United States securities and exchange commission logo

                                December 7, 2021

       Ren Yong
       Chief Executive Officer
       Puyi Inc.
       42F, Pearl River Tower
       No. 15 Zhujiang West Road, Zhujiang New Town, Tianhe
       Guangzhou, Guangdong, Province
       People's Republic of China

                                                        Re: Puyi Inc.
Statement on Form F-3
                                                            Filed November 15,
                                                            File No. 333-261063

       Dear Mr. Yong:

              We have limited our review of your registration statement to
those issues we have
       addressed in our comments. In some of our comments, we may ask you to
provide us with
       information so we may better understand your disclosure.

              Please respond to this letter by amending your registration
statement and providing the
       requested information. If you do not believe our comments apply to your
facts and
       circumstances or do not believe an amendment is appropriate, please tell
us why in your

              After reviewing any amendment to your registration statement and
the information you
       provide in response to these comments, we may have additional comments.

       Registration Statement on Form F-3

       Prospectus Cover Page, page i

   1.                                                   We note your disclosure
that you are not an operating company but a Cayman Islands
                                                        holding company with
operations conducted by your subsidiaries and through contractual
                                                        arrangements with a
variable interest entity (VIE) based in China. Explain whether the
                                                        VIE structure is used
to replicate foreign investment in Chinese-based companies where
                                                        Chinese law prohibits
direct foreign investment in the operating companies. Your
                                                        disclosure should
acknowledge that Chinese regulatory authorities could disallow this
                                                        structure, which would
likely result in a material change in your operations and/or value
                                                        of your securities,
including that it could cause the value of such securities to significantly
 Ren Yong
Puyi Inc. LastNameRen Yong
December  NamePuyi
             2021    Inc.
Page 2    7, 2021 Page 2
FirstName LastName
         decline or become worthless.
2.       Provide prominent disclosure about the legal and operational risks
associated with being
         based in or having the majority of the company   s operations in
China. Your disclosure
         should address how recent statements and regulatory actions by China
s government, such
         as those related to the use of variable interest entities and data
security or anti-monopoly
         concerns, has or may impact the company   s ability to conduct its
business, accept foreign
         investments, or list on an U.S. or other foreign exchange. Your
prospectus summary
         should address, but not necessarily be limited to, the risks
highlighted on the prospectus
         cover page.
Our Company, page 5

