0001213900-21-049907 | 20-F | XBRL Viewer

Print Document View Excel Document

Document And Entity Information	12 Months Ended
Document And Entity Information	Jun. 30, 2021 shares
Document Information Line Items
Entity Registrant Name	Puyi Inc.
Trading Symbol	PUYI
Document Type	20-F
Current Fiscal Year End Date	--06-30
Entity Common Stock, Shares Outstanding	90,472,014
Amendment Flag	false
Entity Central Index Key	0001750264
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Well-known Seasoned Issuer	No
Document Period End Date	Jun. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Entity Emerging Growth Company	true
Entity Shell Company	false
Entity Ex Transition Period	false
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-38813
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	42F, Pearl River Tower
Entity Address, Address Line Two	No. 15 Zhujiang West Road
Entity Address, Address Line Three	Zhujiang New Town, Tianhe
Entity Address, City or Town	Guangzhou
Entity Address, Country	CN
Title of 12(b) Security	Ordinary Shares, par value $0.001 per share
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes
Document Accounting Standard	U.S. GAAP
Entity Address, Postal Zip Code	510623
Business Contact [Member]
Document Information Line Items
Entity Address, Address Line One	42F, Pearl River Tower
Entity Address, Address Line Two	No. 15 Zhujiang West Road
Entity Address, Address Line Three	Zhujiang New Town, Tianhe
Entity Address, City or Town	Guangzhou
Entity Address, Country	CN
Contact Personnel Name	Hu Anlin
City Area Code	020
Local Phone Number	28381666
Entity Address, Postal Zip Code	510623

Consolidated Statements of Financial Position ¥ in Thousands, $ in Thousands	Jun. 30, 2021 CNY (¥)	Jun. 30, 2021 USD ($)	Jun. 30, 2020 CNY (¥)
Current assets:
Cash and cash equivalents	¥ 260,593	$ 40,361	¥ 285,924
Restricted cash	72,189	11,181	2,970
Accounts receivable, net	55,154	8,542	39,812
Short-term investments			4,000
Other receivables	14,669	2,271	6,376
Short-term loans receivable			52,893
Amount due from related parties	721	112	1,247
Total current assets	403,326	62,467	393,222
Property and equipment, net	10,018	1,552	4,776
Intangible assets, net	1,599	248	363
Long-term prepayments	43	7	1,269
Deferred tax assets	21,588	3,344	10,909
Right-of-use assets	31,329	4,851	22,172
Total assets	467,903	72,469	432,711
Current liabilities:
Accounts payable (including consolidated VIE amount without recourse to the Company of RMB9,037 and RMB12,863 as of June 30, 2020 and 2021, respectively)	12,299	1,905	9,037
Investors’ deposit (including consolidated VIE amount without recourse to the Company of RMB2,970 and RMB72,189 as of June 30, 2020 and 2021, respectively)	72,189	11,181	2,970
Other payables and accrued expenses (including consolidated VIE amount without recourse to the Company of RMB17,942 and RMB57,857 as of June 30, 2020 and 2021, respectively)	19,124	2,962	15,755
Lease liabilities, current (including consolidated VIE amount without recourse to the Company of RMB6,341 and RMB7,659 as of June 30, 2020 and 2021, respectively)	13,705	2,122	7,401
Income taxes payable (including consolidated VIE amount without recourse to the Company of RMB719 and RMB1,106 as of June 30, 2020 and 2021, respectively)	875	136	2,637
Other tax liabilities (including consolidated VIE amount without recourse to the Company of RMB9,300 and RMB10,940 as of June 30, 2020 and 2021, respectively)	12,100	1,874	9,300
Advance receipts (including consolidated VIE amount without recourse to the Company of RMB421 and RMB nil as of June 30, 2020 and 2021, respectively)			421
Total current liabilities	130,292	20,180	47,521
Lease liabilities, non-current (including consolidated VIE amount without recourse to the Company of RMB11,827 and RMB7,351 nil as of June 30, 2020 and 2021, respectively)	17,310	2,681	14,709
Total liabilities	147,602	22,861	62,230
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, 2020 and 2021, respectively)	600	93	600
Additional paid-in capital	224,694	34,801	224,702
Statutory reserves	23,103	3,578	21,873
Retained earnings	72,714	11,262	120,314
Accumulated other comprehensive income (loss)	(810)	(126)	467
Total Puyi Inc.’s equity	320,301	49,608	367,956
Non-controlling interests			2,525
Total equity	320,301	49,608	370,481
Total liabilities and equity	¥ 467,903	$ 72,469	¥ 432,711

Consolidated Statements of Financial Position (Parentheticals) - CNY (¥) ¥ in Thousands	Jun. 30, 2021	Jun. 30, 2020
Statement of Financial Position [Abstract]
Accounts payable VIE amount	¥ 12,863	¥ 9,037
Investors’ deposit VIE amount	72,189	2,970
Other payables and accrued expenses VIE amount	57,857	17,942
Lease liabilities, current VIE amount	7,659	6,341
Income taxes payable VIE amount	1,106	719
Other tax liabilities VIE amount	10,940	9,300
Advance receipts VIE amount		421
Lease liabilities, non-current VIE amount	¥ 7,351	¥ 11,827
Ordinary shares authorized (in Shares)	2,000,000,000	2,000,000,000
Ordinary shares, issued (in Shares)	90,472,014	90,472,014
Ordinary shares, outstanding (in Shares)	90,472,014	90,472,014
Ordinary shares, par value (in Dollars per share and Yuan Renminbi per share)	¥ 0.001	¥ 0.001

Consolidated Statements of Operations and Comprehensive Income (Loss) ¥ in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2021 CNY (¥) ¥ / shares shares	Jun. 30, 2021 USD ($) $ / shares shares	Jun. 30, 2020 CNY (¥) ¥ / shares shares	Jun. 30, 2019 CNY (¥) ¥ / shares shares
Net revenues:
Wealth management	¥ 176,589	$ 27,350	¥ 106,444	¥ 193,082
Corporate financing			6	6,271
Asset management	13,464	2,085	23,033	2,767
Information technology and others	1,147	178		1,111
Total net revenues	191,200	29,613	129,483	203,231
Operating costs and expenses:
Cost of sales	(44,043)	(6,821)	(31,759)	(31,092)
Selling expenses	(130,145)	(20,157)	(84,074)	(67,487)
General and administrative expenses	(90,194)	(13,969)	(67,174)	(48,572)
Total operating costs and expenses	(264,382)	(40,947)	(183,007)	(147,151)
Income (loss) from operations	(73,182)	(11,334)	(53,524)	56,080
Other income, net:
Investment income	1,899	294	1,499	172
Interest income	10,919	1,691	11,003	5,956
Interest expenses				(1,048)
Sundry income, net	4,690	726	5,077	259
Income (loss) before income taxes	(55,674)	(8,623)	(35,945)	61,419
Income tax (expense) benefit	9,608	1,488	2,394	(9,396)
Net income (loss)	(46,066)	(7,135)	(33,551)	52,023
Less: net income (loss) attributable to non-controlling interests	304	47	(648)	(1,508)
Net income (loss) attributable to Puyi Inc.’s shareholders	¥ (46,370)	$ (7,182)	¥ (32,903)	¥ 53,531
Net income (loss) per share:
Basic and diluted (in Dollars per share and Yuan Renminbi per share) \| (per share)	¥ (0.513)	$ (0.079)	¥ (0.364)	¥ 0.630
Net income (loss) per ADS:
Basic and diluted (in Dollars per share and Yuan Renminbi per share) \| (per share)	¥ (0.770)	$ (0.119)	¥ (0.546)	¥ 0.945
Weighted average number of shares used in computation:
Basic and diluted (in Shares)	90,472,014	90,472,014	90,472,014	84,997,628
Net income (loss)	¥ (46,066)	$ (7,135)	¥ (33,551)	¥ 52,023
Other comprehensive income, net of tax: Foreign currency translation adjustments	(1,277)	(198)	456	11
Total Comprehensive income (loss)	(47,343)	(7,333)	(33,095)	52,034
Less: Comprehensive income (loss) attributable to the non-controlling interests	304	47	(648)	(1,508)
Comprehensive income (loss) attributable to Puyi Inc.’s shareholders	¥ (47,647)	$ (7,380)	¥ (32,447)	¥ 53,542

Consolidated Statements of Shareholders’ Equity ¥ in Thousands, $ in Thousands	Share Capital CNY (¥) shares	Share Capital USD ($) shares	Additional Paid-in Capital CNY (¥)	Additional Paid-in Capital USD ($)	Statutory Reserves CNY (¥)	Statutory Reserves USD ($)	Retained Earnings CNY (¥)	Retained Earnings USD ($)	Non-controlling Interests CNY (¥)	Accumulated Other Comprehensive Income (loss) CNY (¥)	Accumulated Other Comprehensive Income (loss) USD ($)	CNY (¥)	USD ($)
Balance at Jun. 30, 2018	¥ 529		¥ 62,705		¥ 14,152		¥ 107,407		¥ 8,859			¥ 193,652
Balance (in Shares) at Jun. 30, 2018 \| shares	80,000,000	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									530
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 (in Shares) \| shares	4,033,600	4,033,600
Proceeds from IPO	¥ 43		153,287									153,330
Proceeds from IPO (in Shares) \| shares	6,438,414	6,438,414
Acquisition of Zhonghui									1,581			1,581
Capital injection by Zhonghui’s minority shareholders									2,450			2,450
Other comprehensive income (loss): foreign currency translation adjustments										¥ 11		11
Balance at Jun. 30, 2019	¥ 600		224,702		19,824		155,266		3,173	11		403,576
Balance (in Shares) at Jun. 30, 2019 \| shares	90,472,014	90,472,014
Net income (loss)							(32,903)		(648)			(33,551)
Provision for statutory reserves					2,049		(2,049)
Other comprehensive income (loss): foreign currency translation adjustments										456		456
Balance at Jun. 30, 2020	¥ 600		224,702		21,873		120,314		2,525	467		370,481
Balance (in Shares) at Jun. 30, 2020 \| shares	90,472,014	90,472,014
Net income (loss)							(46,370)		304			(46,066)
Provision for statutory reserves					1,238		(1,238)
Cancellation of Baoying			(8)		(8)		8					(8)
Disposal of Zhonghui									¥ (2,829)			(2,829)
Other comprehensive income (loss): foreign currency translation adjustments										(1,277)		(1,277)
Balance at Jun. 30, 2021	¥ 600		¥ 224,694		¥ 23,103		¥ 72,714			¥ (810)		¥ 320,301	$ 49,608
Balance (in Shares) at Jun. 30, 2021 \| shares	90,472,014	90,472,014
Balance as of June 30, 2021 (in Dollars) \| $		$ 93		$ 34,801		$ 3,578		$ 11,262			$ (126)		$ 49,608
Balance as of June 30, 2021 (in Shares) \| shares	90,472,014	90,472,014

