributions described above.

Fair value measurements	12 Months Ended
Fair value measurements	Mar. 31, 2020
Fair value measurements
Fair value measurements	22 Fair value measurements The following methods and assumptions were used to estimate the fair value of each class of financial instruments: Investment in equity securities - based on quoted market prices on the last trading value as of March 31, 2019 and 2020. Such investments are classified as Level 1 in the hierarchy. Short-term financial instruments (including cash and cash equivalents, accounts receivable, prepaid expenses and other receivables, accounts payable, accrued expenses and other payables) - cost approximates their respective fair values due to their short-term nature. Non-current accounts receivable - The carrying amounts of non-current accounts receivable approximate their fair value. The fair value is estimated using discounted cash flow analysis based on the customers' incremental borrowing rates for similar borrowing.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Business and credit concentrations

12 Months Ended

Mar. 31, 2020

Business and credit concentrations

Business and credit concentrations

23 Business and credit concentrations

The operation of cord blood banks in the PRC is regulated by certain laws and regulations. Due to the lack of a consistent and well-developed regulatory framework, operation in the cord blood banking industry in the PRC involves significant ambiguities, uncertainties and risks. The industry is highly regulated and any unilateral changes in regulations by the authorities may have a significant adverse impact on the Group's results of operations.

All of the Group’s customers are located in the PRC. Revenues from and accounts receivable due from customers are individually immaterial. The Group derives a substantial portion of net revenues from the entities in the Beijing municipality, Guangdong and Zhejiang provinces. Revenues derived from the subsidiary in the Beijing municipality accounted for 23.7%, 23.8% and 21.2% of revenues for the years ended March 31, 2018, 2019 and 2020, respectively. Revenues derived from the subsidiary in the Guangdong province accounted for 62.0%, 61.0% and 62.9% of revenues for the years ended March 31, 2018, 2019 and 2020, respectively. Revenues derived from the subsidiary in the Zhejiang province accounted for 14.3%, 15.2% and 15.9% of revenues for the years ended March 31, 2018, 2019 and 2020, respectively. As a result of this geographic concentration, the results of operations are significantly affected by economic conditions in the Beijing municipality, Guangdong and Zhejiang provinces. Furthermore, any change in number of newborns in the Beijing municipality, Guangdong and Zhejiang provinces could significantly impact our operations. Deterioration in economic conditions in these markets could decrease the demand for our business, which in turn could negatively impact our operations and business prospects.

The Group purchases raw materials from a few major suppliers. Management believes that other suppliers could provide similar raw materials on comparable terms. A change in suppliers, however, could cause a delay in manufacturing and a possible loss of sales, which would adversely affect the Company’s business, financial position and results of operations. The following are purchases from suppliers that individually comprise 10% or more of gross purchases in the respective years:


		Year ended March 31,
Suppliers	Note	2018		2019		2020
		RMB	%	RMB	%	RMB	US$	%

Beijing Jingjing Jiahong Medical Equipment Co., Ltd.	(i)	—	—	—	—	29,960	4,231	32
Beijing Jingjing Medical Equipment Co., Ltd.	(ii)	—	—	23,741	30	—	—	—
China Bright Group Co. Limited	(iii)	18,759	24	—	—	12,811	1,809	14
Hangzhou Baitong Biological Technology Co., Ltd.	(iv)	7,670	10	—	—	—	—	—
Beijing Chengmao Xingye Technology Development Co., Ltd.	(v)	7,711	10	—	—	—	—	—
Total		34,140	44	23,741	30	42,771	6,040	46

The following is individual accounts payable due to major suppliers that exceeded 10% of outstanding accounts payable balance in respective years:


		March 31,
	Note	2019		2020
		RMB	%	RMB	US$	%
Beijing Jingjing Medical Equipment Co., Ltd.	(vi)	10,715	32	—	—	—

Notes:

(i)

The purchases from Beijing Jingjing Jiahong Medical Equipment Co., Ltd. were less than 10% of gross purchases for the years ended March 31, 2018 and 2019.

(ii)

The purchases from Beijing Jingjing were less than 10% of gross purchases for the years ended March 31, 2018 and 2020.

(iii)

The purchases from China Bright Group Co. Limited were less than 10% of gross purchases for the year ended March 31, 2019.

(iv)

The purchases from Hangzhou Baitong Biological Technology Co., Ltd were less than 10% of gross purchases for the years ended March 31, 2019 and 2020.

(v)

The purchases from Beijing Chengmao Xingye Technology Development Co., Ltd. were less than 10% of gross purchases for the years ended March 31, 2019 and 2020.

(vi)

None of the individual accounts payable due to major suppliers exceeded 10% of outstanding accounts payable balance as of March 31, 2020.

Commitments and contingencies

12 Months Ended

Mar. 31, 2020

Commitments and contingencies

Commitments and contingencies

24 Commitments and contingencies

Contractual commitments – Cooperation agreements

In June 2006, the Group entered into a cooperation agreement with Peking University People’s Hospital (“PUPH”), with an annual fee of RMB2,600. Pursuant to the agreement, PUPH provides technical consultancy services to the Group in relation to the operation of a cord blood bank. The annual service fee was renewed to RMB3,000 (US$424) effective from September 2017. The renewed agreement has a term of four years commencing in September 2017.

In November 2009, Guangzhou Nuoya entered into a cooperation agreement with Guangdong Women and Children’s Hospital and Health Institute (“GWCH”) for a term of 20 years, with an annual fee of RMB2,000. Pursuant to the agreement, GWCH provides technical consultancy services to the Group. The annual service fee was renewed to RMB3,200 (US$452) effective from October 2013.

As of March 31, 2020, the total future minimum payments under the cooperation agreements are as follows:


	March 31, 2020
	RMB	US$

Fiscal years ending March 31,
2021	6,200	876
2022	4,450	628
2023	3,200	452
2024	3,200	452
2025	3,200	452
2026 and thereafter	14,667	2,071
Total payments	34,917	4,931

2019 novel coronavirus ("COVID-19") pandemic outbreak	12 Months Ended
2019 novel coronavirus ("COVID-19") pandemic outbreak	Mar. 31, 2020
2019 novel coronavirus ("COVID-19") pandemic outbreak
2019 novel coronavirus ("COVID-19") pandemic outbreak	25 2019 novel coronavirus (“COVID-19”) pandemic outbreak On December 31, 2019, the Wuhan Municipal Health Commission first reported the appearance of COVID-19 in the city. Since then, COVID-19 has spread to other regions of China, including in our primary markets of Beijing, Guangdong, and Zhejiang. The efforts enacted to control COVID-19 have placed heavy pressure on the Company's marketing, promotional and sales activities and had adverse impact on its marketing efforts and access to potential clients. The negative economic impact brought forth by the COVID-19 pandemic has affected numerous industries and further erodes already weak consumer sentiment. In light of the rapidly changing situation across different countries and regions, it remains difficult to estimate the duration and magnitude of COVID-19 impact. While not yet quantifiable, the Company expects this situation will have a material adverse impact on the operating results in the year ending March 31, 2021.

Summary of significant accounting policies (Policies)

12 Months Ended

Mar. 31, 2020

Summary of significant accounting policies

Principles of consolidation

(a) Principles of consolidation

Use of estimates

(b) Use of estimates

Foreign currency transactions and translation

The reporting currency of the Company is Renminbi (“RMB”).

Cash and cash equivalents

(d) Cash and cash equivalents


	March 31,
	2019		2020
	Original currency	RMB	Original currency	RMB
U.S. dollars	4,229	28,205	778	5,547
Australian dollars	4	17	4	15
Renminbi	4,951,377	4,951,377	5,435,559	5,435,559
Hong Kong dollars	19,431	16,614	32,905	30,088
Singapore dollars	333	1,648	435	2,164

Investment securities

(e) Investment securities

Trading securities were recorded at fair value. Realized and unrealized holding gains and losses, net of the related tax effect, on trading securities are included in earnings.

Dividend income is recognized in other income when earned.

Accounts receivable

(f) Accounts receivable

Inventories

(g) Inventories

Property, plant and equipment

(h) Property, plant and equipment

Property, plant and equipment are stated at cost less accumulated depreciation.


Buildings		37.5 – 50 years
Leasehold improvements		Shorter of the lease term or estimated useful lives of 10 years
Machineries		5 – 10 years
Motor vehicles		5 years
Furniture, fixtures and office equipment		3 – 5 years

No depreciation expense is provided in respect of construction-in-progress.

