SHARE-BASED COMPENSATION (Tables)
|
9 Months Ended |
Dec. 31, 2017 |
|---|
| SHARE-BASED COMPENSATION |
|
| Summary of the share options activities |
|
|
|
|
|
Weighted
|
|
Weighted
|
|
Aggregate
|
|
|
|
|
|
|
average
|
|
remaining
|
|
intrinsic
|
|
|
|
|
Number of
|
|
exercise
|
|
contractual
|
|
value
|
|
|
|
|
shares
|
|
USD
|
|
years
|
|
USD
|
|
|
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
|
|
|
|
|
|
|
Granted
|
|
50,000
|
|
2.35
|
|
|
|
|
|
|
Exercised
|
|
—
|
|
—
|
|
|
|
|
|
|
Forfeited
|
|
(50,000
|
)
|
1.71
|
|
|
|
|
|
|
Expired
|
|
(74,000
|
)
|
3.60
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding as of December 31, 2017
|
|
2,377,067
|
|
2.18
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vested and expected to vest as of December 31, 2017
|
|
2,377,067
|
|
2.18
|
|
7.46
|
|
556,612
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercisable as of December 31, 2017
|
|
842,337
|
|
2.54
|
|
6.23
|
|
51,431
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Schedule of information relating to options outstanding and exercisable |
|
Options outstanding as of December 31, 2017
|
|
Options exercisable as of December 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
|
|
|
100,000
|
|
4.75
|
|
0.07
|
|
100,000
|
|
4.75
|
|
0.07
|
|
|
7,607
|
|
2.69
|
|
1.16
|
|
7,607
|
|
2.69
|
|
1.16
|
|
|
1,469,460
|
|
2.24
|
|
7.12
|
|
734,730
|
|
2.24
|
|
7.12
|
|
|
750,000
|
|
1.71
|
|
9.05
|
|
—
|
|
—
|
|
—
|
|
|
50,000
|
|
2.35
|
|
9.61
|
|
—
|
|
—
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,377,067
|
|
2.18
|
|
7.46
|
|
842,337
|
|
2.54
|
|
6.23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Summary of assumptions used in the valuation model |
|
|
|
Twelve months ended
March 31,
|
|
Nine months ended
December 31,
|
|
|
|
|
2016
|
|
2017
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
Expected dividend yield
|
|
0%
|
|
0%
|
|
8.7%
|
|
|
Expected volatility
|
|
50%
|
|
63%
|
|
60%
|
|
|
Expected term
|
|
0.25
|
|
6.08
|
|
6.08
|
|
|
Risk-free interest rate (per annum)
|
|
0.72%
|
|
1.98%
|
|
1.96%
|
|
|
| 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, 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
|
|
|
|
|
|
|
|
|
|
Granted
|
|
—
|
|
—
|
|
|
Vested
|
|
(60,000
|
)
|
2.145
|
|
|
Forfeited
|
|
(15,000
|
)
|
1.650
|
|
|
|
|
|
|
|
|
|
Outstanding at December 31, 2017
|
|
2,625,000
|
|
1.650
|
|
|
|
|
|
|
|
|
|
| Schedule of allocation of recognized compensation expense for non-vested shares |
|
|
|
Twelve months ended
March 31,
|
|
Nine months ended
December 31,
|
|
|
|
|
2016
|
|
2017
|
|
2017
|
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
|
Cost of revenues
|
|
90,002
|
|
455,115
|
|
1,791,786
|
|
|
Research and development
|
|
75,834
|
|
495,440
|
|
2,130,513
|
|
|
Sales and marketing
|
|
150,420
|
|
525,542
|
|
2,051,481
|
|
|
General and administrative
|
|
808,054
|
|
1,403,224
|
|
5,401,445
|
|
|
|
|
|
|
|
|
|
|
|
Total share-based compensation expense
|
|
1,124,310
|
|
2,879,321
|
|
11,375,225
|
|
|
|
|
|
|
|
|
|
|
|