0001013762-23-007052 | 20-F | XBRL Viewer

Mar. 27, 2017

The PRC

100%

Feierlai (Beijing) Technology Limited [Member]

Investment holding

Jul. 27, 2016

The PRC

100%*

^[1]

Beijing Dianfengtongdao Technology Limited [Member]

Listing Businesses

Apr. 25, 2017

The PRC

100%*

^[1]

Hundreds of Mountains Limited [Member]

Listing Businesses, Old Business

Mar. 22, 2021

The BVI

100%

Witty Digital Technology Limited [Member]

Investment holding

Mar. 29, 2021

Hong Kong

100%

Beijing Liangzizhige Technology Limited [Member]

Investment holding

Mar. 19, 2021

The PRC

100%

Feierlai (Beijing) Technology Co., Ltd [Member]

Listing Businesses

Jul. 27, 2016

The PRC

100%*

Beijing Shijiwanhe Information Consulting Limited [Member]

Listing Businesses

Aug. 28, 2019

The PRC

100%*

Beijing Denggaoerge Network Technology Limited [Member]

Listing Businesses

Dec. 24, 2020

The PRC

100%*

Anhui Denggaoerge Network Technology Co., Ltd [Member]

Listing Businesses

Feb. 12, 2023

The PRC

100%*

Listing Businesses

[1]	WN WFOE had 100% of beneficial interests in these consolidated VIEs.

Accounts Receivable, Net (Details) - Schedule of Allowance for Credit Losses - CNY (¥) ¥ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Schedule of Allowance for Credit Losses [Abstract]
Balance at beginning of the year	¥ (13)	¥ (446)
(Additions)/Reversals	(46)	433
Write-offs
Balance at end of the year	¥ (59)	¥ (13)

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

Restricted Net Assets and Parent Company Only Condensed Financial Information (Details) - Schedule of Condensed Statements of Operations and Comprehensive Loss - Parent Company [Member] ¥ in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2023 CNY (¥)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 CNY (¥)
Schedule of Condensed Statements of Operations and Comprehensive Loss [Line Items]
Revenues
Cost of revenues	(26,486)	(3,653)	(27,583)
Gross Profit	(26,486)	(3,653)	(27,583)
Operating expenses:
Sales and marketing expenses	(52,182)	(7,196)	(86,682)
Research and development expenses	(49,047)	(6,764)	(120,558)
General and administrative expenses	(72,164)	(9,952)	(57,287)
Total operating expenses	(173,393)	(23,912)	(264,527)
Loss from operations	(199,879)	(27,565)	(292,110)
Other (loss)/income:
Interest income	74	10
Others, net	680	95
Share of (loss)/income from subsidiaries	105,565	14,558	(4,028)
Income/(loss) from the VIE	(14,977)	(2,065)	62,712
Loss before income tax	(108,537)	(14,967)	(233,426)
Income tax expense
Net loss	(108,537)	(14,967)	(233,426)
Allocation of accretion of Predecessors’ preferred shares			(22,655)
Allocation of deemed dividends due to extinguishment of Predecessors’ preferred shares
Accretion of the Company’s preferred shares	(22,379)	(3,086)	(2,987)
Net loss attributable to ordinary shareholders of QuantaSing Group Limited	(130,916)	(18,053)	(259,068)
Net loss	(108,537)	(14,967)	(233,426)
Other comprehensive income
Foreign currency translation adjustments, net of nil tax	20,343	2,805	1,839
Total other comprehensive income	20,343	2,805	1,839
Total comprehensive loss	¥ (88,194)	$ (12,162)	¥ (231,587)

Loss Per Share

12 Months Ended

Jun. 30, 2023

Loss Per Share [Abstract]

Loss per share

16.

Loss per share

Basic net loss per share is the amount of net loss available to each share of ordinary shares outstanding during the reporting period. Diluted net loss per share is the amount of net loss available to each share of ordinary shares outstanding during the reporting period adjusted to include the effect of potentially dilutive ordinary equivalent shares.

