Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

SHARE BASED COMPENSATION (Tables)

v3.7.0.1
SHARE BASED COMPENSATION (Tables)
12 Months Ended
Mar. 31, 2017
SHARE BASED COMPENSATION  
Summary of the shares options activities

 

 

 

 

 

Weighted

 

Weighted

 

Aggregate

 

 

 

 

 

average

 

remaining

 

intrinsic

 

 

 

Number of

 

exercise

 

contractual

 

value

 

 

 

shares

 

USD

 

years

 

USD

 

Outstanding as of March 31, 2014

 

4,214,667

 

2.72

 

 

 

 

 

Granted

 

1,469,460

 

2.24

 

 

 

 

 

Exercised

 

(300,000

)

2.12

 

 

 

 

 

Forfeited

 

(1,102,095

)

2.50

 

 

 

 

 

Expired

 

(396,365

)

2.58

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding as of March 31, 2015

 

3,885,667

 

2.66

 

 

 

 

 

Granted

 

 

 

 

 

 

 

Exercised

 

 

 

 

 

 

 

Forfeited

 

 

 

 

 

 

 

Expired

 

(1,981,600

)

2.72

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding as of March 31, 2016

 

1,904,067

 

2.61

 

 

 

 

 

Granted

 

900,000

 

1.71

 

 

 

 

 

Exercised

 

 

 

 

 

 

 

Forfeited

 

(100,000

)

1.71

 

 

 

 

 

Expired

 

(253,000

)

3.60

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding as of March 31, 2017

 

2,451,067

 

2.21

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vested and expected to vest as of March 31, 2017

 

2,451,067

 

2.21

 

7.96

 

156,000

 

 

 

 

 

 

 

 

 

 

 

Exercisable as of March 31, 2017

 

916,337

 

2.63

 

6.45

 

 

 

 

 

 

 

 

 

 

 

 

 

Schedule of information relating to options outstanding and exercisable

 

Options outstanding as of March 31, 2017

 

Options exercisable as of March 31, 2017

 

 

 

Exercise

 

Remaining

 

 

 

Exercise

 

Remaining

 

Number of

 

Price

 

Contractual

 

Number

 

Price

 

Contractual

 

Shares

 

per Share

 

Life

 

of Shares

 

per Share

 

Life

 

 

 

USD

 

Years

 

 

 

USD

 

Years

 

74,000

 

3.60

 

0.50

 

74,000

 

3.60

 

0.50

 

100,000

 

4.75

 

0.83

 

100,000

 

4.75

 

0.83

 

7,607

 

2.69

 

1.91

 

7,607

 

2.69

 

1.91

 

1,469,460

 

2.24

 

7.86

 

734,730

 

2.24

 

7.86

 

800,000

 

1.71

 

9.80

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,451,067

 

2.21

 

7.96

 

916,337

 

2.63

 

6.45

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Summary of assumptions used in the valuation model

 

 

 

Year Ended March 31,

 

 

 

2015

 

2016

 

2017

 

 

 

 

 

 

 

 

 

Expected dividend yield

 

0%

 

0%

 

0%

 

Expected volatility

 

71%

 

50%

 

63%

 

Expected term

 

6.25

 

0.25

 

6.08

 

Risk-free interest rate (per annum)

 

1.70%

 

0.72%

 

1.98%

 

 

Non-vested shares  
SHARE BASED COMPENSATION  
Summary of the non-vested shares activities

 

 

 

 

 

Weighted
average

 

 

 

Number

 

grant date

 

 

 

of shares

 

fair value

 

 

 

 

 

USD

 

Outstanding at March 31, 2014

 

810,000

 

3.989

 

Granted

 

 

 

Vested

 

(335,000

)

4.380

 

Forfeited

 

(30,000

)

2.145

 

 

 

 

 

 

 

Outstanding at March 31, 2015

 

445,000

 

3.819

 

 

 

 

 

 

 

Granted

 

 

 

Vested

 

(325,000

)

4.437

 

Forfeited

 

 

 

 

 

 

 

 

 

Outstanding at March 31, 2016

 

120,000

 

2.145

 

 

 

 

 

 

 

Granted

 

2,700,000

 

1.650

 

Vested

 

(60,000

)

2.145

 

Forfeited

 

(60,000

)

1.650

 

 

 

 

 

 

 

Outstanding at March 31, 2017

 

2,700,000

 

1.661

 

 

 

 

 

 

 

 

Schedule of allocation of recognized compensation expense for non-vested shares

 

 

 

Year Ended March 31,

 

 

 

2015

 

2016

 

2017

 

 

 

RMB

 

RMB

 

RMB

 

Cost of revenues

 

164,741

 

90,002

 

455,115

 

Research and development

 

179,186

 

75,834

 

495,440

 

Sales and marketing

 

295,519

 

150,420

 

525,542

 

General and administrative

 

5,487,275

 

808,054

 

1,403,224

 

 

 

 

 

 

 

 

 

Total share based compensation expense

 

6,126,721

 

1,124,310

 

2,879,321