0001213900-20-028570 | 20-F | XBRL Viewer

Document and Entity Information	12 Months Ended
Document and Entity Information	Jun. 30, 2020 shares
Document and Entity Information [Abstract]
Entity Registrant Name	PUYI, INC.
Entity Central Index Key	0001750264
Amendment Flag	false
Current Fiscal Year End Date	--06-30
Document Type	20-F
Document Period End Date	Jun. 30, 2020
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2020
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Shell Company	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding	90,472,014
Entity File Number	001-38813
Entity Interactive Data Current	Yes
Entity Incorporation State Country Code	E9
Document Transition Report	false
Document Annual Report	true
Document Shell Company Report	false

Consolidated Statements of Financial Position ¥ in Thousands, $ in Thousands	Jun. 30, 2020 USD ($)	Jun. 30, 2020 CNY (¥)	Jun. 30, 2019 CNY (¥)
Current assets:
Cash and cash equivalents \| ¥		¥ 285,924	¥ 378,445
Restricted cash \| ¥		2,970	51,823
Accounts receivable, net \| ¥		39,812	27,767
Short-term investments \| ¥		4,000	2,000
Other receivables \| ¥		6,376	6,499
Short-term loans receivable \| ¥		52,893
Amount due from related parties \| ¥		1,247	590
Total current assets \| ¥		393,222	467,124
Long-term investments \| ¥			2,000
Property and equipment, net \| ¥		4,776	4,026
Intangible assets, net \| ¥		363	733
Long-term prepayments \| ¥		1,269	393
Deferred tax assets \| ¥		10,909	5,133
Right-of-use assets \| ¥		22,172
Total assets \| ¥		432,711	479,409
Current liabilities:
Accounts payable \| ¥		9,037	5,873
Investors’ deposit \| ¥		2,970	51,823
Other payables and accrued expenses \| ¥		15,755	8,657
Lease liabilities, current \| ¥		7,401
Income taxes payable \| ¥		2,637
Other tax liabilities \| ¥		9,300	9,300
Advance receipts \| ¥		421	180
Total current liabilities \| ¥		47,521	75,833
Lease liabilities, non-current \| ¥		14,709
Total liabilities \| ¥		62,230	75,833
Commitments and contingencies \| ¥
EQUITY:
Ordinary shares (Authorized shares: 2,000,000,000 at US$0.001 each; issued and outstanding shares: 90,472,014 and 90,472,014 as of June 30, 2019 and 2020, respectively) \| ¥		600	600
Additional paid-in capital \| ¥		224,702	224,702
Statutory reserves \| ¥		21,873	19,824
Retained earnings \| ¥		120,314	155,266
Accumulated other comprehensive income \| ¥		467	11
Total Puyi Inc.’s equity \| ¥		367,956	400,403
Non-controlling interests \| ¥		2,525	3,173
Total equity \| ¥		370,481	403,576
Total liabilities and equity \| ¥		¥ 432,711	¥ 479,409
US$
Current assets:
Cash and cash equivalents \| $	$ 40,470
Restricted cash \| $	420
Accounts receivable, net \| $	5,635
Short-term investments \| $	566
Other receivables \| $	902
Short-term loans receivable \| $	7,487
Amount due from related parties \| $	177
Total current assets \| $	55,657
Long-term investments \| $
Property and equipment, net \| $	676
Intangible assets, net \| $	51
Long-term prepayments \| $	180
Deferred tax assets \| $	1,544
Right-of-use assets \| $	3,138
Total assets \| $	61,246
Current liabilities:
Accounts payable \| $	1,279
Investors’ deposit \| $	420
Other payables and accrued expenses \| $	2,230
Lease liabilities, current \| $	1,048
Income taxes payable \| $	373
Other tax liabilities \| $	1,316
Advance receipts \| $	60
Total current liabilities \| $	6,726
Lease liabilities, non-current \| $	2,082
Total liabilities \| $	8,808
Commitments and contingencies \| $
EQUITY:
Ordinary shares (Authorized shares: 2,000,000,000 at US$0.001 each; issued and outstanding shares: 90,472,014 and 90,472,014 as of June 30, 2019 and 2020, respectively) \| $	85
Additional paid-in capital \| $	31,805
Statutory reserves \| $	3,096
Retained earnings \| $	17,029
Accumulated other comprehensive income \| $	66
Total Puyi Inc.’s equity \| $	52,081
Non-controlling interests \| $	357
Total equity \| $	52,438
Total liabilities and equity \| $	$ 61,246

Consolidated Statements of Financial Position (Parenthetical) - $ / shares	Jun. 30, 2020	Jun. 30, 2019
Ordinary shares authorized	2,000,000,000	2,000,000,000
Ordinary shares, issued	90,472,014	90,472,014
Ordinary shares, outstanding	90,472,014	90,472,014
US$
Ordinary shares, par value	$ 0.001	$ 0.001

Consolidated Statements of Operations and Comprehensive Income (Loss) ¥ in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2020 USD ($) $ / shares shares	Jun. 30, 2020 CNY (¥) ¥ / shares shares	Jun. 30, 2019 CNY (¥) ¥ / shares shares	Jun. 30, 2018 CNY (¥) ¥ / shares shares
Net revenues:
Wealth management \| ¥		¥ 106,444	¥ 193,082	¥ 140,403
Corporate financing \| ¥		6	6,271	13,710
Asset management \| ¥		23,033	2,767	103
Information technology and others \| ¥			1,111	11,595
Total net revenues \| ¥		129,483	203,231	165,811
Operating costs and expenses:
Cost of sales \| ¥		(31,759)	(31,092)	(28,825)
Selling expenses \| ¥		(84,074)	(67,487)	(45,470)
General and administrative expenses \| ¥		(67,174)	(48,572)	(28,623)
Total operating costs and expenses \| ¥		(183,007)	(147,151)	(102,918)
Income (loss) from operations \| ¥		(53,524)	56,080	62,893
Other income, net:
Investment income \| ¥		1,499	172	5,144
Interest income \| ¥		11,003	5,956	3,640
Interest expenses \| ¥			(1,048)
Other, net \| ¥		5,077	259	201
Income (loss) before income taxes \| ¥		(35,945)	61,419	71,878
Income tax (expense) benefit \| ¥		2,394	(9,396)	(8,261)
Net income (loss) \| ¥		(33,551)	52,023	63,617
Less: net loss attributable to non-controlling interests \| ¥		(648)	(1,508)	(979)
Net income (loss) attributable to Puyi Inc.'s shareholders \| ¥		¥ (32,903)	¥ 53,531	¥ 64,596
Net income (loss) per share:
Basic and diluted \| ¥ / shares		¥ (0.364)	¥ 0.63	¥ 0.807
Weighted average number of shares used in computation:
Basic and diluted \| shares	90,472,014	90,472,014	84,997,628	80,000,000
Net income (loss) \| ¥		¥ (33,551)	¥ 52,023	¥ 63,617
Other comprehensive income, net of tax: Foreign currency translation adjustments \| ¥		456	11
Total Comprehensive income (loss) \| ¥		(33,095)	52,034	63,617
Less: Comprehensive loss attributable to the non-controlling interests \| ¥		(648)	(1,508)	(979)
Comprehensive income (loss) attributable to Puyi Inc.’s shareholders \| ¥		¥ (32,447)	¥ 53,542	¥ 64,596
ADS
Net income (loss) per share:
Basic and diluted \| ¥ / shares		¥ (0.546)	¥ 0.945	¥ 1.211
US$
Net revenues:
Wealth management \| $	$ 15,066
Corporate financing \| $	1
Asset management \| $	3,260
Information technology and others \| $
Total net revenues \| $	18,327
Operating costs and expenses:
Cost of sales \| $	(4,495)
Selling expenses \| $	(11,900)
General and administrative expenses \| $	(9,508)
Total operating costs and expenses \| $	(25,903)
Income (loss) from operations \| $	(7,576)
Other income, net:
Investment income \| $	212
Interest income \| $	1,557
Interest expenses \| $
Other, net \| $	719
Income (loss) before income taxes \| $	(5,088)
Income tax (expense) benefit \| $	339
Net income (loss) \| $	(4,749)
Less: net loss attributable to non-controlling interests \| $	(92)
Net income (loss) attributable to Puyi Inc.'s shareholders \| $	$ (4,749)
Net income (loss) per share:
Basic and diluted \| $ / shares	$ (0.051)
Weighted average number of shares used in computation:
Basic and diluted \| shares	90,472,014	90,472,014
Net income (loss) \| $	$ (4,749)
Other comprehensive income, net of tax: Foreign currency translation adjustments \| $	65
Total Comprehensive income (loss) \| $	(4,684)
Less: Comprehensive loss attributable to the non-controlling interests \| $	(92)
Comprehensive income (loss) attributable to Puyi Inc.’s shareholders \| $	$ (4,592)
US$ \| ADS
Net income (loss) per share:
Basic and diluted \| $ / shares	$ (0.077)

Consolidated Statements of Shareholders' Equity
¥ in Thousands, $ in Thousands

Share Capital

CNY (¥)

Share Capital

US$

USD ($)

Additional Paid-in Capital

CNY (¥)

Additional Paid-in Capital

US$

USD ($)

Statutory Reserves

CNY (¥)

Statutory Reserves

US$

USD ($)

Retained Earnings

CNY (¥)

Retained Earnings

US$

USD ($)

Accumulated Other Comprehensive Income

CNY (¥)

Accumulated Other Comprehensive Income

US$

USD ($)

Non-controlling Interests

CNY (¥)

Non-controlling Interests

US$

USD ($)

CNY (¥)

US$

USD ($)

Balance at Jun. 30, 2017

¥ 529

¥ 91,220

¥ 8,328

¥ 48,635

¥ 9,838

¥ 158,550

Balance, shares at Jun. 30, 2017 | shares

^[1]

80,000,000

Net income (loss)

64,596

(979)

63,617

Provision for statutory reserves

5,824

(5,824)

Effect of acquisitions under common control

(28,515)

Balance at Jun. 30, 2018

¥ 529

62,705

14,152

107,407

8,859

193,652

Balance, shares at Jun. 30, 2018 | shares

80,000,000

Net income (loss)

53,531

(1,508)

52,023

Provision for statutory reserves

5,672

(5,672)

Capital injection by founding shareholders

530

Capital injection by founding shareholders, shares | shares

Purchase of NCIs

(1,821)

(8,209)

(10,030)

Issuance of shares to Fanhua In.

¥ 28

10,001

10,029

Issuance of shares to Fanhua In., shares | shares

4,033,600

Proceeds from IPO

¥ 43

153,287

153,330

Proceeds from IPO, shares | shares

6,438,414

Acquisition of Zhonghui

1,581

Capital injection by Zhonghui's minority shareholders

2,450

Other comprehensive income: foreign currency translation adjustments

Balance at Jun. 30, 2019

¥ 600

224,702

19,824

155,266

3,173

400,403

Balance, shares at Jun. 30, 2019 | shares

90,472,014

Net income (loss)

(32,903)

(648)

(33,551)

$ (4,749)

Provision for statutory reserves

2,049

(2,049)

Other comprehensive income: foreign currency translation adjustments

31,805

456

Balance at Jun. 30, 2020

¥ 600

$ 85

¥ 31,805

$ 31,805

¥ 21,873

$ 3,096

¥ 120,314

$ 17,029

¥ 467

$ 66

¥ 2,525

$ 357

¥ 367,956

$ 52,081

Balance, shares at Jun. 30, 2020 | shares

90,472,014

[1]	The shares are presented on a retroactive basis to reflect the nominal share issuance.

Consolidated Statements of Cash Flows ¥ in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2020 USD ($)	Jun. 30, 2020 CNY (¥)	Jun. 30, 2019 CNY (¥)	Jun. 30, 2018 CNY (¥)
Cash flows from operating activities
Net income (loss) \| ¥		¥ (33,551)	¥ 52,023	¥ 63,617
Adjustments to reconcile net income to net cash generated from operating activities:
Depreciation \| ¥		1,998	1,122	604
Amortization of intangible assets \| ¥		370	620	1,261
Provision on uncertain tax liability \| ¥			600
Investment income \| ¥		(1,499)	(172)	(5,144)
Interest income \| ¥		(2,893)	(1,048)	(3,640)
Interest expense \| ¥			1,048
Gain on purchase of subsidiary \| ¥			(14)
Net foreign exchange gain \| ¥			(2,416)
Allowance for deferred tax assets \| ¥		2,160	929
Amortization of right-of-use assets \| ¥		6,749
Bad debt provision \| ¥		6,892
Changes in operating assets and liabilities:
Accounts receivable \| ¥		(18,937)	2,990	(7,640)
Other receivables \| ¥		(163)	(366)	(899)
Accounts payable \| ¥		3,164	2,196	(9,457)
Investor’s deposit \| ¥		(48,853)	43,051	6,931
Other payables and accrued expenses \| ¥		7,098	2,299	(1,622)
Advance receipts \| ¥		241	180
Deferred tax assets \| ¥		(7,936)	(1,821)	(229)
Income taxes payable \| ¥		2,995	(3,179)	1,134
Lease liabilities \| ¥		(6,584)
Net cash provided by (used in) operating activities \| ¥		(88,749)	98,040	44,916
Cash flows from investing activities:
Proceeds from disposal of short-term investments and commercial acceptance notes \| ¥		41,199	16,841	1,100,581
Purchase of short-term investments \| ¥		(40,000)	(291)	(1,094,924)
Purchase of property and equipment \| ¥		(2,748)	(4,251)	(473)
Purchase of long-term investments \| ¥				(5,000)
Proceeds from disposal of long-term investments \| ¥			3,011
Prepaid for intangible assets \| ¥		(875)	(225)	(461)
Purchase of intangible assets \| ¥			(360)	(458)
Distribution of short-term loans receivable \| ¥		(240,000)		(139,000)
Collection of short-term loans receivable \| ¥		190,000	50,667	90,361
Acquisition of subsidiaries from principal shareholder \| ¥			(2,116)	(26,399)
Acquisition of subsidiaries \| ¥			(1,227)
Loans provided to related parties \| ¥		(837)		(10,080)
Repayment of loans from related parties \| ¥		180	490	95,900
Net cash provided by (used in) investing activities \| ¥		(53,081)	62,539	10,047
Cash flows from financing activities:
Capital injection by founding shareholders \| ¥			530
Proceeds from IPO \| ¥			153,330
Purchase of NCIs \| ¥			(10,029)
Proceed from shares issued to Fanhua Inc. \| ¥			10,029
Capital injection by minority shareholders \| ¥			2,450
Loan received from related parties \| ¥			50,000
Repayment of loan to related parties \| ¥			(51,048)
Net cash provided by financing activities \| ¥			155,262
Net increase (decrease) in cash and cash equivalents, and restricted cash \| ¥		(141,830)	315,841	54,963
Cash and cash equivalents, and restricted cash at beginning of year \| ¥		430,268	112,000	57,037
Effect of exchange rate changes on cash and cash equivalents \| ¥		456	2,427
Cash and cash equivalents, and restricted cash at end of year \| ¥		288,894	430,268	112,000
Cash paid for:
Interests \| ¥			1,048
Income taxes \| ¥		762	12,869	7,527
New operating lease liabilities arose from obtaining right-of-use assets \| ¥		4,417
Change on lease liabilities arose from modification on lease terms \| ¥		1,430
Change on lease liabilities arose from early termination of operating leases \| ¥		¥ (2,850)
US$
Cash flows from operating activities
Net income (loss) \| $	$ (4,749)
Adjustments to reconcile net income to net cash generated from operating activities:
Depreciation \| $	283
Amortization of intangible assets \| $	52
Provision on uncertain tax liability \| $
Investment income \| $	(212)
Interest income \| $	(409)
Interest expense \| $
Gain on purchase of subsidiary \| $
Net foreign exchange gain \| $
Allowance for deferred tax assets \| $	306
Amortization of right-of-use assets \| $	955
Bad debt provision \| $	976
Changes in operating assets and liabilities:
Accounts receivable \| $	(2,680)
Other receivables \| $	(23)
Accounts payable \| $	448
Investor’s deposit \| $	(6,915)
Other payables and accrued expenses \| $	1,005
Advance receipts \| $	33
Deferred tax assets \| $	(1,123)
Income taxes payable \| $	423
Lease liabilities \| $	(932)
Net cash provided by (used in) operating activities \| $	(12,562)
Cash flows from investing activities:
Proceeds from disposal of short-term investments and commercial acceptance notes \| $	5,831
Purchase of short-term investments \| $	(5,661)
Purchase of property and equipment \| $	(389)
Purchase of long-term investments \| $
Proceeds from disposal of long-term investments \| $
Prepaid for intangible assets \| $	(124)
Purchase of intangible assets \| $
Distribution of short-term loans receivable \| $	(33,970)
Collection of short-term loans receivable \| $	26,893
Acquisition of subsidiaries from principal shareholder \| $
Acquisition of subsidiaries \| $
Loans provided to related parties \| $	(119)
Repayment of loans from related parties \| $	26
Net cash provided by (used in) investing activities \| $	(7,513)
Cash flows from financing activities:
Capital injection by founding shareholders \| $
Proceeds from IPO \| $
Purchase of NCIs \| $
Proceed from shares issued to Fanhua Inc. \| $
Capital injection by minority shareholders \| $
Loan received from related parties \| $
Repayment of loan to related parties \| $
Net cash provided by financing activities \| $
Net increase (decrease) in cash and cash equivalents, and restricted cash \| $	(20,075)
Cash and cash equivalents, and restricted cash at beginning of year \| $	60,900
Effect of exchange rate changes on cash and cash equivalents \| $	65
Cash and cash equivalents, and restricted cash at end of year \| $	40,890
Cash paid for:
Interests \| $
Income taxes \| $	108
New operating lease liabilities arose from obtaining right-of-use assets \| $	625
Change on lease liabilities arose from modification on lease terms \| $	202
Change on lease liabilities arose from early termination of operating leases \| $	$ (403)

Organization and Principal Activities

12 Months Ended

Jun. 30, 2020

Organization and Principal Activities [Abstract]

ORGANIZATION AND PRINCIPAL ACTIVITIES

1.	ORGANIZATION AND PRINCIPAL ACTIVITIES

Puyi Inc. (“Puyi”, or the “Company”), whose controlling shareholder is Mr. Yu Haifeng, is a holding company incorporated on August 6, 2018 in Cayman Islands, and listed on the Nasdaq on March 29, 2019. The Company, its subsidiaries and its variable interest entities (“VIEs”) are collectively referred to as the “Group”. The Group primarily provides wealth management services to China’s large and growing mass affluent and emerging middle class population, whom are defined as those with RMB 30 to RMB 6 million in investable assets.