On May 31, 2022, the Company completed the Reorganization and issued 54,642,638 ordinary shares, of which 47,812,308 ordinary shares were outstanding, and issued 100,843,631 preferred shares which had the same number and terms of preferred shares originally issued by EW immediately before the Reorganization completion (See Note 14 and 15).

In computing the basic and diluted loss per share for the periods presented, the effect of the Reorganization was accounted for in a manner similar to a stock split or stock dividend which was accounted for in accordance with ASC 260. Thus, the number of the ordinary shares and preferred shares newly issued by the Company was retrospectively included since the beginning of the earliest period presented or the original issuance date of Predecessors, whichever is later, in calculating the loss per ordinary share.

Basic loss per share and diluted loss per share were calculated in accordance with ASC 260 Earnings per share for the years ended June 30, 2021, 2022 and 2023 as below:

	For the years ended June 30,
	2021			2022			2023
	RMB			RMB			RMB

Numerator:
Net loss		(316,037	)		(233,426	)		(108,652	)
Net income attributable to noncontrolling interests		-			-			115
Net (loss)/Income attributable to QuantaSing Group Limited		(316,037	)		(233,426	)		(108,537	)
Allocation of accretion of Predecessors’ preferred shares (i)		(17,480	)		(22,655	)		-
Allocation of deemed dividends due to extinguishment of Predecessors’ preferred shares (ii)		(197,436	)		-			-
Accretion of the Company’s preferred shares subsequent to the Reorganization completion date		-			(2,987	)		(22,379	)
Net loss attributable to ordinary shareholders of QuantaSing Group Limited		(530,953	)		(259,068	)		(130,916	)
Denominator:
Weighted average number of ordinary shares outstanding — basic and diluted (iii)		41,206,648			49,270,950			103,948,398
Net loss per share — basic and diluted		(12.89	)		(5.26	)		(1.26	)

For the purpose of calculating loss per share for the periods before the Step 2 Reorganization, accretion and the deemed dividend incurred by the preferred shares issued by WN and EW (the “Predecessors’ preferred shares”) were allocated to the Listing Businesses based on the relative fair value of the Listing Businesses and the Predecessors group.

(i)

(ii)

(iii)

For the years ended June 30, 2021, 2022 and 2023, the Company had potential ordinary shares, including preferred shares, share options and restricted shares. On a weighted average basis, 94,269, 515,100,843,631 and 58,295,907 preferred shares, 1,067,177, 13,021,497 and 14,040,780 share options, and 13,657,905, 7,647,753 and 814,341 restricted shares were excluded from the computation of diluted net loss per ordinary share because including them would have had an anti-dilutive effect for the years ended June 30, 2021, 2022 and 2023, respectively.

Commitments and Contingencies (Details) - Schedule of Future Minimum Commitments under Non-Cancelable Agreements ¥ in Thousands	Jun. 30, 2023 CNY (¥)
Schedule of Future Minimum Commitments under Non-Cancelable Agreements [Abstract]
Less than 1 year, Office rentals	¥ 786
1-5 years, Office rentals	786
Total, Office rentals	¥ 1,572

Short-Term Investments (Details) - Schedule of the Fair Value Hierarchy for the Group’s Assets and Liabilities
¥ in Thousands, $ in Thousands

Jun. 30, 2023

CNY (¥)

Jun. 30, 2023

USD ($)

Jun. 30, 2022

CNY (¥)

Assets

Wealth Management Products [Member]

¥ 166,303

$ 22,934

¥ 132,632

Assets

Investment in private fund [Member]

^[1]

50,213

132,632

Assets

Investment in structured notes [Member]

^[2]

58,223

Assets

Quoted Prices in Active Market for Identical Assets (Level 1) [Member]

^[3]