Intangible assets

(i) Intangible assets

Leases

(j) Leases

Impairment of long-lived assets

(k) Impairment of long-lived assets

Revenue recognition

(l) Revenue recognition

During the years ended March 31, 2018, 2019 and 2020, the Group offered its customers three payment options:

(i)

Payment of the processing fee upon delivery of the cord blood unit to the Group’s premises for processing and the annual storage fee in advance at the beginning of each annual period;

(ii)

Payment of the processing fee upon delivery of the cord blood unit to the Group’s premises for processing and an upfront payment of storage fees for a period of eighteen years; and

(iii)

When payment from customers occurs prior to revenue recognition, a contract liability is recorded as deferred revenue on the consolidated balance sheet.

The Group’s revenues are net of value-added tax collected on behalf of tax authorities at 6% on the invoiced amount in respect of the services rendered.

Research and development costs

(m) Research and development costs

Advertising costs

(n) Advertising costs

Employee benefits

(o) Employee benefits

Debt issuance costs

(p) Debt issuance costs

Income taxes

(q) Income taxes

Commitments and contingencies

(r) Commitments and contingencies

Earnings per share

(s) Earnings per share

Share-based compensation

(t) Share-based compensation

Segment reporting

(u) Segment reporting

Fair value measurement

(v) Fair value measurement

Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date.

See Note 22 to the consolidated financial statements.

Recently issued accounting standards

(w) Recently issued accounting standards

-the Company did not reassess if any expired or existing contracts are or contain leases; and

-the Company did not reassess the classification of any expired or existing leases.

Summary of significant accounting policies (Tables)

12 Months Ended

Mar. 31, 2020

Summary of significant accounting policies

Schedule of cash and cash equivalents denominated in several currencies


	March 31,
	2019		2020
	Original currency	RMB	Original currency	RMB
U.S. dollars	4,229	28,205	778	5,547
Australian dollars	4	17	4	15
Renminbi	4,951,377	4,951,377	5,435,559	5,435,559
Hong Kong dollars	19,431	16,614	32,905	30,088
Singapore dollars	333	1,648	435	2,164

Schedule of estimated useful lives of property, plant and equipment


Buildings		37.5 – 50 years
Leasehold improvements		Shorter of the lease term or estimated useful lives of 10 years
Machineries		5 – 10 years
Motor vehicles		5 years
Furniture, fixtures and office equipment		3 – 5 years

Accounts receivable, net (Tables)

12 Months Ended

Mar. 31, 2020

Accounts receivable, net

Schedule of accounts receivable


	March 31,
	2019	2020	2020
	RMB	RMB	US$

Accounts receivable	366,214	447,572	63,209
Less: Allowance for doubtful accounts	(164,434)	(183,290)	(25,886)
Total accounts receivable, net	201,780	264,282	37,323

Representing:

Current portion:
- Processing fees	68,113	72,072	10,178
- Storage fees	27,465	30,907	4,365
- Others	1,345	1,272	180
	96,923	104,251	14,723
Non-current portion - Processing fees	104,857	160,031	22,600
Total accounts receivable, net	201,780	264,282	37,323

Schedule of non-current accounts receivable due for payment


	March 31, 2020
	RMB	US$
Fiscal years ending March 31,
2022	35,809	5,057
2023	43,095	6,086
2024	37,366	5,277
2025	34,039	4,807
2026 and thereafter	96,143	13,578
	246,452	34,805
Less: Unearned interest	(15,000)	(2,118)
Total non-current accounts receivable	231,452	32,687

Schedule of aging analysis of accounts receivable


	March 31,
	2019	2020	2020
	RMB	RMB	US$

Not past due	219,216	285,136	40,269
Within one year past due	27,138	27,179	3,838
Between one to two years past due	30,255	20,645	2,916
Over two years past due	89,605	114,612	16,186
Total accounts receivable	366,214	447,572	63,209

Schedule of allowance for doubtful accounts


	Year ended March 31,
	2018	2019	2020	2020
	RMB	RMB	RMB	US$

Balance at beginning of year	117,602	127,940	164,434	23,223
Charged to allowance for doubtful accounts	31,716	38,214	24,395	3,445
Write-off charged against the allowance for the year	(21,378)	(1,720)	(5,539)	(782)
Balance at end of year	127,940	164,434	183,290	25,886

Inventories (Tables)

12 Months Ended

Mar. 31, 2020

Inventories

Schedule of inventories


	March 31,
	2019	2020	2020
	RMB	RMB	US$

Current portion:
- Consumables and supplies	27,612	43,758	6,180

Non-current portion:
- Processing costs capitalized in donated umbilical cord blood	77,194	85,109	12,020
Total current and non-current inventories	104,806	128,867	18,200

Prepaid expenses and other receivables (Tables)

12 Months Ended

Mar. 31, 2020

Prepaid expenses and other receivables

Schedule of prepaid expenses and other receivables


	March 31,
	2019	2020	2020
	RMB	RMB	US$

Prepaid expenses	14,748	38,760	5,474
VAT tax receivables	4,411	856	121
Other receivables	6,373	5,169	730
Total prepaid expenses and other receivables	25,532	44,785	6,325

Property, plant and equipment, net (Tables)

12 Months Ended

Mar. 31, 2020

Property, plant and equipment, net

Schedule of property, plant and equipment, net


	March 31,
	2019	2020	2020
	RMB	RMB	US$

Buildings	600,733	604,112	85,318
Leasehold improvements	14,864	14,864	2,099
Machineries	196,123	208,377	29,429
Motor vehicles	19,246	19,088	2,695
Furniture, fixtures and equipment	53,631	55,722	7,869
Construction-in-progress	3,887	1,356	192
	888,484	903,519	127,602
Less: Accumulated depreciation	(343,144)	(380,840)	(53,785)
Total property, plant and equipment, net	545,340	522,679	73,817

Schedule of depreciation expense of property, plant and equipment


	Year ended March 31,
	2018	2019	2020	2020
	RMB	RMB	RMB	US$

Cost of revenues	30,055	30,848	28,980	4,093
Research and development	1,138	1,358	1,866	264
Sales and marketing	3,217	3,371	2,742	387
General and administrative	11,559	12,167	11,240	1,587
Total depreciation expense	45,969	47,744	44,828	6,331

Non-current deposits (Tables)

12 Months Ended

Mar. 31, 2020

Non-current deposits

Schedule of non-current deposits

		March 31,
	Note	2019	2020	2020
		RMB	RMB	US$

Investment deposit	(i)	224,475	340,000	48,017
Deposit for purchase of machineries		12,244	7,360	1,040
Total non-current deposits		236,719	347,360	49,057

Note:

(i)

Intangible assets, net (Tables)

12 Months Ended

Mar. 31, 2020

Intangible assets, net

Schedule of components of intangible assets, net


	March 31,
	2019	2020	2020
	RMB	RMB	US$

Cord blood bank operating rights	138,628	138,628	19,578
Less: Accumulated amortization	(41,184)	(45,805)	(6,469)
Total intangible assets, net	97,444	92,823	13,109

Schedule of estimated amortization expenses


	March 31, 2020
	RMB	US$
Fiscal years ending March 31,
2021	4,621	653
2022	4,621	653
2023	4,621	653
2024	4,621	653
2025	4,621	653
2026 and thereafter	69,718	9,844
Total amortization expenses	92,823	13,109

Investment in equity securities at fair value (Tables)

12 Months Ended

Mar. 31, 2020

Investment in equity securities at fair value

Schedule of listed equity securities


		March 31,
	Note	2019	2020	2020
		RMB	RMB	US$

Listed equity securities
Cordlife Group Limited - listed on Singapore Exchange	(i)	49,270	40,653	5,741
Listed fund investment	(ii)	58,092	60,653	8,566
		107,362	101,306	14,307

Notes:

(i)

(ii)

As of March 31, 2019 and 2020, the Group held an investment in industry specific fund which are classified as equity securities measured at fair value since they have readily determinable fair value.