The Company’s subsidiaries and VIEs as of June 30, 2020 include the following:

Name	Date of incorporation/acquired	Place of incorporation	Percentage of effective ownership			Principal Activities
Wholly owned subsidiaries
Puyi Group	July 2018	BVI		100	%	Holding company
Puyi Holdings (Hong Kong) Limited (“Puyi HK”)	July 2018	Hong Kong		100	%	Holding company
Puyi Enterprises Management Consulting Co., Ltd. (“Puyi Consulting” or the Wholly Foreign-Owned Enterprise “WFOE”)	August 2018	Chengdu		100	%	WFOE
Puyi Dake	May 2020	Chengdu		100	%	Information technology
Shenzhen Baoying⁽¹⁾	May 2018	Shenzhen		100	%	Factoring
Variable Interest Entities (“VIEs”)
Puyi Bohui	April 2012	Chengdu		100	%	Information technology
Puyi Fund	November 2010	Chengdu		100	%	Fund product distribution
Puyi Zhongxiang	April 2014	Shenzhen		100	%	Financial product distribution
Puyi Asset	May 2013	Shenzhen		100	%	Asset management
Chongqing Fengyi	December 2016	Chongqing		100	%	Corporate financing business
Zhonghui	July 2018	Shenzhen		51	%	Asset management

(1)

Shenzhen Baoying Factoring Co., Ltd. was deregistered in July 2020.

Effective on September 6, 2018, shareholders of Puyi Bohui and WFOE entered into a series of contractual agreements (“VIE Agreements” which are described below). As a result, the Company, through its wholly owned subsidiaries Puyi Group, Puyi HK and WFOE, has been determined to be the primary beneficiary of Puyi Bohui and its subsidiaries; and Puyi Bohui and its subsidiaries became VIEs of the Company. Accordingly, the Company consolidates the operations, assets and liabilities of Puyi Bohui and its subsidiaries. Immediately before and after the Reorganization completed on September 6, 2018 as describe above, the Company together with its wholly-owned subsidiary Puyi Group, Puyi HK and WFOE, and its VIEs were effectively controlled by the same shareholders; therefore, the reorganization was accounted for as a recapitalization. The accompanying consolidated financial statements have been prepared as if the current corporate structure has been in existence throughout the periods presented. The consolidation of the Company and its subsidiaries and VIEs has been accounted for at historical cost as of the beginning of the first period presented in the accompanying financial statements.

Foreign ownership of certain parts of the Company’s businesses including fund management services is subject to restrictions under current PRC laws and regulations. Puyi Inc. is a Cayman Islands company and the government of the Cayman Islands has not entered into a memorandum of understanding on bilateral regulatory cooperation with the CSRC. Accordingly, the Company is not eligible to conduct the fund management business by directly establishing a foreign-invested fund management company. To comply with PRC laws and regulations and utilize the ability in providing fund management services, the Company currently conduct the business activities through the VIEs, Puyi Bohui and its subsidiaries. WFOE has entered into the following contractual arrangements with Puyi Bohui and its shareholders, which enable the Company to (i) exercise effective control over Puyi Bohui, (ii) receive substantially all of the economic benefits of Puyi Bohui, and (iii) have an exclusive option to purchase all or part of the equity interests and assets in Puyi Bohui when and to the extent permitted by PRC law. As a result of these contractual arrangements, the Company is fully and exclusively responsible for the management of Puyi Bohui, assumes all of risk of losses of Puyi Bohui and has the exclusive right to exercise all voting rights of Puyi Bohui’s shareholders.

Therefore, the Company is considered the primary beneficiary of Puyi Bohui and has consolidated Puyi Bohui’s assets, liabilities, results of operations, and cash flows in the accompanying consolidated financial statements under U.S. GAAP.

(1) Power of Attorney. On September 6, 2018, each shareholder of Puyi Bohui, executed Power of Attorney agreement with WFOE and Puyi Bohui, whereby shareholders of Puyi Bohui irrevocably appoint and constitute WFOE as their attorney-in-fact to exercise on the shareholders’ behalf any and all rights that shareholders of Puyi Bohui have in respect of their equity interests in Puyi Bohui. These two Power of Attorney documents became effective on September 6, 2018 and will remain irrevocable and continuously effective and valid as long as the original shareholders of Puyi Bohui remains as the Shareholders of Puyi Bohui.

(2) Exclusive Option Agreement. Puyi Bohui and its shareholders have entered into an Exclusive Option Agreement with WFOE on September 6, 2018. Under the Exclusive Option Agreement, the Puyi Bohui shareholders irrevocably granted WFOE (or its designee) an irrevocable and exclusive option to purchase, to the extent permitted under PRC law, once or at multiple times, at any time, part or all of their equity interests in Puyi Bohui. According to the Exclusive Option Agreement, the purchase price to be paid by the Company to each shareholder of the Puyi Bohui will be the RMB10 or certain other amount permitted by applicable PRC Law at the time when such share transfer occurs. The Exclusive Option Agreement became effective on September 6, 2018 and will remain effective permanently.

(3) Exclusive Technical and Consulting Services Agreement. On September 6, 2018, WFOE entered into an Exclusive Technical and Consulting Services Agreement with Puyi Bohui to enable WFOE to receive substantially all of the assets and business of Puyi Bohui in China. Under this Agreement, WFOE has the exclusive right to provide Puyi Bohui with comprehensive business support, technical and consulting services, and other services in relation to the principal business during the term of this Agreement utilizing its own advantages in management consulting, and technology and information. WFOE, or any other party designated by WFOE, may enter into further technical and consulting service agreements with Puyi Bohui, which shall provide the specific contents, manner, personnel, and fees for the specific consulting service. This Agreement became effective on September 6, 2018 and will remain effective unless otherwise terminated when all of the equity interest in Puyi Bohui held by its shareholders and/or all the assets of Puyi Bohui have been legally transferred to WFOE and/or its designee upon the approval of the board of directors of Puyi, Inc., in accordance with an Exclusive Option Agreement entered among WFOE, Puyi Bohui and its shareholders.

(4) Equity Interest Pledge Agreement. Under the Equity Interest Pledge Agreement dated September 6, 2018 among Puyi Bohui, each of the shareholders of Puyi Bohui and WFOE, each shareholder of Puyi Bohui agreed to pledge all of his or her equity interest in Puyi Bohui to WFOE to secure the performance of Puyi Bohui’s obligations under the Exclusive Technical and Consulting Services Agreement and any such agreements to be entered into in the future. Under the terms of the agreement, in the event that Puyi Bohui or its shareholders breach their respective contractual obligations under the Exclusive Technical and Consulting Services Agreement, WFOE, as pledgee, will be entitled to certain rights, including, but not limited to, the right to collect dividends generated by the pledged equity interests. The Puyi Bohui shareholders also agreed that upon occurrence of any event of default, as set forth in the Equity Interest Pledge Agreement, WFOE is entitled to dispose of the pledged equity interest in accordance with applicable PRC laws. Shareholders of Puyi Bohui agreed not to transfer, sell, pledge, dispose of or otherwise create any encumbrance on their equity interests in Puyi Bohui without the prior written consent of WFOE. The Pledge became effective on such date when the pledge of the Equity Interest contemplated herein is registered with relevant administration for industry and commerce (the “AIC”) and will remain effective until all payments due under the Exclusive Technical and Consulting Services Agreement has been fulfilled by Puyi Bohui, or upon the transfer of equity interests under the Exclusive Option Agreement entered into among the parties of this agreement.

(5) Spousal Consent Letters. On September 6, 2018, each spouse of the shareholders of Puyi Bohui executed a Spousal Consent, pursuant to which the spouses irrevocably agreed that the equity interest in Puyi Bohui held by them and registered in their names will be disposed of pursuant to the Equity Interest Pledge Agreement, the Exclusive Option Agreement and the Powers of Attorney. Each of the spouses of the shareholders agreed not to assert any rights over the equity interest in Puyi Bohui held by their respective spouses. In addition, in the event that any spouse obtains any equity interest in Puyi Bohui through the respective shareholder for any reason, the spouse agreed to be bound by the contractual arrangements.

Risks in relation to the VIE structure

The Company believes that the contractual arrangements with its VIEs and their respective shareholders are in compliance with PRC laws and regulations and are legally enforceable. However, uncertainties in the PRC legal system could limit the Company’s ability to enforce the contractual arrangements. If the legal structure and contractual arrangements were found to be in violation of PRC laws and regulations, the PRC government could:

●	revoke the business and operating licenses of the Company’s PRC subsidiaries and VIEs;

●	discontinue or restrict the operations of any related-party transactions between the Company’s PRC subsidiaries and VIEs;

●	limit the Company’s business expansion in China by way of entering into contractual arrangements;

●	impose fines or other requirements with which the Company’s PRC subsidiaries and VIEs may not be able to comply;

●	require the Company or the Company’s PRC subsidiaries and VIEs to restructure the relevant ownership structure or operations; or

●	restrict or prohibit the Company’s use of the proceeds of the additional public offering to finance the Company’s business and operations in China.

The Company’s ability to conduct its privately raised fund management business may be negatively affected if the PRC government were to carry out of any of the aforementioned actions. As a result, the Company may not be able to consolidate its VIEs in its consolidated financial statements as it may lose the ability to exert effective control over the VIEs and their respective shareholders and it may lose the ability to receive economic benefits from the VIEs. The Company, however, does not believe such actions would result in the liquidation or dissolution of the Company, its PRC subsidiaries and VIEs.

The interests of the shareholders of VIEs may diverge from that of the Company and that may potentially increase the risk that they would seek to act contrary to the contractual terms, for example by influencing VIEs not to pay the service fees when required to do so. The Company cannot assure that when conflicts of interest arise, shareholders of VIEs will act in the best interests of the Company or that conflicts of interests will be resolved in the Company’s favor. Currently, the Company does not have existing arrangements to address potential conflicts of interest the shareholders of VIEs may encounter in its capacity as beneficial owners and directors of VIEs, on the one hand, and as beneficial owners and directors of the Company, on the other hand. The Company believes the shareholders of VIEs will not act contrary to any of the contractual arrangements and the exclusive option agreements provide the Company with a mechanism to remove the current shareholders of VIE should they act to the detriment of the Company. The Company relies on certain current shareholders of VIEs to fulfill their fiduciary duties and abide by laws of the PRC and act in the best interest of the Company. If the Company cannot resolve any conflicts of interest or disputes between the Company and the shareholders of VIEs, the Company would have to rely on legal proceedings, which could result in disruption of its business, and there is substantial uncertainty as to the outcome of any such legal proceedings.

Total assets and liabilities presented on the Company’s consolidated balance sheets and sales, expense, net income presented on Consolidated Statement of Income (Loss) as well as the cash flow from operating, investing and financing activities presented on the Consolidated Statement of Cash Flows are substantially the financial position, operation and cash flow of the Company’s VIE Puyi Bohui and its subsidiaries. The following financial statements amounts and balances of the VIEs were included in the accompanying consolidated financial statements and are presented before the elimination of intercompany transactions with the non-VIE subsidiaries of the Group as of June 30,2019 and 2020 and for the years ended June 30, 2018, 2019 and 2020.

	As of June 30,
	2019		2020		2020
	RMB		RMB		US$

Total assets		479,409		262,699		37,183
Total liabilities		75,833		58,557		8,288

	Years ended June 30,
	2018		2019		2020		2020
	RMB		RMB		RMB		US$

Net revenues		165,811		203,231		179,256		25,372
Net income		63,617		52,023		12,767		1,807

Summary of Significant Accounting Policies

12 Months Ended

Jun. 30, 2020

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a)

Basis of presentation and consolidation

The consolidated financial statements of the Group have been prepared in accordance with accounting principles generally accepted in the United States of America ("US GAAP"). The consolidated financial statements include the financial statements of the Group, all its majority-owned subsidiaries and those VIEs of which the Group is the primary beneficiary, from the dates they were acquired or incorporated. All intercompany balances and transactions have been eliminated in consolidation.

(b)

Use of estimates

The preparation of the consolidated financial statements in conformity with US GAAP requires management of the Group to make a number of estimates and assumptions relating to the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Significant accounting estimates reflected in the Group's consolidated financial statements include but are not limited to estimates and judgments applied in the allowance for doubtful loans and receivables, impairment assessment of long-lived assets, valuation allowance for deferred tax assets, fair value measurement of investments, and uncertain tax positions, assumptions related to the consolidation of entities in which the Group holds variable interests. Actual results could differ from those estimates and judgments.

(c)

Cash and cash equivalents

Cash and cash equivalents consist of cash on hand, bank deposits and short-term, highly liquid investments that are readily convertible to known amounts of cash with original maturity of three months or less, and have insignificant risk of changes in value related to changes in interest rates.

(d)

Restricted cash

Restricted cash mainly represents the investors' uninvested cash balances temporarily deposited in the Group's bank account. These cash balances were under the custody and supervision of the designated financial institution as required by China Securities Regulatory Commission, for the purpose of preventing misuse of investors' funds.

(e)

Accounts receivable, other receivables, and amount due from related parties, net

Accounts receivable, other receivables and amount due from related parties are recorded at net realizable value consisting of the carrying amount less an allowance for uncollectible accounts as needed. The allowance for doubtful accounts is the Group's best estimate of the amount of probable credit losses in the Group's existing accounts receivable, other receivables and due from related parties. The Group determines the allowance based on aging data, historical collection experience, customer specific facts and economic conditions. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Group did not have any off-balance-sheet credit exposure relating to its customers, suppliers or others. For the years ended June 30, 2019 and 2020, the Group recorded RMB nil and RMB6,892 as allowances for doubtful accounts against its accounts receivable, and the Group did not record any allowances for doubtful accounts against its other receivables and amount due from related parties nor did it charge off any such amounts, respectively.

(f)

Short-term loans receivable

The Group recognizes the contractual right to receive money on demand or on fixed or determinable dates as loans receivable. For those that the contractual maturity date is less than one year, the Group records as short-term loans receivable.

The Group recognized interest income on an accrue basis using the straight-line method over the fixed or determinable dates.

(g)

Investments

The Group accounts for the investments pursuant to ASC topic 321, Investments-equity securities.

The Group records an investment in a private equity fund, in which the Group has insignificant equity interest but acts as a general partner, as short-term investment on the consolidated balance sheet under the equity method. And the Group records another investment in a private equity fund, in which the Group acts as a limited partner with insignificant equity interest (less than 1%), as short-term investment on the consolidated balance sheet under cost method. These investments are classified as short-term because their contractual maturity date is less than one year on the balance sheet date. Gains or losses are realized when such investments' fair value changes.

The Group reviews its investments except for those classified as trading securities for other-than-temporary impairment based on the specific identification method and considers available quantitative and qualitative evidence in evaluating potential impairment. If the cost of an investment exceeds the investment's fair value, the Group considers, among other factors, general market conditions, government economic plans, the duration and the extent to which the fair value of the investment is less than cost and the Group's intent and ability to hold the investment to determine whether an other-than-temporary impairment has occurred.

The Group recognizes other-than-temporary impairment in earnings if it has the intent to sell the investments or if it is more-likely-than-not that it will be required to sell the investments before recovery of its amortized cost basis. Additionally, the Group evaluates expected cash flows to be received and determines if credit-related losses on debt securities exist, which are considered to be other-than-temporary, should be recognized in earnings.

If the investment's fair value is less than the cost of an investment and the Group determines the impairment to be other-than-temporary, the Group recognizes an impairment loss based on the fair value of the investment. The Group has not recorded an other-than-temporary impairment for each of the years ended June 30, 2018, 2019 and 2020.

(h)

Property and equipment, net

Property and equipment are stated at cost less accumulated depreciation and impairment losses, if any. Cost represents the purchase price of the asset and other costs incurred to bring the asset into its existing use. Maintenance, repairs and betterments, including replacement of minor items, are charged to expense; major additions to physical properties are capitalized.

Depreciation and amortization are calculated using the straight-line method over the following estimated useful lives, without residual value:

		Estimated useful life
Office equipment, furniture, fixtures		3-5 years
Motor vehicles		3-5 years
Leasehold improvements		Shorter of the remaining lease terms and estimated useful lives

(i)

Intangible assets, net

Intangible assets represent software and operating system, including the office automatic system and transaction platform and fund distribution systems that were purchased from external third-party vendors. The intangible assets were initially recorded at historic acquisition costs, and amortized on a straight-line basis over estimated useful lives for three years.

Costs associated with the engineering and technical headcounts responsible for software development, as well as their associated costs, are expensed as incurred.

These intangible assets are tested for impairment at the time of a triggering event, if one were to occur. Finite-lived intangible assets may be impaired when the estimated undiscounted future cash flows generated from the assets are less than their carrying amounts. The Group may rely on a qualitative assessment when performing its intangible asset impairment test. Otherwise, the impairment evaluation is performed at the lowest level of identifiable cash flows independent of other assets.

(j)

Impairment of long-lived assets

The Group reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. When these events occur, the Group assesses the recoverability of the long-lived assets by comparing the carrying value of the long-lived assets to the estimated undiscounted future cash flows expected to result from the use of the assets and their eventual disposition where the fair value is lower than the carrying value, measurement of an impairment loss is recognized in the consolidated statements of operations and comprehensive income (loss) for the difference between the fair value, using the expected future discounted cash flows, and the carrying value of the assets. No impairment of long-lived assets was recognized for the years ended June 30, 2019 and 2020.

(k)

Revenue recognition

On July 1, 2018, the Group adopted ASC 606 "Revenue from Contracts with Customers", applying the modified retrospective method. The adoption didn't result in a material adjustment to the Group's accumulated deficit as of July 1, 2018. Accordingly, revenue for the year ended June 30, 2019 and after was presented under ASC 606, while comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods.

The revenues are accounted for as contracts with customers. Under the guidance for contracts with customers, we are required to (a) identify the contract(s) with a customer, (b) identify the performance obligations in the contract, (c) determine the transaction price, (d) allocate the transaction price to the performance obligations in the contract and (e) recognize revenue when (or as) we satisfy its performance obligations. In determining the transaction price, we have included variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur. Revenues are recorded net of sales related taxes and surcharges.