57,867

Assets

Quoted Prices in Active Market for Identical Assets (Level 1) [Member] | Wealth Management Products [Member]

Assets

Quoted Prices in Active Market for Identical Assets (Level 1) [Member] | Investment in private fund [Member]

^[1]

Assets

Quoted Prices in Active Market for Identical Assets (Level 1) [Member] | Investment in structured notes [Member]

^[2]

Assets

Significant Other Observable Inputs (Level 2) [Member]

^[3]

Assets

Significant Other Observable Inputs (Level 2) [Member] | Wealth Management Products [Member]

108,080

132,632

Assets

Significant Other Observable Inputs (Level 2) [Member] | Investment in private fund [Member]

^[1]

50,213

132,632

Assets

Significant Other Observable Inputs (Level 2) [Member] | Investment in structured notes [Member]

^[2]

Assets

Significant Other Unobservable Inputs (Level 3) [Member]

^[3]

57,867

Assets

Significant Other Unobservable Inputs (Level 3) [Member] | Wealth Management Products [Member]

58,223

Assets

Significant Other Unobservable Inputs (Level 3) [Member] | Investment in private fund [Member]

^[1]

Assets

Significant Other Unobservable Inputs (Level 3) [Member] | Investment in structured notes [Member]

^[2]

58,223

Assets

Restricted Net Assets and Parent Company Only Condensed Financial Information [Abstract]

^[3]

[1]	The Group’s short-term investments in wealth management products were issued by financial institutions in the PRC with variable returns indexed to the performance of underlying assets. The wealth management products invested by the Group can be redeemed at any time after the respective lock-up period. To estimate the fair value of wealth management products, the Group uses the quoted net asset values published by the financial institutions or by discounting the future cash flows at the expected yield rate with reference to the expected benchmark yield rates published by the financial institutions. As there are no quoted prices in active markets for the investments. The Company classifies the valuation techniques that use these inputs as Level 2 of fair value measurement.
[2]	The Group’s investment in private fund was issued by a private fund with variable returns indexed to the performance of underlying assets. The investment can be redeemed at any time after the specified lock-up period. Fair value is estimated according to the net asset value provided by the private fund based on the expected cash flows using the unobservable expected return. The Company classifies the valuation techniques that use these inputs as Level 3 of fair value measurement. All of the remaining balance of the investment in private fund was redeemed in July 2023.
[3]	The Group’s investment in structured notes was issued by an asset management company with variable returns indexed to the performance of specified underlying assets. The structured notes are with original maturity of one year subsequent to the issue date, i.e. June 29, 2023, early redemption is allowed on any business day subsequent to the issue date and redemption amount shall be determined based on the price of the underlying fund. Fair value is estimated according to the structured note valuation provided by the asset management company, which are based on quoted prices for similar items in active markets including the observable quoted price of the underlying fund as at June 30, 2023. The Company classifies the valuation techniques that use these inputs as Level 2 of fair value measurement.

Concentration and Risks (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
Concentration and Risks (Details) - CNY (¥) ¥ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Concentration and Risks (Details) [Line Items]
Short term investments (in Yuan Renminbi)	¥ 625,698	¥ 346,667
Cash and cash equivalents and short term investments percentage	67.24%	86.87%
Gross accounts receivable (in Yuan Renminbi)	¥ 29,116	¥ 23,202
Accounts receivables, percentage	70.40%	92.20%
Revenue Benchmark [Member] \| Customer Concentration Risk [Member] \| Customer [Member]
Concentration and Risks (Details) [Line Items]
Concentration risk, percentage	10.00%	10.00%	10.00%
Revenue Benchmark [Member] \| Customer Concentration Risk [Member] \| Customer One [Member]
Concentration and Risks (Details) [Line Items]
Concentration risk, percentage	10.00%	10.00%
Supplier One [Member] \| Revenue Benchmark [Member] \| Supplier Concentration Risk [Member]
Concentration and Risks (Details) [Line Items]
Concentration risk, percentage			12.60%
Supplier [Member] \| Revenue Benchmark [Member] \| Supplier Concentration Risk [Member]
Concentration and Risks (Details) [Line Items]
Concentration risk, percentage	10.00%	10.00%