Other equity investment (Tables)

12 Months Ended

Mar. 31, 2020

Other equity investment

Schedule of other equity investments

Accrued expenses and other payables (Tables)

12 Months Ended

Mar. 31, 2020

Accrued expenses and other payables

Schedule of accrued expenses and other payables


		March 31,
	Note	2019	2020	2020
		RMB	RMB	US$

Insurance premium received on behalf of insurance company	(i)	36,987	40,198	5,677
Other tax payables		2,663	921	130
Accrued salaries, bonus and welfare expenses		17,926	30,436	4,298
Accrued consultancy and professional fees		3,945	21,475	3,033
Payable for property, plant and equipment		1,198	2,423	342
Other payables	(ii)	17,258	18,536	2,619
Total accrued expenses and other payables		79,977	113,989	16,099

Notes:

(i)

(ii)

Operating leases (Tables)

12 Months Ended

Mar. 31, 2020

Operating leases

Schedule of the impact of Topic 842 on the consolidated balance sheet

The impact of Topic 842 on the March 31, 2020 consolidated balance sheet was as follows:


	March 31, 2020
	RMB	US$

Operating lease right-of-use assets	4,548	642

Operating lease liabilities	1,717	242
Non-current operating lease liabilities	1,782	252
Total lease liabilities	3,499	494

Schedule of supplemental cash flow information related to leases

Supplemental cash flow information related to leases was as follows:


	March 31, 2020
	RMB	US$

Cash paid for amounts included in the measurement of lease liabilities:	2,512	355
Operating cash flows
Right of use assets obtained in exchange for lease obligations	—	—

Schedule of maturity analysis of operating lease liabilities

The maturity analysis of operating leases liabilities as of March 31, 2020 is as follows:


	March 31, 2020
	RMB	US$
Fiscal years ending March 31,
2021	1,860	263
2022	1,700	240
2023	149	21
Total future undiscounted cash flow	3,709	524
Less: Discount factor	(210)	(30)
Lease liabilities	3,499	494

Representing:
Current portion	1,717	242
Non-current portion	1,782	252
Lease liabilities	3,499	494


		March 31,
		2019
		RMB

Fiscal years ending March 31,
2020		2,196
2021		1,832
2022		1,500
Lease liabilities		5,528

Deferred revenue (Tables)

12 Months Ended

Mar. 31, 2020

Deferred revenue

Schedule of deferred revenue


		March 31,
	Note	2019	2020	2020
		RMB	RMB	US$

Payments made by customers prior to completion of cord blood processing services	(i)	185,752	99,506	14,052
Unearned storage fees	(b)	2,384,676	2,593,007	366,203
Total current and non-current deferred revenue	(ii)	2,570,428	2,692,513	380,255

Representing:
Current portion		461,986	402,751	56,879
Non-current portion		2,108,442	2,289,762	323,376
Total current and non-current deferred revenue		2,570,428	2,692,513	380,255

Note:

(i)

(ii)

Unearned storage fees

Deferred revenue

Schedule of deferred revenue


	Year ended March 31,
	2018	2019	2020	2020
	RMB	RMB	RMB	US$

Balance at beginning of year	1,763,389	2,112,195	2,384,676	336,781
Deferred revenue arose during the year	674,015	658,262	660,001	93,210
Credited to income
- From prior year's balance	(193,810)	(238,181)	(276,234)	(39,012)
- From deferred revenue arose during the year	(131,399)	(147,600)	(175,436)	(24,776)
Balance at end of year	2,112,195	2,384,676	2,593,007	366,203

Convertible notes, net (Tables)

12 Months Ended

Mar. 31, 2020

Convertible notes, net

Schedule of interest relating to the Notes


	Year ended March 31,
	2018	2019	2020	2020
	RMB	RMB	RMB	US$

Interest incurred	2,567	—	—	—
Amortization of debt issuance costs	690	—	—	—
Total interest expense	3,257	—	—	—

Revenues (Tables)

12 Months Ended

Mar. 31, 2020

Revenues

Schedule of revenue by category


	Year ended March 31,
	2018	2019	2020	2020
	RMB	RMB	RMB	US$

Cord blood processing fees	604,502	592,123	759,493	107,261
Cord blood storage fees	325,209	385,781	451,670	63,788
Fees derived from the provision of donated cord blood for transplantation and research and others	7,057	8,850	10,297	1,454
Total revenues	936,768	986,754	1,221,460	172,503

Income tax (Tables)

12 Months Ended

Mar. 31, 2020

Income tax

Schedule of income before income tax expense


	Year ended March 31,
	2018	2019	2020	2020
	RMB	RMB	RMB	US$

The PRC	435,576	447,195	668,552	94,418
Non-PRC
- Hong Kong	(45)	(65)	(43)	(6)
- British Virgin Islands	(56)	(56,616)	(13,313)	(1,881)
- Cayman Islands	(131,940)	(34,053)	(76,384)	(10,788)
Income before income tax expense	303,535	356,461	578,812	81,743

Schedule of income tax expense


	Year ended March 31,
	2018	2019	2020	2020
	RMB	RMB	RMB	US$

Current tax expense	72,591	75,948	108,290	15,293
Deferred tax expense	(9,935)	(14,688)	(7,206)	(1,017)
Total income tax expense	62,656	61,260	101,084	14,276

Schedule of the reconciliation of expected income tax to actual income tax expense


		Year ended March 31,
	Note	2018	2019	2020	2020
		RMB	RMB	RMB	US$

Income before income tax expense		303,535	356,461	578,812	81,743

Computed “expected” tax expense		75,884	89,115	144,703	20,436
Non-PRC entities not subject to income tax
- Hong Kong		11	16	11	2
- British Virgin Islands		14	14,154	3,328	470
- Cayman Islands		32,985	8,513	19,096	2,696
PRC dividend withholding tax	(i)	—	—	4,500	636
Preferential tax rates	(ii)	(49,093)	(51,428)	(70,580)	(9,968)
Others		2,855	890	26	4
Actual income tax expense		62,656	61,260	101,084	14,276

Note:

(i)

During the year ended March 31, 2020, PRC withholding tax of RMB4.5 million ($0.6 million) was levied on dividends distributed by the Company's PRC subsidiary to its holding company outside the PRC.

(ii)

Impact of preferential tax rates for both basic and diluted per share is RMB0.43, RMB0.42 and RMB0.58 (US$0.08) for the years ended March 31, 2018, 2019 and 2020, respectively.

Schedule of deferred tax assets/(liabilities)


	March 31,
	2019	2020	2020
	RMB	RMB	US$
Deferred tax assets:
Accounts receivable	32,929	39,573	5,588
Non-current accounts receivable	12,879	11,519	1,627
Inventories	7,834	8,431	1,191
Others	1,858	1,786	251
Deferred tax assets	55,500	61,309	8,657

Deferred tax liabilities:
Deferred revenue	(48)	(38)	(5)
Property, plant and equipment	(5,736)	(5,504)	(777)
Intangible assets	(24,361)	(23,206)	(3,277)
Deferred tax liabilities	(30,145)	(28,748)	(4,059)

Net deferred tax assets	25,355	32,561	4,598

Classification on consolidated balance sheets:
Deferred tax assets	44,981	50,701	7,160
Deferred tax liabilities	(19,626)	(18,140)	(2,562)
Net deferred tax assets	25,355	32,561	4,598

Share-based compensation (Tables)

12 Months Ended

Mar. 31, 2020

Share-based compensation

Schedule of share-based compensation expense


	Year ended March 31,
	2018	2019	2020	2020
	RMB	RMB	RMB	US$

Cost of revenues	1,920	—	—	—
Sales and marketing	(1,534)	—	—	—
General and administrative	83,882	—	—	—
Total share-based compensation expense	84,268	—	—	—

Earnings per share (Tables)

12 Months Ended

Mar. 31, 2020

Earnings per share

Schedule of computation of basic and diluted earnings per share


		Year ended March 31,
	Note	2018	2019	2020	2020
		RMB	RMB	RMB	US$
Numerator:
Net income attributable to the Company’s shareholders		237,098	291,124	470,717	66,477

Denominator:
Weighted average ordinary shares outstanding for basic net income per share		112,938,635	121,270,491	121,551,075	121,551,075
Dilutive effect of RSUs	(i)	6,390,797	—	—	—
Dilutive effect of scrip dividend	(ii)	—	151,091	—	—
Weighted average ordinary shares outstanding for diluted net income per share		119,329,432	121,421,582	121,551,075	121,551,075
Earnings per share
- Basic		2.10	2.40	3.87	0.55
- Diluted	(iii)	1.99	2.40	3.87	0.55

Notes:

(i)

During the year ended March 31, 2018, potential dilutive ordinary shares included 6,390,797 weighted average incremental shares of the RSUs applying the treasury stock method.

(ii)

During the year ended March 31, 2019, included in the diluted earnings per share computation was the potential dilutive ordinary shares of 151,091 represented shares issuable as scrip dividend.