Consolidated Statements of Cash Flows ¥ in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2021 CNY (¥)	Jun. 30, 2021 USD ($)	Jun. 30, 2020 CNY (¥)	Jun. 30, 2019 CNY (¥)
Statement of Cash Flows [Abstract]
Net income (loss)	¥ (46,066)	$ (7,135)	¥ (33,551)	¥ 52,022
Adjustments to reconcile net income to net cash generated from operating activities:
Depreciation	3,165	490	1,998	1,122
Amortization of intangible assets	604	94	370	620
Provision on uncertain tax liability	2,800	434		600
Investment income	(653)	(101)	(1,499)	(172)
Interest income	2,196	340	(2,893)	(1,048)
Interest expense				1,047
Gain on purchase of subsidiary				(14)
Net foreign exchange gain				(2,416)
Allowance for deferred tax assets	230	36	2,160	929
Amortization of right-of-use assets	9,868	1,528	6,749
Bad debt provision			6,892
Gain on disposal of Zhonghui	(1,237)	(192)
Discontinued operations of Baoying	(8)	(1)
Changes in operating assets and liabilities:
Accounts receivable	(17,830)	(2,762)	(18,937)	2,990
Other receivables	(7,803)	(1,209)	(163)	(366)
Accounts payable	3,262	505	3,164	2,196
Investor’s deposit	69,219	10,721	(48,853)	43,051
Other payables and accrued expenses	3,415	529	7,098	2,299
Advance receipts	(475)	(74)	241	180
Deferred tax assets	(10,910)	(1,690)	(7,936)	(1,821)
Income taxes payable	(1,762)	(272)	2,995	(3,179)
Increase in amount due from related parties	(721)	(112)
Lease liabilities	(10,119)	(1,567)	(6,584)
Net cash provided by (used in) operating activities	(2,825)	(438)	(88,749)	98,040
Cash flows from investing activities:
Proceeds from disposal of short-term investments and commercial acceptance notes	2,653	411	41,199	16,841
Purchase of short-term investments			(40,000)	(291)
Purchase of property and equipment	(8,432)	(1,306)	(2,748)	(4,251)
Proceeds from disposal of long-term investments				3,011
Prepaid for intangible assets	(13)	(2)	(875)	(225)
Purchase of intangible assets	(601)	(93)		(360)
Distribution of short-term loans receivable			(240,000)
Collection of short-term loans receivable	50,000	7,744	190,000	50,667
Acquisition of subsidiaries from principal shareholder				(2,116)
Acquisition of subsidiaries				(1,227)
Loans provided to related parties			(837)
Repayment of loans from related parties	204	32	180	490
Proceeds from disposal of subsidiaries	4,179	647
Net cash provided by (used in) investing activities	47,990	7,433	(53,081)	62,539
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	45,165	6,995	(141,830)	315,841
Cash and cash equivalents, and restricted cash at beginning of year	288,894	44,744	430,268	112,000
Cash and cash equivalents, and restricted cash at end of year	332,782	51,541	288,894	430,268
Cash paid for:
Interests				1,048
Income taxes	30	5	762	12,869
Supplementary disclosure related to operating leases:
New operating lease liabilities arose from obtaining right-of-use assets	20,317	3,147	4,417
Change on lease liabilities arose from modification on lease terms	(507)	(79)	1,430
Change on lease liabilities arose from early termination of operating leases	(1,287)	(199)	(2,850)
Effect of exchange rate changes on cash and cash equivalents	¥ (1,277)	$ (198)	¥ 456	¥ 2,427

Organization and Principal Activities

12 Months Ended

Jun. 30, 2021

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 emerging middle class and affluent population, whom are defined as those with at least RMB 30 and RMB 600 in investable assets, respectively.

The Company’s subsidiaries and VIEs as of June 30, 2021 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
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

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.

A substantial portion of assets and liabilities presented on the Group’s Consolidated Statements of Financial Position and sales, expense, net income presented on Consolidated Statement of Operations and Comprehensive Income (Loss) as well as the cash flow from operating, investing and financing activities presented on the Consolidated Statements of Cash Flows are from the financial position, operation and cash flow of the Group’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, 2020 and 2021 and for the years ended June 30, 2019, 2020 and 2021.

	As of June 30,
	2020		2021		2021
	RMB		RMB		US$

Total assets		262,699		329,552		51,041
Total liabilities		58,557		169,965		26,324

	Years ended June 30,
	2019		2020		2021			2021
	RMB		RMB		RMB			US$

Net revenues		203,231		179,256		193,013			29,894
Net income		52,023		12,767		(41,727	)		(6,463	)

Summary of Significant Accounting Policies

12 Months Ended

Jun. 30, 2021

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 of 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, 2020 and 2021, the Group recorded 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 FASB ASC topic 321, Investments-equity securities.

As of June 30, 2020, the Group recorded an investment in a private equity fund, in which the Group had insignificant equity interest but acted as a general partner, as short-term investment on the Consolidated Statements of Financial Position under the equity method. And the Group recorded another investment in a private equity fund, in which the Group acted as a limited partner with insignificant equity interest (less than 1%), as short-term investment on the Consolidated Statements of Financial Position under cost method. These investments were classified as short-term because their contractual maturity date was less than one year on the balance sheet date. Gains or losses were realized when such investments’ fair value changed. As of June 30, 2021, the Group did not have any short-term investment.

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, 2019, 2020 and 2021.

(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, 2020 and 2021.

(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 afterwards was presented under ASC 606.

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 Group generates revenues mainly from wealth management and asset management.

Wealth management

Revenue from wealth management mainly includes distribution commissions and performance-based distribution 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 or distributed. 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 carried interest, in a typical arrangement in which the Group serves as the fund manager.

Management fees

Revenue from asset management, includes management fee from the privately raised funds managed by the Group. The single performance obligation is to manage and operate the fund in accordance with the contract throughout the fund duration. 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 carried interest

Performance-based carried interest is contributed by the Group managing and operating of privately raised fund products. The Group earns performance-based carried interest based on the extent by which the fund’s investment performance exceeds a certain threshold. Such performance-based fee is typically calculated and recognized at a point of time when the cumulative return of the fund can be determined, and is not subject to clawback provisions.

Disaggregation of revenue

	As of June 30,
	2019		2020		2021
	RMB		RMB		RMB

Wealth management		193,082		106,444		176,589
Distribution commissions		146,207		99,600		176,573
-- One time commissions		120,509		69,196		109,308
-- Recurring management fees		25,698		30,404		67,265
Performance-based distribution fees		46,875		6,844		16
Corporate financing		6,271		6		-
Asset management		2,767		23,033		13,464
Management fees		2,767		6,393		5,626
Performance-based fees		-		16,640		7,838
Information technology and other services^（1）		1,111		-		1,147
Total		203,231		129,483		191,200

(1)

We ceased to provide information technology service from October 2020. For the year ended June 30, 2021, other services mainly represented service fee received from marketing insurance products, which was recognized at a point of time.

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 RMB421 and RMB nil as of June 30, 2020 and 2021, respectively, and was recorded as “Advance receipts” in the Consolidation Statement of Financial Position. The amount of revenue recognized during the year ended June 30, 2021 that was previously included in the contract liabilities balance as of June 30, 2020 was RMB421.

(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 have 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, 2019, 2020 and 2021, the Group recognized RMB600, RMB nil and RMB2,800 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 Operations and Comprehensive Income (Loss). The accrued provisions and any related interest and penalties balances are included in the “Other tax liabilities” in the Consolidated Statements of Financial Position. 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 Statements of Financial Position 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, 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

Starting from 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 Statements of Financial Position. 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 since the adoption of Topic 842.

(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$1.00 = RMB6.4566 on June 30, 2021, representing the certificated exchange rate published by the Federal Reserve Board. No representation is intended to imply that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on June 30, 2021, 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, and effective for all other entities for annual and interim periods beginning after December 15, 2022. Early adoption is permitted for all entities for annual periods beginning after December 15, 2018, and interim periods therein. The Group is in the process of evaluating the impact of adoption of this guidance on its consolidated financial statements.

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, 2021

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 Statements of Financial Position that sum to the total of the same such amounts shown in the Consolidated Statements of Cash Flows.

	Years ended June 30,
	2020		2021		2021
	RMB		RMB		US$

Cash and cash equivalent		285,924		260,593		40,361
Restricted cash		2,970		72,189		11,181
Total cash, cash equivalents, and restricted cash shown in the Consolidated Statements of Cash Flows		288,894		332,782		51,542

Investments

12 Months Ended

Jun. 30, 2021

Investments [Abstract]

INVESTMENTS

4.	INVESTMENTS

The following table summarizes the Group’s investment balances:

	As of June 30,
	2020		2021		2021
	RMB		RMB		US$
Short-term investments
- Private equity funds product-A		2,000		-		-
- Private equity funds product-B		2,000		-		-
Total short-term investments		4,000		-		-

The private equity funds product A was purchased by the Group’s subsidiary Shenzhen Qianhai Zhonghui Huiguan Investment Management Co., Ltd. (“Zhonghui”) in October 2017, which the Group had insignificant equity interest but acted as a general partner. The Group accounted for this private equity fund investment using the equity method of accounting since the Group had significant influence on the investees. It was classified as short-term investment because the Group intended to sell it within one year. As we sold Zhonghui to a third party in December 2020, this investment no longer belonged to the Group.

The Group purchased private equity fund product B on April 25, 2018, which the Group acted 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 had no significant influence on the investee. As of June 30, 2020, this investment was reclassified as short-term as the Group intended to sell it within one year. Subsequently, the Group fully disposed this investment in July 2020.

The Group recorded investment income on these investments of RMB172, RMB1,499 and RMB653 for the years ended June 30, 2019, 2020 and 2021, respectively.

Accounts Receivable, Net

12 Months Ended

Jun. 30, 2021

Receivables [Abstract]

ACCOUNTS RECEIVABLE, NET

5.	ACCOUNTS RECEIVABLE, NET

	As of June 30,
	2020		2021		2021
	RMB		RMB		US$

Accounts receivable		46,704		62,046		9,610
Allowance for doubtful accounts		6,892		6,892		1,068
Accounts receivable, net		39,812		55,154		8,542

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, RMB6,892 and RMB6,892 for the years ended June 30, 2019, 2020 and 2021, respectively. No allowance for doubtful accounts were written off for the years ended June 30, 2019, 2020 and 2021.