Consolidated Statements of Operations and Comprehensive Loss (Parentheticals) - CNY (¥) ¥ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Related Party
Revenue related parties	¥ 147,921	¥ 44,710

Restricted Net Assets and Parent Company Only Condensed Financial Information (Tables)

12 Months Ended

Jun. 30, 2023

Schedule of Condensed Balance Sheets

Condensed balance sheets

	As of June 30,
	2022			2023			2023
	RMB			RMB			US$

ASSETS
Current assets:
Cash and cash equivalents		18			23,469			3,237
Short-term investments		-			116,090			16,010
Amounts due from intra-Group companies		-			121,685			16,781
Prepayments and other current assets		-			4,798			661
Total current assets		18			266,042			36,689
Investment in subsidiaries		81,979			183,216			25,267
Total non-current assets		81,979			183,216			25,267
TOTAL ASSETS		81,997			449,258			61,956
Accrued expenses and other current liabilities		630			250			34
Total current liabilities		630			250			34
Net liabilities of the VIE		206,553			225,310			31,072
Total non-current liabilities		206,553			225,310			31,072
TOTAL LIABILITIES		207,183			225,560			31,106
MEZZANINE EQUITY		664,160			-			-
SHAREHOLDERS’ (DEFICIT)/EQUITY
Class A ordinary shares		3			78			11
Class B ordinary shares		29			34			5
Additional paid-in capital		69,934			1,171,092			161,501
Accumulated other comprehensive income		1,839			22,182			3,059
Accumulative deficit		(861,151	)		(969,688	)		(133,726	)
TOTAL SHAREHOLDERS’ (DEFICIT)/EQUITY		(789,346	)		223,698			30,850
TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ (DEFICIT)/EQUITY		81,997			449,258			61,956

Schedule of Condensed Statements of Operations and Comprehensive Loss

Condensed statements of operations and comprehensive loss

	For the years ended June 30,
	2022			2023			2023
	RMB			RMB			US$

Revenues		-			-			-
Cost of revenues		(27,583	)		(26,486	)		(3,653	)
Gross Profit		(27,583	)		(26,486	)		(3,653	)
Operating expenses:
Sales and marketing expenses		(86,682	)		(52,182	)		(7,196	)
Research and development expenses		(120,558	)		(49,047	)		(6,764	)
General and administrative expenses		(57,287	)		(72,164	)		(9,952	)
Total operating expenses		(264,527	)		(173,393	)		(23,912	)
Loss from operations		(292,110	)		(199,879	)		(27,565	)
Other (loss)/income:
Interest income		-			74			10
Others, net		-			680			95
Share of (loss)/income from subsidiaries		(4,028	)		105,565			14,558
Income/(loss) from the VIE		62,712			(14,977	)		(2,065	)
Loss before income tax		(233,426	)		(108,537	)		(14,967	)
Income tax expense		-			-			-
Net loss		(233,426	)		(108,537	)		(14,967	)
Allocation of accretion of Predecessors’ preferred shares		(22,655	)		-			-
Allocation of deemed dividends due to extinguishment of Predecessors’ preferred shares		-			-			-
Accretion of the Company’s preferred shares		(2,987	)		(22,379	)		(3,086	)
Net loss attributable to ordinary shareholders of QuantaSing Group Limited		(259,068	)		(130,916	)		(18,053	)

Net loss		(233,426	)		(108,537	)		(14,967	)
Other comprehensive income
Foreign currency translation adjustments, net of nil tax		1,839			20,343			2,805
Total other comprehensive income		1,839			20,343			2,805
Total comprehensive loss		(231,587	)		(88,194	)		(12,162	)