(iii)

Related party transactions (Tables)

12 Months Ended

Mar. 31, 2020

Related party transactions

Schedule of related party transactions


		Year ended March 31,
	Note	2018	2019	2020	2020
		RMB	RMB	RMB	US$

Purchase of raw materials	(i)	18,759	—	—	—
Purchase of raw materials and machineries	(ii)	19,419	—	—	—
Consultancy expenses	(iii)	4,481	—	—	—
Interest expenses	14	2,567	—	—	—

Notes:

(i)

(ii)

(iii)

Business and credit concentrations (Tables)

12 Months Ended

Mar. 31, 2020

Business and credit concentrations

Schedule of major suppliers


		Year ended March 31,
Suppliers	Note	2018		2019		2020
		RMB	%	RMB	%	RMB	US$	%

Beijing Jingjing Jiahong Medical Equipment Co., Ltd.	(i)	—	—	—	—	29,960	4,231	32
Beijing Jingjing Medical Equipment Co., Ltd.	(ii)	—	—	23,741	30	—	—	—
China Bright Group Co. Limited	(iii)	18,759	24	—	—	12,811	1,809	14
Hangzhou Baitong Biological Technology Co., Ltd.	(iv)	7,670	10	—	—	—	—	—
Beijing Chengmao Xingye Technology Development Co., Ltd.	(v)	7,711	10	—	—	—	—	—
Total		34,140	44	23,741	30	42,771	6,040	46

The following is individual accounts payable due to major suppliers that exceeded 10% of outstanding accounts payable balance in respective years:


		March 31,
	Note	2019		2020
		RMB	%	RMB	US$	%
Beijing Jingjing Medical Equipment Co., Ltd.	(vi)	10,715	32	—	—	—

Notes:

(i)

The purchases from Beijing Jingjing Jiahong Medical Equipment Co., Ltd. were less than 10% of gross purchases for the years ended March 31, 2018 and 2019.

(ii)

The purchases from Beijing Jingjing were less than 10% of gross purchases for the years ended March 31, 2018 and 2020.

(iii)

The purchases from China Bright Group Co. Limited were less than 10% of gross purchases for the year ended March 31, 2019.

(iv)

The purchases from Hangzhou Baitong Biological Technology Co., Ltd were less than 10% of gross purchases for the years ended March 31, 2019 and 2020.

(v)

The purchases from Beijing Chengmao Xingye Technology Development Co., Ltd. were less than 10% of gross purchases for the years ended March 31, 2019 and 2020.

(vi)

None of the individual accounts payable due to major suppliers exceeded 10% of outstanding accounts payable balance as of March 31, 2020.

Commitments and contingencies (Tables)

12 Months Ended

Mar. 31, 2020

Commitments and contingencies

Schedule of future minimum payments under the cooperation agreements


	March 31, 2020
	RMB	US$

Fiscal years ending March 31,
2021	6,200	876
2022	4,450	628
2023	3,200	452
2024	3,200	452
2025	3,200	452
2026 and thereafter	14,667	2,071
Total payments	34,917	4,931

Principal activities and basis of presentation (Details)	Mar. 31, 2020 item
Principal activities
Number of cord banking licenses issued by authorities that are held by the entity	3
Beijing municipality
Principal activities
Number of cord banking licenses issued by authorities that are held by the entity	1
Guangdong province
Principal activities
Number of cord banking licenses issued by authorities that are held by the entity	1
Zhejiang province
Principal activities
Number of cord banking licenses issued by authorities that are held by the entity	1

Summary of significant accounting policies - Foreign currency translation (Details)	Mar. 31, 2020 $ / ¥
Summary of significant accounting policies
Foreign currency convenience translation rate	7.0808

Summary of significant accounting policies - Cash and cash equivalents, and Accounts receivable (Details) ¥ in Thousands, $ in Thousands, $ in Thousands, $ in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2020 SGD ($)	Mar. 31, 2020 HKD ($)	Mar. 31, 2020 AUD ($)	Mar. 31, 2020 USD ($)	Mar. 31, 2020 CNY (¥)	Mar. 31, 2019 SGD ($)	Mar. 31, 2019 HKD ($)	Mar. 31, 2019 AUD ($)	Mar. 31, 2019 USD ($)	Mar. 31, 2019 CNY (¥)
Cash and Cash Equivalents
Cash and cash equivalents				$ 772,988	¥ 5,473,373					¥ 4,997,861
Accounts receivable
Age of accounts receivable, local tax requirements on the write-offs of doubtful accounts (in year)	3 years
PRC
Cash and Cash Equivalents
Cash and cash equivalents				767,643	5,435,526					4,951,352
U.S. dollar
Cash and Cash Equivalents
Cash and cash equivalents				$ 778	5,547				$ 4,229	28,205
Australian dollars
Cash and Cash Equivalents
Cash and cash equivalents			$ 4		15			$ 4		17
Renminbi
Cash and Cash Equivalents
Cash and cash equivalents					5,435,559					4,951,377
Hong Kong dollars
Cash and Cash Equivalents
Cash and cash equivalents		$ 32,905			30,088		$ 19,431			16,614
Singapore dollars
Cash and Cash Equivalents
Cash and cash equivalents	$ 435				¥ 2,164	$ 333				¥ 1,648

Summary of significant accounting policies - Property, plant and equipment (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2020 USD ($)	Mar. 31, 2020 CNY (¥)	Mar. 31, 2019 CNY (¥)	Mar. 31, 2018 CNY (¥)
Property, plant and equipment, net
Depreciation expense	$ 6,331	¥ 44,828	¥ 47,744	¥ 45,969
Buildings \| Minimum
Property, plant and equipment, net
Estimated useful lives	37 years 6 months	37 years 6 months
Buildings \| Maximum
Property, plant and equipment, net
Estimated useful lives	50 years	50 years
Leasehold improvements
Property, plant and equipment, net
Estimated useful lives	10 years	10 years
Machineries \| Minimum
Property, plant and equipment, net
Estimated useful lives	5 years	5 years
Machineries \| Maximum
Property, plant and equipment, net
Estimated useful lives	10 years	10 years
Motor vehicles
Property, plant and equipment, net
Estimated useful lives	5 years	5 years
Furniture, fixtures and office equipment \| Minimum
Property, plant and equipment, net
Estimated useful lives	3 years	3 years
Furniture, fixtures and office equipment \| Maximum
Property, plant and equipment, net
Estimated useful lives	5 years	5 years
Construction-in-progress
Property, plant and equipment, net
Depreciation expense		¥ 0

Summary of significant accounting policies - Others (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2020 USD ($) item payment	Mar. 31, 2020 CNY (¥) item payment	Mar. 31, 2019 CNY (¥) payment	Mar. 31, 2018 CNY (¥) payment	Mar. 31, 2020 CNY (¥)	Apr. 01, 2019 CNY (¥)	Mar. 31, 2017 CNY (¥)
Estimated useful life of the operating rights	30 years	30 years
Impairment of long-lived assets		¥ 0	¥ 0	¥ 0
Agreement with customers, blood storage period	18 years	18 years
Number of promised services \| item	2	2
Value-added tax rate (as a percent)	6.00%	6.00%
Number of performance obligations under the Agreement \| item	2	2
Number of customer payment options \| payment	3	3	3	3
Advertising and promotion costs	$ 6,975	¥ 49,392	¥ 39,586	¥ 37,424
Number of operating segments \| item	1	1
Equity	$ 549,160		3,422,762	3,118,742	¥ 3,888,491		¥ 1,842,549
Decrease in fair value of equity securities	1,860	¥ 13,172	57,125
Operating lease right-of-use assets	642				4,548
Operating lease liabilities	494				3,499
Accumulated other comprehensive income/(losses)
Equity	(13,369)		(88,738)	(54,654)	(94,663)		24,428
Retained earnings
Equity	$ 265,215		¥ 1,407,223	¥ 1,116,873	¥ 1,877,940		¥ 879,775
Convertible notes
Debt issuance costs, amortization period	5 years	5 years		5 years
ASU 2016-01 \| Accumulated other comprehensive income/(losses)
Equity				¥ (62,316)
Cumulative effect of accounting change				62,316
ASU 2016-01 \| Retained earnings
Equity				62,316
Cumulative effect of accounting change				¥ (62,316)
Topic 842
Operating lease right-of-use assets						¥ 6,883
Operating lease liabilities						5,758
Topic 842 \| Retained earnings
Cumulative effect of accounting change						¥ 0

Accounts receivable, net (Details) ¥ in Thousands, $ in Thousands	Mar. 31, 2020 USD ($)	Mar. 31, 2020 CNY (¥)	Mar. 31, 2019 USD ($)	Mar. 31, 2019 CNY (¥)	Mar. 31, 2018 CNY (¥)	Mar. 31, 2017 CNY (¥)
Accounts receivable, net
Accounts receivable	$ 63,209	¥ 447,572		¥ 366,214
Less: Allowance for doubtful accounts	(25,886)	(183,290)	$ (23,223)	(164,434)	¥ (127,940)	¥ (117,602)
Total accounts receivable, net	37,323	264,282		201,780
Accounts receivable, current portion	14,723	104,251		96,923
Accounts receivable, non-current portion	22,600	160,031		104,857
Processing fees
Accounts receivable, net
Accounts receivable, current portion	10,178	72,072		68,113
Accounts receivable, non-current portion	22,600	160,031		104,857
Storage fees
Accounts receivable, net
Accounts receivable, current portion	4,365	30,907		27,465
Others
Accounts receivable, net
Accounts receivable, current portion	$ 180	¥ 1,272		¥ 1,345