The adoption of ASC 606 did not significantly change (i) the timing and pattern of revenue recognition for all of the Group's revenue streams, and (ii) the presentation of revenue. Therefore, the adoption of ASC 606 did not have a significant impact on the Group's financial position, results of operations, equity or cash flows as of the adoption date and for the years ended June 30, 2019 and 2020.

The Group generates revenues mainly from wealth management and asset management.

Wealth management

Revenue from wealth management mainly includes distribution commissions and performance-based fees, in a typical arrangement in which the Group serves as distributor.

Distribution commissions

Distribution commissions include one-time commissions and recurring management fees. Distribution commissions are primarily generated from distributions of financial products, including publicly raised fund products, privately raised fund products and other financial products. The Group enters into distribution agreements with financial product issuers which specify the key terms and conditions of the arrangement. Such agreements do not include rights of return, credits or discounts, rebates, price protection or other similar privileges.

The Group defines the "distribution of a financial product" for its revenue recognition purpose at the time when both of the following two criteria are met: (1) the product purchaser (the "investor") has entered into a purchase or subscription contract with the relevant product issuer or fund manager and the investor has transferred the subscription fund to an escrow account designated by the product issuer or fund manager and (2) the product issuer or fund manager has issued a formal notice to confirm the distribution of a financial product.

One-time commissions are calculated by multiplying a pre-agreed annualized charge rate with the amount of products distributed, and are recorded at a point in time when the financial product is established. The Company charges an additional one-time commission fee for publicly raised funds distributed, by multiplying a pre-agreed charge rate with the amount of redemption, when the investor chooses to redeem the financial products. One-time commissions are typically paid on or shortly after the transaction is completed.

The Group also charges recurring management fees from the financial products issuers. Recurring management fees are recorded over time, and determined based on the types of financial products the Group distributes and calculated as either (i) pre-agreed annualized percentage with the daily outstanding balance confirmed with the issuer, prorated daily, (ii) pre-agreed annualized charge rate with the amount of products distributed, prorated by the actual period length of the product, or (iii) as a percentage of the fair value of the total investment in the financial products, calculated daily. Recurring management fees are typically paid on a regular basis (typically quarterly or annually) and are not subject to clawback once determined.

Performance-based distribution fees

Performance-based distribution fees are contributed by the distribution of privately raised fund products. The Group earns performance-based distribution fees from the issuers of the privately raised fund products, which are dependent on the extent by which the fund's investment performance exceeds a certain threshold at the end of the contract term. Such performance-based fee is typically recognized at a point of time, usually at the end of the contract term when the cumulative return of the fund can be determined, and is not subject to clawback provisions.

Asset management

Revenue from asset management service mainly includes management fees and performance-based fees, in a typical arrangement in which the Group serves as fund manager.

Management fees

Revenue from asset management, includes management fee from the privately-raised funds managed by the Group. Management fees are recognized in the period during which the related services are performed in accordance with the contractual terms of the fund agreements from the established date to the terminated date of the funds. Management fees earned from certain investment funds are based upon a range of up to 2% of capital committed. By unanimous consent among the fund manager, investors and the trustee, the fund could be terminated earlier than the contract period, and the remaining portion of unamortized management fee shall be returned to the investors.

Performance-based fees

The Group is entitled to a performance-based fee based on the extent by which the fund's investment performance exceeds a certain threshold. Such performance-based fee is typically calculated and recognized when the cumulative return of the fund can be determined, and is not subject to clawback provisions.

Corporate financing

The Group provides comprehensive financing solutions to corporate borrowers, including reference of sources and channels of funding. The contract between the borrower and the Group clearly states the financing amount, the agreed financing days, and the annualized charge rate. Although the performance obligation is fulfilled when borrower receives the funding, there is a variable consideration that the amount of advisory fee will be reduced if the borrower returns the loan in advance which is clearly stated in the clause of the contract. Therefore the revenue is calculated by multiplying the annualized charge rate with the financing amount and recognized at a straight-line over the actual service period. Except for minimal revenue of RMB 6, the Group has completely ceased corporate financing services as the Group further consolidated its resource to mainly focus on the development of wealth management services.

Information technology and others

During the year ended June 30, 2018, information technology and others mainly represented revenue from the technological support and system development services provided to third parties. The services contract pricing is based on the expected labor cost, project management services fee plus a certain percentage of gross profit. Revenue is recognized according to completion percentage and total contract amount upon the acceptance of the services confirmed by the customers. In July 2018, the Group transitioned IT service into part of internal information technology service function, and therefore there is no information technology revenue during the year ended June 30, 2019.

During the year ended June 30, 2019, other income of RMB1.0 million comprised interest income from factoring business, which was recognized over the factoring period.

During the year ended June 30, 2020, there was no revenue of information technology and others.

Disaggregation of revenue

	As of June 30,
	2018		2019		2020
	RMB		RMB		RMB

Wealth management		140,403		193,082		106,444
Distribution commissions		126,843		146,207		99,600
-- One time commissions		125,866		120,509		69,196
-- Over period commissions		977		25,698		30,404
Performance-based distribution fees		13,560		46,875		6,844
Corporate financing		13,710		6,271		6
Asset management		103		2,767		23,033
Management fees		103		2,767		6,393
Performance-based fees		-		-		16,640
Information technology and others		11,595		1,111		-
Total		165,811		203,231		129,483

Contract liability

Contract liability relates to unsatisfied performance obligations at the end of each reporting period and consists of cash payment received in advance for management fees under Asset Management Services. The contract liability was RMB180 and RMB421 as of June 30, 2019 and 2020, respectively, and is recorded as "Advance receipts" in the consolidation statement of financial position. The amount of revenue recognized during the year ended June 30, 2020 that was previously included in the contract liabilities balance as of June 30, 2019 was RMB180.

(l)

Cost of sales

Cost of sales primarily includes (1) commission costs paid to sales agents based on the pre-agreed percentage and the amount of wealth management product distributions that were directly related to the contributions made by the sales agents, such as the amount of investments they've referred to the Group, and (2) transaction fees paid to the third-party payment platforms through which the investors purchase funds are transferred.

(m)

Income taxes

The Group follows the guidance of ASC Topic 740 "Income taxes" and uses liability method to account for income taxes. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities using enacted tax rates that will be in effect in the period in which the differences are expected to reverse. The Group records a valuation allowance to offset deferred tax assets, if based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred tax assets will not be realized. The effect on deferred taxes of a change in tax rates is recognized in statement of operations and comprehensive income (loss) in the period that includes the enactment date.

(n)

Uncertain tax positions

The Group follows the guidance of ASC Topic 740 "Income taxes", which prescribes a more-likely-than -not threshold for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. This Topic also provides guidance on recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, accounting for income taxes in interim periods, and income tax disclosures. The Group recognizes interest on non-payment of income taxes and penalties associated with tax positions when a tax position does not meet more-likely-than-not threshold be sustained under examination. The tax returns of the Group's PRC subsidiaries and VIEs are subject to examination by the relevant tax authorities. According to the PRC Tax Administration and Collection Law, the statute of limitations is three years if the underpayment of taxes is due to computational errors made by the taxpayer or the withholding agent. The statute of limitations is extended to five years under special circumstances, where the underpayment of taxes is more than RMB100. In the case of transfer pricing issues, the statute of limitation is ten years. There is no statute of limitation in the case of tax evasion. During the years ended June 30, 2018, 2019 and 2020, the Group recognized RMB nil, RMB 600 and RMB nil of provisions on its uncertain tax positions based on its analysis over transfer pricing. The Group recognizes the provisions and any interest and penalties within the income tax expense line item in the accompanying Consolidated Statements of Income. The accrued provisions and any related interest and penalties balances are included in the other tax liabilities line in the Consolidated Balance Sheet. The Group does not expect that its assessment regarding unrecognized tax positions will materially change over the next 12 months.

(o)

Value added tax ("VAT")

Pursuant to the Provisional Regulation of the PRC on VAT and the related implementing rules, all entities and individuals ("taxpayers") that are engaged in the service industry in the PRC are generally required to pay VAT at a rate of 6% of the gross sales proceeds received, less any deductible VAT already paid or borne by the taxpayers. The Group's PRC subsidiaries and the consolidated VIEs are subject to VAT at 6% of their revenues.

(p)

Non-controlling interest

A non-controlling interest in a subsidiary of the Group represents the portion of the equity (net assets) in the subsidiary not directly or indirectly attributable to the Group. Non-controlling interests are presented as a separate component of equity on the Consolidated Balance Sheet and net income and other comprehensive income are attributed to controlling and non-controlling interests.

(q)

Fair value of financial instruments

The Group records certain of its financial assets and liabilities at fair value on a recurring basis. Fair value is considered to be the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability. The established fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of inputs may be used to measure fair value include:

Level 1	applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

Level 2	applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

Level 3	applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

The carrying values of the Group's financial instruments, including cash and cash equivalents, restricted cash, accounts receivable, short-term investments, commercial acceptance notes, short-term loans receivable, accounts payable, investors' deposit, amounts due from and due to related parties, approximate their fair values due to the short-term nature of these instruments.

(r)

Leases

The Group as a lessee

During the year ended June 30, 2020, the Group adopted Accounting Standards Update (ASU) 2016-02, Leases (Topic 842), which supersedes the lease accounting guidance under Topic 840, and generally requires lessees to recognize operating and financing lease liabilities and corresponding right-of-use (ROU) assets on the balance sheet and to provide enhanced disclosures surrounding the amount, timing and uncertainty of cash flows arising from leasing arrangements. The Group adopted the new guidance using the modified retrospective transition approach by applying the new standard to all leases existing at the date of initial application and not restating comparative periods. The Group also elected the package of practical expedients, which among other things, does not require reassessment of lease classification. Upon adoption, the Group recorded ROU assets of RMB 25.9 million and lease liabilities of RMB 25.6 million, resulting in no cumulative-effect adjustment to retained earnings as of July 1, 2019.

The Group has operating leases primarily for office space. The determination of whether an arrangement is a lease or contains a lease is made at inception by evaluating whether the arrangement conveys the right to use an identified asset and whether the Group obtains substantially all of the economic benefits from and has the ability to direct the use of the asset. Operating leases are included in operating lease right-of-use assets and operating lease liabilities on the Group's consolidated balance sheets. Operating lease assets represent the Group's right to use an underlying asset for the lease term and lease liabilities represent the Group's obligation to make lease payments arising from the lease. The Group uses its estimated incremental borrowing rate as of the commencement date in determining the present value of lease payments. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of lease payments over the lease term at the lease commencement date. To determine the incremental borrowing rate used to calculate the present value of future lease payments, the Group uses information including the Group's credit rating, interest rates of similar debt instruments of entities with comparable credit ratings, as applicable. Variable components of the lease payments such as utilities, maintenance costs are expensed as incurred and not included in determining the present value. The lease terms include options to extend or terminate the lease when it is reasonably certain that the Group will exercise that option. The Group considers these options, which may be elected at the Group's sole discretion, in determining the lease term on a lease-by-lease basis. Lease expense is recognized on a straight-line basis over the lease term. The Group has an accounting policy election to exempt leases with an initial term of 12 months or less from being recognized on the balance sheet.

The Group as a lessor

The Group did not act as a lessor during the reporting period.

(s)

Foreign currency translation

The Group's reporting and functional currency is Renminbi ("RMB"). The Group's operations are principally conducted through the subsidiaries and VIEs located in the PRC where the RMB is the functional currency. For those subsidiaries and VIEs which are not located in the PRC and have the functional currency other than RMB, the financial statements are translated from their respective functional currencies into RMB.

Assets and liabilities of the Group's overseas entities denominated in currencies other than the RMB are translated into RMB at the rates of exchange ruling at the balance sheet date. Equity accounts are translated at historical exchange rates and revenues, expenses, gains and losses are translated using the average rate for the year. Translation adjustments are reported as foreign currency translation adjustment and are shown as a separate component of other comprehensive income in the consolidated statements of comprehensive income.

Translations of amounts from RMB into US$ are solely for the convenience of the reader and were calculated at the rate of US$1.00 = RMB7.0651 on June 30, 2020, representing the certificated exchange rate published by the Federal Reserve Board. No representation is intended to imply that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on June 30, 2020, or at any other rate.

(t)

Segment reporting

The Group uses the management approach to determine operating segments. The management approach considers the internal organization and reporting used by the Group's chief operating decision maker ("CODM") for making decisions, allocating resources and assessing performance. The Group's CODM has been identified as the chief executive officer, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Group.

The Group manages its business as a single operating segment engaged in the provision of distribution and managing wealth management services in the PRC. Substantially all of its revenues are derived in the PRC. All long-lived assets are located in PRC.

(u)

Earnings per share ("EPS")

Basic EPS is calculated by dividing the net income (loss) available to common shareholders by the weighted average number of ordinary shares outstanding during the year. Diluted EPS is calculated by using the weighted average number of ordinary shares outstanding adjusted to include the potentially dilutive effect of outstanding share-based awards, unless their inclusion in the calculation is anti-dilutive.

(v)

Commitments and contingencies

The Group estimated losses from loss contingencies are accrued by a charge to income when information available before financial statements are issued or are available to be issued indicates that it is probable that an asset had been impaired or a liability had been incurred at the date of the financial statements and the amount of the loss can be reasonably estimated. Legal expenses associated with the contingency are expensed as incurred. If a loss contingency is not probable or reasonably estimable, disclosure of the loss contingency is made in the financial statements when it is at least reasonably possible that a material loss could be incurred.

(w)

Recently issued accounting standards

In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which is intended to improve financial reporting by requiring timelier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. The ASU requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. Organizations will continue to use judgment to determine which loss estimation method is appropriate for their circumstances. The ASU requires enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an organization's portfolio. These disclosures include qualitative and quantitative requirements that provide additional information about the amounts recorded in the financial statements. In addition, the ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. This ASU has subsequently been amended by ASU 2018-19, ASU 2019-04, ASU 2019-05, ASU 2019-10, ASU 2019-11 and ASU 2020-03. The standard will replace today's incurred loss approach with an expected loss model for instruments measured at amortized cost. Entities will apply the standard's provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. This ASU is effective for public entities for annual and interim periods beginning after December 15, 2019. Early adoption is permitted for all entities for annual periods beginning after December 15, 2018, and interim periods therein. The Group will adopt the guidance on July 1, 2020 and does not expect the adoption to have a material impact on its consolidated financial statements.

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement: Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement, which modifies disclosure requirements for fair value measurements. While some disclosures have been removed or modified, new disclosures have been added. The guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted, where the Group is permitted to early adopt the portion of the guidance regarding the removal or modification of the fair value measurement disclosures while waiting to adopt the requirement regarding additional disclosures until the effective date. The Group will fully adopt the guidance on July 1, 2020 and does not expect the adoption to have a material impact on its consolidated financial statements.

In December 2019, the FASB issued ASU 2019-12, a new accounting standard update to simplify the accounting for income taxes. The new guidance removes certain exceptions for recognizing deferred taxes for investments, performing intra period allocation and calculating income taxes in interim periods. It also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax goodwill and allocating taxes to members of a consolidated Group. This guidance will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The Group is currently in the process in evaluating the impact of the new guidance on its consolidated financial statements and related disclosures.

Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Group's consolidated financial statements upon adoption.

Cash, Cash Equivalents and Restricted Cash

12 Months Ended

Jun. 30, 2020

Cash and Cash Equivalents [Abstract]

CASH, CASH EQUIVALENTS AND RESTRICTED CASH

3.	CASH, CASH EQUIVALENTS AND RESTRICTED CASH

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows.

	Years ended June 30,
	2019		2020		2020
	RMB		RMB		US$

Cash and cash equivalent		378,445		285,924		40,470
Restricted cash		51,823		2,970		420
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows		430,268		288,894		40,890

Investments

12 Months Ended

Jun. 30, 2020

Investments [Abstract]

INVESTMENTS

4.	INVESTMENTS

The following table summarizes the Group's investment balances:

	As of June 30,
	2019		2020		2020
	RMB		RMB		US$
Short-term investments
- Private equity funds product-A		2,000		2,000		283
- Private equity funds product-B		-		2,000		283
Total short-term investments		2,000		4,000		566

Long-term investments
- Private equity funds product-B		2,000		-		-
Total long-term investments		2,000		-		-

The Group purchased private equity funds product A in October 2017, which the Group has insignificant equity interest but acts as a general partner. The Group accounted for this private equity fund investment using the equity method of accounting since the Group has significant influence on the investees. It is classified as short-term investment because the Group intends to sell it within one year.

The Group purchased private equity fund product B on April 25, 2018, which the Group acts as a limited partner with insignificant equity interest (less than 1%). The Group accounted for this private equity funds investment using the cost method of accounting due to the fact that the Group has no significant influence on the investee. This investment was reclassified as short-term as the Group intends to sell it within one year as of June 30, 2020.

The Group purchased two financial products with fixed rate of return during the year ended June 30, 2020, amounting to RMB 40,000. Both investments had been redeemed as of June 30, 2020. No such financial products purchased during the years ended June 30, 2018 and 2019.

The Group recorded investment income on these investments of RMB5,144, RMB172 and RMB1,499 for the years ended June 30, 2018, 2019 and 2020, respectively.

Accounts Receivable, Net

12 Months Ended

Jun. 30, 2020

Receivables [Abstract]

ACCOUNTS RECEIVABLE, NET

5.	ACCOUNTS RECEIVABLE, NET

	As of June 30,
	2019		2020		2020
	RMB		RMB		US$

Accounts receivable		27,767		46,704		6,611
Allowance for doubtful accounts		-		6,892		976
Accounts receivable, net		27,767		39,812		5,635

All of the accounts receivable are non-interest bearing.

Accounts receivable mainly represent amounts due from product providers and are recorded net of allowance for doubtful accounts. The Group considers many factors in assessing the collectability of its accounts receivable, such as the age of the amounts due, the product providers’ payment history, creditworthiness, financial conditions of the product providers and industry trend. An allowance for doubtful accounts is recorded in the period in which a loss is determined to be probable. The Group also makes specific allowance if there is strong evidence indicating that the accounts receivable is likely to be unrecoverable. Accounts receivable balances are written off after all collection efforts have been exhausted. The Group recorded allowance for doubtful accounts of RMB nil, nil and RMB 6,892 for the years ended June 30, 2018, 2019 and 2020, respectively.