Schedule of Condensed Statements of Cash Flows

Condensed statements of cash flows

	For the years ended June 30,
	2022			2023			2023
	RMB			RMB			US$

Net cash used in operating activities		(49	)		(13,082	)		(1,804	)

Cash flows from investing activities:
Loan provided to subsidiaries		(127,165	)		(215,277	)		(29,688	)
Loan repaid by subsidiaries		80,049			100,937			13,920
Purchase of short-term investments		-			(145,652	)		(20,086	)
Proceeds from short-term investments		-			36,300			5,006
Net cash used in investing activities		(47,116	)		(223,692	)		(30,848	)

Cash flows from financing activities:
Contribution from Predecessors		76,178			-			-
Proceeds from loans from Predecessors		50,986			-			-
Repayment of loans to Predecessors		(79,981	)		-			-
Proceeds from issuance of Class A ordinary shares upon the completion of IPO (net of issuance costs paid)		-			256,764			35,410
Net cash provided by financing activities		47,183			256,764			35,410
Effect of exchange rate changes on cash and cash equivalents		-			3,461			477
Net increase in cash and cash equivalents and restricted cash		18			23,451			3,235
Cash and cash equivalents at beginning of the year		-			18			2
Cash and cash equivalents at end of the year		18			23,469			3,237

Property and equipment, net (Tables)

12 Months Ended

Jun. 30, 2023

Property and Equipment, Net [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net as of June 30, 2022 and 2023 consist of the following:

	As of June 30,
	2022			2023
	RMB			RMB

Leasehold improvement		5,891			5,423
Computer and electronic equipment		4,773			6,351
Total		10,664			11,774
Less: Accumulated depreciation		(5,495	)		(4,365	)
Property and equipment, net		5,169			7,409

Consolidated Statements of Changes in Invested Deficit / Shareholders’ (Deficit)/Equity ¥ in Thousands, $ in Thousands	Class A ordinary shares CNY (¥) shares	Class B ordinary shares CNY (¥) shares	Additional paid-in capital CNY (¥) shares	Accumulated other comprehensive income CNY (¥) shares	Accumulated deficit CNY (¥) shares	Parent Company’s investment deficit CNY (¥) shares	Non-controlling interests CNY (¥)	CNY (¥) shares	USD ($) shares
Balance at Jun. 30, 2020						¥ (28,258)		¥ (28,258)
Balance (in Shares) at Jun. 30, 2020 \| shares
Share-based compensation						94,028		94,028
Vesting of restricted shares						(5,638)		(5,638)
Distribution to Parent Company						(23,601)		(23,601)
Net loss						(316,037)		(316,037)
Currency translation differences
Balance at Jun. 30, 2021						(279,506)		(279,506)
Balance (in Shares) at Jun. 30, 2021 \| shares
Issuance of the Company’s shares upon the completion of the reorganization		¥ 32			(660,099)	(1,106)		(661,173)
Issuance of the Company’s shares upon the completion of the reorganization (in Shares) \| shares	600,000	54,042,638
Share-based compensation			¥ 72,921			¥ 218,508		¥ 291,429
Parent Company’s contribution (in Shares) \| shares						94,978,000		94,978,000	94,978,000
Dividend to Parent Company upon disposal of a subsidiary to shareholders						¥ (500)		¥ (500)
Re-designation of Class B ordinary shares to Class A ordinary shares of the Company	¥ 3	¥ (3)
Re-designation of Class B ordinary shares to Class A ordinary shares of the Company (in Shares) \| shares	4,183,589	(4,183,589)
Accretion of the Company’s preferred shares			(2,987)					(2,987)
Net loss					(201,052)	(32,374)		(233,426)
Currency translation differences				1,839				1,839
Share-based awards to employees of related parties			10,365					10,365
Deemed dividends to Parent Company in connection with the share-based awards to employees of related parties			(10,365)					(10,365)
Balance at Jun. 30, 2022	¥ 3	¥ 29	69,934	1,839	(861,151)			(789,346)
Balance (in Shares) at Jun. 30, 2022 \| shares	4,783,589	49,859,049
Share-based compensation			191,632					191,632
Accretion of the Company’s preferred shares			(22,379)					(22,379)
Capital contribution from non-controlling interests							2,250	2,250
Issuance of ordinary shares upon Initial Public Offering (“IPO”)	¥ 7		235,455					235,462
Issuance of ordinary shares upon Initial Public Offering (“IPO”) (in Shares) \| shares	9,750,000
Issuance of ordinary shares upon exercise of underwriters’ over-allotment option			9,984					9,984
Issuance of ordinary shares upon exercise of underwriters’ over-allotment option (in Shares) \| shares	382,188
Automatic conversion of preferred shares into ordinary shares upon IPO	¥ 68		686,471					686,539
Automatic conversion of preferred shares into ordinary shares upon IPO (in Shares) \| shares	100,843,631
Vesting of restricted shares		¥ 5	(5)
Net loss					(108,537)		(115)	(108,652)	$ (14,983)
Currency translation differences				20,343				20,343	2,805
Balance at Jun. 30, 2023	¥ 78	¥ 34	¥ 1,171,092	¥ 22,182	¥ (969,688)		¥ 2,135	¥ 225,833	$ 31,144
Balance (in Shares) at Jun. 30, 2023 \| shares	115,759,408	49,859,049