Accounts receivable, net - Non current amounts (Details) - Mar. 31, 2020 ¥ in Thousands, $ in Thousands	USD ($)	CNY (¥)
Non-current accounts receivable
2022	$ 5,057	¥ 35,809
2023	6,086	43,095
2024	5,277	37,366
2025	4,807	34,039
2026 and thereafter	13,578	96,143
Non-current gross accounts receivable due for payment	34,805	246,452
Less: Unearned interest	(2,118)	(15,000)
Total non-current accounts receivable	$ 32,687	¥ 231,452

Accounts receivable, net - Aging (Details) ¥ in Thousands, $ in Thousands	Mar. 31, 2020 USD ($)	Mar. 31, 2020 CNY (¥)	Mar. 31, 2019 CNY (¥)
Aging of accounts receivable based on due date
Total accounts receivable	$ 63,209	¥ 447,572	¥ 366,214
Not past due
Aging of accounts receivable based on due date
Total accounts receivable	40,269	285,136	219,216
Within one year past due
Aging of accounts receivable based on due date
Total accounts receivable	3,838	27,179	27,138
Between one to two years past due
Aging of accounts receivable based on due date
Total accounts receivable	2,916	20,645	30,255
Over two years past due
Aging of accounts receivable based on due date
Total accounts receivable	$ 16,186	¥ 114,612	¥ 89,605

Accounts receivable, net - Allowance for doubtful accounts (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2020 USD ($)	Mar. 31, 2020 CNY (¥)	Mar. 31, 2019 CNY (¥)	Mar. 31, 2018 CNY (¥)
Analysis of the allowance for doubtful accounts
Balance at beginning of year	$ 23,223	¥ 164,434	¥ 127,940	¥ 117,602
Charged to allowance for doubtful accounts	3,445	24,395	38,214	31,716
Write-off charged against the allowance for the year	(782)	(5,539)	(1,720)	(21,378)
Balance at end of year	$ 25,886	¥ 183,290	¥ 164,434	¥ 127,940

Inventories - Schedule (Details) ¥ in Thousands, $ in Thousands	Mar. 31, 2020 USD ($)	Mar. 31, 2020 CNY (¥)	Mar. 31, 2019 CNY (¥)
Inventories
Current portion: - Consumables and supplies	$ 6,180	¥ 43,758	¥ 27,612
Non-current portion: - Processing costs capitalized in donated umbilical cord blood	12,020	85,109	77,194
Total current and non-current inventories	18,200	128,867	104,806
Consumables and supplies
Inventories
Current portion: - Consumables and supplies	6,180	43,758	27,612
Processing costs capitalized in donated umbilical cord blood
Inventories
Non-current portion: - Processing costs capitalized in donated umbilical cord blood	$ 12,020	¥ 85,109	¥ 77,194

Inventories - Provision (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
Inventories - Provision (Details) - CNY (¥) ¥ in Thousands	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Inventories
Write-down for inventories	¥ 0	¥ 0	¥ 0
Weighted average remaining useful life of donated cord blood units	18 years
The estimated increase per annum in number of successful matches of donated units (as a percent)	7.00%

Prepaid expenses and other receivables (Details) ¥ in Thousands, $ in Thousands	Mar. 31, 2020 USD ($)	Mar. 31, 2020 CNY (¥)	Mar. 31, 2019 CNY (¥)
Prepaid expenses and other receivables
Prepaid expenses	$ 5,474	¥ 38,760	¥ 14,748
VAT tax receivables	121	856	4,411
Other receivables	730	5,169	6,373
Total prepaid expenses and other receivables	$ 6,325	¥ 44,785	¥ 25,532

Property, plant and equipment, net - Schedule (Details) ¥ in Thousands, $ in Thousands	Mar. 31, 2020 USD ($)	Mar. 31, 2020 CNY (¥)	Mar. 31, 2019 CNY (¥)
Property, plant and equipment, net
Property, plant and equipment	$ 127,602	¥ 903,519	¥ 888,484
Less: Accumulated depreciation	(53,785)	(380,840)	(343,144)
Total property, plant and equipment, net	73,817	522,679	545,340
Buildings
Property, plant and equipment, net
Property, plant and equipment	85,318	604,112	600,733
Leasehold improvements
Property, plant and equipment, net
Property, plant and equipment	2,099	14,864	14,864
Machineries
Property, plant and equipment, net
Property, plant and equipment	29,429	208,377	196,123
Motor vehicles
Property, plant and equipment, net
Property, plant and equipment	2,695	19,088	19,246
Furniture, fixtures and equipment
Property, plant and equipment, net
Property, plant and equipment	7,869	55,722	53,631
Construction-in-progress
Property, plant and equipment, net
Property, plant and equipment	$ 192	¥ 1,356	¥ 3,887

Property, plant and equipment, net - Depreciation expense (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2020 USD ($)	Mar. 31, 2020 CNY (¥)	Mar. 31, 2019 CNY (¥)	Mar. 31, 2018 CNY (¥)
Property, plant and equipment, net
Depreciation expense	$ 6,331	¥ 44,828	¥ 47,744	¥ 45,969
Cost of revenues
Property, plant and equipment, net
Depreciation expense	4,093	28,980	30,848	30,055
Research and development
Property, plant and equipment, net
Depreciation expense	264	1,866	1,358	1,138
Sales and marketing
Property, plant and equipment, net
Depreciation expense	387	2,742	3,371	3,217
General and administrative
Property, plant and equipment, net
Depreciation expense	$ 1,587	¥ 11,240	¥ 12,167	¥ 11,559

Non-current deposits (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2020 USD ($)	Mar. 31, 2020 CNY (¥)	Mar. 31, 2020 CNY (¥)	Mar. 31, 2019 CNY (¥)
Investment deposit	$ 48,017		¥ 340,000	¥ 224,475
Deposit for purchase of machineries	1,040		7,360	12,244
Total non-current deposits	49,057		347,360	¥ 236,719
Earnest deposit for investment refunded	29,658	¥ 210,000
Potential Seller
Investment deposit	33,660
Earnest deposit for investment refunded	33,660
Another third party
Investment deposit	$ 48,017		¥ 340,000

Intangible assets, net - Schedule (Details) ¥ in Thousands, $ in Thousands	Mar. 31, 2020 USD ($)	Mar. 31, 2020 CNY (¥)	Mar. 31, 2019 CNY (¥)
Intangible assets, net
Cord blood bank operating rights	$ 19,578	¥ 138,628	¥ 138,628
Less: Accumulated amortization	(6,469)	(45,805)	(41,184)
Total intangible assets, net	$ 13,109	¥ 92,823	¥ 97,444

Intangible assets, net - Narrative (Details) ¥ in Thousands, $ in Thousands	1 Months Ended		12 Months Ended
	Feb. 28, 2011 USD ($)	Feb. 28, 2011 CNY (¥)	Mar. 31, 2020 USD ($)	Mar. 31, 2020 CNY (¥)	Mar. 31, 2019 CNY (¥)	Mar. 31, 2018 CNY (¥)	Mar. 31, 2020 CNY (¥)
Finite-Lived Intangible Assets
Estimated useful life of operating rights			30 years	30 years
Amortization expense of operating rights			$ 653	¥ 4,621	¥ 4,621	¥ 4,621
Deferred tax liability			$ 3,277		24,361		¥ 23,206
Period of expected cash flow			30 years	30 years
Guangdong province
Finite-Lived Intangible Assets
Estimated useful life of operating rights			30 years	30 years
Amortization expense of operating rights			$ 137	¥ 971	971	971
Zhejiang province
Finite-Lived Intangible Assets
Estimated useful life of operating rights			30 years	30 years
Amortization expense of operating rights			$ 516	¥ 3,650	¥ 3,650	¥ 3,650
Consideration for operating rights	$ 12,500	¥ 82,124
Value of acquired operating rights		109,499
Deferred tax liability		¥ 27,375
Guangdong and Zhejiang province
Finite-Lived Intangible Assets
General renewal period with provincial authorities			3 years	3 years
Beijing municipality
Finite-Lived Intangible Assets
General renewal period with provincial authorities			9 years	9 years

Intangible assets, net - Estimated amortization expense (Details) - Mar. 31, 2020 ¥ in Thousands, $ in Thousands	USD ($)	CNY (¥)
Intangible assets, net
2021	$ 653	¥ 4,621
2022	653	4,621
2023	653	4,621
2024	653	4,621
2025	653	4,621
2026 and thereafter	9,844	69,718
Total amortization expenses	$ 13,109	¥ 92,823

Investment in equity securities at fair value - Schedule (Details) ¥ in Thousands, $ in Thousands	Mar. 31, 2020 USD ($)	Mar. 31, 2020 CNY (¥)	Mar. 31, 2019 CNY (¥)
Schedule of listed equity securities
Listed equity securities	$ 14,307	¥ 101,306	¥ 107,362
Listed fund investments
Schedule of listed equity securities
Listed equity securities	8,566	60,653	58,092
Cordlife Group Limited \| Listed equity securities
Schedule of listed equity securities
Listed equity securities	$ 5,741	¥ 40,653	¥ 49,270