Other Receivables

12 Months Ended

Jun. 30, 2020

Other Receivables [Abstract]

OTHER RECEIVABLES

6.	OTHER RECEIVABLES

Other receivables consist of the following:

	As of June 30,
	2019		2020		2020
	RMB		RMB		US$

Advances to staff		373		511		72
Prepayments to service providers		3,142		3,043		431
Rental deposits		2,502		2,242		317
Other		482		580		82
Other receivables		6,499		6,376		902

Short-Term Loans Receivable

12 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

SHORT-TERM LOANS RECEIVABLE

7.	SHORT-TERM LOANS RECEIVABLE

The Company provided loans to a third-party real estate developing company since July 2017.

During the year ended June 30, 2018, the Group provided loans totaling RMB110,000. These loans were repaid during the years ended June 30, 2018 and 2019 amounting to RMB60,000 and RMB50,000, respectively.

During the year ended June 30, 2020, the Group provided loans totaling RMB240,000, of which RMB190,000 has been repaid. As of June 30, 2020, short-term loans receivable consists of one loan with principle balance of RMB50,000 and interest receivable balance of RMB2,893, which is started from January 7, 2020, with annual interest of 12% and due date of December 25, 2020.

The aforementioned loans were guaranteed by the legal representative and the controlling shareholder of the real estate developing company. The interest rate ranged from 6% to 12% per annum, and the interest should be paid with the repayment of principle.

The Group also provided loans to another third-party company. During the year ended June 30, 2018, the Group provided loans totaling RMB29,000 with the interest rate of 12% per annum. This loan was repaid during the year ended June 30, 2018.

The Group recognized interest income on short-term loans receivable of approximate RMB1,393, RMB310 and RMB5,386 during the years ended June 30, 2018, 2019 and 2020, respectively.

Property and Equipment, Net

12 Months Ended

Jun. 30, 2020

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT, NET

8.	PROPERTY AND EQUIPMENT, NET

Property and equipment, net, is comprised of the following:

	As of June 30,
	2019			2020			2020
	RMB			RMB			US$

Furniture, office equipment		2,667			2,966			420
Leasehold improvements		3,951			5,481			776
Motor vehicles		-			919			130
		6,618			9,366			1,326
Less: Accumulated depreciation		(2,592	)		(4,590	)		(650	)
Property and equipment, net		4,026			4,776			676

Depreciation expense for the years ended June 30, 2018, 2019 and 2020 was RMB604, RMB1,122 and RMB1,998, respectively.

No impairment for property and equipment was recorded for the years ended June 30, 2018, 2019 and 2020.

Intangible Assets, Net

12 Months Ended

Jun. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS, NET

9.	INTANGIBLE ASSETS, NET

	As of June 30,
	2019			2020			2020
	RMB			RMB			US$

Software and operating system		4,427			4,427			626
Less: Accumulated amortization		(3,694	)		(4,064	)		(575	)
Intangible asset, net		733			363			51

Amortization expense for the years ended June 30, 2018, 2019 and 2020 was RMB1,261, RMB620 and RMB370, respectively.

Leases

12 Months Ended

Jun. 30, 2020

Leases [Abstract]

LEASES

10.

LEASES

The Group's lease payments for office space leases include fixed rental payments and do not consist of any variable lease payments that depend on an index or a rate. As of June 30, 2020, there was no leases that have not yet commenced.

The following represents the aggregate ROU assets and related lease liabilities as of June 30, 2020:

	As of June 30, 2020
	RMB
Right-of-use assets		22,172
Lease liabilities, current		7,401
Lease liabilities, non-current		14,709
Total operating lease liabilities		22,110

The weighted average lease term and weighted average discount rate as of June 30, 2020 were as follows:

	As of June 30, 2020
Weighted average lease term:
Operating leases		3.04 years
Weighted average discount rate:
Operating leases		4.75	%

The components of lease expenses for the year ended June 30, 2020 were as follows:

	For the year ended June 30, 2020
	RMB

Operating lease expenses		7,870
Short-term lease expenses		435
Total		8,305

Supplemental cash flow information related to leases for the year ended June 30, 2020 were as follows:

	For the year ended June 30, 2020
	RMB
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating lease		7,652
Supplement noncash information
New operating lease liabilities arose from obtaining right-of-use assets		4,417
Change on lease liabilities arose from modification on lease terms		1,430
Change on lease liabilities arose from early termination of operating leases		(2,850	)

Maturities of lease liabilities at June 30, 2020:

	As of June 30, 2020
	RMB
Year ending June 30:
2021		8,303
2022		8,102
2023		6,263
2024		1,039
2025		66
Thereafter		-
Total remaining undiscounted lease payments		23,773
Less: Interest		1,663
Total present value of lease liabilities		22,110
Less: Current operating lease liabilities		7,401
Non-current operating lease liabilities		14,709

Investors' Deposit

12 Months Ended

Jun. 30, 2020

Investors Deposit [Abstract]

INVESTORS' DEPOSIT

11.

INVESTORS' DEPOSIT

The balance represents the investors' uninvested cash balances temporarily deposited in the Group's bank account. These cash balances were under the custody and supervision of the designated financial institution as required by China Securities Regulatory Commission, for the purpose of preventing misuse of investors' funds.

Other Payables and Accrued Expenses

12 Months Ended

Jun. 30, 2020

Payables and Accruals [Abstract]

OTHER PAYABLES AND ACCRUED EXPENSES

12.

OTHER PAYABLES AND ACCRUED EXPENSES

Components of other payables and accrued expenses are as follows:

	As of June 30,
	2019		2020			2020
	RMB		RMB			US$

Payroll payable		6,149		10,781			1,526
Value-added tax payable (recoverable)		1,058		(1,509	)		(214	)
Employee's individual income tax		725		946			134
Other miscellaneous taxes		30		34			5
Accrued expenses		304		4,899			693
Others		391		604			86
Other payables and accrued expenses		8,657		15,755			2,230

Accrued expenses mainly consisted of accrued marketing and sales promotion expenses for activities on publicly raised fund products.

Entities that are VAT general taxpayers are allowed to offset qualified input VAT paid to suppliers against their output VAT liabilities. Net VAT balance between input VAT and output VAT is recorded as VAT payable if output VAT is larger than input VAT and is recorded as VAT recoverable if input VAT is larger than output VAT.

Other, Net

12 Months Ended

Jun. 30, 2020

Other net [Abstract]

OTHER, NET

13.

OTHER, NET

Components of other, net are as follows:

	For the years ended June 30,
	2018		2019			2020			2020
	RMB		RMB			RMB			US$

Government grants		112		415			5,104			722
Others		89		(156	)		(27	)		(3	)
Total other, net		201		259			5,077			719

Government grants were recognized as other income when received from the PRC government upon the compliance with the conditions.

Income Taxes

12 Months Ended

Jun. 30, 2020

Income Tax Disclosure [Abstract]

INCOME TAXES

14.

INCOME TAXES

The Group and its subsidiaries, and the consolidated VIEs file tax returns separately.

Cayman Islands

The Group is incorporated in the Cayman Islands. Under the current laws of the Cayman Islands, the Group is not subject to income or capital gains taxes. In addition, dividend payments are not subject to withholdings tax in the Cayman Islands.

British Virgin Islands

The Group's subsidiary incorporated in the BVI is not subject to taxation.

Hong Kong

On March 21, 2018, the Hong Kong Legislative Council passed The Inland Revenue (Amendment) (No. 7) Bill 2017 (the "Bill") which introduces the two-tiered profits tax rates regime. The Bill was signed into law on March 28, 2018 and was gazette on the following day. Under the two-tiered profits tax rates regime, the first 2 million Hong Kong Dollar ("HKD") of profits of the qualifying group entity will be taxed at 8.25%, and profits above HKD2 million will be taxed at 16.5%.

PRC

The Group's subsidiary and VIEs incorporated in PRC are subject to PRC Enterprise Income Tax ("EIT") law. Pursuant to the relevant laws and regulations in the PRC, Puyi Bohui is regarded as an accredited software company and a High and New Technology Enterprise ("HNTE"), and thus enjoys preferential tax treatments, including being exempted from PRC Income Tax for two years starting from its first profit-making year, followed by a 50% reduction for the next three years. For Puyi Bohui, tax year 2015 was the first profit-making year and accordingly, from January 1, 2017 to December 31, 2019 Puyi Bohui has made a 12.5% tax provision for its profits; beginning from January 1, 2020, Puyi Bohui is qualified for west development taxation preference and is subject to an income tax rate for 15%. Puyi Zhongxiang is qualified for Shenzhen Qianhai modern services cooperation district entity tax preference and is subject to an income tax rate for 15%. Chongqing Fengyi and Puyi Consulting are qualified for west development taxation preference and are subject to an income tax rate for 15%. Other PRC subsidiaries are subject to a standard 25% EIT.

The components of the income tax provision (benefit) are:

	Years Ended June 30,
	2018			2019			2020			2020
	RMB			RMB			RMB			US$

Current		8,490			10,288			3,382			479
Deferred		(229	)		(892	)		(5,776	)		(818	)
Total income tax expense (benefit)		8,261			9,396			(2,394	)		(339	)

The principal components of the deferred income tax assets and liabilities are as follows:

	As of June 30,
	2019		2020		2020
	RMB		RMB		US$

Non-current deferred tax assets:
Tax loss carry forward		6,062		12,275		1,737
Allowance for doubtful accounts, credit losses and impairment losses		-		1,723		244
Subtotal		6,062		13,998		1,981
Less: valuation allowances		929		3,089		437
Total		5,133		10,909		1,544

The Group considers positive and negative evidence to determine whether some portion or all of the deferred tax assets will more-likely-than-not be realized. This assessment considers, among other matters, the nature, frequency and severity of recent losses, forecasts of future profitability, the duration of statutory carry forward periods, the Group's experience with tax attributes expiring unused and tax planning alternatives. Valuation allowances have been established for deferred tax assets based on a more-likely-than-not threshold. The Group's ability to realize deferred tax assets depends on its ability to generate sufficient taxable income within the carry forward periods provided for in the tax law.

The Group had total tax loss carry-forwards of RMB28,261 and RMB76,742 as of June 30, 2019 and 2020, respectively. As of June 30, 2020, the tax loss carry-forwards of RMB4,745, RMB7,005 and RMB64,992 are to expire for the years ending June 30, 2023, 2024 and 2025, respectively. During the years ended June 30, 2018, 2019 and 2020, there was no tax loss carried forward expired and canceled.

Reconciliation between the statutory tax rate to income before income taxes and the actual provision for income taxes is as follows:

	Years ended June 30,
	2018			2019			2020			2020
	RMB			RMB			RMB			US$

Income (loss) from operations before income taxes		71,878			61,419			(35,945	)		(5,088	)
PRC income tax statutory rate		25	%		25	%		25	%		25	%
Income tax expense (benefit) at statutory tax rate		17,970			15,355			(8,986	)		(1,272	)
Preferential tax treatments		(8,937	)		(6,606	)		4,633			656
Super deduction of qualified R&D expenditures		(772	)		(857	)		447			63
Expenses not deductible for tax purposes		-			388			391			55
Uncertain tax provision		-			600			-			-
Tax expenses not deductible for book purposes								(727	)		(103	)
Others		-			(413	)		(312	)		(44	)
Valuation allowances		-			929			2,160			306
Income tax expense (benefit)		8,261			9,396			(2,394	)		(339	)

The current PRC EIT Law imposes a 10% withholding income tax for dividends distributed by foreign invested enterprises to their immediate holding companies outside the PRC. A lower withholding tax rate will be applied if there is a tax treaty arrangement between the PRC and the jurisdiction of the foreign holding company. Distributions to holding companies in Hong Kong that satisfy certain requirements specified by PRC tax authorities, for example, will be subject to a 5% withholding tax rate.

As of June 30, 2019 and 2020, the Group had not recorded any withholding tax on the retained earnings of its foreign invested enterprises in the PRC, since the Group intends to reinvest its earnings to further expand its business in mainland China, and its foreign invested enterprises do not intend to declare dividends to their immediate foreign holding companies.

The Group analyzes its uncertain income tax positions concerning transfer pricing on a regular basis, which were primarily concerned with sales activities conducted among the subsidiaries that had different income tax rates (ranging from 12.5% to 25%) and the amount of taxes that could have been paid additionally, in aggregation, had those sales activities were conducted among subsidiaries without any preferential income tax rates. When such potential impact is identified, the Group recognize 100% of the calculated income tax exposure as an income tax expense and other tax liabilities.

The Company evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measure the unrecognized benefits associated with the tax positions. As of June 30, 2020, 2019 and 2018 the Company had RMB9,300, RMB9,300, and RMB8,700 of unrecognized tax benefits that if recognized would affect the annual effective tax rate. We recognize interest accrued related to unrecognized tax benefits and penalties as income tax expense. For years ending June 30, 2020, 2019 and 2018 the Company recognized no interest or penalty expense related to unrecognized tax benefits.

Movements of unrecognized tax benefits are as follows:

	RMB		US$

Balance as of June 30, 2018		8,700		1,315
Provisions for uncertain tax positions during the year ended June 30, 2019		600		40
Balance as of June 30, 2019		9,300		1,355
Provisions for uncertain tax positions during the year ended June 30, 2020		-		-
Balance as of June 30, 2020		9,300		1,316

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Earnings (Loss) Per Share

12 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]

EARNINGS (LOSS) PER SHARE

15.

EARNINGS (LOSS) PER SHARE

The computation of basic and diluted net income (loss) per ordinary share is as follows:

	Years ended June 30,
	2018			2019			2020			2020
	RMB			RMB			RMB			US$

Numerator:
Net income (loss)		63,617			52,023			(33,551	)		(4,749	)
Less: Net loss attributable to the non-controlling interests		(979	)		(1,508	)		(648	)		(92	)
Net income (loss) attributable to the Group's shareholders		64,596			53,531			(32,903	)		(4,657	)

Denominator:
Weighted average number of ordinary shares outstanding		80,000,000			84,997,628			90,472,014			90,472,014

Basic & diluted net income (loss) per ordinary share		0.807			0.630			(0.364	)		(0.051	)

Condensed Financial Statements of the Company

12 Months Ended

Jun. 30, 2020

Condensed Financial Statements of Company [Abstract]

CONDENSED FINANCIAL STATEMENTS OF THE COMPANY

16.

CONDENSED FINANCIAL STATEMENTS OF THE COMPANY

The condensed financial information of the Company has been prepared in accordance with SEC Regulation S-X Rule 5-04 and Rule 12-04, using the same accounting policies as set out in the Group's consolidated financial statements, except that the Company uses the equity method to account for investments in its subsidiaries, VIEs and VIEs' subsidiaries. The Company was set up in August 2018, the accompanying financial statements have been prepared as if the Company has been in existence and in control of the Group throughout the periods presented.

Condensed Statements of Financial Position

	As of June 30,
	2019		2020		2020
	RMB		RMB		US$

ASSETS:
Current assets:
Cash and cash equivalents		16,036		15,286		2,164
Total current assets		16,036		15,286		2,164

Investments in subsidiaries		384,561		352,755		49,929
Total assets		400,597		368,041		52,093

LIABILITIES AND EQUITY:
LIABILITIES:
Current liabilities:
Other payables and accrued expenses		194		85		12
Total current liabilities		194		85		12
Total liabilities		194		85		12

Commitments and contingencies
EQUITY:
Ordinary shares (Authorized shares: 2,000,000,000 at US$0.001 each; issued and outstanding shares: 90,472,014 and 90,472,014 as of June 30, 2019 and 2020, respectively)		600		600		85
Additional paid-in capital		224,702		224,702		31,805
Retained earnings		175,090		142,187		20,125
Accumulated other comprehensive income		11		467		66
Total equity		400,403		367,956		52,081
Total liabilities and equity		400,597		368,041		52,093

Condensed Statements of Operations and Comprehensive Income (Loss)

	Years ended June 30,
	2018		2019			2020			2020
	RMB		RMB			RMB			US$

General and administrative expenses		-		129			(1,286	)		(182	)
Interest income		-		361			188			27
Equity in earnings (loss) of subsidiaries		64,596		53,220			(31,805	)		(4,502	)
Income (loss) before income taxes		64,596		53,710			(32,903	)		(4,657	)
Income tax benefit (expense)		-		(179	)		-			-
Net income (loss)		64,596		53,531			(32,903	)		(4,657	)
Other comprehensive income, net of tax: Foreign currency translation adjustments		-		11			456			65
Total Comprehensive income (loss)		64,596		53,542			(32,447	)		(4,592	)

Related Party Transactions

12 Months Ended

Jun. 30, 2020

RELATED PARTY TRANSACTIONS

17.

RELATED PARTY TRANSACTIONS

The following is a list of the related parties with whom the Group conducted significant transactions, and their relationship with the Group:

Related parties		Relationship
Mr. Yu Haifeng		Controlling shareholder and Chairman of the Group CEO of the Group until September 20, 2019
Puyi Inc.'s founding shareholders before IPO		Shareholders of Puyi Inc. before IPO
Renshou Xinrui Enterprise Management Center LLP		Ultimately controlled by Mr. Yu
Shenzhen Chuang Jia Investment LLP		Ultimately controlled by Mr. Yu
Fanhua Inc.		Shareholder of Puyi since September 2018
Tibet Zhuli Investment Co., Ltd.		Subsidiary of Fanhua Inc.
Mr. Tang Jianping		Minority shareholder of Zhonghui, who holds its 48% shares
Shenzhen Taozhan Trade Co., Ltd.		Mr. Tang Jianping's wife holds its 48% shares
Red Lake Yongjin No.1 (Shenzhen) Investment LLP		A vehicle controlled by Mr. Tang by April 2020 and managed by the Group thereafter
Shenzhen Red Lake Shengchuang Investment LLP		Ultimately controlled by Mr. Tang
Jinhui Red Lake (Shenzhen) Enterprise Management Co., Ltd.		Mr. Tang is the executive partner of this entity

The principal related party balances and transactions as of and for the years ended June 30, 2018, 2019 and 2020 are as follows:

Amounts due from related parties:

	As of June 30,
	Note	2019		2020		2020
		RMB		RMB		US$

Shenzhen Red Lake Shengchuang Investment LLP	a		-		543		77
Jinhui Red Lake (Shenzhen) Enterprise Management Co., Ltd	b		-		114		16
Shenzhen Taozhan Trade Co., Ltd.	c		590		590		84
Total			590		1,247		177

(a)	Zhonghui provided interest free loans to Shenzhen Red Lake Shengchuang Investment LLP ("Shengchuang") totaling RMB718 from December 2019 to June 2020. As of June 30, 2020, RMB175 had been returned.