Restricted Net Assets and Parent Company Only Condensed Financial Information (Details) - Schedule of Condensed Balance Sheets - Parent Company [Member] ¥ in Thousands, $ in Thousands	Jun. 30, 2023 CNY (¥)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 CNY (¥)	Jun. 30, 2022 USD ($)
Current assets:
Cash and cash equivalents	¥ 23,469	$ 3,237	¥ 18	$ 2
Short-term investments	116,090	16,010
Amounts due from intra-Group companies	121,685	16,781
Prepayments and other current assets	4,798	661
Total current assets	266,042	36,689	18
Investment in subsidiaries	183,216	25,267	81,979
Total non-current assets	183,216	25,267	81,979
TOTAL ASSETS	449,258	61,956	81,997
Accrued expenses and other current liabilities	250	34	630
Total current liabilities	250	34	630
Net liabilities of the VIE	225,310	31,072	206,553
Total non-current liabilities	225,310	31,072	206,553
TOTAL LIABILITIES	225,560	31,106	207,183
MEZZANINE EQUITY			664,160
SHAREHOLDERS’ (DEFICIT)/EQUITY
Additional paid-in capital	1,171,092	161,501	69,934
Accumulated other comprehensive income	22,182	3,059	1,839
Accumulative deficit	(969,688)	(133,726)	(861,151)
TOTAL SHAREHOLDERS’ (DEFICIT)/EQUITY	223,698	30,850	(789,346)
TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ (DEFICIT)/EQUITY	449,258	61,956	81,997
Class A Ordinary Shares
SHAREHOLDERS’ (DEFICIT)/EQUITY
Ordinary shares value	78	11	3
Class B Ordinary Shares
SHAREHOLDERS’ (DEFICIT)/EQUITY
Ordinary shares value	¥ 34	$ 5	¥ 29

Consolidated Statements of Operations and Comprehensive Loss
¥ in Thousands, $ in Thousands

12 Months Ended

Jun. 30, 2023

CNY (¥)

¥ / shares

Jun. 30, 2023

USD ($)

$ / shares

Jun. 30, 2022

CNY (¥)

¥ / shares

Jun. 30, 2021

CNY (¥)

¥ / shares

Revenues (including revenue from related parties of nil, RMB44,710 and RMB147,921 for the years ended June 30, 2021, 2022 and 2023, respectively)