Investment in equity securities at fair value - Narrative (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2020 USD ($) shares	Mar. 31, 2020 CNY (¥)	Mar. 31, 2019 CNY (¥)	Mar. 31, 2018 CNY (¥)	Mar. 31, 2020 CNY (¥) shares	Mar. 31, 2019 USD ($) shares	Mar. 31, 2019 CNY (¥) shares	Mar. 31, 2017 CNY (¥)
Schedule of listed equity securities
Proceeds from disposal of available-for-sale equity securities				¥ 217
Investments in equity securities, cost basis	$ 14,153				¥ 100,213	$ 14,153	¥ 100,213
Equity	549,160			3,118,742	3,888,491		3,422,762	¥ 1,842,549
Decrease in fair value of equity securities	1,860	¥ 13,172	¥ 57,125
Dividend income	72	507	976	634
Aggregate fair values of the investments in securities	14,307				101,306		107,362
Accumulated other comprehensive income/(losses)
Schedule of listed equity securities
Equity	(13,369)			(54,654)	(94,663)		(88,738)	24,428
Retained earnings
Schedule of listed equity securities
Equity	$ 265,215			1,116,873	¥ 1,877,940		¥ 1,407,223	¥ 879,775
Cordlife Group Limited
Schedule of listed equity securities
Ordinary shares held \| shares	25,516,666				25,516,666	25,516,666	25,516,666
Percentage equity interest owned	10.00%				10.00%	10.10%	10.10%
Dividend income	$ 72	¥ 507	¥ 976	634
ASU 2016-01 \| Accumulated other comprehensive income/(losses)
Schedule of listed equity securities
Equity				(62,316)
ASU 2016-01 \| Retained earnings
Schedule of listed equity securities
Equity				¥ 62,316

Other equity investment (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2020 USD ($)	Mar. 31, 2020 CNY (¥)	Mar. 31, 2019 CNY (¥)	Mar. 31, 2018 CNY (¥)	Mar. 31, 2020 CNY (¥)
Investments
Unlisted equity securities	$ 26,710		¥ 189,129		¥ 189,129
Dividend income	$ 72	¥ 507	¥ 976	¥ 634
Qilu Stem Cells
Investments
Percentage equity interest acquired	24.00%	24.00%	24.00%
Dividend income		¥ 0	¥ 0	¥ 0

Accrued expenses and other payables (Details) ¥ in Thousands, $ in Thousands	Mar. 31, 2020 USD ($)	Mar. 31, 2020 CNY (¥)	Mar. 31, 2019 CNY (¥)
Accrued expenses and other payables
Insurance premium received on behalf of insurance company	$ 5,677	¥ 40,198	¥ 36,987
Other tax payables	130	921	2,663
Accrued salaries, bonus and welfare expenses	4,298	30,436	17,926
Accrued consultancy and professional fees	3,033	21,475	3,945
Payable for property, plant and equipment	342	2,423	1,198
Other payables	2,619	18,536	17,258
Total accrued expenses and other payables	$ 16,099	¥ 113,989	¥ 79,977

Operating leases - Consolidated balance sheet (Details) - Mar. 31, 2020 ¥ in Thousands, $ in Thousands	USD ($)	CNY (¥)
Operating leases
Operating lease right-of-use assets	$ 642	¥ 4,548
Operating lease liabilities	242	1,717
Non-current operating lease liabilities	252	1,782
Lease liabilities	$ 494	¥ 3,499

Operating leases - Supplemental cash flow information (Details) - 12 months ended Mar. 31, 2020 ¥ in Thousands, $ in Thousands	USD ($)	CNY (¥)
Operating leases
Operating cash flows	$ 355	¥ 2,512

Operating leases - Maturity analysis of operating lease liabilities (Details) - Mar. 31, 2020 ¥ in Thousands, $ in Thousands	USD ($)	CNY (¥)
Fiscal years ending March 31,
2021	$ 263	¥ 1,860
2022	240	1,700
2023	21	149
Total future undiscounted cash flow	524	3,709
Less: Discount factor	(30)	(210)
Lease liabilities	494	3,499
Representing
Current portion	242	1,717
Non-current portion	252	1,782
Lease liabilities	$ 494	¥ 3,499

Operating leases - Future minimum annual lease payments under Topic 840 (Details) ¥ in Thousands	Mar. 31, 2019 CNY (¥)
Future minimum annual lease payments under the previous lease standard (Topic 840)
2020	¥ 2,196
2021	1,832
2022	1,500
Lease liabilities	¥ 5,528

Operating leases - Additional information (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2020 USD ($) item	Mar. 31, 2020 CNY (¥) item	Mar. 31, 2019 CNY (¥)	Mar. 31, 2018 CNY (¥)
Operating leases
Number of operating leases for office \| item	2	2
Weighted average remaining lease term	2 years 8 months 12 days	2 years 8 months 12 days
Weighted average discount rate	4.75%	4.75%
Rent expense	$ 480	¥ 3,399	¥ 3,265	¥ 3,483
Variable lease costs	0
Sublease income	$ 0

Deferred revenue - Composition (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2020 USD ($)	Mar. 31, 2020 CNY (¥)	Mar. 31, 2019 CNY (¥)	Mar. 31, 2018 CNY (¥)	Mar. 31, 2020 CNY (¥)	Mar. 31, 2019 USD ($)	Mar. 31, 2019 CNY (¥)	Mar. 31, 2017 CNY (¥)
Deferred revenue
Current portion	$ 56,879				¥ 402,751		¥ 461,986
Non-current portion	323,376				2,289,762		2,108,442
Total current and non-current deferred revenue	380,255				2,692,513		2,570,428
Revenue expected to be recognized in 2021	52,095	¥ 368,872
Revenue expected to be recognized in 2022	26,987	191,090
Revenue expected to be recognized in 2023	26,994	191,138
Revenue expected to be recognized in 2024 and thereafter	274,179	1,941,413
Payments made by customers prior to completion of cord blood processing services
Deferred revenue
Total current and non-current deferred revenue	14,052				99,506		185,752
Credited to income from prior year's balance	14,088	99,759
Prior year's deferred revenue balance reclassified as unearned storage fees	12,145	85,993
Unearned storage fees
Deferred revenue
Total current and non-current deferred revenue	366,203			¥ 2,112,195	¥ 2,593,007	$ 336,781	¥ 2,384,676	¥ 1,763,389
Credited to income from prior year's balance	$ 39,012	¥ 276,234	¥ 238,181	¥ 193,810

Deferred revenue - Rollforward (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2020 USD ($)	Mar. 31, 2020 CNY (¥)	Mar. 31, 2019 CNY (¥)	Mar. 31, 2018 CNY (¥)
Deferred revenue
Balance at beginning of year		¥ 2,570,428
Balance at end of year	$ 380,255	2,692,513	¥ 2,570,428
Payments made by customers prior to completion of cord blood processing services
Deferred revenue
Balance at beginning of year		185,752
Credited to income from prior year's balance	(14,088)	(99,759)
Balance at end of year	14,052	99,506	185,752
Unearned storage fees
Deferred revenue
Balance at beginning of year	336,781	2,384,676	2,112,195	¥ 1,763,389
Deferred revenue arose during the year	93,210	660,001	658,262	674,015
Credited to income from prior year's balance	(39,012)	(276,234)	(238,181)	(193,810)
Credited to income from deferred revenue arose during the year	(24,776)	(175,436)	(147,600)	(131,399)
Balance at end of year	$ 366,203	¥ 2,593,007	¥ 2,384,676	¥ 2,112,195

Convertible notes, net (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands	1 Months Ended	12 Months Ended
	Apr. 30, 2017 USD ($) $ / shares shares	Mar. 31, 2020 USD ($)	Mar. 31, 2019	Mar. 31, 2018 shares	Oct. 03, 2017 CNY (¥)	Apr. 27, 2017 CNY (¥)	Mar. 31, 2017 USD ($) $ / shares
Convertible notes, net
Number of shares issued in conversion of Notes (in shares) \| shares				40,521,494
Convertible notes
Convertible notes, net
Guaranteed internal rate of return			12.00%	12.00%
Interest rate				7.00%
Debt issuance costs, amortization period		5 years		5 years
GMSC \| Convertible notes
Convertible notes, net
Aggregate principal amount					¥ 50,000	¥ 65,000	$ 115,000
Guaranteed internal rate of return				12.00%
Interest rate							7.00%
Conversion amount of Notes \| $	$ 115,000
Conversion price per share \| $ / shares	$ 2.838						$ 2.838
Number of shares issued in conversion of Notes (in shares) \| shares	40,521,494
Convertible notes, net \| $		$ 0

