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

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows
 12 Months Ended
Mar. 31, 2016
USD ($)
Mar. 31, 2016
CNY (¥)
Mar. 31, 2015
CNY (¥)
Mar. 31, 2014
CNY (¥)
Cash flows from operating activities:        
Net income $ 4,040,197 ¥ 26,051,187 ¥ 23,055,720 ¥ 27,276,435
Adjustments to reconcile net income to net cash provided by operating activities:        
Provision for (reversal of) doubtful accounts (19,828) (127,852) 845,965 (3,738,232)
Impairment of intangible assets   0 310,153 12,009,457
Depreciation and amortization 1,335,532 8,611,508 7,583,790 10,754,370
Loss (gain) from disposal of property and equipment (8,523) (54,955) 734 429,642
Share-based compensation 1,421,342 9,164,822 7,111,316 10,534,910
Deferred income tax expense (benefit) 1,093,940 7,053,724 (849,689) (717,083)
Share of losses of equity method investments 1,369,283 8,829,140 2,196,750  
Foreign currency exchange loss 313,758 2,023,109 997,149  
Changes in operating assets and liabilities, net of effect of acquisition:        
Restricted cash     2,700,000 (2,700,000)
Accounts receivable (352,689) (2,274,136) 19,357,064 (12,790,125)
Prepaid expenses and other current assets (175,212) (1,129,761) (893,856) (132,091)
Other assets 4,577 29,514 (7,574,162) (1,539,462)
Income tax payable 1,123,476 7,244,175 (11,258,806) (1,743,871)
Accrued expenses and other payables 635,833 4,099,848 (10,657,651) (858,078)
Deferred revenues (777,846) (5,015,552) 12,927,758 557,888
Net cash provided by operating activities 10,003,840 64,504,771 45,852,235 37,343,760
Cash flows from investing activities :        
Cash paid for property and equipment (478,751) (3,086,987) (14,836,069) (4,150,169)
Cash receipt from property and equipment disposal 10,520 67,830 30,490 17,690
Payment for XingWei acquisition, net of cash acquired       (9,826,706)
Cash paid for long-term investments (3,688,323) (23,782,307) (37,953,864)  
Cash paid to shareholder (Note 16) (1,550,868) (10,000,000)    
Net cash used in investing activities (5,707,422) (36,801,464) (52,759,443) (13,959,185)
Cash flows from financing activities :        
Cash paid for employee individual income tax for net-settlement of vested shares (120,092) (774,354) (853,404) (567,881)
Cash paid for repurchase of common shares (3,029,781) (19,536,028) (8,362,136) (132,528)
Proceeds from exercise of share options     3,903,952  
Special cash dividend     (58,349,122)  
Net cash used in financing activities (3,149,873) (20,310,382) (63,660,710) (700,409)
Effect of foreign exchange rate changes on cash (3,188) (20,559) (1,083,809) (766,783)
Net increase (decrease) in cash 1,143,357 7,372,366 (71,651,727) 21,917,383
Cash and cash equivalents at beginning of year 37,266,652 240,295,371 311,947,098 290,029,715
Cash and cash equivalents at end of year 38,410,009 247,667,737 240,295,371 311,947,098
Supplemental disclosures of cash flow information :        
Cash paid for income tax 2,219,136 14,308,992 23,104,750 22,590,270
Cash refunded for income tax $ (1,502,080) ¥ (9,685,409) (1,421,109) ¥ (233,853)
Non-cash investing and financing activities:        
Acquisition of property and equipment included in accrued expenses and other payables     ¥ 146,126