¥ 3,081,381

$ 424,942

¥ 2,867,974

¥ 1,759,940

Cost of revenues

(391,498)

(53,990)

(408,757)

(178,927)

Gross Profit

2,689,883

370,952

2,459,217

1,581,013

Operating expenses:

Sales and marketing expenses

(2,408,464)

(332,142)

(2,254,459)

(1,694,941)

Research and development expenses

(219,781)

(30,309)

(273,484)

(116,265)

General and administrative expenses

(175,246)

(24,168)

(166,650)

(100,341)

Total operating expenses

(2,803,491)

(386,619)

(2,694,593)

(1,911,547)

Loss from operations

(113,608)

(15,667)

(235,376)

(330,534)

Other income:

Interest income

5,328

735

387

441

Others, net

21,313

2,939

19,913

15,093

Loss before income tax

(86,967)

(11,993)

(215,076)

(315,000)

Income tax expense

(21,685)

(2,990)

(18,350)

(1,037)

Net loss

(108,652)

(14,983)

(233,426)

(316,037)

Net loss attributable to non-controlling interests

115

Net loss attributable to QuantaSing Group Limited

(108,537)

(14,967)

(233,426)

(316,037)

Allocation of accretion of Predecessors’ preferred shares

(22,655)

(17,480)

Allocation of deemed dividends due to extinguishment of Predecessors’ preferred shares

(197,436)

Accretion of the Company’s preferred shares

(22,379)

(3,086)

(2,987)

Net loss attributable to ordinary shareholders of QuantaSing Group Limited

(130,916)

(18,053)

(259,068)

(530,953)

Net loss

(108,652)

(14,983)

(233,426)

(316,037)

Other comprehensive income

Foreign currency translation adjustments, net of nil tax

20,343

2,805

1,839

Total other comprehensive income

20,343

2,805

1,839

Total comprehensive loss

(88,309)

(12,178)

(231,587)

(316,037)

Comprehensive loss attributable to non-controlling interests

115

Comprehensive loss attributable to QuantaSing Group Limited

¥ (88,194)

$ (12,162)

¥ (231,587)

¥ (316,037)

Net loss per ordinary share

—Basic (in Dollars per share and Yuan Renminbi per share) | (per share)

¥ (1.26)

$ (0.17)

¥ (5.26)

¥ (12.89)

—Diluted (in Dollars per share and Yuan Renminbi per share) | (per share)

¥ (1.26)

$ (0.17)

¥ (5.26)

¥ (12.89)

Weighted average number of ordinary shares used in computing net loss per share

—Basic (in Shares)

^[1]

103,948,398

49,270,950

41,206,648

—Diluted (in Shares)

103,948,398

49,270,950

41,206,648

Cost of revenues

Sales and marketing expenses

¥ (26,486)

$ (3,653)

¥ (27,583)

¥ (6,277)

Research and development expenses

(51,742)

(7,136)

(86,682)

(23,973)

General and administrative expenses

(49,046)

(6,764)

(120,558)

(48,715)

Schedule of Prepaid Expenses and Other Current Assets [Abstract]

¥ (64,358)

$ (8,875)

¥ (56,606)

¥ (22,865)

[1]	Basic and diluted net loss per share are computed using the weighted average number of ordinary shares outstanding during the period, including 232,930, 2,276,065 and 3,318,369 vested options with nominal exercise price for the years ended June 30, 2021, 2022 and 2023.