(b)	Zhonghui provided interest free loans to Jinhui Red Lake (Shenzhen) Enterprise Management Co., Ltd. ("Jinhui") totaling RMB119 from February 2020 to June 2020. As of June 30, 2020, RMB5 had been returned.

(c)	Zhonghui, a subsidiary acquired by the Group in July 2018, provided an interest free loan of RMB1.0 million to Shenzhen Taozhan Trade Co., Ltd. ("Taozhan"). During the year ended June 30, 2019, Taozhan repaid RMB410 to the Group.

Related party transactions:

	Years ended June 30,
	Note	2018		2019		2020		2020
		RMB		RMB		RMB		US$
Loan provided to related parties
Shenzhen Red Lake Shengchuang Investment LLP	a		-		-		718		102
Jinhui Red Lake (Shenzhen) Enterprise Management Co., Ltd.	b		-		-		119		17
Mr. Yu Haifeng	d		80		-		-		-
Shenzhen Chuang Jia Investment LLP	e		10,000		-		-		-
Subtotal			10,080		-		837		119

Repayment of loan from related parties
Shenzhen Red Lake Shengchuang Investment LLP	a		-		-		175		25
Jinhui Red Lake (Shenzhen) Enterprise Management Co., Ltd.	b		-		-		5		1
Shenzhen Taozhan Trade Co., Ltd.	c		-		410		-		-
Mr. Yu Haifeng	d		-		80		-		-
Shenzhen Chuang Jia Investment LLP	e		69,500		-		-		-
Renshou Xinrui Enterprise Management Center LLP	f		26,400		-		-		-
Subtotal			95,900		490		180		26

Loan received from related party
Tibet Zhuli Investment Co., Ltd.	g		-		50,000		-		-

Interest expense
Tibet Zhuli Investment Co., Ltd.	g		-		1,048		-		-

Repayment of loan to related party
Tibet Zhuli Investment Co., Ltd.	g		-		51,048		-		-

Advisory fee expense
Red Lake Yongjin No.1 (Shenzhen) Investment LLP	h		-		581		-		-

Notes

(d)	The Group provided a loan to Mr. Yu Haifeng in June 2018. The loan has been repaid in July 2018.

(e)	The Group provided a loan to Shenzhen Chuang Jia Investment LLP ("Chuang Jia") amounting to RMB10,000 in July 2018, and Chuang Jia fully repaid the loans of RMB69,500 during the year ended June 30, 2018.

(f)	The Group provided loans to Renshou Xinrui Enterprise Management Center LLP amounting to RMB28,020 in February 2017 and April 2017. RMB1,620 was repaid during the year ended June 30, 2017, and RMB26,400 was repaid during the year ended June 30, 2018.

(g)	In August 2018, the Group received a short-term loan with a principal amount of RMB50.0 million from Tibet Zhuli Investment Co., Ltd. ("Tibet Zhuli"), which was controlled by Fanhua Inc, the Group's shareholder. The amounts are unsecured, bearing interest at 8.5% per annum and are repayable after 6 months from the date of the agreement. The principal and interest of the loan have been fully repaid as of June 30, 2019.

(h)	In September 2018, the Group incurred advisory fee expenses to Red Lake Yongjin No.1 (Shenzhen) Investment LLP for a potential non-performing loan project.

Non-Controlling Interest

12 Months Ended

Jun. 30, 2020

Noncontrolling Interest Items [Abstract]

NON-CONTROLLING INTEREST

18.

NON-CONTROLLING INTEREST

On July 3, 2018, the Group acquired 51% equity interest of Shenzhen Qianhai Zhonghui Huiguan Investment Management Co., Ltd. ("Zhonghui"). As of June 30, 2019 and 2020, non-controlling interest related to the 49% minority interest in Zhonghui was RMB3,173 and RMB2,525, respectively.

For the years ended June 30, 2018, 2019 and 2020, non-controlling interest related to Zhonghui in the consolidated statements of operations was loss of RMB979, RMB1,508 and RMB648, respectively.

Statutory Reserve

12 Months Ended

Jun. 30, 2020

Statutory Reserve [Abstract]

STATUTORY RESERVE

19.

STATUTORY RESERVE

Subsidiaries operate in the PRC are required to reserve 10% of their net profits after income tax, as determined in accordance with the PRC accounting rules and regulations. Appropriation to the statutory reserve by the Group is based on profit arrived at under PRC accounting standards for business enterprises for each year.

The profit arrived at must be set off against any accumulated losses sustained by the Group in prior years, before allocation is made to the statutory reserve. Appropriation to the statutory reserve must be made before distribution of dividends to shareholders. The appropriation is required until the statutory reserve reaches 50% of the registered capital. This statutory reserve is not distributable in the form of cash dividends. As of June 30, 2019 and 2020, the balance of statutory reserve was RMB19,824 and RMB21,873, respectively.

Concentrations

12 Months Ended

Jun. 30, 2020

Risks and Uncertainties [Abstract]

CONCENTRATIONS

20.

CONCENTRATIONS

Concentration risks

Details of the customers accounting for 10% or more of total net revenues are as follows:

	Years ended June 30,
	2018		% of net revenues			2019		% of net revenues			2020		2020		% of net revenues
	RMB					RMB					RMB		US$

Company A		47,856		28.9	%		109,130		53.7	%		*		*		*
Company B		44,452		26.8	%		*		*			*		*		*
Company C		27,855		16.8	%		*		*			*		*		*
Company E		*		*			*		*			45,921		6,500		35.5	%
Company G		*		*			23,987		11.8	%		14,703		2,081		11.3	%
Company H		*		*			*		*			16,790		2,376		13.0	%
		120,163		72.5	%		133,117		65.5	%		77,414		10,957		59.8	%

*	represented less than 10% of total net revenues for the year ended.

Details of the customers which accounted for 10% or more of accounts receivable, net are as follows:

	As of June 30,
	2019		%			2020		2020		%
	RMB					RMB		US$

Company A		10,398		37.4	%		6,690		947		16.8	%
Company D		5,042		18.2	%		*		*		*
Company E		4,022		14.5	%		14,543		2,058		36.5	%
Company F		3,630		13.1	%		*		*		*
Company H		*		*			11,042		1,563		27.7	%
		23,092		83.2	%		32,275		4,568		81.0	%

*	represented less than 10% of account receivables as of the year end.

Contingencies

12 Months Ended

Jun. 30, 2020

Commitments and Contingencies Disclosure [Abstract]

CONTINGENCIES

21.

CONTINGENCIES

In the ordinary course of business, the Group may be subject to legal proceeding regarding contractual and employment relationships and a variety of other matters. The Group records contingent liabilities resulting from such claims, when a loss is assessed to be probable and the amount of the loss is reasonably estimable.

The Group has no significant pending litigation as of issuance date of the financial statements.

Impact of Covid-19

12 Months Ended

Jun. 30, 2020

Impact of Covid 19 [Abstract]

IMPACT OF COVID-19

22.

IMPACT OF COVID-19

The COVID-19 has, in the first half of 2020, had, and continues to have, a severe and negative impact on the Chinese and the global economy. Whether this will lead to a prolonged downturn in the economy is still unknown. The global spread of COVID-19 pandemic in major countries of the world have and may continue result in global economic distress, and the nature of and extent to which it may affect the Group’s results of operations will depend on future developments of the COVID-19 pandemic, which are highly uncertain and difficult to predict. The results of operations for the first half of 2020 have been adversely affected, and there may be potential continuing impacts on subsequent periods if the pandemic and the resulting disruption were to extend over a prolonged period.

Subsequent Events

12 Months Ended

Jun. 30, 2020

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

23.

SUBSEQUENT EVENTS

The Group has evaluated subsequent events through the issuance of the consolidated financial statements and no subsequent event has been identified that would have required adjustment or disclosure in the consolidated financial statements.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Jun. 30, 2020

Accounting Policies [Abstract]

Basis of presentation and consolidation

(a)

Basis of presentation and consolidation

Use of estimates

(b)

Use of estimates

Cash and cash equivalents

(c)

Cash and cash equivalents

Restricted cash

(d)

Restricted cash

Accounts receivable, other receivables, and amount due from related parties, net

(e)

Accounts receivable, other receivables, and amount due from related parties, net

Short-term loans receivable

(f)

Short-term loans receivable

The Group recognized interest income on an accrue basis using the straight-line method over the fixed or determinable dates.

Investments

(g)

Investments

The Group accounts for the investments pursuant to ASC topic 321, Investments-equity securities.

Property and equipment, net

(h)

Property and equipment, net

Depreciation and amortization are calculated using the straight-line method over the following estimated useful lives, without residual value:

		Estimated useful life
Office equipment, furniture, fixtures		3-5 years
Motor vehicles		3-5 years
Leasehold improvements		Shorter of the remaining lease terms and estimated useful lives

Intangible assets, net

(i)

Intangible assets, net

Costs associated with the engineering and technical headcounts responsible for software development, as well as their associated costs, are expensed as incurred.

Impairment of long-lived assets

(j)

Impairment of long-lived assets

Revenue recognition

(k)

Revenue recognition

The Group generates revenues mainly from wealth management and asset management.

Wealth management

Revenue from wealth management mainly includes distribution commissions and performance-based fees, in a typical arrangement in which the Group serves as distributor.

Distribution commissions

Performance-based distribution fees

Asset management

Revenue from asset management service mainly includes management fees and performance-based fees, in a typical arrangement in which the Group serves as fund manager.

Management fees

Performance-based fees

Corporate financing

Information technology and others

During the year ended June 30, 2019, other income of RMB1.0 million comprised interest income from factoring business, which was recognized over the factoring period.

During the year ended June 30, 2020, there was no revenue of information technology and others.

Disaggregation of revenue

	As of June 30,
	2018		2019		2020
	RMB		RMB		RMB

Wealth management		140,403		193,082		106,444
Distribution commissions		126,843		146,207		99,600
-- One time commissions		125,866		120,509		69,196
-- Over period commissions		977		25,698		30,404
Performance-based distribution fees		13,560		46,875		6,844
Corporate financing		13,710		6,271		6
Asset management		103		2,767		23,033
Management fees		103		2,767		6,393
Performance-based fees		-		-		16,640
Information technology and others		11,595		1,111		-
Total		165,811		203,231		129,483

Contract liability

Cost of sales

(l)

Cost of sales

Income taxes

(m)

Income taxes

Uncertain tax positions

(n)

Uncertain tax positions

Value added tax ("VAT")

(o)

Value added tax ("VAT")

Non-controlling interest

(p)

Non-controlling interest

Fair value of financial instruments

(q)

Fair value of financial instruments

Level 1	applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

Level 2	applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

Level 3	applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

Leases

(r)

Leases

The Group as a lessee

The Group as a lessor

The Group did not act as a lessor during the reporting period.

Foreign currency translation

(s)

Foreign currency translation

Segment reporting

(t)

Segment reporting

Earnings per share ("EPS")

(u)

Earnings per share ("EPS")

Commitments and contingencies

(v)

Commitments and contingencies

Recently issued accounting standards

(w)

Recently issued accounting standards

Organization and Principal Activities (Tables)

12 Months Ended

Jun. 30, 2020

Organization and Principal Activities [Abstract]

Schedule of subsidiaries and VIE

Name	Date of incorporation/acquired	Place of incorporation	Percentage of effective ownership			Principal Activities
Wholly owned subsidiaries
Puyi Group	July 2018	BVI		100	%	Holding company
Puyi Holdings (Hong Kong) Limited (“Puyi HK”)	July 2018	Hong Kong		100	%	Holding company
Puyi Enterprises Management Consulting Co., Ltd. (“Puyi Consulting” or the Wholly Foreign-Owned Enterprise “WFOE”)	August 2018	Chengdu		100	%	WFOE
Puyi Dake	May 2020	Chengdu		100	%	Information technology
Shenzhen Baoying⁽¹⁾	May 2018	Shenzhen		100	%	Factoring
Variable Interest Entities (“VIEs”)
Puyi Bohui	April 2012	Chengdu		100	%	Information technology
Puyi Fund	November 2010	Chengdu		100	%	Fund product distribution
Puyi Zhongxiang	April 2014	Shenzhen		100	%	Financial product distribution
Puyi Asset	May 2013	Shenzhen		100	%	Asset management
Chongqing Fengyi	December 2016	Chongqing		100	%	Corporate financing business
Zhonghui	July 2018	Shenzhen		51	%	Asset management

Schedule of financial statements amounts and balances of the VIE

As of June 30,
	2019		2020		2020
	RMB		RMB		US$

Total assets		479,409		262,699		37,183
Total liabilities		75,833		58,557		8,288

	Years ended June 30,
	2018		2019		2020		2020
	RMB		RMB		RMB		US$

Net revenues		165,811		203,231		179,256		25,372
Net income		63,617		52,023		12,767		1,807

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Jun. 30, 2020

Accounting Policies [Abstract]

Schedule of estimated useful lives

		Estimated useful life
Office equipment, furniture, fixtures		3-5 years
Motor vehicles		3-5 years
Leasehold improvements		Shorter of the remaining lease terms and estimated useful lives

Schedule of Disaggregation of revenue

	As of June 30,
	2018		2019		2020
	RMB		RMB		RMB

Wealth management		140,403		193,082		106,444
Distribution commissions		126,843		146,207		99,600
-- One time commissions		125,866		120,509		69,196
-- Over period commissions		977		25,698		30,404
Performance-based distribution fees		13,560		46,875		6,844
Corporate financing		13,710		6,271		6
Asset management		103		2,767		23,033
Management fees		103		2,767		6,393
Performance-based fees		-		-		16,640
Information technology and others		11,595		1,111		-
Total		165,811		203,231		129,483

Cash, Cash Equivalents and Restricted Cash (Tables)

12 Months Ended

Jun. 30, 2020

Cash and Cash Equivalents [Abstract]

Schedule of reconciliation of cash, cash equivalents, and restricted cash

	Years ended June 30,
	2019		2020		2020
	RMB		RMB		US$

Cash and cash equivalent		378,445		285,924		40,470
Restricted cash		51,823		2,970		420
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows		430,268		288,894		40,890

Investments (Tables)

12 Months Ended

Jun. 30, 2020

Investments [Abstract]

Schedule of investment balances

	As of June 30,
	2019		2020		2020
	RMB		RMB		US$
Short-term investments
- Private equity funds product-A		2,000		2,000		283
- Private equity funds product-B		-		2,000		283
Total short-term investments		2,000		4,000		566

Long-term investments
- Private equity funds product-B		2,000		-		-
Total long-term investments		2,000		-		-

Accounts Receivable, Net (Tables)

12 Months Ended

Jun. 30, 2020

Receivables [Abstract]

Schedule of accounts receivable

	As of June 30,
	2019		2020		2020
	RMB		RMB		US$

Accounts receivable		27,767		46,704		6,611
Allowance for doubtful accounts		-		6,892		976
Accounts receivable, net		27,767		39,812		5,635

Other Receivables (Tables)

12 Months Ended

Jun. 30, 2020

Other Receivables [Abstract]

Schedule of Other receivables

	As of June 30,
	2019		2020		2020
	RMB		RMB		US$

Advances to staff		373		511		72
Prepayments to service providers		3,142		3,043		431
Rental deposits		2,502		2,242		317
Other		482		580		82
Other receivables		6,499		6,376		902

Property and Equipment, Net (Tables)

12 Months Ended

Jun. 30, 2020

Property, Plant and Equipment [Abstract]

Schedule of property and equipment, net

	As of June 30,
	2019			2020			2020
	RMB			RMB			US$

Furniture, office equipment		2,667			2,966			420
Leasehold improvements		3,951			5,481			776
Motor vehicles		-			919			130
		6,618			9,366			1,326
Less: Accumulated depreciation		(2,592	)		(4,590	)		(650	)
Property and equipment, net		4,026			4,776			676

Intangible Assets, Net (Tables)

12 Months Ended

Jun. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of intangible assets net

	As of June 30,
	2019			2020			2020
	RMB			RMB			US$

Software and operating system		4,427			4,427			626
Less: Accumulated amortization		(3,694	)		(4,064	)		(575	)
Intangible asset, net		733			363			51

Leases (Tables)

12 Months Ended

Jun. 30, 2020

Leases [Abstract]

Schedule of ROU assets and related lease liabilities

	As of June 30, 2020
	RMB
Right-of-use assets		22,172
Lease liabilities, current		7,401
Lease liabilities, non-current		14,709
Total operating lease liabilities		22,110

Schedule of weighted average lease term and weighted average discount rate

	As of June 30, 2020
Weighted average lease term:
Operating leases		3.04 years
Weighted average discount rate:
Operating leases		4.75	%

Schedule of lease expenses

	For the year ended June 30, 2020
	RMB

Operating lease expenses		7,870
Short-term lease expenses		435
Total		8,305

Schedule of supplemental cash flow information related to leases

	For the year ended June 30, 2020
	RMB
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating lease		7,652
Supplement noncash information
New operating lease liabilities arose from obtaining right-of-use assets		4,417
Change on lease liabilities arose from modification on lease terms		1,430
Change on lease liabilities arose from early termination of operating leases		(2,850	)

Schedule of maturities of lease liabilities

	As of June 30, 2020
	RMB
Year ending June 30:
2021		8,303
2022		8,102
2023		6,263
2024		1,039
2025		66
Thereafter		-
Total remaining undiscounted lease payments		23,773
Less: Interest		1,663
Total present value of lease liabilities		22,110
Less: Current operating lease liabilities		7,401
Non-current operating lease liabilities		14,709

Other Payables and Accrued Expenses (Tables)

12 Months Ended

Jun. 30, 2020

Payables and Accruals [Abstract]

Schedule of components of other payables and accrued expenses

	As of June 30,
	2019		2020			2020
	RMB		RMB			US$

Payroll payable		6,149		10,781			1,526
Value-added tax payable (recoverable)		1,058		(1,509	)		(214	)
Employee's individual income tax		725		946			134
Other miscellaneous taxes		30		34			5
Accrued expenses		304		4,899			693
Others		391		604			86
Other payables and accrued expenses		8,657		15,755			2,230

Other, Net (Tables)

12 Months Ended

Jun. 30, 2020

Other net [Abstract]

Schedule of components of other, net table text block

	For the years ended June 30,
	2018		2019			2020			2020
	RMB		RMB			RMB			US$

Government grants		112		415			5,104			722
Others		89		(156	)		(27	)		(3	)
Total other, net		201		259			5,077			719

Income Taxes (Tables)