The movement in the allowance for doubtful accounts is as below:

	Allowance for doubtful accounts
Balance as of July 1, 2019		-
Addition		6,892
Balance as of June 30, 2020		6,892
Balance as of June 30, 2021		6,892

Other Receivables

12 Months Ended

Jun. 30, 2021

Other Receivables [Abstract]

OTHER RECEIVABLES

6.	OTHER RECEIVABLES

Other receivables consist of the following:

	As of June 30,
	2020		2021		2021
	RMB		RMB		US$

Advances to staff		511		972		151
Prepayments to service providers		3,043		6,190		959
Rental deposits		2,242		6,729		1,042
Other		580		778		119
Other receivables		6,376		14,669		2,271

Short-Term Loans Receivable

12 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

SHORT-TERM LOANS RECEIVABLE

7.	SHORT-TERM LOANS RECEIVABLE

The Group 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, the group had one short-term loan of RMB50,000 and accrued interest of RMB2,893 which had been fully repaid in December 2020. As of June 30, 2021, the Group did not have short-term loans receivable.

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 had been paid with the repayment of principle.

The Group recognized interest income on short-term loans receivable of approximate RMB310, RMB5,386 and RMB2,730 during the years ended June 30, 2019, 2020 and 2021, respectively.

Property and Equipment, Net

12 Months Ended

Jun. 30, 2021

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,
	2020			2021			2021
	RMB			RMB			US$

Furniture, office equipment, fixtures		2,966			3,946			611
Leasehold improvements		5,481			11,535			1,787
Motor vehicles		919			1,650			256
		9,366			17,131			2,654
Less: Accumulated depreciation		(4,590	)		(7,113	)		(1,102	)
Property and equipment, net		4,776			10,018			1,552

Depreciation expense for the years ended June 30, 2019, 2020 and 2021 was RMB1,122, RMB1,998 and RMB3,165, respectively. As we disposed Zhonghui and terminated several office space leases, RMB667 of property and equipment and RMB642 of accumulated depreciation has been eliminated from ending balance as of June 30, 2021.

No impairment for property and equipment was recorded for the years ended June 30, 2019, 2020 and 2021.

Intangible Assets, Net

12 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS, NET

9.	INTANGIBLE ASSETS, NET

	As of June 30,
	2020			2021			2021
	RMB			RMB			US$

Software and operating system		4,427			6,267			971
Less: Accumulated amortization		(4,064	)		(4,668	)		(723	)
Intangible asset, net		363			1,599			248

Amortization expense for the years ended June 30, 2019, 2020 and 2021 was RMB620, RMB370 and RMB604, respectively.

Leases

12 Months Ended

Jun. 30, 2021

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 and 2021, 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 and 2021:

	As of June 30, 2020		As of June 30, 2021		As of June 30, 2021
	RMB		RMB		US$
Right-of-use assets		22,172		31,329		4,851
Lease liabilities, current		7,401		13,705		2,122
Lease liabilities, non-current		14,709		17,310		2,681
Total operating lease liabilities		22,110		31,015		4,803

The weighted average lease term and weighted average discount rate as of June 30, 2020 and 2021 were as follows:

	As of June 30, 2020			As of June 30, 2021
Weighted average lease term:
Operating leases		3.04 years			2.40 years
Weighted average discount rate:
Operating leases		4.75	%		4.75	%

The components of lease expenses for the years ended June 30, 2020 and 2021 were as follows:

	For the year ended June 30, 2020		For the year ended June 30, 2021		For the year ended June 30, 2021
	RMB		RMB		US$

Operating lease expenses		7,870		11,129		1,724
Short-term lease expenses		435		2,740		424
Total		8,305		13,869		2,148

Supplemental cash flow information related to leases for the years ended June 30, 2020 and 2021 were as follows:

	For the year ended June 30, 2020			For the year ended June 30, 2021			For the year ended June 30, 2021
	RMB			RMB			US$
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating lease		7,652			10,879			1,685
Supplement noncash information
New operating lease liabilities arose from obtaining right-of-use assets		4,417			20,317			3,147
Change on lease liabilities arose from modification on lease terms		1,430			(507	)		(79	)
Change on lease liabilities arose from early termination of operating leases		(2,850	)		(1,287	)		(199	)

Maturities of lease liabilities at June 30, 2021:

	As of June 30, 2021		As of June 30, 2021
	RMB		US$
Year ending June 30:
2022		14,903		2,308
2023		13,124		2,033
2024		4,748		735
2025		66		10
Thereafter		-		-
Total remaining undiscounted lease payments		32,841		5,086
Less: Interest		1,826		283
Total present value of lease liabilities		31,015		4,803
Less: Current operating lease liabilities		13,705		2,122
Non-current operating lease liabilities		17,310		2,681

Investors' Deposit

12 Months Ended

Jun. 30, 2021

Statistical Disclosure for Banks [Abstract]

INVESTORS' DEPOSIT

11.

INVESTORS’ DEPOSIT

The balance of RMB72,189 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, 2021

Disclosure Text Block Supplement [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,
	2020			2021			2021
	RMB			RMB			US$

Payroll payable		10,781			16,246			2,517
Value-added tax recoverable		(1,509	)		(3,696	)		(572	)
Employee’s individual income tax		946			1,268			196
Other miscellaneous taxes		34			60			9
Accrued expenses		4,899			4,781			740
Others		604			465			72
Other payables and accrued expenses		15,755			19,124			2,962

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.

Sundry Income, Net

12 Months Ended

Jun. 30, 2021

Other Income and Expenses [Abstract]

SUNDRY INCOME, NET

13.

SUNDRY INCOME, NET

Components of sundry income, net are as follows:

	For the years ended June 30,
	2019			2020			2021			2021
	RMB			RMB			RMB			US$

Government grants		415			5,104			4,945			765
Others		(156	)		(27	)		(255	)		(39	)
Total sundry income, net		259			5,077			4,690			726

Government grants were recognized as other income when received upon the compliance with the conditions, and primarily represented subsidies received from the local governments as reward for financial contribution and capital expenditure incurred on certain projects.

Income Taxes

12 Months Ended

Jun. 30, 2021

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%. Dake is qualified as a small low-profit enterprise with estimated annual taxable income of less than RMB1 million in the fiscal year 2021 and its annual effective enterprise income tax rate is 5%. Other PRC subsidiaries are subject to a standard 25% EIT.

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

	For the years ended June 30,
	2019			2020			2021			2021
	RMB			RMB			RMB			US$

Current		10,288			3,382			1,072			166
Deferred		(892	)		(5,776	)		(10,680	)		(1,654	)
Total income tax expense (benefit)		9,396			(2,394	)		(9,608	)		(1,488	)

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

	As of June 30,
	2020		2021		2021
	RMB		RMB		US$

Non-current deferred tax assets:
Tax loss carry forward		12,275		22,149		3,430
Allowance for doubtful accounts, credit losses and impairment losses		1,723		1,723		267
Subtotal		13,998		23,872		3,697
Less: valuation allowances		3,089		2,284		353
Total		10,909		21,588		3,344

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 RMB76,742 and RMB121,530 as of June 30, 2020 and 2021, respectively. As of June 30, 2021, the tax loss carry-forwards of RMB5,051, RMB4,429, RMB37,760, and RMB74,290 are to expire for the years ending June 30, 2023, 2024, 2025 and 2026, respectively. During the years ended June 30, 2019 and 2020, there was no tax loss carried forward expired and canceled. For the year ended June 30, 2021, there was no tax loss carried forward expired, while tax loss carried forward of RMB4,141 was canceled due to the disposal of Zhonghui.

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,
	2019			2020			2021			2021
	RMB			RMB			RMB			US$

Income (loss) from operations before income taxes		61,419			(35,945	)		(55,674	)		(8,623	)
PRC income tax statutory rate		25	%		25	%		25	%		25	%
Income tax expense (benefit) at statutory tax rate		15,355			(8,986	)		(13,919	)		(2,156	)
Preferential tax treatments		(6,606	)		4,633			403			62
Super deduction of qualified R&D expenditures		(857	)		447			(360	)		(56	)
Expenses not deductible for tax purposes		388			391			998			155
Uncertain tax provision		600			-			2,800			434
Tax expenses not deductible for book purposes		-			(727	)		-			-
Others		(413	)		(312	)		240			37
Valuation allowances		929			2,160			230			36
Income tax expense (benefit)		9,396			(2,394	)		(9,608	)		(1,488	)

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, 2020 and 2021, 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 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, 2019, 2020 and 2021 the Company had RMB9,300, RMB9,300, and RMB12,100 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 ended June 30, 2019, 2020 and 2021 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
Provisions for uncertain tax positions during the year ended June 30, 2021		2,800		434
Balance as of June 30, 2021		12,100		1,874

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Earnings (Loss) Per Share

12 Months Ended

Jun. 30, 2021

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,
	2019			2020			2021			2021
	RMB			RMB			RMB			US$

Numerator:
Net income (loss)		52,023			(33,551	)		(46,066	)		(7,135	)
Less: Net income (loss) attributable to the non-controlling interests		(1,508	)		(648	)		304			47
Net income (loss) attributable to the Group’s shareholders		53,531			(32,903	)		(46,370	)		(7,182	)

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

Basic & diluted net income (loss) per ordinary share		0.630			(0.364	)		(0.513	)		(0.079	)

Condensed Financial Statements of the Company

12 Months Ended

Jun. 30, 2021

Condensed Financial Information Disclosure [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,
	2020		2021			2021
	RMB		RMB			US$

ASSETS:
Current assets:
Cash and cash equivalents		15,286		12,770			1,978
Total current assets		15,286		12,770			1,978

Investments in subsidiaries		352,755		307,741			47,663
Total assets		368,041		320,511			49,641

LIABILITIES AND EQUITY:
LIABILITIES:
Current liabilities:
Other payables and accrued expenses		85		210			33
Total current liabilities		85		210			33
Total liabilities		85		210			33

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, 2020 and 2021, respectively)		600		600			93
Additional paid-in capital		224,702		224,694			34,801
Retained earnings		142,187		95,817			14,840
Accumulated other comprehensive income		467		(810	)		(126	)
Total equity		367,956		320,301			49,608
Total liabilities and equity		368,041		320,511			49,641

Condensed Statements of Operations and Comprehensive Income (Loss)

	Years ended June 30,
	2019			2020			2021			2021
	RMB			RMB			RMB			US$

General and administrative expenses		129			(1,286	)		(1,369	)		(212	)
Interest income		361			188			68			11
Equity in earnings (loss) of subsidiaries		53,220			(31,805	)		(45,067	)		(6,980	)
Income (loss) before income taxes		53,710			(32,903	)		(46,368	)		(7,181	)
Income tax expense		(179	)		-			(2	)		(1	)
Net income (loss)		53,531			(32,903	)		(46,370	)		(7,182	)
Other comprehensive income (loss), net of tax: Foreign currency translation adjustments		11			456			(1,277	)		(198	)
Total Comprehensive income (loss)		53,542			(32,447	)		(47,647	)		(7,380	)

Related Party Transactions

12 Months Ended

Jun. 30, 2021

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
Fanhua Inc.		Shareholder of Puyi since September 2018 who has approximately 4.5% of Puyi and shares a common director with Puyi
Fanhua Lianxing Insurance Sales Co., Ltd.		Subsidiary of Fanhua Inc.
Tibet Zhuli Investment Co., Ltd.		Subsidiary of Fanhua Inc.
Mr. Tang Jianping		Minority shareholder of Zhonghui, who holds its 48% shares. As we disposed Zhonghui in December 2020, Mr. Tang Jianping was not our related party since then.
Shenzhen Taozhan Trade Co., Ltd.		Mr. Tang Jianping’s wife holds its 48% shares. As we disposed Zhonghui in December 2020, this entity was not our related party since then.
Red Lake Yongjin No.1 (Shenzhen) Investment LLP		A vehicle controlled by Mr. Tang Jianping by April 2020 and managed by the Group thereafter. As we disposed Zhonghui in December 2020, this entity was not our related party since then.
Shenzhen Red Lake Shengchuang Investment LLP		Ultimately controlled by Mr. Tang Jianping. As we disposed Zhonghui in December 2020, this entity was not our related party since then.
Jinhui Red Lake (Shenzhen) Enterprise Management Co., Ltd.		Mr. Tang Jianping is the executive partner of this entity. As we disposed Zhonghui in December 2020, this entity was not our related party since then.