3.       We note your disclosure on page 7 and throughout your filing that you
control and receive
         economic benefits from Puyi Bohui's business operations through VIE
agreements and
         that those agreements are designed to provide your WFOE with effective
control over the
         VIE. We also note the disclosure on page 14 that you are the primary
beneficiary of the
         VIE. However, you or your investors do not have an equity ownership
in, direct foreign
         investment in, or control through such ownership/investment of the
VIE. As such, when
         describing the design of the VIE agreements and related outcome,
please refrain from
         implying that the VIE agreement is equivalent to an equity ownership
in the business of
         the VIE. Any references to control or benefits that accrue to you
because of the VIE
         should be limited to and clearly describe the conditions you met for
consolidation of the
         VIE under U.S. GAAP and your disclosure should clarify that, for
accounting purposes,
         you will be the primary beneficiary. In addition, your disclosure
should note, if true, that
         the agreements have not been tested in a court of law.
4.       Please disclose whether you are required to obtain any approvals to
offer securities to
         foreign investors, whether you have received such approvals and the
consequences to you
         and your investors if you do not receive or maintain the approvals,
inadvertently conclude
         that such approvals are not required, or applicable laws, regulations,
or interpretations
         change and you are required to obtain approval in the future.
5.       Provide a clear description of how cash is transferred through your
organization. Describe
         any restrictions on foreign exchange and your ability to transfer cash
between entities,
         across borders, and to U.S. investors. Describe any restrictions and
limitations on your
         ability to distribute earnings from your businesses, including
subsidiaries and/or
         consolidated VIEs, to the parent company and U.S. investors as well as
the ability to settle
         amounts owed under the VIE agreements. Please expand your disclosure
on the
         prospectus cover page to provide a description of how cash is
transferred through your
         organization and the disclosure regarding your intentions to
distribute earnings or settle
         amounts owed under the VIE agreements. State whether any transfers,
dividends, or
         distributions have been made to date.
6.       We note that the consolidated VIEs constitute a material part of your
 Ren Yong
Puyi Inc. LastNameRen Yong
December  NamePuyi
             2021    Inc.
Page 3    7, 2021 Page 3
FirstName LastName
         financial statements. Please provide in tabular form a condensed
         schedule depicting the financial position, cash flows and results of
operations for the
         parent, the consolidated variable interest entities, and any
eliminating adjustments
         separately as of the same dates and for the same periods for which
audited consolidated
         financial statements are required. The schedule should present major
line items, such as
         revenue and cost of goods/services and subtotals and disaggregated
         amounts, such as separate line items for intercompany receivables and
investment in
         subsidiary. The schedule should also disaggregate the parent company,
the VIEs and its
         consolidated subsidiaries, the WFOEs that are the primary beneficiary
of the VIEs, and an
         aggregation of other entities that are consolidated. The objective of
this disclosure is to
         allow an investor to evaluate the nature of assets held by, and the
operations of, entities
         apart from the variable interest entity, as well as the nature and
amounts associated with
         intercompany transactions. Any intercompany amounts should be
presented on a gross
         basis and when necessary, additional disclosure about such amounts
should be included in
         order to make the information as presented not misleading.
7.       Disclose in this section that trading in your securities may be
prohibited under the Holding
         Foreign Companies Accountable Act if the PCAOB determines that it
cannot inspect or
         fully investigate your auditor, and that as a result an exchange may
determine to delist
         your securities. If the PCAOB has been or is currently unable to
inspect your auditor,
         revise your disclosure to so state. We also note your disclosure on
page 12 and the risk
         factor heading on page 16 that your ADSs may be delisted under the
Holding Foreign
         Companies Accountable Act if the Public Company Accounting Oversight
Board is
         unable to inspect auditors who are located in China. Please revise to
clarify that the
         consequence is that trading in your securities may be prohibited under
the HFCA Act.
Our business is subject to complex and evolving Chinese laws and regulations
regarding data
privacy and cybersecurity, page 13

8.       Please revise to discuss the extent to which you believe that you are
compliant with the
         regulations or policies that have been issued by the CAC to date.
Risk Factors, page 13

9.       Please move the risk factors related to your China operations to an
earlier part of your risk
         factors, and make corresponding changes to the Summary of Risk
Our ADSs may be delisted under the Holding Foreign Companies Accountable Act,
page 16

10.      We note your disclosure that the U.S. Senate passed a bill on June 22,
2021 which, if
         enacted, would reduce the number of consecutive non-inspection years
required for
         triggering the prohibitions under the HFCA Act from three years to
two. Please clarify
         that this bill was the Accelerating Holding Foreign Companies
Accountable Act, which, if
         enacted, would reduce the time period before your securities may be
prohibited from
         trading or delisted.
 Ren Yong
Puyi Inc.
December 7, 2021
Page 4
Index to Exhibits, page II-3

11.      Please list a statement of eligibility of trustee for the indenture as
an Exhibit 25 to
         your registration statement. See Item 601(b)(25) of Regulation S-K. If
you wish
         to designate the trustees on a delayed basis, as permitted by Section
305(b)(2) of the
         Trust Indenture Act, please indicate that you will separately file the
Form T-1 under
         the electronic form type "305B2" in the notes to the index, and
include the undertaking
         contained in Item 512(j) of Regulation S-K. For further guidance,
please refer to Trust
         Indenture Act of 1939 Compliance and Disclosure Interpretations
Questions 206.01 and
        We remind you that the company and its management are responsible for
the accuracy
and adequacy of their disclosures, notwithstanding any review, comments, action
or absence of
action by the staff.

       Refer to Rules 460 and 461 regarding requests for acceleration. Please
allow adequate
time for us to review any amendment prior to the requested effective date of
the registration

       Please contact John Stickel at 202-551-3324 or Sonia Bednarowski at
202-551-3666 with
any questions.

FirstName LastNameRen Yong                                   Sincerely,
Comapany NamePuyi Inc.
                                                             Division of
Corporation Finance
December 7, 2021 Page 4                                      Office of Finance
FirstName LastName