12 Months Ended

Jun. 30, 2020

Income Tax Disclosure [Abstract]

Schedule of components of the income tax provision

	Years Ended June 30,
	2018			2019			2020			2020
	RMB			RMB			RMB			US$

Current		8,490			10,288			3,382			479
Deferred		(229	)		(892	)		(5,776	)		(818	)
Total income tax expense (benefit)		8,261			9,396			(2,394	)		(339	)

Schedule of components of the deferred income tax assets and liabilities

	As of June 30,
	2019		2020		2020
	RMB		RMB		US$

Non-current deferred tax assets:
Tax loss carry forward		6,062		12,275		1,737
Allowance for doubtful accounts, credit losses and impairment losses		-		1,723		244
Subtotal		6,062		13,998		1,981
Less: valuation allowances		929		3,089		437
Total		5,133		10,909		1,544

Schedule of reconciliation between the statutory tax rate to income before income taxes

	Years ended June 30,
	2018			2019			2020			2020
	RMB			RMB			RMB			US$

Income (loss) from operations before income taxes		71,878			61,419			(35,945	)		(5,088	)
PRC income tax statutory rate		25	%		25	%		25	%		25	%
Income tax expense (benefit) at statutory tax rate		17,970			15,355			(8,986	)		(1,272	)
Preferential tax treatments		(8,937	)		(6,606	)		4,633			656
Super deduction of qualified R&D expenditures		(772	)		(857	)		447			63
Expenses not deductible for tax purposes		-			388			391			55
Uncertain tax provision		-			600			-			-
Tax expenses not deductible for book purposes								(727	)		(103	)
Others		-			(413	)		(312	)		(44	)
Valuation allowances		-			929			2,160			306
Income tax expense (benefit)		8,261			9,396			(2,394	)		(339	)

Schedule of other tax liabilities

	RMB		US$

Balance as of June 30, 2018		8,700		1,315
Provisions for uncertain tax positions during the year ended June 30, 2019		600		40
Balance as of June 30, 2019		9,300		1,355
Provisions for uncertain tax positions during the year ended June 30, 2020		-		-
Balance as of June 30, 2020		9,300		1,316

Earnings (Loss) Per Share (Tables)

12 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]

Schedule of basic and diluted net income per ordinary share

	Years ended June 30,
	2018			2019			2020			2020
	RMB			RMB			RMB			US$

Numerator:
Net income (loss)		63,617			52,023			(33,551	)		(4,749	)
Less: Net loss attributable to the non-controlling interests		(979	)		(1,508	)		(648	)		(92	)
Net income (loss) attributable to the Group's shareholders		64,596			53,531			(32,903	)		(4,657	)

Denominator:
Weighted average number of ordinary shares outstanding		80,000,000			84,997,628			90,472,014			90,472,014

Basic & diluted net income (loss) per ordinary share		0.807			0.630			(0.364	)		(0.051	)

Condensed Financial Statements of the Company (Tables)

12 Months Ended

Jun. 30, 2020

Condensed Financial Statements of Company [Abstract]

Schedule of condensed statements of financial position

	As of June 30,
	2019		2020		2020
	RMB		RMB		US$

ASSETS:
Current assets:
Cash and cash equivalents		16,036		15,286		2,164
Total current assets		16,036		15,286		2,164

Investments in subsidiaries		384,561		352,755		49,929
Total assets		400,597		368,041		52,093

LIABILITIES AND EQUITY:
LIABILITIES:
Current liabilities:
Other payables and accrued expenses		194		85		12
Total current liabilities		194		85		12
Total liabilities		194		85		12

Commitments and contingencies
EQUITY:
Ordinary shares (Authorized shares: 2,000,000,000 at US$0.001 each; issued and outstanding shares: 90,472,014 and 90,472,014 as of June 30, 2019 and 2020, respectively)		600		600		85
Additional paid-in capital		224,702		224,702		31,805
Retained earnings		175,090		142,187		20,125
Accumulated other comprehensive income		11		467		66
Total equity		400,403		367,956		52,081
Total liabilities and equity		400,597		368,041		52,093

Schedule of condensed statements of operations and comprehensive income (loss)

	Years ended June 30,
	2018		2019			2020			2020
	RMB		RMB			RMB			US$

General and administrative expenses		-		129			(1,286	)		(182	)
Interest income		-		361			188			27
Equity in earnings (loss) of subsidiaries		64,596		53,220			(31,805	)		(4,502	)
Income (loss) before income taxes		64,596		53,710			(32,903	)		(4,657	)
Income tax benefit (expense)		-		(179	)		-			-
Net income (loss)		64,596		53,531			(32,903	)		(4,657	)
Other comprehensive income, net of tax: Foreign currency translation adjustments		-		11			456			65
Total Comprehensive income (loss)		64,596		53,542			(32,447	)		(4,592	)

Related Party Transactions (Tables)

12 Months Ended

Jun. 30, 2020

Related parties		Relationship
Mr. Yu Haifeng		Controlling shareholder and Chairman of the Group CEO of the Group until September 20, 2019
Puyi Inc.'s founding shareholders before IPO		Shareholders of Puyi Inc. before IPO
Renshou Xinrui Enterprise Management Center LLP		Ultimately controlled by Mr. Yu
Shenzhen Chuang Jia Investment LLP		Ultimately controlled by Mr. Yu
Fanhua Inc.		Shareholder of Puyi since September 2018
Tibet Zhuli Investment Co., Ltd.		Subsidiary of Fanhua Inc.
Mr. Tang Jianping		Minority shareholder of Zhonghui, who holds its 48% shares
Shenzhen Taozhan Trade Co., Ltd.		Mr. Tang Jianping's wife holds its 48% shares
Red Lake Yongjin No.1 (Shenzhen) Investment LLP		A vehicle controlled by Mr. Tang by April 2020 and managed by the Group thereafter
Shenzhen Red Lake Shengchuang Investment LLP		Ultimately controlled by Mr. Tang
Jinhui Red Lake (Shenzhen) Enterprise Management Co., Ltd.		Mr. Tang is the executive partner of this entity

Schedule of acquisition of subsidiaries under common control

	As of June 30,
	Note	2019		2020		2020
		RMB		RMB		US$

Shenzhen Red Lake Shengchuang Investment LLP	a		-		543		77
Jinhui Red Lake (Shenzhen) Enterprise Management Co., Ltd	b		-		114		16
Shenzhen Taozhan Trade Co., Ltd.	c		590		590		84
Total			590		1,247		177

(a)	Zhonghui provided interest free loans to Shenzhen Red Lake Shengchuang Investment LLP ("Shengchuang") totaling RMB718 from December 2019 to June 2020. As of June 30, 2020, RMB175 had been returned.

(b)	Zhonghui provided interest free loans to Jinhui Red Lake (Shenzhen) Enterprise Management Co., Ltd. ("Jinhui") totaling RMB119 from February 2020 to June 2020. As of June 30, 2020, RMB5 had been returned.

(c)	Zhonghui, a subsidiary acquired by the Group in July 2018, provided an interest free loan of RMB1.0 million to Shenzhen Taozhan Trade Co., Ltd. ("Taozhan"). During the year ended June 30, 2019, Taozhan repaid RMB410 to the Group.

Schedule of principal related party balances and transactions

	Years ended June 30,
	Note	2018		2019		2020		2020
		RMB		RMB		RMB		US$
Loan provided to related parties
Shenzhen Red Lake Shengchuang Investment LLP	a		-		-		718		102
Jinhui Red Lake (Shenzhen) Enterprise Management Co., Ltd.	b		-		-		119		17
Mr. Yu Haifeng	d		80		-		-		-
Shenzhen Chuang Jia Investment LLP	e		10,000		-		-		-
Subtotal			10,080		-		837		119

Repayment of loan from related parties
Shenzhen Red Lake Shengchuang Investment LLP	a		-		-		175		25
Jinhui Red Lake (Shenzhen) Enterprise Management Co., Ltd.	b		-		-		5		1
Shenzhen Taozhan Trade Co., Ltd.	c		-		410		-		-
Mr. Yu Haifeng	d		-		80		-		-
Shenzhen Chuang Jia Investment LLP	e		69,500		-		-		-
Renshou Xinrui Enterprise Management Center LLP	f		26,400		-		-		-
Subtotal			95,900		490		180		26

Loan received from related party
Tibet Zhuli Investment Co., Ltd.	g		-		50,000		-		-

Interest expense
Tibet Zhuli Investment Co., Ltd.	g		-		1,048		-		-

Repayment of loan to related party
Tibet Zhuli Investment Co., Ltd.	g		-		51,048		-		-

Advisory fee expense
Red Lake Yongjin No.1 (Shenzhen) Investment LLP	h		-		581		-		-

Notes

(d)	The Group provided a loan to Mr. Yu Haifeng in June 2018. The loan has been repaid in July 2018.

(e)	The Group provided a loan to Shenzhen Chuang Jia Investment LLP ("Chuang Jia") amounting to RMB10,000 in July 2018, and Chuang Jia fully repaid the loans of RMB69,500 during the year ended June 30, 2018.

(f)	The Group provided loans to Renshou Xinrui Enterprise Management Center LLP amounting to RMB28,020 in February 2017 and April 2017. RMB1,620 was repaid during the year ended June 30, 2017, and RMB26,400 was repaid during the year ended June 30, 2018.

(g)	In August 2018, the Group received a short-term loan with a principal amount of RMB50.0 million from Tibet Zhuli Investment Co., Ltd. ("Tibet Zhuli"), which was controlled by Fanhua Inc, the Group's shareholder. The amounts are unsecured, bearing interest at 8.5% per annum and are repayable after 6 months from the date of the agreement. The principal and interest of the loan have been fully repaid as of June 30, 2019.

(h)	In September 2018, the Group incurred advisory fee expenses to Red Lake Yongjin No.1 (Shenzhen) Investment LLP for a potential non-performing loan project.

Concentrations (Tables)

12 Months Ended

Jun. 30, 2020

Net revenues [Member]

Schedule of concentration risks

	Years ended June 30,
	2018		% of net revenues			2019		% of net revenues			2020		2020		% of net revenues
	RMB					RMB					RMB		US$

Company A		47,856		28.9	%		109,130		53.7	%		*		*		*
Company B		44,452		26.8	%		*		*			*		*		*
Company C		27,855		16.8	%		*		*			*		*		*
Company E		*		*			*		*			45,921		6,500		35.5	%
Company G		*		*			23,987		11.8	%		14,703		2,081		11.3	%
Company H		*		*			*		*			16,790		2,376		13.0	%
		120,163		72.5	%		133,117		65.5	%		77,414		10,957		59.8	%

*	represented less than 10% of total net revenues for the year ended.

Accounts receivable [Member]

Schedule of concentration risks

	As of June 30,
	2019		%			2020		2020		%
	RMB					RMB		US$

Company A		10,398		37.4	%		6,690		947		16.8	%
Company D		5,042		18.2	%		*		*		*
Company E		4,022		14.5	%		14,543		2,058		36.5	%
Company F		3,630		13.1	%		*		*		*
Company H		*		*			11,042		1,563		27.7	%
		23,092		83.2	%		32,275		4,568		81.0	%

*	represented less than 10% of account receivables as of the year end.

Organization and Principal Activities (Details)

12 Months Ended

Jun. 30, 2020

Wholly owned subsidiaries [Member] | Puyi Group [Member]

Date of incorporation/acquired

Jul. 31, 2018

Place of incorporation

BVI

Percentage of effective ownership

100.00%

Principal Activities

Holding company

Wholly owned subsidiaries [Member] | Puyi Holdings (Hong Kong) Limited ("Puyi HK") [Member]

Date of incorporation/acquired

Jul. 31, 2018

Place of incorporation

Hong Kong

Percentage of effective ownership

100.00%

Principal Activities

Holding company

Wholly owned subsidiaries [Member] | Puyi Enterprises Management Consulting Co., Ltd. ("Puyi Consulting" or the Wholly Foreign-Owned Enterprise "WFOE")

Date of incorporation/acquired

Aug. 31, 2018

Place of incorporation

Chengdu

Percentage of effective ownership

100.00%

Principal Activities

WFOE

Wholly owned subsidiaries [Member] | Puyi Dake [Member]

Date of incorporation/acquired

May 31, 2020

Place of incorporation

Chengdu

Percentage of effective ownership

100.00%

Principal Activities

Information technology

Wholly owned subsidiaries [Member] | Shenzhen Baoying [Member]

Date of incorporation/acquired

May 31, 2018

^[1]

Place of incorporation

Shenzhen

^[1]

Percentage of effective ownership

100.00%

^[1]

Principal Activities

Factoring

^[1]

Variable Interest Entities [Member] | Puyi Bohui [Member]

Date of incorporation/acquired

Apr. 30, 2012

Place of incorporation

Chengdu

Percentage of effective ownership

100.00%

Principal Activities

Information technology

Variable Interest Entities [Member] | Puyi Fund [Member]

Date of incorporation/acquired

Nov. 30, 2010

Place of incorporation

Chengdu

Percentage of effective ownership

100.00%

Principal Activities

Fund product distribution

Variable Interest Entities [Member] | Puyi Zhongxiang [Member]

Date of incorporation/acquired

Apr. 30, 2014

Place of incorporation

Shenzhen

Percentage of effective ownership

100.00%

Principal Activities

Financial product distribution

Variable Interest Entities [Member] | Puyi Asset [Member]

Date of incorporation/acquired

May 31, 2013

Place of incorporation

Shenzhen

Percentage of effective ownership

100.00%

Principal Activities

Asset management

Variable Interest Entities [Member] | Chongqing Fengyi [Member]

Date of incorporation/acquired

Dec. 31, 2016

Place of incorporation

Chongqing

Percentage of effective ownership

100.00%

Principal Activities

Corporate financing business

Variable Interest Entities [Member] | Zhonghui [Member]

Date of incorporation/acquired

Jul. 31, 2018

Place of incorporation

Shenzhen

Percentage of effective ownership

51.00%

Principal Activities

Asset management

[1]	Shenzhen Baoying Factoring Co., Ltd. was deregistered in July 2020.

Organization and Principal Activities (Details 1) ¥ in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2020 USD ($)	Jun. 30, 2020 CNY (¥)	Jun. 30, 2019 CNY (¥)	Jun. 30, 2018 CNY (¥)	Jun. 30, 2020 CNY (¥)
Total assets \| ¥			¥ 479,409		¥ 432,711
Total liabilities \| ¥			75,833		¥ 62,230
Net revenues \| ¥		¥ 129,483	203,231	¥ 165,811
Net income \| ¥		¥ (32,903)	¥ 53,531	¥ 64,596
US$ [Member]
Total assets \| $	$ 61,246
Total liabilities \| $	8,808
Net revenues \| $	18,327
Net income \| $	$ (4,749)

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	Jun. 30, 2020 USD ($)	Jun. 30, 2020 CNY (¥)	Jun. 30, 2019 CNY (¥)	Jun. 30, 2018 CNY (¥)
Net revenues \| ¥		¥ 129,483	¥ 203,231	¥ 165,811
Net income \| ¥		¥ (33,551)	¥ 52,023	¥ 63,617
US$ [Member]
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Organization and Principal Activities (Details Textual) - CNY (¥) ¥ in Thousands	12 Months Ended
	Jun. 30, 2020	Aug. 06, 2018
Organization and Principal Activities (Textual)
Organization and principal activities, description	According to the Exclusive Option Agreement, the purchase price to be paid by the Company to each shareholder of the Puyi Bohui will be the RMB10 or certain other amount permitted by applicable PRC Law at the time when such share transfer occurs. The Exclusive Option Agreement became effective on September 6, 2018 and will remain effective permanently.
Maximum [Member]
Organization and Principal Activities (Textual)
Investable assets		¥ 30
Minimum [Member]
Organization and Principal Activities (Textual)
Investable assets		¥ 6

Summary of Significant Accounting Policies (Details)	12 Months Ended
Summary of Significant Accounting Policies (Details)	Jun. 30, 2020
Estimated useful lives,description	Shorter of the remaining lease terms and estimated useful lives
Minimum [Member] \| Motor vehicles [Member]
Estimated useful lives	3 years
Minimum [Member] \| Office equipment, furniture, fixtures [Member]
Estimated useful lives	3 years
Maximum [Member] \| Motor vehicles [Member]
Estimated useful lives	5 years
Maximum [Member] \| Office equipment, furniture, fixtures [Member]
Estimated useful lives	5 years

Summary of Significant Accounting Policies (Details 1) - CNY (¥) ¥ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Accounting Policies [Abstract]
Wealth management	¥ 106,444	¥ 193,082	¥ 140,403
Distribution commissions	99,600	146,207	126,843
One time commissions	69,196	120,509	125,866
Over period commissions	30,404	25,698	977
Performance-based distribution fees	6,844	46,875	13,560
Corporate financing	6	6,271	13,710
Asset management	23,033	2,767	103
Management fees	6,393	2,767	103
Performance-based fees	16,640
Information technology and others		1,111	11,595
Total	¥ 129,483	¥ 203,231	¥ 165,811

Summary of Significant Accounting Policies (Details Textual) - CNY (¥) ¥ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 01, 2019	Jun. 30, 2018
Summary of Significant Accounting Policies (Textual)
Uncertain tax positions	¥ 100	¥ 600
Uncertain tax positions, description	The tax returns of our PRC subsidiaries and VIEs are subject to examination by the relevant tax authorities. According to the PRC Tax Administration and Collection Law, the statute of limitations is three years if the underpayment of taxes is due to computational errors made by the taxpayer or the withholding agent. The statute of limitations is extended to five years under special circumstances, where the underpayment of taxes is more than RMB100,000. In the case of transfer pricing issues, the statute of limitation is ten years.
Foreign Currency Translation and change in reporting currency, description	US$1.00 = RMB7.0651
Lease liability			¥ 25,600
Interest and other income	¥ 1,000,000
VAT percentage of the gross sales	6.00%
VAT percentage	6.00%
Allowances for doubtful accounts	¥ 6,892
Revenue recognized	180
Contract liability	¥ 421	¥ 180

Cash, Cash Equivalents and Restricted Cash (Details) ¥ in Thousands, $ in Thousands	Jun. 30, 2020 USD ($)	Jun. 30, 2020 CNY (¥)	Jun. 30, 2019 USD ($)	Jun. 30, 2019 CNY (¥)	Jun. 30, 2018 CNY (¥)	Jun. 30, 2017 CNY (¥)
Cash and cash equivalent \| ¥		¥ 285,924		¥ 378,445
Restricted cash \| ¥		2,970		51,823
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows \| ¥		¥ 288,894		¥ 430,268	¥ 112,000	¥ 57,037
US$ [Member]
Cash and cash equivalent \| $	$ 40,470
Restricted cash \| $	420
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows \| $	$ 40,890		$ 60,900