Related party transactions:

	Years ended June 30,
	Note	2019		2020		2021		2021
		RMB		RMB		RMB		US$
Loan provided to related parties
Shenzhen Red Lake Shengchuang Investment LLP	a		-		718		-		-
Jinhui Red Lake (Shenzhen) Enterprise Management Co., Ltd.	b		-		119		-		-
Subtotal			-		837		-		-

Repayment of loan from related parties
Shenzhen Red Lake Shengchuang Investment LLP	a		-		175		-		-
Jinhui Red Lake (Shenzhen) Enterprise Management Co., Ltd.	b		-		5		-		-
Shenzhen Taozhan Trade Co., Ltd.	c		410		-		-		-
Mr. Yu Haifeng	e		80		-		-		-
Subtotal			490		180		-		-

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

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

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

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

Other services
Income from Fanhua Lianxing Insurance Sales Co., Ltd.	d		-		-		1,146		178
Amount received from Fanhua Lianxing Insurance Sales Co., Ltd.	d		-		-		494		77

Notes

(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. As we disposed Zhonghui in December 2020, this entity was not our related party since then.

(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. As we disposed Zhonghui in December 2020, this entity was not our related party since then.

(c)	Zhonghui, a subsidiary acquired by the Group in July 2018, provided an interest free loan of RMB1,000 to Shenzhen Taozhan Trade Co., Ltd. (“Taozhan”). During the year ended June 30, 2019, Taozhan repaid RMB410 to the Group. As we disposed Zhonghui in December 2020, this entity was not our related party since then.

(d)	Starting from January 2021, the Group cooperated with Fanhua Lianxing Insurance Sales Co., Ltd (“Lianxing”) and received service fee with VAT totaling RMB1,215 and without VAT totaling RMB1,146 from marketing insurance products for Lianxing. As of June 30, 2021, RMB494 with VAT had been received.

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

(f)	In August 2018, the Group received a short-term loan with a principal amount of RMB50,000 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.

(g)	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.

Amounts due from related parties:

	As of June 30,
	Note	2020		2021		2021
		RMB		RMB		US$

Shenzhen Red Lake Shengchuang Investment LLP	a		543		-		-
Jinhui Red Lake (Shenzhen) Enterprise Management Co., Ltd	b		114		-		-
Shenzhen Taozhan Trade Co., Ltd.	c		590		-		-
Fanhua Lianxing Insurance Sales Co., Ltd.	d		-		721		112
Total			1,247		721		112

Non-Controlling Interest

12 Months Ended

Jun. 30, 2021

Noncontrolling Interest [Abstract]

NON-CONTROLLING INTEREST

18.

NON-CONTROLLING INTEREST

On July 3, 2018, the Group acquired 51% equity interest of Zhonghui. Zhonghui was sold to a third party in December 2020, and had been divested from our consolidated financial statement since then. As of June 30, 2020 non-controlling interest related to the 49% minority interest in Zhonghui was RMB2,525. As of June 30, 2021, non-controlling interest was RMB nil.

For the years ended June 30, 2019 and 2020, non-controlling interest related to Zhonghui in the Consolidated Statements of Operations and Comprehensive Income (Loss) was loss of RMB1,508 and RMB648, respectively. For the year ended June 30, 2021, non-controlling interest related to Zhonghui in the Consolidated Statements of Operations and Comprehensive Income (Loss) was gain of RMB304.

Statutory Reserve

12 Months Ended

Jun. 30, 2021

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, 2020 and 2021, the balance of statutory reserve was RMB21,873 and RMB23,103, respectively.

Concentrations

12 Months Ended

Jun. 30, 2021

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,
	2019		% of net revenues			2020		% of net revenues			2021		2021		% of net revenues
	RMB					RMB					RMB		US$

Company A		109,130		53.7	%		*		*			29,264		4,532		15.3	%
Company B		*		*			45,921		35.5	%		122,723		19,008		64.2	%
Company C		23,987		11.8	%		14,703		11.3	%		*		*		*
Company D		*		*			16,790		13.0	%		*		*		*
		133,117		65.5	%		77,414		59.8	%		151,987		23,540		79.5	%

*	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,
	2020		%			2021		2021		%
	RMB					RMB		US$

Company A		6,690		16.8	%		16,484		2,553		29.9	%
Company B		14,543		36.5	%		31,662		4,904		57.4	%
Company D		11,042		27.7	%		*		*		*
		32,275		81.0	%		48,146		7,457		87.3	%

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

Contingencies

12 Months Ended

Jun. 30, 2021

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, 2021

Impact Of Covid 19 Disclosure [Abstract]

IMPACT OF COVID-19

22.

IMPACT OF COVID-19

The COVID-19 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. 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, 2021

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.

Accounting Policies, by Policy (Policies)

12 Months Ended

Jun. 30, 2021

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 FASB 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 distribution 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 carried interest, in a typical arrangement in which the Group serves as the fund manager.

Management fees

Performance-based carried interest

Disaggregation of revenue

	As of June 30,
	2019		2020		2021
	RMB		RMB		RMB

Wealth management		193,082		106,444		176,589
Distribution commissions		146,207		99,600		176,573
-- One time commissions		120,509		69,196		109,308
-- Recurring management fees		25,698		30,404		67,265
Performance-based distribution fees		46,875		6,844		16
Corporate financing		6,271		6		-
Asset management		2,767		23,033		13,464
Management fees		2,767		6,393		5,626
Performance-based fees		-		16,640		7,838
Information technology and other services^（1）		1,111		-		1,147
Total		203,231		129,483		191,200

(1)

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 since the adoption of Topic 842.

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, 2021

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
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

Schedule of financial statements amounts and balances of the VIE

	As of June 30,
	2020		2021		2021
	RMB		RMB		US$

Total assets		262,699		329,552		51,041
Total liabilities		58,557		169,965		26,324

Schedule of Income statement amount and balances of the VIE

	Years ended June 30,
	2019		2020		2021			2021
	RMB		RMB		RMB			US$

Net revenues		203,231		179,256		193,013			29,894
Net income		52,023		12,767		(41,727	)		(6,463	)

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Jun. 30, 2021

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,
	2019		2020		2021
	RMB		RMB		RMB

Wealth management		193,082		106,444		176,589
Distribution commissions		146,207		99,600		176,573
-- One time commissions		120,509		69,196		109,308
-- Recurring management fees		25,698		30,404		67,265
Performance-based distribution fees		46,875		6,844		16
Corporate financing		6,271		6		-
Asset management		2,767		23,033		13,464
Management fees		2,767		6,393		5,626
Performance-based fees		-		16,640		7,838
Information technology and other services^（1）		1,111		-		1,147
Total		203,231		129,483		191,200

(1)

Cash, Cash Equivalents and Restricted Cash (Tables)

12 Months Ended

Jun. 30, 2021

Cash and Cash Equivalents [Abstract]

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

	Years ended June 30,
	2020		2021		2021
	RMB		RMB		US$

Cash and cash equivalent		285,924		260,593		40,361
Restricted cash		2,970		72,189		11,181
Total cash, cash equivalents, and restricted cash shown in the Consolidated Statements of Cash Flows		288,894		332,782		51,542

Investments (Tables)

12 Months Ended

Jun. 30, 2021

Investments [Abstract]

Schedule of investment balances

	As of June 30,
	2020		2021		2021
	RMB		RMB		US$
Short-term investments
- Private equity funds product-A		2,000		-		-
- Private equity funds product-B		2,000		-		-
Total short-term investments		4,000		-		-

Accounts Receivable, Net (Tables)

12 Months Ended

Jun. 30, 2021

Receivables [Abstract]

Schedule of allowance for doubtful accounts

	As of June 30,
	2020		2021		2021
	RMB		RMB		US$

Accounts receivable		46,704		62,046		9,610
Allowance for doubtful accounts		6,892		6,892		1,068
Accounts receivable, net		39,812		55,154		8,542

Schedule of allowance for doubtful accounts

	Allowance for doubtful accounts
Balance as of July 1, 2019		-
Addition		6,892
Balance as of June 30, 2020		6,892
Balance as of June 30, 2021		6,892

Other Receivables (Tables)

12 Months Ended

Jun. 30, 2021

Other Receivables [Abstract]

Schedule of Other receivables

	As of June 30,
	2020		2021		2021
	RMB		RMB		US$

Advances to staff		511		972		151
Prepayments to service providers		3,043		6,190		959
Rental deposits		2,242		6,729		1,042
Other		580		778		119
Other receivables		6,376		14,669		2,271

Property and Equipment, Net (Tables)

12 Months Ended

Jun. 30, 2021

Property, Plant and Equipment [Abstract]

Schedule of property and equipment, net

	As of June 30,
	2020			2021			2021
	RMB			RMB			US$

Furniture, office equipment, fixtures		2,966			3,946			611
Leasehold improvements		5,481			11,535			1,787
Motor vehicles		919			1,650			256
		9,366			17,131			2,654
Less: Accumulated depreciation		(4,590	)		(7,113	)		(1,102	)
Property and equipment, net		4,776			10,018			1,552

Intangible Assets, Net (Tables)

12 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of intangible assets net

	As of June 30,
	2020			2021			2021
	RMB			RMB			US$

Software and operating system		4,427			6,267			971
Less: Accumulated amortization		(4,064	)		(4,668	)		(723	)
Intangible asset, net		363			1,599			248

Leases (Tables)

12 Months Ended

Jun. 30, 2021

Leases [Abstract]

Schedule of ROU assets and related lease liabilities

	As of June 30, 2020		As of June 30, 2021		As of June 30, 2021
	RMB		RMB		US$
Right-of-use assets		22,172		31,329		4,851
Lease liabilities, current		7,401		13,705		2,122
Lease liabilities, non-current		14,709		17,310		2,681
Total operating lease liabilities		22,110		31,015		4,803