Convertible notes, net - Interest (Details) ¥ in Thousands	12 Months Ended
Convertible notes, net - Interest (Details) ¥ in Thousands	Mar. 31, 2018 CNY (¥)
Convertible notes, net
Amortization of debt issuance costs	¥ 690
Convertible notes
Convertible notes, net
Interest incurred	2,567
Amortization of debt issuance costs	690
Total interest expense	¥ 3,257

Shareholders' equity (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands			12 Months Ended
	Jul. 29, 2020 USD ($)	Jul. 23, 2019 USD ($)	Mar. 31, 2020 USD ($) shares	Mar. 31, 2020 CNY (¥)	Mar. 31, 2019 CNY (¥) shares	Mar. 31, 2018 CNY (¥) shares	Mar. 31, 2013 CNY (¥) shares	Mar. 31, 2020 CNY (¥) shares	Jun. 26, 2018 $ / shares	Mar. 31, 2017 shares
Shareholders' equity
Ordinary shares, shares outstanding			121,551,075		121,551,075	120,824,742		121,551,075		73,003,248
Ordinary shares, shares issued			121,687,974		121,687,974	120,961,641		121,687,974		73,140,147
Number of shares issued in conversion of Notes (in shares)						40,521,494
Number of RSUs fully vested (in shares)						7,300,000
Vesting of restricted share units scheme (in shares)						7,300,000
The percentage of net income that Beijing Jiachenhong, Guangzhou Nuoya and Zhejiang Lukou required to transfer to surplus reserve			10.00%	10.00%
The percentage of their respective registered capital that the statutory surplus reserve must reach before Beijing Jiachenhong, Guangzhou Nuoya and Zhejiang Lukou are not required to transfer their net income			50.00%	50.00%
The percentage of registered capital that must be retained in the statutory surplus reserve balance after conversion into issued capital			25.00%	25.00%
Aggregated transfers made to the statutory surplus reserves by Beijing Jiachenhong and Zhejiang Lukou			$ 2,834	¥ 20,068	¥ 15,841	¥ 16,326
Accumulated statutory surplus reserve			$ 25,428		¥ 159,982			¥ 180,050
Purchase of Treasury Stock, shares							7,450,914
Purchase of Treasury Stock \| ¥							¥ 131,302
Sale of treasury shares, shares							7,314,015
Treasury stock, shares			136,899		136,899			136,899
Share repurchase program, amount \| $	$ 20,000	$ 20,000
Share repurchase program, period	12 months	12 months
Dividend declared to the Company's shareholders (in shares)					726,333
Dividend declared (in dollars per share) \| $ / shares									$ 0.08
Cash dividend paid \| ¥					¥ 18,173

Revenues (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
Revenues (Details) ¥ in Thousands, $ in Thousands	Mar. 31, 2020 USD ($)	Mar. 31, 2020 CNY (¥)	Mar. 31, 2019 CNY (¥)	Mar. 31, 2018 CNY (¥)
Revenues from External Customers
Total revenues	$ 172,503	¥ 1,221,460	¥ 986,754	¥ 936,768
Processing fees
Revenues from External Customers
Total revenues	107,261	759,493	592,123	604,502
Storage fees
Revenues from External Customers
Total revenues	63,788	451,670	385,781	325,209
Fees derived from the provision of donated cord blood for transplantation and research and others
Revenues from External Customers
Total revenues	$ 1,454	¥ 10,297	¥ 8,850	¥ 7,057

Income tax - Tax rates (Details) ¥ in Thousands, $ in Thousands	12 Months Ended				36 Months Ended
	Mar. 31, 2020 USD ($)	Mar. 31, 2020 CNY (¥)	Mar. 31, 2019 CNY (¥)	Mar. 31, 2018 CNY (¥)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Mar. 31, 2020 CNY (¥)
Income tax
Tax expense	$ 14,276	¥ 101,084	¥ 61,260	¥ 62,656
Undistributed earnings that may be subject to the withholding tax	401,862										¥ 2,845,502
Unrecognized deferred tax liability from unremitted earnings of PRC subsidiaries	$ 40,186										¥ 284,550
Cayman Islands
Income tax
Withholding tax amount on dividends		0
British Virgin Islands
Income tax
Withholding tax amount on dividends		0
Hong Kong
Income tax
Tax expense		¥ 0	¥ 0	¥ 0
PRC
Income tax
Withholding tax rate	10.00%	10.00%
Beijing Jiachenhong
Income tax
HNTE preferential tax rate								15.00%
Beijing Jiachenhong \| Forecast
Income tax
HNTE preferential tax rate					15.00%
Guangzhou Nuoya
Income tax
HNTE preferential tax rate									15.00%
Guangzhou Nuoya \| Forecast
Income tax
HNTE preferential tax rate						15.00%
Zhejiang Lukou
Income tax
HNTE preferential tax rate										15.00%
Zhejiang Lukou \| Forecast
Income tax
HNTE preferential tax rate							15.00%
Subsidiaries \| PRC
Income tax
Statutory income tax rate (as a percent)	25.00%	25.00%

Income tax - Income before income tax (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2020 USD ($)	Mar. 31, 2020 CNY (¥)	Mar. 31, 2019 CNY (¥)	Mar. 31, 2018 CNY (¥)
Income tax
Income before income tax expense	$ 81,743	¥ 578,812	¥ 356,461	¥ 303,535
PRC
Income tax
Income before income tax expense, The PRC	94,418	668,552	447,195	435,576
Hong Kong
Income tax
Income before income tax expense, Non-PRC	(6)	(43)	(65)	(45)
British Virgin Islands
Income tax
Income before income tax expense, Non-PRC	(1,881)	(13,313)	(56,616)	(56)
Cayman Islands
Income tax
Income before income tax expense, Non-PRC	$ (10,788)	¥ (76,384)	¥ (34,053)	¥ (131,940)

Income tax - Current and deferred (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2020 USD ($)	Mar. 31, 2020 CNY (¥)	Mar. 31, 2019 CNY (¥)	Mar. 31, 2018 CNY (¥)
Income tax
Current tax expense	$ 15,293	¥ 108,290	¥ 75,948	¥ 72,591
Deferred tax expense	(1,017)	(7,206)	(14,688)	(9,935)
Total income tax expense	$ 14,276	¥ 101,084	¥ 61,260	¥ 62,656

Income tax - Reconciliation of expected income tax to actual income tax expense (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2020 USD ($) $ / shares	Mar. 31, 2020 CNY (¥) ¥ / shares	Mar. 31, 2019 CNY (¥) ¥ / shares	Mar. 31, 2018 CNY (¥) ¥ / shares
Income tax
Income before income tax expense	$ 81,743	¥ 578,812	¥ 356,461	¥ 303,535
Computed "expected" tax expense	20,436	144,703	89,115	75,884
PRC dividend withholding tax	636	4,500
Preferential tax rates	(9,968)	(70,580)	(51,428)	(49,093)
Others	4	26	890	2,855
Total income tax expense	$ 14,276	¥ 101,084	¥ 61,260	¥ 62,656
Impact of preferential tax rates for both basic and diluted per share \| (per share)	$ 0.08	¥ 0.58	¥ 0.42	¥ 0.43
Hong Kong
Income tax
Non-PRC entities not subject to income tax	$ 2	¥ 11	¥ 16	¥ 11
Total income tax expense		0	0	0
British Virgin Islands
Income tax
Non-PRC entities not subject to income tax	470	3,328	14,154	14
Cayman Islands
Income tax
Non-PRC entities not subject to income tax	$ 2,696	¥ 19,096	¥ 8,513	¥ 32,985

Income tax - Deferred tax assets and liabilities (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2020 USD ($)	Mar. 31, 2020 CNY (¥)	Mar. 31, 2019 CNY (¥)	Mar. 31, 2018 CNY (¥)	Mar. 31, 2020 CNY (¥)
Deferred tax assets:
Accounts receivable	$ 5,588		¥ 32,929		¥ 39,573
Non-current accounts receivable	1,627		12,879		11,519
Inventories	1,191		7,834		8,431
Others	251		1,858		1,786
Deferred tax assets	8,657		55,500		61,309
Deferred tax liabilities:
Deferred revenue	(5)		(48)		(38)
Property, plant and equipment	(777)		(5,736)		(5,504)
Intangible assets	(3,277)		(24,361)		(23,206)
Deferred tax liabilities	(4,059)		(30,145)		(28,748)
Net deferred tax assets	4,598		25,355		32,561
Classification on consolidated balance sheets:
Deferred tax assets	7,160		44,981		50,701
Deferred tax liabilities	(2,562)		(19,626)		(18,140)
Net deferred tax assets	$ 4,598		25,355		¥ 32,561
Interest and penalties related to unrecognized tax benefits		¥ 0	¥ 0	¥ 0
PRC
Classification on consolidated balance sheets:
Statute of limitation, underpayment due to computational errors	3 years	3 years
Statute of limitation, special circumstances where underpayment is more than RMB100	5 years	5 years
Underpayment of taxes threshold that extends the statute of limitation	$ 14	¥ 100
Statute of limitation, transfer pricing issues	10 years	10 years