Investments (Details) ¥ in Thousands, $ in Thousands	Jun. 30, 2020 USD ($)	Jun. 30, 2020 CNY (¥)	Jun. 30, 2019 CNY (¥)
Short-term investments
Private equity funds product-A \| ¥		¥ 2,000	¥ 2,000
Private equity funds product-B \| ¥		2,000
Total short-term investments \| ¥		4,000	2,000
Long-term investments
Private equity funds product-B \| ¥			2,000
Total long-term investments \| ¥			¥ 2,000
US$ [Member]
Short-term investments
Private equity funds product-A \| $	$ 283
Private equity funds product-B \| $	283
Total short-term investments \| $	566
Long-term investments
Private equity funds product-B \| $
Total long-term investments \| $

Investments (Details Textual) - CNY (¥) ¥ in Thousands	12 Months Ended
Investments (Details Textual) - CNY (¥) ¥ in Thousands	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Notes to Financial Statements
Purchased financial products	¥ 40,000
Private equity funds investments	¥ 1,499	¥ 172	¥ 5,144

Accounts Receivable, Net (Details) ¥ in Thousands, $ in Thousands	Jun. 30, 2020 USD ($)	Jun. 30, 2020 CNY (¥)	Jun. 30, 2019 CNY (¥)
Accounts receivable \| ¥		¥ 46,704	¥ 27,767
Allowance for doubtful accounts \| ¥		6,892
Accounts receivable, net \| ¥		¥ 39,812	¥ 27,767
US$ [Member]
Accounts receivable \| $	$ 6,611
Allowance for doubtful accounts \| $	976
Accounts receivable, net \| $	$ 5,635

Accounts Receivable, Net (Details Textual) - CNY (¥) ¥ in Thousands	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Accounts Receivable, Net (Textual)
Allowance for doubtful accounts	¥ 6,892

Other Receivables (Details) ¥ in Thousands, $ in Thousands	Jun. 30, 2020 USD ($)	Jun. 30, 2020 CNY (¥)	Jun. 30, 2019 CNY (¥)
Advances to staff \| ¥		¥ 511	¥ 373
Prepayments to service providers \| ¥		3,043	3,142
Rental deposits \| ¥		2,242	2,502
Other \| ¥		580	482
Other receivables \| ¥		¥ 6,376	¥ 6,499
US$ [Member]
Advances to staff \| $	$ 72
Prepayments to service providers \| $	431
Rental deposits \| $	317
Other \| $	82
Other receivables \| $	$ 902

Short-Term Loans Receivable (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Loan balance			¥ 29,000
Annual interest rate			12.00%
Short term debt, description	The year ended June 30, 2020, the Group provided loans totaling RMB240,000, of which RMB190,000 has been repaid. As of June 30, 2020, short-term loans receivable consists of one loan with principle balance of RMB50,000 and interest receivable balance of RMB2,893, which is started from January 7, 2020, with annual interest of 12% and due date of December 25, 2020.		The year ended June 30, 2018, the Group provided loans totaling RMB110,000. These loans were repaid during the years ended June 30, 2018 and 2019 amounting to RMB60,000 and RMB50,000, respectively.
Interest income	¥ 5,386	¥ 310	¥ 1,393
Minimum [Member]
Annual interest rate	6.00%
Maximum [Member]
Annual interest rate	12.00%

Property and Equipment, Net (Details) ¥ in Thousands, $ in Thousands	Jun. 30, 2020 USD ($)	Jun. 30, 2020 CNY (¥)	Jun. 30, 2019 CNY (¥)
Property and equipment, gross \| ¥		¥ 9,366	¥ 6,618
Less: Accumulated depreciation \| ¥		(4,590)	(2,592)
Property and equipment, net \| ¥		4,776	4,026
US$ [Member]
Property and equipment, gross \| $	$ 1,326
Less: Accumulated depreciation \| $	(650)
Property and equipment, net \| $	676
Furniture, office equipment
Property and equipment, gross \| ¥		2,966	2,667
Furniture, office equipment \| US$ [Member]
Property and equipment, gross \| $	420
Leasehold improvements [Member]
Property and equipment, gross \| ¥		5,481	3,951
Leasehold improvements [Member] \| US$ [Member]
Property and equipment, gross \| $	776
Motor vehicles [Member]
Property and equipment, gross \| ¥		¥ 919
Motor vehicles [Member] \| US$ [Member]
Property and equipment, gross \| $	$ 130

Property and Equipment, Net (Details Textual) - CNY (¥) ¥ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Property and Equipment, Net (Textual)
Depreciation expense	¥ 1,998	¥ 1,122	¥ 604

Intangible Assets, Net (Details) ¥ in Thousands, $ in Thousands	Jun. 30, 2020 USD ($)	Jun. 30, 2020 CNY (¥)	Jun. 30, 2019 CNY (¥)
Less: Accumulated amortization \| ¥		¥ (4,064)	¥ (3,694)
Intangible asset, net \| ¥		363	733
US$ [Member]
Less: Accumulated amortization \| $	$ (575)
Intangible asset, net \| $	51
Software and operating system [Member]
Intangible asset, gross \| ¥		¥ 4,427	¥ 4,427
Software and operating system [Member] \| US$ [Member]
Intangible asset, gross \| $	$ 626

Intangible Assets, Net (Details Textual) - CNY (¥) ¥ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Intangible Assets, Net (Textual)
Amortization expense	¥ 370	¥ 620	¥ 1,261

Leases (Details) - Leases [Member] ¥ in Thousands	Jun. 30, 2020 CNY (¥)
Right-of-use assets	¥ 22,172
Lease liabilities, current	7,401
Lease liabilities, non-current	14,709
Total operating lease liabilities	¥ 22,110

Leases (Details 1)	Jun. 30, 2020
Leases [Abstract]
Weighted average lease term: Operating leases	3 years 15 days
Weighted average discount rate: Operating leases	4.75%

Leases (Details 2) ¥ in Thousands	12 Months Ended
Leases (Details 2) ¥ in Thousands	Jun. 30, 2020 CNY (¥)
Leases [Abstract]
Operating lease expenses	¥ 7,870
Short-term lease expenses	435
Total	¥ 8,305

Leases (Details 3) - CNY (¥) ¥ in Thousands	12 Months Ended
Leases (Details 3) - CNY (¥) ¥ in Thousands	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Leases [Abstract]
Operating cash flows for operating lease	¥ 7,652
Supplement noncash information
New operating lease liabilities arose from obtaining right-of-use assets	4,417
Change on lease liabilities arose from modification on lease terms	1,430
Change on lease liabilities arose from early termination of operating leases	¥ (2,850)

Leases (Details 4) - Leases [Member] ¥ in Thousands	Jun. 30, 2020 CNY (¥)
2021	¥ 8,303
2022	8,102
2023	6,263
2024	1,039
2025	66
Thereafter
Total remaining undiscounted lease payments	23,773
Less: Interest	1,663
Total present value of lease liabilities	22,110
Less: Current operating lease liabilities	7,401
Non-current operating lease liabilities	¥ 14,709

Other Payables and Accrued Expenses (Details) ¥ in Thousands, $ in Thousands	Jun. 30, 2020 USD ($)	Jun. 30, 2020 CNY (¥)	Jun. 30, 2019 CNY (¥)
Payroll payable \| ¥		¥ 10,781	¥ 6,149
Value-added tax payable (recoverable) \| ¥		(1,509)	1,058
Employee's individual income tax \| ¥		946	725
Other miscellaneous taxes \| ¥		34	30
Accrued expenses \| ¥		4,899	304
Others \| ¥		604	391
Other payables and accrued expenses \| ¥		¥ 15,755	¥ 8,657
US$ [Member]
Payroll payable \| $	$ 1,526
Value-added tax payable (recoverable) \| $	(214)
Employee's individual income tax \| $	134
Other miscellaneous taxes \| $	5
Accrued expenses \| $	693
Others \| $	86
Other payables and accrued expenses \| $	$ 2,230

Other, Net (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
Other, Net (Details) ¥ in Thousands, $ in Thousands	Jun. 30, 2020 USD ($)	Jun. 30, 2020 CNY (¥)	Jun. 30, 2019 CNY (¥)	Jun. 30, 2018 CNY (¥)
Government grants \| ¥		¥ 5,104	¥ 415	¥ 112
Others \| ¥		(27)	(156)	89
Total other, net \| ¥		¥ 5,077	¥ 259	¥ 201
US$ [Member]
Government grants \| $	$ 722
Others \| $	(3)
Total other, net \| $	$ 719

Income Taxes (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
Income Taxes (Details) ¥ in Thousands, $ in Thousands	Jun. 30, 2020 USD ($)	Jun. 30, 2020 CNY (¥)	Jun. 30, 2019 CNY (¥)	Jun. 30, 2018 CNY (¥)
Current \| ¥		¥ 3,382	¥ 10,288	¥ 8,490
Deferred \| ¥		(5,776)	(892)	(229)
Total income tax expense (benefit) \| ¥		¥ (2,394)	¥ 9,396	¥ 8,261
US$ [Member]
Current \| $	$ 479
Deferred \| $	(818)
Total income tax expense (benefit) \| $	$ (339)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes (Details 1) - CNY (¥) ¥ in Thousands	Jun. 30, 2020	Jun. 30, 2019
Non-current deferred tax assets:
Tax loss carry forward	¥ 12,275	¥ 6,062
Allowance for doubtful accounts, credit losses and impairment losses	1,723
Subtotal	13,998	6,062
Less: valuation allowances	3,089	929
Total	10,909	¥ 5,133
US$ [Member]
Non-current deferred tax assets:
Tax loss carry forward	1,737
Allowance for doubtful accounts, credit losses and impairment losses	244
Subtotal	1,981
Less: valuation allowances	437
Total	¥ 1,544

Income Taxes (Details 2) ¥ in Thousands, $ in Thousands	12 Months Ended
Income Taxes (Details 2) ¥ in Thousands, $ in Thousands	Jun. 30, 2020 USD ($)	Jun. 30, 2020 CNY (¥)	Jun. 30, 2019 USD ($)	Jun. 30, 2019 CNY (¥)	Jun. 30, 2018 USD ($)	Jun. 30, 2018 CNY (¥)
Income (loss) from operations before income taxes \| ¥		¥ (35,945)		¥ 61,419		¥ 71,878
PRC income tax statutory rate	25.00%	25.00%	25.00%	25.00%	25.00%	25.00%
Income tax expense (benefit) at statutory tax rate \| ¥		¥ (8,986)		¥ 15,355		¥ 17,970
Preferential tax treatments \| ¥		4,633		(6,606)		(8,937)
Super deduction of qualified R&D expenditures \| ¥		447		(857)		(772)
Expenses not deductible for tax purposes \| ¥		391		388
Uncertain tax provision \| ¥				600
Tax expenses not deductible for book purposes \| ¥		(727)
Others \| ¥		(312)		(413)
Valuation allowances \| ¥		2,160		(929)
Income tax expense (benefit) \| ¥		¥ (2,394)		¥ 9,396		¥ 8,261
US$ [Member]
Income (loss) from operations before income taxes \| $	$ (5,088)
PRC income tax statutory rate	25.00%	25.00%
Income tax expense (benefit) at statutory tax rate \| $	$ (1,272)
Preferential tax treatments \| $	656
Super deduction of qualified R&D expenditures \| $	63
Expenses not deductible for tax purposes \| $	55
Uncertain tax provision \| $			$ 40
Tax expenses not deductible for book purposes \| $	(103)
Others \| $	(44)
Valuation allowances \| $	306
Income tax expense (benefit) \| $	$ (339)

Income Taxes (Details 3) ¥ in Thousands, $ in Thousands	12 Months Ended
Income Taxes (Details 3) ¥ in Thousands, $ in Thousands	Jun. 30, 2020 USD ($)	Jun. 30, 2020 CNY (¥)	Jun. 30, 2019 USD ($)	Jun. 30, 2019 CNY (¥)	Jun. 30, 2018 USD ($)	Jun. 30, 2018 CNY (¥)
Beginning balance \| ¥		¥ 9,300		¥ 9,300		¥ 8,700
Provisions for uncertain tax positions in fiscal year \| ¥				600
Ending balance \| ¥		¥ 9,300		¥ 9,300		¥ 9,300
US$ [Member]
Beginning balance \| $	$ 1,316		$ 1,355		$ 1,315
Provisions for uncertain tax positions in fiscal year \| $			40
Ending balance \| $	$ 1,316		$ 1,316		$ 1,355

Income Taxes (Details Textual) - CNY (¥) ¥ in Thousands	1 Months Ended	12 Months Ended
Income Taxes (Details Textual) - CNY (¥) ¥ in Thousands	Mar. 21, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
VAT percentage of the gross sales		6.00%
VAT percentage		6.00%
Percentage of income tax rate		100.00%
Income tax PRC, description		Pursuant to the relevant laws and regulations in the PRC, Puyi Bohui is regarded as an accredited software company and a High and New Technology Enterprise ("HNTE"), and thus enjoys preferential tax treatments, including being exempted from PRC Income Tax for two years starting from its first profit-making year, followed by a 50% reduction for the next three years. For Puyi Bohui, tax year 2015 was the first profit-making year and accordingly, from January 1, 2017 to December 31, 2019 Puyi Bohui has made a 12.5% tax provision for its profits; beginning from January 1, 2020, Puyi Bohui is qualified for west development taxation preference and is subject to an income tax rate for 15%. Puyi Zhongxiang is qualified for Shenzhen Qianhai modern services cooperation district entity tax preference and is subject to an income tax rate for 15%. Chongqing Fengyi and Puyi Consulting are qualified for west development taxation preference and are subject to an income tax rate for 15%. Other PRC subsidiaries are subject to a standard 25% EIT.
Total tax loss carry-forwards		¥ 76,742	¥ 28,261
Unrecognized tax benefits		9,300	¥ 9,300	¥ 8,700
June 30, 2023 [Member]
Total tax loss carry-forwards		4,745
June 30, 2024 [Member]
Total tax loss carry-forwards		7,005
June 30, 2025 [Member]
Total tax loss carry-forwards		¥ 64,992
Hong Kong [Member]
Income tax PRC, description	The Hong Kong Legislative Council passed The Inland Revenue (Amendment) (No. 7) Bill 2017 (the “Bill”) which introduces the two-tiered profits tax rates regime. The Bill was signed into law on March 28, 2018 and was gazette on the following day. Under the two-tiered profits tax rates regime, the first 2 million Hong Kong Dollar (“HKD”) of profits of the qualifying group entity will be taxed at 8.25%, and profits above HKD2 million will be taxed at 16.5%.
EIT Law [Member]
Income tax PRC, description		The current PRC EIT Law imposes a 10% withholding income tax for dividends distributed by foreign invested enterprises to their immediate holding companies outside the PRC. A lower withholding tax rate will be applied if there is a tax treaty arrangement between the PRC and the jurisdiction of the foreign holding company. Distributions to holding companies in Hong Kong that satisfy certain requirements specified by PRC tax authorities, for example, will be subject to a 5% withholding tax rate.
Minimum [Member]
Percentage of income tax rate		12.50%
Maximum [Member]
Percentage of income tax rate		25.00%

Earnings (Loss) Per Share (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2020 USD ($) $ / shares shares	Jun. 30, 2020 CNY (¥) shares	Jun. 30, 2019 CNY (¥) shares	Jun. 30, 2019 $ / shares	Jun. 30, 2018 CNY (¥) shares	Jun. 30, 2018 $ / shares
Numerator
Net income (loss) \| ¥		¥ (32,903)	¥ 53,531		¥ 64,596
Less: Net loss attributable to the non-controlling interests \| ¥		(648)	(1,508)		(979)
Net income (loss) attributable to the Group’s shareholders \| ¥		¥ (32,903)	¥ 53,531		¥ 64,596
Denominator:
Weighted average number of ordinary shares outstanding \| shares	90,472,014	90,472,014	84,997,628		80,000,000
Basic & diluted net income (loss) per ordinary share \| $ / shares	$ (0.364)			$ 0.630		$ 0.807
US$ [Member]
Numerator
Net income (loss) \| $	$ (4,749)
Less: Net loss attributable to the non-controlling interests \| $	(92)
Net income (loss) attributable to the Group’s shareholders \| $	$ (4,657)
Denominator:
Weighted average number of ordinary shares outstanding \| shares	90,472,014	90,472,014
Basic & diluted net income (loss) per ordinary share \| $ / shares	$ (0.051)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
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+ Details