Schedule of weighted average lease term and weighted average discount rate

	As of June 30, 2020			As of June 30, 2021
Weighted average lease term:
Operating leases		3.04 years			2.40 years
Weighted average discount rate:
Operating leases		4.75	%		4.75	%

Schedule of lease expenses

	For the year ended June 30, 2020		For the year ended June 30, 2021		For the year ended June 30, 2021
	RMB		RMB		US$

Operating lease expenses		7,870		11,129		1,724
Short-term lease expenses		435		2,740		424
Total		8,305		13,869		2,148

Schedule of supplemental cash flow information related to leases

	For the year ended June 30, 2020			For the year ended June 30, 2021			For the year ended June 30, 2021
	RMB			RMB			US$
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating lease		7,652			10,879			1,685
Supplement noncash information
New operating lease liabilities arose from obtaining right-of-use assets		4,417			20,317			3,147
Change on lease liabilities arose from modification on lease terms		1,430			(507	)		(79	)
Change on lease liabilities arose from early termination of operating leases		(2,850	)		(1,287	)		(199	)

Schedule of maturities of lease liabilities

	As of June 30, 2021		As of June 30, 2021
	RMB		US$
Year ending June 30:
2022		14,903		2,308
2023		13,124		2,033
2024		4,748		735
2025		66		10
Thereafter		-		-
Total remaining undiscounted lease payments		32,841		5,086
Less: Interest		1,826		283
Total present value of lease liabilities		31,015		4,803
Less: Current operating lease liabilities		13,705		2,122
Non-current operating lease liabilities		17,310		2,681

Other Payables and Accrued Expenses (Tables)

12 Months Ended

Jun. 30, 2021

Disclosure Text Block Supplement [Abstract]

Schedule of components of other payables and accrued expenses

	As of June 30,
	2020			2021			2021
	RMB			RMB			US$

Payroll payable		10,781			16,246			2,517
Value-added tax recoverable		(1,509	)		(3,696	)		(572	)
Employee’s individual income tax		946			1,268			196
Other miscellaneous taxes		34			60			9
Accrued expenses		4,899			4,781			740
Others		604			465			72
Other payables and accrued expenses		15,755			19,124			2,962

Sundry Income, Net (Tables)

12 Months Ended

Jun. 30, 2021

Other Income and Expenses [Abstract]

Schedule of components of sundry income, net

	For the years ended June 30,
	2019			2020			2021			2021
	RMB			RMB			RMB			US$

Government grants		415			5,104			4,945			765
Others		(156	)		(27	)		(255	)		(39	)
Total sundry income, net		259			5,077			4,690			726

Income Taxes (Tables)

12 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

Schedule of components of the income tax provision

	For the years ended June 30,
	2019			2020			2021			2021
	RMB			RMB			RMB			US$

Current		10,288			3,382			1,072			166
Deferred		(892	)		(5,776	)		(10,680	)		(1,654	)
Total income tax expense (benefit)		9,396			(2,394	)		(9,608	)		(1,488	)

Schedule of components of the deferred income tax assets and liabilities

	As of June 30,
	2020		2021		2021
	RMB		RMB		US$

Non-current deferred tax assets:
Tax loss carry forward		12,275		22,149		3,430
Allowance for doubtful accounts, credit losses and impairment losses		1,723		1,723		267
Subtotal		13,998		23,872		3,697
Less: valuation allowances		3,089		2,284		353
Total		10,909		21,588		3,344

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

	Years ended June 30,
	2019			2020			2021			2021
	RMB			RMB			RMB			US$

Income (loss) from operations before income taxes		61,419			(35,945	)		(55,674	)		(8,623	)
PRC income tax statutory rate		25	%		25	%		25	%		25	%
Income tax expense (benefit) at statutory tax rate		15,355			(8,986	)		(13,919	)		(2,156	)
Preferential tax treatments		(6,606	)		4,633			403			62
Super deduction of qualified R&D expenditures		(857	)		447			(360	)		(56	)
Expenses not deductible for tax purposes		388			391			998			155
Uncertain tax provision		600			-			2,800			434
Tax expenses not deductible for book purposes		-			(727	)		-			-
Others		(413	)		(312	)		240			37
Valuation allowances		929			2,160			230			36
Income tax expense (benefit)		9,396			(2,394	)		(9,608	)		(1,488	)

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
Provisions for uncertain tax positions during the year ended June 30, 2021		2,800		434
Balance as of June 30, 2021		12,100		1,874

Earnings (Loss) Per Share (Tables)

12 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Schedule of basic and diluted net income (loss) per ordinary share

	Years ended June 30,
	2019			2020			2021			2021
	RMB			RMB			RMB			US$

Numerator:
Net income (loss)		52,023			(33,551	)		(46,066	)		(7,135	)
Less: Net income (loss) attributable to the non-controlling interests		(1,508	)		(648	)		304			47
Net income (loss) attributable to the Group’s shareholders		53,531			(32,903	)		(46,370	)		(7,182	)

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

Basic & diluted net income (loss) per ordinary share		0.630			(0.364	)		(0.513	)		(0.079	)

Condensed Financial Statements of the Company (Tables)

12 Months Ended

Jun. 30, 2021

Condensed Financial Information Disclosure [Abstract]

Schedule of condensed statements of financial position

	As of June 30,
	2020		2021			2021
	RMB		RMB			US$

ASSETS:
Current assets:
Cash and cash equivalents		15,286		12,770			1,978
Total current assets		15,286		12,770			1,978

Investments in subsidiaries		352,755		307,741			47,663
Total assets		368,041		320,511			49,641

LIABILITIES AND EQUITY:
LIABILITIES:
Current liabilities:
Other payables and accrued expenses		85		210			33
Total current liabilities		85		210			33
Total liabilities		85		210			33

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, 2020 and 2021, respectively)		600		600			93
Additional paid-in capital		224,702		224,694			34,801
Retained earnings		142,187		95,817			14,840
Accumulated other comprehensive income		467		(810	)		(126	)
Total equity		367,956		320,301			49,608
Total liabilities and equity		368,041		320,511			49,641

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

	Years ended June 30,
	2019			2020			2021			2021
	RMB			RMB			RMB			US$

General and administrative expenses		129			(1,286	)		(1,369	)		(212	)
Interest income		361			188			68			11
Equity in earnings (loss) of subsidiaries		53,220			(31,805	)		(45,067	)		(6,980	)
Income (loss) before income taxes		53,710			(32,903	)		(46,368	)		(7,181	)
Income tax expense		(179	)		-			(2	)		(1	)
Net income (loss)		53,531			(32,903	)		(46,370	)		(7,182	)
Other comprehensive income (loss), net of tax: Foreign currency translation adjustments		11			456			(1,277	)		(198	)
Total Comprehensive income (loss)		53,542			(32,447	)		(47,647	)		(7,380	)

Related Party Transactions (Tables)

12 Months Ended

Jun. 30, 2021

Related parties		Relationship
Mr. Yu Haifeng		Controlling shareholder and Chairman of the Group CEO of the Group until September 20, 2019
Fanhua Inc.		Shareholder of Puyi since September 2018 who has approximately 4.5% of Puyi and shares a common director with Puyi
Fanhua Lianxing Insurance Sales Co., Ltd.		Subsidiary of Fanhua Inc.
Tibet Zhuli Investment Co., Ltd.		Subsidiary of Fanhua Inc.
Mr. Tang Jianping		Minority shareholder of Zhonghui, who holds its 48% shares. As we disposed Zhonghui in December 2020, Mr. Tang Jianping was not our related party since then.
Shenzhen Taozhan Trade Co., Ltd.		Mr. Tang Jianping’s wife holds its 48% shares. As we disposed Zhonghui in December 2020, this entity was not our related party since then.
Red Lake Yongjin No.1 (Shenzhen) Investment LLP		A vehicle controlled by Mr. Tang Jianping by April 2020 and managed by the Group thereafter. As we disposed Zhonghui in December 2020, this entity was not our related party since then.
Shenzhen Red Lake Shengchuang Investment LLP		Ultimately controlled by Mr. Tang Jianping. As we disposed Zhonghui in December 2020, this entity was not our related party since then.
Jinhui Red Lake (Shenzhen) Enterprise Management Co., Ltd.		Mr. Tang Jianping is the executive partner of this entity. As we disposed Zhonghui in December 2020, this entity was not our related party since then.

Schedule of related party transactions

	Years ended June 30,
	Note	2019		2020		2021		2021
		RMB		RMB		RMB		US$
Loan provided to related parties
Shenzhen Red Lake Shengchuang Investment LLP	a		-		718		-		-
Jinhui Red Lake (Shenzhen) Enterprise Management Co., Ltd.	b		-		119		-		-
Subtotal			-		837		-		-

Repayment of loan from related parties
Shenzhen Red Lake Shengchuang Investment LLP	a		-		175		-		-
Jinhui Red Lake (Shenzhen) Enterprise Management Co., Ltd.	b		-		5		-		-
Shenzhen Taozhan Trade Co., Ltd.	c		410		-		-		-
Mr. Yu Haifeng	e		80		-		-		-
Subtotal			490		180		-		-

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

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

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

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

Other services
Income from Fanhua Lianxing Insurance Sales Co., Ltd.	d		-		-		1,146		178
Amount received from Fanhua Lianxing Insurance Sales Co., Ltd.	d		-		-		494		77

Schedule of amounts due from related parties

	As of June 30,
	Note	2020		2021		2021
		RMB		RMB		US$

Shenzhen Red Lake Shengchuang Investment LLP	a		543		-		-
Jinhui Red Lake (Shenzhen) Enterprise Management Co., Ltd	b		114		-		-
Shenzhen Taozhan Trade Co., Ltd.	c		590		-		-
Fanhua Lianxing Insurance Sales Co., Ltd.	d		-		721		112
Total			1,247		721		112

Concentrations (Tables)

12 Months Ended

Jun. 30, 2021

Net revenues [Member]

Concentrations (Tables) [Line Items]

Schedule of concentration risks

	Years ended June 30,
	2019		% of net revenues			2020		% of net revenues			2021		2021		% of net revenues
	RMB					RMB					RMB		US$

Company A		109,130		53.7	%		*		*			29,264		4,532		15.3	%
Company B		*		*			45,921		35.5	%		122,723		19,008		64.2	%
Company C		23,987		11.8	%		14,703		11.3	%		*		*		*
Company D		*		*			16,790		13.0	%		*		*		*
		133,117		65.5	%		77,414		59.8	%		151,987		23,540		79.5	%

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

Accounts Receivable [Member]

Concentrations (Tables) [Line Items]

Schedule of concentration risks

	As of June 30,
	2020		%			2021		2021		%
	RMB					RMB		US$

Company A		6,690		16.8	%		16,484		2,553		29.9	%
Company B		14,543		36.5	%		31,662		4,904		57.4	%
Company D		11,042		27.7	%		*		*		*
		32,275		81.0	%		48,146		7,457		87.3	%

