Share-based awards (Tables)
 12 Months Ended
Mar. 31, 2023
Share-based awards  
Schedule of share-based compensation expense by function

 

Year ended March 31,

 

 

2021

 

 

2022

 

 

2023

 

 

 

RMB

 

 

RMB

 

 

RMB

 

 

(in millions)

 

Cost of revenue

 

 

11,224

 

 

 

5,725

 

 

 

5,710

 

Product development expenses

 

 

21,474

 

 

 

11,035

 

 

 

13,514

 

Sales and marketing expenses

 

 

5,323

 

 

 

3,050

 

 

 

3,710

 

General and administrative expenses

 

 

12,099

 

 

 

4,161

 

 

 

7,897

 

 

 

50,120

 

 

 

23,971

 

 

 

30,831

 
RSUs  
Share-based awards  
Summary of changes in the RSUs

A summary of the changes in the RSUs relating to ordinary shares granted by the Company during the year ended March 31, 2023 is as follows:

 

 

 

 

 

 

Weighted-

 

 

 

 

 

average

 

 

Number

 

 

grant date

 

 

of RSUs

 

 

fair value

 

 

 

 

 

US$

 

Awarded and unvested as of April 1, 2022

 

 

60,676,287

 

 

 

201.17

 

Granted

 

 

32,242,838

 

 

 

102.18

 

Vested

 

 

(23,281,792

)

 

 

192.01

 

Canceled/forfeited

 

 

(8,349,129

)

 

 

179.85

 

Awarded and unvested as of March 31, 2023 (i)

 

 

61,288,204

 

 

 

155.49

 

Expected to vest as of March 31, 2023 (ii)

 

 

52,548,409

 

 

 

155.92

 

 

(i)
No outstanding RSUs will be vested after the expiry of a period of up to ten years from the date of grant.
RSUs expected to vest are the result of applying the pre-vesting forfeiture rate assumptions to total outstanding RSUs.
Options  
Share-based awards  
Summary of changes in the share options

A summary of the changes in the share options relating to ordinary shares granted by the Company during the year ended March 31, 2023 is as follows:

 

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

Weighted

 

 

average

 

 

Number

 

 

average

 

 

remaining

 

 

of share

 

 

exercise

 

 

contractual

 

 

options

 

 

price

 

 

life

 

 

 

 

 

US$

 

 

(in years)

 

Outstanding as of April 1, 2022

 

 

7,373,334

 

 

 

75.39

 

 

 

3.5

 

Exercised

 

 

(164,000

)

 

 

26.00

 

 

—

 

Canceled/forfeited

 

 

(80,000

)

 

 

26.00

 

 

—

 

Outstanding as of March 31, 2023

 

 

7,129,334

 

 

 

77.08

 

 

3.9

 

Vested and exercisable as of March 31, 2023 (i)

 

 

5,471,334

 

 

 

78.51

 

 

3.3

 

Vested and expected to vest as of March 31, 2023 (ii)

 

 

6,957,375

 

 

 

76.82

 

 

3.8

 

 

(i)
No outstanding share options will be vested or exercisable after the expiry of a period of up to twelve years from the date of grant.
(ii)
Share options expected to vest are the result of applying the pre-vesting forfeiture rate assumptions to total outstanding share options.
Schedule of fair value assumptions

 

Year ended March 31,

 

2022

Risk-free interest rate (i)

 

1.93% - 2.00%

Expected dividend yield (ii)

 

0%

Expected life (years) (iii)

 

3.71 - 7.14

Expected volatility (iv)

 

35.7%

 

(i)
Risk-free interest rate is based on the yields of United States Treasury securities with maturities similar to the expected life of the share options in effect on the measurement date.
(ii)
Expected dividend yield is assumed to be nil as the Company has no history or expectation of paying a dividend on its ordinary shares.
(iii)
Expected life of share options is based on management’s estimate on timing of exercise of share options.
(iv)
Expected volatility is assumed based on the historical volatility of the Company in the period equal to the expected life of each grant.