Share-based compensation (Details) ¥ in Thousands		1 Months Ended	12 Months Ended			109 Months Ended
Share-based compensation (Details) ¥ in Thousands	Dec. 15, 2014 USD ($) shares	May 31, 2017 USD ($) shares	Mar. 31, 2020 shares	Mar. 31, 2019 shares	Mar. 31, 2018 CNY (¥) shares	Mar. 31, 2020 shares
Share-based compensation
Outstanding RSUs fully vested					7,300,000
Restricted Share Unit
Share-based compensation
Term of RSU Scheme						10 years
Shares granted in period	7,300,000	1,000,000	0	0
Number of ordinary shares entitled to transfer or issue upon vesting	1	1
Fair value of each RSU \| $	$ 4.15	$ 7.68
Outstanding RSUs (in shares)			0	0		0
RSUs cancelled upon the resignation of one of the grantees					1,000,000
Outstanding RSUs fully vested					7,300,000
Total share-based compensation expense \| ¥					¥ 84,268
Restricted Share Unit \| Cost of revenues
Share-based compensation
Total share-based compensation expense \| ¥					1,920
Restricted Share Unit \| Sales and marketing
Share-based compensation
Total share-based compensation expense \| ¥					(1,534)
Restricted Share Unit \| General and administrative
Share-based compensation
Total share-based compensation expense \| ¥					¥ 83,882

Earnings per share (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2020 USD ($) $ / shares shares	Mar. 31, 2020 CNY (¥) ¥ / shares shares	Mar. 31, 2019 CNY (¥) ¥ / shares shares	Mar. 31, 2018 CNY (¥) ¥ / shares shares
Numerator:
Net income attributable to the Company's shareholders	$ 66,477	¥ 470,717	¥ 291,124	¥ 237,098
Denominator:
Weighted average ordinary shares outstanding for basic net income per share	121,551,075	121,551,075	121,270,491	112,938,635
Earnings per share
Basic \| (per share)	$ 0.55	¥ 3.87	¥ 2.40	¥ 2.10
Diluted \| (per share)	$ 0.55	¥ 3.87	¥ 2.40	¥ 1.99
Restricted Share Unit
Denominator:
Dilutive ordinary shares				6,390,797
Weighted average ordinary shares outstanding for diluted net income per share	121,551,075,000	121,551,075,000	121,421,582,000	119,329,432
Scrip dividend
Denominator:
Weighted average ordinary shares outstanding for basic net income per share			151,091
Dilutive ordinary shares			151,091
Convertible notes
Earnings per share
Anti-dilutive ordinary shares				40,521,494

Related party transactions (Details) ¥ in Thousands	12 Months Ended
Related party transactions (Details) ¥ in Thousands	Mar. 31, 2018 CNY (¥)
Related Party Transaction
Interest expenses	¥ 2,567
Beijing Jingjing Medical Equipment Co., Ltd. \| Purchase of raw materials and machineries
Related Party Transaction
Purchases	19,419
China Bright Group Co. Limited \| Purchase of raw materials
Related Party Transaction
Purchases	18,759
Golden Meditech (S) Pte Ltd. \| Consultancy expenses
Related Party Transaction
Expenses incurred	¥ 4,481

Employee benefits (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
Employee benefits (Details) ¥ in Thousands, $ in Thousands	Mar. 31, 2020 USD ($)	Mar. 31, 2020 CNY (¥)	Mar. 31, 2019 CNY (¥)	Mar. 31, 2018 CNY (¥)
Employee benefits
Defined contribution plan expense	$ 5,702	¥ 40,378	¥ 38,231	¥ 30,518
Sales and marketing
Employee benefits
Defined contribution rate	61.00%	61.00%	63.00%	57.00%
Beijing Jiachenhong
Employee benefits
Defined contribution rate	40.00%	40.00%
Guangzhou Nuoya
Employee benefits
Defined contribution rate	40.00%	40.00%
Zhejiang Lukou
Employee benefits
Defined contribution rate	40.00%	40.00%

Business and credit concentrations (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2020 USD ($)	Mar. 31, 2020 CNY (¥)	Mar. 31, 2019 CNY (¥)	Mar. 31, 2018 CNY (¥)
Supplier \| Beijing Jingjing Medical Equipment Co., Ltd.
Concentration Risk
Individual accounts payable to major suppliers			¥ 10,715
Percentage of concentration			32.00%
Supplier \| Purchases of raw materials
Concentration Risk
Purchases from suppliers	$ 6,040	¥ 42,771	¥ 23,741	¥ 34,140
Percentage of concentration	46.00%	46.00%	30.00%	44.00%
Supplier \| Purchases of raw materials \| Beijing Jingjing Jiahong Medical Equipment Co., Ltd.
Concentration Risk
Purchases from suppliers	$ 4,231	¥ 29,960
Percentage of concentration	32.00%	32.00%
Supplier \| Purchases of raw materials \| Beijing Jingjing Jiahong Medical Equipment Co., Ltd. \| Maximum
Concentration Risk
Percentage of concentration			10.00%	10.00%
Supplier \| Purchases of raw materials \| Beijing Jingjing Medical Equipment Co., Ltd.
Concentration Risk
Purchases from suppliers			¥ 23,741
Percentage of concentration			30.00%
Supplier \| Purchases of raw materials \| Beijing Jingjing Medical Equipment Co., Ltd. \| Maximum
Concentration Risk
Percentage of concentration	10.00%	10.00%		10.00%
Supplier \| Purchases of raw materials \| China Bright Group Co. Limited
Concentration Risk
Purchases from suppliers	$ 1,809	¥ 12,811		¥ 18,759
Percentage of concentration	14.00%	14.00%		24.00%
Supplier \| Purchases of raw materials \| China Bright Group Co. Limited \| Maximum
Concentration Risk
Percentage of concentration			10.00%
Supplier \| Purchases of raw materials \| Hangzhou Baitong Biological Technology Co., Ltd.
Concentration Risk
Purchases from suppliers				¥ 7,670
Percentage of concentration				10.00%
Supplier \| Purchases of raw materials \| Hangzhou Baitong Biological Technology Co., Ltd. \| Maximum
Concentration Risk
Percentage of concentration	10.00%	10.00%	10.00%
Supplier \| Purchases of raw materials \| Beijing Chengmao Xingye Technology Development Co., Ltd.
Concentration Risk
Purchases from suppliers				¥ 7,711
Percentage of concentration				10.00%
Supplier \| Purchases of raw materials \| Beijing Chengmao Xingye Technology Development Co., Ltd. \| Maximum
Concentration Risk
Percentage of concentration	10.00%	10.00%	10.00%
Beijing municipality \| Customers \| Revenue
Concentration Risk
Percentage of concentration	21.20%	21.20%	23.80%	23.70%
Guangdong province \| Customers \| Revenue
Concentration Risk
Percentage of concentration	62.90%	62.90%	61.00%	62.00%
Zhejiang province \| Customers \| Revenue
Concentration Risk
Percentage of concentration	15.90%	15.90%	15.20%	14.30%

Commitments and contingencies - Contractual commitments (Details) - Co-operation agreement ¥ in Thousands, $ in Thousands	1 Months Ended
	Sep. 30, 2017 USD ($)	Sep. 30, 2017 CNY (¥)	Oct. 31, 2013 USD ($)	Oct. 31, 2013 CNY (¥)	Nov. 30, 2009 CNY (¥)	Jun. 30, 2006 CNY (¥)
Peking University People's Hospital
Contractual commitments
Annual advisory fee	$ 424	¥ 3,000				¥ 2,600
Annual advisory fee, time period	4 years	4 years
Guangdong Women and Children's Hospital and Health Institute
Contractual commitments
Annual advisory fee			$ 452	¥ 3,200	¥ 2,000
Annual advisory fee, time period					20 years

Commitments and contingencies - Future minimum payments, cooperation agreements (Details) - Mar. 31, 2020 - Co-operation agreement ¥ in Thousands, $ in Thousands	USD ($)	CNY (¥)
Future minimum payments under cooperation agreements
2021	$ 876	¥ 6,200
2022	628	4,450
2023	452	3,200
2024	452	3,200
2025	452	3,200
2026 and thereafter	2,071	14,667
Total payments	$ 4,931	¥ 34,917