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

Organization and Principal Activities (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Jun. 30, 2021	Aug. 06, 2018
Organization and Principal Activities (Details) [Line Items]
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 (Details) [Line Items]
Investable assets		¥ 30
Minimum [Member]
Organization and Principal Activities (Details) [Line Items]
Investable assets		¥ 600

Organization and Principal Activities (Details) - Schedule of subsidiaries and VIE	12 Months Ended
	Jun. 30, 2021
Wholly owned subsidiaries [Member] \| Puyi Group [Member]
Wholly owned subsidiaries
Date of incorporation/acquired	July 2018
Place of incorporation	BVI
Percentage of ownership	100.00%
Principal Activities	Holding company
Wholly owned subsidiaries [Member] \| Puyi Holdings (Hong Kong) Limited ("Puyi HK") [Member]
Wholly owned subsidiaries
Date of incorporation/acquired	July 2018
Place of incorporation	Hong Kong
Percentage of 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")
Wholly owned subsidiaries
Date of incorporation/acquired	August 2018
Place of incorporation	Chengdu
Percentage of ownership	100.00%
Principal Activities	WFOE
Wholly owned subsidiaries [Member] \| Puyi Dake [Member]
Wholly owned subsidiaries
Date of incorporation/acquired	May 2020
Place of incorporation	Chengdu
Percentage of ownership	100.00%
Principal Activities	Information technology
Variable Interest Entities [Member] \| Puyi Bohui [Member]
Wholly owned subsidiaries
Date of incorporation/acquired	April 2012
Place of incorporation	Chengdu
Percentage of ownership	100.00%
Principal Activities	Information technology
Variable Interest Entities [Member] \| Puyi Fund [Member]
Wholly owned subsidiaries
Date of incorporation/acquired	November 2010
Place of incorporation	Chengdu
Percentage of ownership	100.00%
Principal Activities	Fund product distribution
Variable Interest Entities [Member] \| Puyi Zhongxiang [Member]
Wholly owned subsidiaries
Date of incorporation/acquired	April 2014
Place of incorporation	Shenzhen
Percentage of ownership	100.00%
Principal Activities	Financial product distribution
Variable Interest Entities [Member] \| Puyi Asset [Member]
Wholly owned subsidiaries
Date of incorporation/acquired	May 2013
Place of incorporation	Shenzhen
Percentage of ownership	100.00%
Principal Activities	Asset management
Variable Interest Entities [Member] \| Chongqing Fengyi [Member]
Wholly owned subsidiaries
Date of incorporation/acquired	December 2016
Place of incorporation	Chongqing
Percentage of ownership	100.00%
Principal Activities	Corporate financing business

Organization and Principal Activities (Details) - Schedule of financial statements amounts and balances of the VIE ¥ in Thousands, $ in Thousands	Jun. 30, 2021 CNY (¥)	Jun. 30, 2021 USD ($)	Jun. 30, 2020 CNY (¥)
Schedule of financial statements amounts and balances of the VIE [Abstract]
Total assets	¥ 329,552	$ 51,041	¥ 262,699
Total liabilities	¥ 169,965	$ 26,324	¥ 58,557

Organization and Principal Activities (Details) - Schedule of Income statement amount and balances of the VIE ¥ in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2021 CNY (¥)	Jun. 30, 2021 USD ($)	Jun. 30, 2020 CNY (¥)	Jun. 30, 2019 CNY (¥)
Schedule of Income statement amount and balances of the VIE [Abstract]
Net revenues	¥ 193,013	$ 29,894	¥ 179,256	¥ 203,231
Net income	¥ (41,727)	$ (6,463)	¥ 12,767	¥ 52,023

- 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
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=125511455&loc=d3e1448-109256

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=125511455&loc=d3e1377-109256

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=125511455&loc=SL5780133-109256

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income after deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References + Details

Summary of Significant Accounting Policies (Details) - CNY (¥) ¥ in Thousands		12 Months Ended
	Jul. 01, 2019	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Accounting Policies [Abstract]
Allowances for doubtful accounts		¥ 6,892	¥ 6,892
Equity interest		1.00%
Management fees investment		2.00%
Contract liability			421
Revenue recognized included in the contract liabilities			421
Uncertain tax positions, description		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.
Uncertain tax positions		¥ 2,800		¥ 600
VAT percentage of the gross sales		6.00%
VAT percentage		6.00%
ROU assets	¥ 25,900
Lease liabilities	¥ 25,600
Foreign currency translation and change in reporting currency, description		US$1.00 = RMB6.4566

Summary of Significant Accounting Policies (Details) - Schedule of estimated useful lives	12 Months Ended
	Jun. 30, 2021
Summary of Significant Accounting Policies (Details) - Schedule of estimated useful lives [Line Items]
Leasehold improvements	Shorter of the remaining lease terms and estimated useful lives
Minimum [Member] \| Office equipment, furniture, fixtures [Member]
Summary of Significant Accounting Policies (Details) - Schedule of estimated useful lives [Line Items]
Estimated useful life	3 years
Minimum [Member] \| Motor vehicles [Member]
Summary of Significant Accounting Policies (Details) - Schedule of estimated useful lives [Line Items]
Estimated useful life	3 years
Maximum [Member] \| Office equipment, furniture, fixtures [Member]
Summary of Significant Accounting Policies (Details) - Schedule of estimated useful lives [Line Items]
Estimated useful life	5 years
Maximum [Member] \| Motor vehicles [Member]
Summary of Significant Accounting Policies (Details) - Schedule of estimated useful lives [Line Items]
Estimated useful life	5 years

Summary of Significant Accounting Policies (Details) - Schedule of disaggregation of revenue - CNY (¥)
¥ in Thousands

12 Months Ended

Jun. 30, 2021

Jun. 30, 2020

Jun. 30, 2019

Schedule of disaggregation of revenue [Abstract]

Wealth management

¥ 176,589

¥ 106,444

¥ 193,082

Distribution commissions

176,573

99,600

146,207

-- One time commissions

109,308

69,196

120,509

-- Recurring management fees

67,265

30,404

25,698

Performance-based distribution fees

6,844

46,875

Corporate financing

6,271

Asset management

13,464

23,033

2,767

Management fees

5,626

6,393

2,767

Performance-based fees

7,838

16,640

Information technology and other services

^[1]

1,147

1,111

Total

¥ 191,200

¥ 129,483

¥ 203,231

[1]	We ceased to provide information technology service from October 2020. For the year ended June 30, 2021, other services mainly represented service fee received from marketing insurance products, which was recognized at a point of time.

Cash, Cash Equivalents and Restricted Cash (Details) - Schedule of reconciliation of cash, cash equivalents, and restricted cash ¥ in Thousands, $ in Thousands	Jun. 30, 2021 CNY (¥)	Jun. 30, 2021 USD ($)	Jun. 30, 2020 CNY (¥)
Schedule of reconciliation of cash, cash equivalents, and restricted cash [Abstract]
Cash and cash equivalent	¥ 260,593	$ 40,361	¥ 285,924
Restricted cash	72,189	11,181	2,970
Total cash, cash equivalents, and restricted cash shown in the Consolidated Statements of Cash Flows	¥ 332,782	$ 51,542	¥ 288,894

Investments (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
Investments (Details) - CNY (¥) ¥ in Thousands	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Investments [Abstract]
Interest	1.00%
Private equity funds investments	¥ 653	¥ 1,499	¥ 172

Investments (Details) - Schedule of investment balances ¥ in Thousands	Jun. 30, 2021 CNY (¥)	Jun. 30, 2021 USD ($)	Jun. 30, 2020 CNY (¥)
Short-term investments
Private equity funds product-A			¥ 2,000
Private equity funds product-B			2,000
Total short-term investments			¥ 4,000

Accounts Receivable, Net (Details) - CNY (¥) ¥ in Thousands	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Receivables [Abstract]
Allowance for doubtful accounts	¥ 6,892	¥ 6,892

Accounts Receivable, Net (Details) - Schedule of accounts receivable ¥ in Thousands, $ in Thousands	Jun. 30, 2021 CNY (¥)	Jun. 30, 2021 USD ($)	Jun. 30, 2020 CNY (¥)
Schedule of accounts receivable [Abstract]
Accounts receivable	¥ 62,046	$ 9,610	¥ 46,704
Allowance for doubtful accounts	6,892	1,068	6,892
Accounts receivable, net	¥ 55,154	$ 8,542	¥ 39,812

Accounts Receivable, Net (Details) - Schedule of allowance for doubtful accounts - CNY (¥) ¥ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2021
Schedule of allowance for doubtful accounts [Abstract]
Balance beginning
Addition	6,892
Balance ending	6,892
Balance as of June 30, 2021	¥ 6,892	¥ 6,892

Other Receivables (Details) - Schedule of Other receivables ¥ in Thousands, $ in Thousands	Jun. 30, 2021 CNY (¥)	Jun. 30, 2021 USD ($)	Jun. 30, 2020 CNY (¥)
Schedule of Other receivables [Abstract]
Advances to staff	¥ 972	$ 151	¥ 511
Prepayments to service providers	6,190	959	3,043
Rental deposits	6,729	1,042	2,242
Other	778	119	580
Other receivables	¥ 14,669	$ 2,271	¥ 6,376

Short-Term Loans Receivable (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2020
Short-Term Loans Receivable (Details) [Line Items]
Provided loans		¥ 240,000		¥ 110,000
Repayment of loans		190,000	¥ 50,000	¥ 60,000
Short term loan		50,000
Repaid accrued interest					¥ 2,893
Interest income	¥ 2,730	¥ 5,386	¥ 310
Minimum [Member]
Short-Term Loans Receivable (Details) [Line Items]
Annual interest rate	6.00%
Maximum [Member]
Short-Term Loans Receivable (Details) [Line Items]
Annual interest rate	12.00%

Property and Equipment, Net (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2021 CNY (¥)	Jun. 30, 2021 USD ($)	Jun. 30, 2020 CNY (¥)	Jun. 30, 2019 CNY (¥)
Property, Plant and Equipment [Abstract]
Depreciation expense	¥ 3,165	$ 490	¥ 1,998	¥ 1,122
Property and equipment	667
Accumulated depreciation	¥ 642

Property and Equipment, Net (Details) - Schedule of property and equipment, net ¥ in Thousands, $ in Thousands	Jun. 30, 2021 CNY (¥)	Jun. 30, 2021 USD ($)	Jun. 30, 2020 CNY (¥)
Property, Plant and Equipment [Line Items]
Property and equipment, gross	¥ 17,131	$ 2,654	¥ 9,366
Less: Accumulated depreciation	(7,113)	(1,102)	(4,590)
Property and equipment, net	10,018	1,552	4,776
Furniture, office equipment, fixtures [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	3,946	611	2,966
Leasehold improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	11,535	1,787	5,481
Motor vehicles [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	¥ 1,650	$ 256	¥ 919

