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Property and Equipment, net
12 Months Ended
Jun. 30, 2022
Property and Equipment, net  
Property and Equipment, net
6.Property and Equipment, net

As of June 30, 

 

2021

 

2022

 

2022

RMB

RMB

US$

Real estate property (1)

300,757

44,814

Leasehold improvements

    

115,352

    

133,163

    

19,841

Electronic equipment

 

44,322

 

66,590

 

9,922

Furniture, fixtures and other equipment

 

21,271

 

21,840

 

3,254

Motor vehicles

 

2,533

 

2,533

 

377

Property and equipment, cost

 

183,478

 

524,883

 

78,208

Less: accumulated depreciation

 

(162,374)

 

(199,771)

 

(29,766)

 

21,104

 

325,112

 

48,442

Depreciation expenses for the years ended June 30, 2021 and 2022 were approximately RMB18,715 and RMB25,448, respectively.

(1)

On December 9, 2021, the Group entered into a Share Purchase Agreement to purchase 100% equity interest of Shanghai Yulan Real Property Co., Ltd., Shanghai Suxiao Real Property Co., Ltd., Shanghai Danxiao Real Property Co. Ltd., and Shanghai Biyu Real Property Co., Ltd. (collectively refer to as the “Real Property Companies”), who are the owners of 3rd and 4th floor of No. 8, Yincheng Middle Road (the “Property”), the Group’s current principal office. The current principal office was leased from the Real Property Companies before the acquisition.

The consideration for acquiring the Real Property Companies is RMB36,338 cash as well as the assumption of liabilities of Real Property Companies of RMB273,950 to a third party. There is no noncash or contingent consideration. As of June 30, 2022, the Group has paid full amount of the cash consideration and RMB200,000 liabilities assumed in this acquisition to a third party. The acquisition is accounted as an asset acquisition since substantially all the fair value of the gross assets acquired is concentrated in a single group of identifiable assets. The excess of consideration over fair value of the assets acquired was allocated to property and equipment.

For the years ended June 30, 2021 and 2022, no impairment loss was recognized for the Group’s property and equipment.