Condensed Financial Statements of the Company (Details) ¥ in Thousands, $ in Thousands	Jun. 30, 2020 USD ($)	Jun. 30, 2020 CNY (¥)	Jun. 30, 2019 CNY (¥)
Current assets:
Cash and cash equivalents \| ¥		¥ 285,924	¥ 378,445
Total current assets \| ¥		393,222	467,124
Total assets \| ¥		432,711	479,409
Current liabilities:
Total current liabilities \| ¥		47,521	75,833
Total liabilities \| ¥		62,230	75,833
Commitments and contingencies \| ¥
EQUITY:
Ordinary shares (Authorized shares: 2,000,000,000 at US$0.001 each; issued and outstanding shares: 90,472,014 and 90,472,014 as of June 30, 2019 and 2020, respectively) \| ¥		600	600
Additional paid-in capital \| ¥		224,702	224,702
Retained earnings \| ¥		120,314	155,266
Accumulated other comprehensive income \| ¥		467	11
Total equity \| ¥		370,481	403,576
Total liabilities and equity \| ¥		432,711	479,409
US$ [Member]
Current assets:
Cash and cash equivalents \| $	$ 40,470
Total current assets \| $	55,657
Total assets \| $	61,246
Current liabilities:
Total current liabilities \| $	6,726
Total liabilities \| $	8,808
Commitments and contingencies \| $
EQUITY:
Ordinary shares (Authorized shares: 2,000,000,000 at US$0.001 each; issued and outstanding shares: 90,472,014 and 90,472,014 as of June 30, 2019 and 2020, respectively) \| $	85
Additional paid-in capital \| $	31,805
Retained earnings \| $	17,029
Accumulated other comprehensive income \| $	66
Total equity \| $	52,438
Total liabilities and equity \| $	61,246
Variable Interest Entities [Member]
Current assets:
Cash and cash equivalents \| ¥		15,286	16,036
Total current assets \| ¥		15,286	16,036
Investments in subsidiaries \| ¥		352,755	384,561
Total assets \| ¥		368,041	400,597
Current liabilities:
Other payables and accrued expenses \| ¥		85	194
Total current liabilities \| ¥		85	194
Total liabilities \| ¥		85	194
Commitments and contingencies \| ¥
EQUITY:
Ordinary shares (Authorized shares: 2,000,000,000 at US$0.001 each; issued and outstanding shares: 90,472,014 and 90,472,014 as of June 30, 2019 and 2020, respectively) \| ¥		600	600
Additional paid-in capital \| ¥		224,702	224,702
Retained earnings \| ¥		142,187	175,090
Accumulated other comprehensive income \| ¥		467	11
Total equity \| ¥		367,956	400,403
Total liabilities and equity \| ¥		¥ 368,041	¥ 400,597
Variable Interest Entities [Member] \| US$ [Member]
Current assets:
Cash and cash equivalents \| $	2,164
Total current assets \| $	2,164
Investments in subsidiaries \| $	49,929
Total assets \| $	52,093
Current liabilities:
Other payables and accrued expenses \| $	12
Total current liabilities \| $	12
Total liabilities \| $	12
Commitments and contingencies \| $
EQUITY:
Ordinary shares (Authorized shares: 2,000,000,000 at US$0.001 each; issued and outstanding shares: 90,472,014 and 90,472,014 as of June 30, 2019 and 2020, respectively) \| $	85
Additional paid-in capital \| $	31,805
Retained earnings \| $	20,125
Accumulated other comprehensive income \| $	66
Total equity \| $	52,081
Total liabilities and equity \| $	$ 52,093

Condensed Financial Statements of the Company (Details 1) ¥ in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2020 USD ($)	Jun. 30, 2020 CNY (¥)	Jun. 30, 2019 CNY (¥)	Jun. 30, 2018 CNY (¥)
Interest income \| ¥		¥ 11,003	¥ 5,956	¥ 3,640
Income (loss) before income taxes \| ¥		(35,945)	61,419	71,878
Income tax benefit (expense) \| ¥		2,394	(9,396)	(8,261)
Net income (loss) \| ¥		(33,551)	52,023	63,617
Other comprehensive income, net of tax: Foreign currency translation adjustments \| ¥		456	11
Total Comprehensive income (loss) \| ¥		(33,095)	52,034	63,617
US$ [Member]
Interest income \| $	$ 1,557
Income (loss) before income taxes \| $	(5,088)
Income tax benefit (expense) \| $	339
Net income (loss) \| $	(4,749)
Other comprehensive income, net of tax: Foreign currency translation adjustments \| $	65
Total Comprehensive income (loss) \| $	(4,684)
Variable Interest Entities [Member]
General and administrative expenses \| ¥		(1,286)	129
Interest income \| ¥		188	361
Equity in earnings (loss) of subsidiaries \| ¥		(31,805)	53,220	64,596
Income (loss) before income taxes \| ¥		(32,903)	53,710	64,596
Income tax benefit (expense) \| ¥			(179)
Net income (loss) \| ¥		(32,903)	53,531	64,596
Other comprehensive income, net of tax: Foreign currency translation adjustments \| ¥		456	11
Total Comprehensive income (loss) \| ¥		¥ (32,447)	¥ 53,542	¥ 64,596
Variable Interest Entities [Member] \| US$ [Member]
General and administrative expenses \| $	(182)
Interest income \| $	27
Equity in earnings (loss) of subsidiaries \| $	(4,502)
Income (loss) before income taxes \| $	(4,657)
Income tax benefit (expense) \| $
Net income (loss) \| $	(4,657)
Other comprehensive income, net of tax: Foreign currency translation adjustments \| $	65
Total Comprehensive income (loss) \| $	$ (4,592)

Related Party Transactions (Details)	12 Months Ended
Related Party Transactions (Details)	Jun. 30, 2020
Mr. Yu Haifeng [Member]
Nature of Common Ownership or Management Control Relationships	Controlling shareholder and Chairman of the Group CEO of the Group until September 20, 2019
Puyi Inc.'s founding shareholders before IPO [Member]
Nature of Common Ownership or Management Control Relationships	Shareholders of Puyi Inc. before IPO
Renshou Xinrui Enterprise Management Center LLP [Member]
Nature of Common Ownership or Management Control Relationships	Ultimately controlled by Mr. Yu
Shenzhen Chuang Jia Investment LLP [Member]
Nature of Common Ownership or Management Control Relationships	Ultimately controlled by Mr. Yu
Fanhua Inc. [Member]
Nature of Common Ownership or Management Control Relationships	Shareholder of Puyi since September 2018
Tibet Zhuli Investment Co., Ltd. [Member]
Nature of Common Ownership or Management Control Relationships	Subsidiary of Fanhua Inc.
Mr. Tang Jianping [Member]
Nature of Common Ownership or Management Control Relationships	Minority shareholder of Zhonghui, who holds its 48% shares
Shenzhen Taozhan Trade Co., Ltd. [Member]
Nature of Common Ownership or Management Control Relationships	Mr. Tang Jianping’s wife holds its 48% shares
Red Lake Yongjin No.1 (Shenzhen) Investment LLP [Member]
Nature of Common Ownership or Management Control Relationships	A vehicle controlled by Mr. Tang by April 2020 and managed by the Group thereafter
Shenzhen Red Lake Shengchuang Investment LLP [Member]
Nature of Common Ownership or Management Control Relationships	Ultimately controlled by Mr. Tang
Jinhui Red Lake (Shenzhen) Enterprise Management Co., Ltd. [Member]
Nature of Common Ownership or Management Control Relationships	Mr. Tang is the executive partner of this entity

Related Party Transactions (Details 1)
¥ in Thousands, $ in Thousands

Jun. 30, 2020

USD ($)

Jun. 30, 2020

CNY (¥)

Jun. 30, 2019

CNY (¥)

Amounts due from related parties | ¥

¥ 1,247

¥ 590

US$ [Member]

Amounts due from related parties | $

$ 177

Shenzhen Red Lake Shengchuang Investment LLP [Member]

Amounts due from related parties | ¥

^[1]

543

Shenzhen Red Lake Shengchuang Investment LLP [Member] | US$ [Member]

Amounts due from related parties | $

^[1]

Jinhui Red Lake (Shenzhen) Enterprise Management Co., Ltd. [Member]

Amounts due from related parties | ¥

^[2]

114

Jinhui Red Lake (Shenzhen) Enterprise Management Co., Ltd. [Member] | US$ [Member]

Amounts due from related parties | $

^[2]

Shenzhen Taozhan Trade Co., Ltd. [Member]

Amounts due from related parties | ¥

^[3]

¥ 590

Shenzhen Taozhan Trade Co., Ltd. [Member] | US$ [Member]

Amounts due from related parties | $

^[3]

$ 84

[1]	Zhonghui provided interest free loans to Shenzhen Red Lake Shengchuang Investment LLP ("Shengchuang") totaling RMB718 from December 2019 to June 2020. As of June 30, 2020, RMB175 had been returned.
[2]	Zhonghui provided interest free loans to Jinhui Red Lake (Shenzhen) Enterprise Management Co., Ltd. ("Jinhui") totaling RMB119 from February 2020 to June 2020. As of June 30, 2020, RMB5 had been returned.
[3]	Zhonghui, a subsidiary acquired by the Group in July 2018, provided an interest free loan of RMB1.0 million to Shenzhen Taozhan Trade Co., Ltd. ("Taozhan"). During the year ended June 30, 2019, Taozhan repaid RMB410 to the Group.

Related Party Transactions (Details 2)
¥ in Thousands, $ in Thousands

12 Months Ended

Jun. 30, 2020

USD ($)

Jun. 30, 2020

CNY (¥)

Jun. 30, 2019

CNY (¥)

Jun. 30, 2018

CNY (¥)

Loan provided to related parties | ¥

¥ 837

¥ 10,080

Repayment of loan from related parties | ¥

180

490

95,900

US$ [Member]

Loan provided to related parties | $

$ 119

Repayment of loan from related parties | $

Shenzhen Red Lake Shengchuang Investment LLP [Member]

Loan provided to related parties | ¥

^[1]

718

Repayment of loan from related parties | ¥

^[1]

175

Shenzhen Red Lake Shengchuang Investment LLP [Member] | US$ [Member]

Loan provided to related parties | $

^[1]

102

Repayment of loan from related parties | $

^[1]

Jinhui Red Lake (Shenzhen) Enterprise Management Co., Ltd. [Member]

Loan provided to related parties | ¥

^[2]

119

Repayment of loan from related parties | ¥

^[2]

Jinhui Red Lake (Shenzhen) Enterprise Management Co., Ltd. [Member] | US$ [Member]

Loan provided to related parties | $

^[2]

Repayment of loan from related parties | $

^[2]

Shenzhen Taozhan Trade Co., Ltd. [Member]

Repayment of loan from related parties | ¥

^[3]

410

Shenzhen Taozhan Trade Co., Ltd. [Member] | US$ [Member]

Repayment of loan from related parties | $

^[3]

Mr. Yu Haifeng [Member]

Loan provided to related parties | ¥

^[4]

Repayment of loan from related parties | ¥

^[4]

Mr. Yu Haifeng [Member] | US$ [Member]

Loan provided to related parties | $

^[4]

Repayment of loan from related parties | $

^[4]

Shenzhen Chuang Jia Investment LLP [Member]

Loan provided to related parties | ¥

^[5]

10,000

Repayment of loan from related parties | ¥

^[5]

69,500

Shenzhen Chuang Jia Investment LLP [Member] | US$ [Member]

Loan provided to related parties | $

^[5]

Repayment of loan from related parties | $

^[5]

Renshou Xinrui Enterprise Management Center LLP [Member]

Repayment of loan from related parties | ¥

^[6]

26,400

Renshou Xinrui Enterprise Management Center LLP [Member] | US$ [Member]

Repayment of loan from related parties | $

^[6]

Tibet Zhuli Investment Co., Ltd. [Member]

Loan received from related party | ¥

^[7]

50,000

Interest expense | ¥

^[7]

1,048

Repayment of loan to related party | ¥

^[7]

51,048

Tibet Zhuli Investment Co., Ltd. [Member] | US$ [Member]

Loan received from related party | $

^[7]

Interest expense | $

^[7]

Repayment of loan to related party | $

^[7]

Red Lake Yongjin No.1 (Shenzhen) Investment LLP [Member]

Advisory fee expense | ¥

^[8]

¥ 581

Red Lake Yongjin No.1 (Shenzhen) Investment LLP [Member] | US$ [Member]

Advisory fee expense | $

^[8]

[1]	Zhonghui provided interest free loans to Shenzhen Red Lake Shengchuang Investment LLP ("Shengchuang") totaling RMB718 from December 2019 to June 2020. As of June 30, 2020, RMB175 had been returned.
[2]	Zhonghui provided interest free loans to Jinhui Red Lake (Shenzhen) Enterprise Management Co., Ltd. ("Jinhui") totaling RMB119 from February 2020 to June 2020. As of June 30, 2020, RMB5 had been returned.
[3]	Zhonghui, a subsidiary acquired by the Group in July 2018, provided an interest free loan of RMB1.0 million to Shenzhen Taozhan Trade Co., Ltd. ("Taozhan"). During the year ended June 30, 2019, Taozhan repaid RMB410 to the Group.
[4]	The Group provided a loan to Mr. Yu Haifeng in June 2018. The loan has been repaid in July 2018.
[5]	The Group provided a loan to Shenzhen Chuang Jia Investment LLP ("Chuang Jia") amounting to RMB10,000 in July 2018, and Chuang Jia fully repaid the loans of RMB69,500 during the year ended June 30, 2018.
[6]	The Group provided loans to Renshou Xinrui Enterprise Management Center LLP amounting to RMB28,020 in February 2017 and April 2017. RMB1,620 was repaid during the year ended June 30, 2017, and RMB26,400 was repaid during the year ended June 30, 2018.
[7]	In August 2018, the Group received a short-term loan with a principal amount of RMB50.0 million from Tibet Zhuli Investment Co., Ltd. ("Tibet Zhuli"), which was controlled by Fanhua Inc, the Group's shareholder. The amounts are unsecured, bearing interest at 8.5% per annum and are repayable after 6 months from the date of the agreement. The principal and interest of the loan have been fully repaid as of June 30, 2019.
[8]	In September 2018, the Group incurred advisory fee expenses to Red Lake Yongjin No.1 (Shenzhen) Investment LLP for a potential non-performing loan project.

Related Party Transactions (Details Textual) - CNY (¥) ¥ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018	Aug. 31, 2018	Jul. 31, 2018	Jun. 30, 2017	Apr. 30, 2017	Feb. 28, 2017
Short-term loan			¥ 29,000
Interest expense		¥ 1,048
Tibet Zhuli Investment Co., Ltd. [Member]
Short-term loan				¥ 50,000
Unsecured bearing interest rate				8.50%
Shenzhen Red Lake Shengchuang Investment LLP [Member]
Short-term loan	718
Repaid amount	175
Jinhui Red Lake (Shenzhen) Enterprise Management Co., Ltd. [Member]
Short-term loan	119
Repaid amount	5
Shenzhen Taozhan Trade Co., Ltd. [Member]
Short-term loan	¥ 1,000
Repaid amount		¥ 410
Shenzhen Chuang Jia Investment LLP [Member]
Short-term loan					¥ 10,000
Repaid amount			69,500
Renshou Xinrui Enterprise Management Center LLP [Member]
Short-term loan							¥ 28,020	¥ 28,020
Repaid amount			¥ 26,400			¥ 1,620

Non-Controlling Interest (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
Non-Controlling Interest (Details) - CNY (¥) ¥ in Thousands	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018	Jul. 03, 2018
Non-controlling interest in the consolidated balance sheet	¥ 2,525	¥ 3,173
Non-controlling interest related to consolidated statements of operations	¥ (648)	¥ (1,508)	¥ (979)
Zhonghui [Member]
Equity interest percentage	49.00%	49.00%		51.00%
Non-controlling interest in the consolidated balance sheet	¥ 2,525	¥ 3,173
Non-controlling interest related to consolidated statements of operations	¥ 648	¥ 1,508	¥ 979

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (that is, noncontrolling interest, previously referred to as minority interest).

+ References + Details

Statutory Reserve (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
Statutory Reserve (Details) - CNY (¥) ¥ in Thousands	Jun. 30, 2020	Jun. 30, 2019
Statutory Reserve
Percentage of statutory reserve registered capital	50.00%
Reserve of net profits after income tax, percentage	10.00%
Balance of statutory reserve	¥ 21,873	¥ 19,824

Concentrations (Details) - Net revenues [Member]
¥ in Thousands, $ in Thousands

12 Months Ended

Jun. 30, 2020

USD ($)

Jun. 30, 2020

CNY (¥)

Jun. 30, 2019

CNY (¥)

Jun. 30, 2018

CNY (¥)

Total net revenues | ¥

¥ 77,414

¥ 133,117

¥ 120,163

Net revenues, percentage

59.80%

65.50%

72.50%

US$ [Member]

Total net revenues | $

$ 10,957

Company A [Member]

Total net revenues | ¥

^[1]

¥ 109,130

¥ 47,856

Net revenues, percentage

^[1]

53.70%

28.90%

Company A [Member] | US$ [Member]

Total net revenues | $

^[1]

Company B [Member]

Total net revenues | ¥

^[1]

¥ 44,452

Net revenues, percentage

^[1]

26.80%

Company B [Member] | US$ [Member]

Total net revenues | $

^[1]

Company C [Member]

Total net revenues | ¥

^[1]

¥ 27,855

Net revenues, percentage

^[1]

16.80%

Company C [Member] | US$ [Member]

Total net revenues | $

^[1]

Company E [Member]

Total net revenues | ¥

¥ 45,921

^[1]

Net revenues, percentage

35.50%

Company E [Member] | US$ [Member]

Total net revenues | $

$ 6,500

Company G [Member]

Total net revenues | ¥

¥ 14,703

¥ 23,987

^[1]

Net revenues, percentage

11.30%

11.80%

Company G [Member] | US$ [Member]

Total net revenues | $

$ 2,081

Company H [Member]

Total net revenues | ¥

¥ 16,790

^[1]

Net revenues, percentage

13.00%

Company H [Member] | US$ [Member]

Total net revenues | $

$ 2,376

[1]	represented less than 10% of total net revenues for the year ended.

Concentrations (Details 1) - Accounts Receivable [Member]
¥ in Thousands, $ in Thousands

12 Months Ended

Jun. 30, 2020

USD ($)

Jun. 30, 2020

CNY (¥)

Jun. 30, 2019

CNY (¥)

Accounts receivable | ¥

¥ 32,275

¥ 23,092

Accounts receivable, percentage

81.00%

83.20%

US$ [Member]

Accounts receivable | $

$ 4,568

Company A [Member]

Accounts receivable | ¥

¥ 6,690

¥ 10,398

Accounts receivable, percentage

16.80%

37.40%

Company A [Member] | US$ [Member]

Accounts receivable | $

$ 947

Company D [Member]

Accounts receivable | ¥

¥ 5,042

^[1]

Accounts receivable, percentage

^[1]

18.20%

Company D [Member] | US$ [Member]

Accounts receivable | $

Company E [Member]

Accounts receivable | ¥

¥ 14,543

¥ 4,022

^[1]

Accounts receivable, percentage

36.50%

14.50%

^[1]

Company E [Member] | US$ [Member]

Accounts receivable | $

$ 2,058

Company F [Member]

Accounts receivable | ¥

¥ 3,630

^[1]

Accounts receivable, percentage

^[1]

13.10%

Company F [Member] | US$ [Member]

Accounts receivable | $

Company H [Member]

Accounts receivable | ¥

¥ 11,042

Accounts receivable, percentage

27.70%

^[1]

Company H [Member] | US$ [Member]

Accounts receivable | $

$ 1,563

[1]	represented less than 10% of account receivables as of the year end.

Concentrations (Details Textual)	12 Months Ended
Concentrations (Details Textual)	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Net revenues [Member]
Concentration risks, percentage	59.80%	65.50%	72.50%
Net revenues [Member] \| Customer [Member]
Concentration risks, percentage	10.00%
Accounts Receivable [Member] \| Customer [Member]
Concentration risks, percentage	10.00%