Intangible Assets, Net (Details) - Schedule of intangible assets net ¥ in Thousands, $ in Thousands	Jun. 30, 2021 CNY (¥)	Jun. 30, 2021 USD ($)	Jun. 30, 2020 CNY (¥)
Schedule of intangible assets net [Abstract]
Software and operating system	¥ 6,267	$ 971	¥ 4,427
Less: Accumulated amortization	(4,668)	(723)	(4,064)
Intangible asset, net	¥ 1,599	$ 248	¥ 363

Leases (Details) - Schedule of ROU assets and related lease liabilities ¥ in Thousands, $ in Thousands	Jun. 30, 2021 CNY (¥)	Jun. 30, 2021 USD ($)	Jun. 30, 2020 CNY (¥)
Schedule of ROU assets and related lease liabilities [Abstract]
Right-of-use assets	¥ 31,329	$ 4,851	¥ 22,172
Lease liabilities, current	13,705	2,122	7,401
Lease liabilities, non-current	17,310	2,681	14,709
Total operating lease liabilities	¥ 31,015	$ 4,803	¥ 22,110

Leases (Details) - Schedule of weighted average lease term and weighted average discount rate	Jun. 30, 2021	Jun. 30, 2020
Weighted average lease term:
Operating leases	2 years 4 months 24 days	3 years 14 days
Weighted average discount rate:
Operating leases	4.75%	4.75%

Leases (Details) - Schedule of lease expenses ¥ in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2021 CNY (¥)	Jun. 30, 2021 USD ($)	Jun. 30, 2020 CNY (¥)
Schedule of lease expenses [Abstract]
Operating lease expenses	¥ 11,129	$ 1,724	¥ 7,870
Short-term lease expenses	2,740	424	435
Total	¥ 13,869	$ 2,148	¥ 8,305

Leases (Details) - Schedule of supplemental cash flow information related to leases ¥ in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2021 CNY (¥)	Jun. 30, 2021 USD ($)	Jun. 30, 2020 CNY (¥)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating lease	¥ 10,879	$ 1,685	¥ 7,652
Supplement noncash information
New operating lease liabilities arose from obtaining right-of-use assets	20,317	3,147	4,417
Change on lease liabilities arose from modification on lease terms	(507)	(79)	1,430
Change on lease liabilities arose from early termination of operating leases	¥ (1,287)	$ (199)	¥ (2,850)

Leases (Details) - Schedule of maturities of lease liabilities - Jun. 30, 2021 ¥ in Thousands, $ in Thousands	CNY (¥)	USD ($)
Schedule of maturities of lease liabilities [Abstract]
2022	¥ 14,903	$ 2,308
2023	13,124	2,033
2024	4,748	735
2025	66	10
Thereafter
Total remaining undiscounted lease payments	32,841	5,086
Less: Interest	1,826	283
Total present value of lease liabilities	31,015	4,803
Less: Current operating lease liabilities	13,705	2,122
Non-current operating lease liabilities	¥ 17,310	$ 2,681

Investors' Deposit (Details) ¥ in Thousands	Jun. 30, 2021 CNY (¥)
Statistical Disclosure for Banks [Abstract]
Uninvested Cash Balance	¥ 72,189

Other Payables and Accrued Expenses (Details) - Schedule of components of other payables and accrued expenses ¥ in Thousands, $ in Thousands	Jun. 30, 2021 CNY (¥)	Jun. 30, 2021 USD ($)	Jun. 30, 2020 CNY (¥)
Schedule of components of other payables and accrued expenses [Abstract]
Payroll payable	¥ 16,246	$ 2,517	¥ 10,781
Value-added tax recoverable	(3,696)	(572)	(1,509)
Employee’s individual income tax	1,268	196	946
Other miscellaneous taxes	60	9	34
Accrued expenses	4,781	740	4,899
Others	465	72	604
Other payables and accrued expenses	¥ 19,124	$ 2,962	¥ 15,755

Sundry Income, Net (Details) - Schedule of components of sundry income, net ¥ in Thousands, $ in Thousands	Jun. 30, 2021 CNY (¥)	Jun. 30, 2021 USD ($)	Jun. 30, 2020 CNY (¥)	Jun. 30, 2019 CNY (¥)
Schedule of components of sundry income, net [Abstract]
Government grants	¥ 4,945	$ 765	¥ 5,104	¥ 415
Others	(255)	(39)	(27)	(156)
Total sundry income, net	¥ 4,690	$ 726	¥ 5,077	¥ 259

Income Taxes (Details) - CNY (¥)	1 Months Ended	12 Months Ended
Income Taxes (Details) - CNY (¥)	Mar. 21, 2018	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Income Taxes (Details) [Line Items]
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%. Dake is qualified as a small low-profit enterprise with estimated annual taxable income of less than RMB1 million in the fiscal year 2021 and its annual effective enterprise income tax rate is 5%. Other PRC subsidiaries are subject to a standard 25% EIT.
Total tax loss carry-forwards		¥ 121,530	¥ 76,742
Percentage of income tax rate		100.00%
Unrecognized tax benefits		¥ 12,100	¥ 9,300	¥ 9,300
June 30, 2023 [Member]
Income Taxes (Details) [Line Items]
Total tax loss carry-forwards		5,051
June 30, 2024 [Member]
Income Taxes (Details) [Line Items]
Total tax loss carry-forwards		4,429
June 30, 2025 [Member]
Income Taxes (Details) [Line Items]
Total tax loss carry-forwards		37,760
June 30, 2026 [Member]
Income Taxes (Details) [Line Items]
Total tax loss carry-forwards		¥ 74,290
EIT Law [Member]
Income Taxes (Details) [Line Items]
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]
Income Taxes (Details) [Line Items]
Percentage of income tax rate		5.00%
Maximum [Member]
Income Taxes (Details) [Line Items]
Percentage of income tax rate		25.00%
Hong Kong [Member]
Income Taxes (Details) [Line Items]
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%.
Disposal of Zhonghui [Member]
Income Taxes (Details) [Line Items]
Total tax loss carry-forwards		¥ 4,141

Income Taxes (Details) - Schedule of components of the income tax provision ¥ in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2021 CNY (¥)	Jun. 30, 2021 USD ($)	Jun. 30, 2020 CNY (¥)	Jun. 30, 2019 CNY (¥)
Schedule of components of the income tax provision [Abstract]
Current	¥ 1,072	$ 166	¥ 3,382	¥ 10,288
Deferred	(10,680)	(1,654)	(5,776)	(892)
Total income tax expense (benefit)	¥ (9,608)	$ (1,488)	¥ (2,394)	¥ 9,396

- Definition

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

+ References + Details

Income Taxes (Details) - Schedule of components of the deferred income tax assets and liabilities ¥ in Thousands, $ in Thousands	Jun. 30, 2021 CNY (¥)	Jun. 30, 2021 USD ($)	Jun. 30, 2020 CNY (¥)
Non-current deferred tax assets:
Tax loss carry forward	¥ 22,149	$ 3,430	¥ 12,275
Allowance for doubtful accounts, credit losses and impairment losses	1,723	267	1,723
Subtotal	23,872	3,697	13,998
Less: valuation allowances	2,284	353	3,089
Total	¥ 21,588	$ 3,344	¥ 10,909

Income Taxes (Details) - Schedule of reconciliation between the statutory tax rate to income before income taxes ¥ in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2021 CNY (¥)	Jun. 30, 2021 USD ($)	Jun. 30, 2020 CNY (¥)	Jun. 30, 2019 CNY (¥)
Schedule of reconciliation between the statutory tax rate to income before income taxes [Abstract]
Income (loss) from operations before income taxes	¥ (55,674)	$ (8,623)	¥ (35,945)	¥ 61,419
PRC income tax statutory rate	25.00%	25.00%	25.00%	25.00%
Income tax expense (benefit) at statutory tax rate	¥ (13,919)	$ (2,156)	¥ (8,986)	¥ 15,355
Preferential tax treatments	403	62	4,633	(6,606)
Super deduction of qualified R&D expenditures	(360)	(56)	447	(857)
Expenses not deductible for tax purposes	998	155	391	388
Uncertain tax provision	2,800	434		600
Tax expenses not deductible for book purposes			(727)
Others	240	37	(312)	(413)
Valuation allowances	230	36	2,160	929
Income tax expense (benefit)	¥ (9,608)	$ (1,488)	¥ (2,394)	¥ 9,396

Income Taxes (Details) - Schedule of other tax liabilities ¥ in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2021 CNY (¥)	Jun. 30, 2021 USD ($)	Jun. 30, 2020 CNY (¥)	Jun. 30, 2020 USD ($)	Jun. 30, 2019 CNY (¥)	Jun. 30, 2019 USD ($)
Schedule of other tax liabilities [Abstract]
Balance beginning					¥ 8,700	$ 1,315
Provisions for uncertain tax positions in fiscal year	¥ 2,800	$ 434			600	40
Balance ending	¥ 12,100	$ 1,874	¥ 9,300	$ 1,316	¥ 9,300	$ 1,355

Earnings (Loss) Per Share (Details) - Schedule of basic and diluted net income (loss) per ordinary share ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2021 CNY (¥) ¥ / shares shares	Jun. 30, 2021 USD ($) $ / shares shares	Jun. 30, 2020 CNY (¥) ¥ / shares shares	Jun. 30, 2019 CNY (¥) ¥ / shares shares
Numerator:
Net income (loss)	¥ (46,066)	$ (7,135)	¥ (33,551)	¥ 52,023
Less: Net income (loss) attributable to the non-controlling interests	304	47	(648)	(1,508)
Net income (loss) attributable to the Group’s shareholders	¥ (46,370)	$ (7,182)	¥ (32,903)	¥ 53,531
Denominator:
Weighted average number of ordinary shares outstanding (in Shares)	90,472,014	90,472,014	90,472,014	84,997,628
Basic & diluted net income (loss) per ordinary share (in Dollars per share and Yuan Renminbi per share) \| (per share)	¥ (0.513)	$ (0.079)	¥ (0.364)	¥ 0.630

Condensed Financial Statements of the Company (Details) - Schedule of condensed statements of financial position - Parent [Member] ¥ in Thousands, $ in Thousands	Jun. 30, 2021 CNY (¥)	Jun. 30, 2021 USD ($)	Jun. 30, 2020 CNY (¥)
Current assets:
Cash and cash equivalents	¥ 12,770	$ 1,978	¥ 15,286
Total current assets	12,770	1,978	15,286
Investments in subsidiaries	307,741	47,663	352,755
Total assets	320,511	49,641	368,041
Current liabilities:
Other payables and accrued expenses	210	33	85
Total current liabilities	210	33	85
Total liabilities	210	33	85
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, 2020 and 2021, respectively)	600	93	600
Additional paid-in capital	224,694	34,801	224,702
Retained earnings	95,817	14,840	142,187
Accumulated other comprehensive income	(810)	(126)	467
Total equity	320,301	49,608	367,956
Total liabilities and equity	¥ 320,511	$ 49,641	¥ 368,041

Condensed Financial Statements of the Company (Details) - Schedule of condensed statements of financial position (Parentheticals) - Parent [Member] - $ / shares	Jun. 30, 2021	Jun. 30, 2020
Condensed Balance Sheet Statements, Captions [Line Items]
Ordinary shares, authorized shares	2,000,000,000	2,000,000,000
Ordinary shares, shares issued	90,472,014	90,472,014
Ordinary shares, shares outstanding	90,472,014	90,472,014
Ordinary shares, par value (in Dollars per share)	$ 0.001

Condensed Financial Statements of the Company (Details) - Schedule of condensed statements of operations and comprehensive income (loss) - Parent [Member] ¥ in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2021 CNY (¥)	Jun. 30, 2021 USD ($)	Jun. 30, 2020 CNY (¥)	Jun. 30, 2019 CNY (¥)
Condensed Statement of Income Captions [Line Items]
General and administrative expenses	¥ (1,369)	$ (212)	¥ (1,286)	¥ 129
Interest income	68	11	188	361
Equity in earnings (loss) of subsidiaries	(45,067)	(6,980)	(31,805)	53,220
Income (loss) before income taxes	(46,368)	(7,181)	(32,903)	53,710
Income tax expense	(2)	(1)		(179)
Net income (loss)	(46,370)	(7,182)	(32,903)	53,531
Other comprehensive income (loss), net of tax: Foreign currency translation adjustments	(1,277)	(198)	456	11
Total Comprehensive income (loss)	¥ (47,647)	$ (7,380)	¥ (32,447)	¥ 53,542

Related Party Transactions (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019	Aug. 31, 2018	Jul. 31, 2018
Shenzhen Red Lake Shengchuang Investment LLP [Member]
Related Party Transactions (Details) [Line Items]
Short-term loan		¥ 718
Repaid amount		175
Jinhui Red Lake (Shenzhen) Enterprise Management Co., Ltd. [Member]
Related Party Transactions (Details) [Line Items]
Short-term loan		119
Repaid amount		¥ 5
Shenzhen Taozhan Trade Co., Ltd. [Member]
Related Party Transactions (Details) [Line Items]
Short-term loan					¥ 1,000
Repaid amount			¥ 410
Fanhua Lianxing Insurance Sales Co., Ltd. [Member]
Related Party Transactions (Details) [Line Items]
Service fee	¥ 1,215
Marketing insurance	1,146
Amount received	¥ 494
Tibet Zhuli Investment Co., Ltd. [Member]
Related Party Transactions (Details) [Line Items]
Short-term loan				¥ 50,000
Unsecured bearing interest rate				8.50%

Related Party Transactions (Details) - Schedule of related parties with whom the group conducted significant transactions and relationship	12 Months Ended
	Jun. 30, 2021
Mr. Yu Haifeng [Member]
Related Party Transactions (Details) - Schedule of related parties with whom the group conducted significant transactions and relationship [Line Items]
Relationship	Controlling shareholder and Chairman of the Group CEO of the Group until September 20, 2019
Fanhua Inc. [Member]
Related Party Transactions (Details) - Schedule of related parties with whom the group conducted significant transactions and relationship [Line Items]
Relationship	Shareholder of Puyi since September 2018 who has approximately 4.5% of Puyi and shares a common director with Puyi
Fanhua Lianxing Insurance Sales Co., Ltd. [Member]
Related Party Transactions (Details) - Schedule of related parties with whom the group conducted significant transactions and relationship [Line Items]
Relationship	Subsidiary of Fanhua Inc.
Tibet Zhuli Investment Co., Ltd. [Member]
Related Party Transactions (Details) - Schedule of related parties with whom the group conducted significant transactions and relationship [Line Items]
Relationship	Subsidiary of Fanhua Inc.
Mr. Tang Jianping [Member]
Related Party Transactions (Details) - Schedule of related parties with whom the group conducted significant transactions and relationship [Line Items]
Relationship	Minority shareholder of Zhonghui, who holds its 48% shares. As we disposed Zhonghui in December 2020, Mr. Tang Jianping was not our related party since then.
Shenzhen Taozhan Trade Co., Ltd. [Member]
Related Party Transactions (Details) - Schedule of related parties with whom the group conducted significant transactions and relationship [Line Items]
Relationship	Mr. Tang Jianping’s wife holds its 48% shares. As we disposed Zhonghui in December 2020, this entity was not our related party since then.
Red Lake Yongjin No.1 (Shenzhen) Investment LLP [Member]
Related Party Transactions (Details) - Schedule of related parties with whom the group conducted significant transactions and relationship [Line Items]
Relationship	A vehicle controlled by Mr. Tang Jianping by April 2020 and managed by the Group thereafter. As we disposed Zhonghui in December 2020, this entity was not our related party since then.
Shenzhen Red Lake Shengchuang Investment LLP [Member]
Related Party Transactions (Details) - Schedule of related parties with whom the group conducted significant transactions and relationship [Line Items]
Relationship	Ultimately controlled by Mr. Tang Jianping. As we disposed Zhonghui in December 2020, this entity was not our related party since then.
Jinhui Red Lake (Shenzhen) Enterprise Management Co., Ltd. [Member]
Related Party Transactions (Details) - Schedule of related parties with whom the group conducted significant transactions and relationship [Line Items]
Relationship	Mr. Tang Jianping is the executive partner of this entity. As we disposed Zhonghui in December 2020, this entity was not our related party since then.

Related Party Transactions (Details) - Schedule of related party transactions
¥ in Thousands, $ in Thousands

12 Months Ended

Jun. 30, 2021

CNY (¥)

Jun. 30, 2021

USD ($)

Jun. 30, 2020

CNY (¥)

Jun. 30, 2019

CNY (¥)

Loan provided to related parties

¥ 837

Repayment of loan from related parties

180

490

Repayment of loan to related party

837

Shenzhen Red Lake Shengchuang Investment LLP [Member]

Loan provided to related parties

^[1]

718

Repayment of loan from related parties

^[1]

175

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

Loan provided to related parties

^[2]

119

Repayment of loan from related parties

^[2]

Shenzhen Taozhan Trade Co., Ltd. [Member]

Repayment of loan from related parties

^[3]

410

Mr. Yu Haifeng [Member]

Repayment of loan from related parties

^[4]

Tibet Zhuli Investment Co., Ltd. [Member]

Loan received from related party

^[5]

50,000

Interest expense

^[5]

1,048

Repayment of loan to related party

^[5]

51,048

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

Advisory fee expense

^[6]

581

Income from Fanhua Lianxing Insurance Sales Co., Ltd.[Member]

Other services

^[7]

1,146

178

Amount received from Fanhua Lianxing Insurance Sales Co., Ltd. [Member]

Other services

^[7]

¥ 494

$ 77

[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. As we disposed Zhonghui in December 2020, this entity was not our related party since then.
[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. As we disposed Zhonghui in December 2020, this entity was not our related party since then.
[3]	Zhonghui, a subsidiary acquired by the Group in July 2018, provided an interest free loan of RMB1,000 to Shenzhen Taozhan Trade Co., Ltd. (“Taozhan”). During the year ended June 30, 2019, Taozhan repaid RMB410 to the Group. As we disposed Zhonghui in December 2020, this entity was not our related party since then.
[4]	The Group provided a loan to Mr. Yu Haifeng in June 2018. The loan has been repaid in July 2018.
[5]	In August 2018, the Group received a short-term loan with a principal amount of RMB50,000 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.
[6]	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.
[7]	Starting from January 2021, the Group cooperated with Fanhua Lianxing Insurance Sales Co., Ltd (“Lianxing”) and received service fee with VAT totaling RMB1,215 and without VAT totaling RMB1,146 from marketing insurance products for Lianxing. As of June 30, 2021, RMB494 with VAT had been received.

Related Party Transactions (Details) - Schedule of amounts due from related parties
¥ in Thousands, $ in Thousands

Jun. 30, 2021

CNY (¥)

Jun. 30, 2021

USD ($)

Jun. 30, 2020

CNY (¥)

Business Acquisition [Line Items]

Amounts due from related parties

¥ 721

$ 112

¥ 1,247

Shenzhen Red Lake Shengchuang Investment LLP [Member]

Business Acquisition [Line Items]

Amounts due from related parties

^[1]

543

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

Business Acquisition [Line Items]

Amounts due from related parties

^[2]

114

Shenzhen Taozhan Trade Co., Ltd. [Member]

Business Acquisition [Line Items]

Amounts due from related parties

^[3]

590

Fanhua Lianxing Insurance Sales Co., Ltd. [Member]

Business Acquisition [Line Items]

Amounts due from related parties

^[4]

¥ 721

$ 112

[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. As we disposed Zhonghui in December 2020, this entity was not our related party since then.
[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. As we disposed Zhonghui in December 2020, this entity was not our related party since then.
[3]	Zhonghui, a subsidiary acquired by the Group in July 2018, provided an interest free loan of RMB1,000 to Shenzhen Taozhan Trade Co., Ltd. (“Taozhan”). During the year ended June 30, 2019, Taozhan repaid RMB410 to the Group. As we disposed Zhonghui in December 2020, this entity was not our related party since then.
[4]	Starting from January 2021, the Group cooperated with Fanhua Lianxing Insurance Sales Co., Ltd (“Lianxing”) and received service fee with VAT totaling RMB1,215 and without VAT totaling RMB1,146 from marketing insurance products for Lianxing. As of June 30, 2021, RMB494 with VAT had been received.

Non-Controlling Interest (Details) - Zhonghui [Member] - CNY (¥) ¥ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019	Jul. 03, 2018
Non-Controlling Interest (Details) [Line Items]
Equity interest percentage		49.00%		51.00%
Minority interest		¥ 2,525
Non-controlling interest
Non-controlling interest related to consolidated statements of operations	¥ 304	¥ 648	¥ 1,508

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(24))
-URI http://asc.fasb.org/extlink&oid=120400017&loc=d3e572229-122910

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.31)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(22))
-URI http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

+ Details

Statutory Reserve (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
Statutory Reserve (Details) - CNY (¥) ¥ in Thousands	Jun. 30, 2021	Jun. 30, 2020
Statutory Reserve [Abstract]
Reserve of net profits after income tax, percentage	10.00%
Percentage of statutory reserve registered capital	50.00%
Balance of statutory reserve	¥ 23,103	¥ 21,873

Concentrations (Details) - Customer Concentration Risk [Member]	Jun. 30, 2021
Net revenues [Member]
Concentrations (Details) [Line Items]
Concentration risk, percentage	10.00%
Accounts Receivable [Member]
Concentrations (Details) [Line Items]
Concentration risk, percentage	10.00%