Consolidated Statements of Cash Flows ¥ in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2023 CNY (¥)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 CNY (¥)	Jun. 30, 2021 CNY (¥)
Cash flows from operating activities:
Net loss	¥ (108,652)	$ (14,983)	¥ (233,426)	¥ (316,037)
Adjustments to reconcile net loss to net cash provided by operating activities:
Fair value changes of short-term investments	(40)	(6)	(3)	(629)
Provision/(Reversal) of allowance for expected credit losses	(46)	(6)	(239)	442
Depreciation of property and equipment	3,714	512	4,016	1,397
Amortization of intangible assets			6,579	6,025
Loss on disposal of property, equipment and intangible assets			124
Realized gains from short-term investments	(9,195)	(1,268)	(4,891)	(1,771)
Share-based compensation	191,632	26,428	291,429	101,830
Deferred income tax	(2,084)	(287)	(1,446)	(1,266)
Changes in operating assets and liabilities:
Accounts receivable	(10,268)	(1,416)	55,351	(98,885)
Amounts due from related parties	(6,108)	(842)	(23,202)
Prepayments and other current assets	(21,121)	(2,913)	(4,480)	(96,774)
Operating lease right-of-use assets	(60,092)	(8,287)	(14,573)	(8,924)
Accounts payables	16,916	2,333	2,633	62,137
Accrued expenses and other current liabilities	62,370	8,601	61,046	54,525
Income tax payable	1,496	206	5,035	2,303
Contract liabilities	123,622	17,048	99,511	253,573
Advance from customers	(6,692)	(923)	17,888	118,992
Operating lease liabilities, current portion	24,761	3,415	9,203	6,647
Operating lease liabilities, non-current portion	46,274	6,381	4,624	1,942
Other non-current assets	(10,866)	(1,500)	(2,543)	(6,102)
Net cash provided by operating activities	235,621	32,493	272,636	79,425
Cash flows from investing activities:
Purchase of short-term investments	(2,891,452)	(398,749)	(976,700)	(434,600)
Proceeds from short-term investments	2,863,828	394,940	873,700	405,600
Purchase of property and equipment	(5,756)	(794)	(4,560)	(5,822)
Purchase of intangible assets				(29,804)
Investment income from wealth management products	9,195	1,268	4,891	1,771
Disposal of subsidiaries	2,000	276	14,126
Loan provided to related parties	(2,243)	(309)	(129,427)	(2,448)
Loan repaid by related parties	24,629	3,396	109,389	2,950
Net cash used in investing activities	201	28	(108,581)	(62,353)
Cash flows from financing activities:
Proceeds from issuance of Class A ordinary shares upon the completion of IPO (net of RMB15,917 issuance costs paid)	235,462	32,472
Proceeds from issuance of ordinary shares upon exercise of underwriters’ over-allotment option	9,984	1,377
Proceeds from noncontrolling interests	2,250	310
(Distribution to) / Contribution from Predecessors			94,978	(37,041)
Proceeds from loans from Predecessors			122,833	52,711
Repayment of loans to Predecessors			(146,182)	(36,763)
Net cash (used in)/provided by financing activities	247,696	34,159	71,629	(21,093)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	14,336	1,977	5,642
Net (decrease)/increase in cash, cash equivalents and restricted cash	497,854	68,657	241,326	(4,021)
Cash, cash equivalents and restricted cash at beginning of the year	266,427	36,742	25,101	29,122
Cash, cash equivalents and restricted cash at end of the year	764,281	105,399	266,427	25,101
Supplemental disclosure of cash flow information
Cash paid for income tax	(22,273)	(3,072)	(14,761)
Non-cash investing and financing activities
Consideration receivable as a result of disposal of subsidiaries			2,000
Changes in payables for purchase of property and equipment	198	27
Accretion of the Company’s preferred shares	(22,379)	(3,086)	(2,987)
Including:
Cash and cash equivalents at beginning of the year	266,427	36,742	25,101	29,095
Restricted cash at beginning of the year				27
Including:
Cash and cash equivalents at end of the year	764,281	105,399	266,427	25,101
Restricted cash at end of the year

Lease (Details) - Schedule of Operating Leases ¥ in Thousands, $ in Thousands	Jun. 30, 2023 CNY (¥)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 CNY (¥)
Schedule of Operating Leases [Abstract]
Operating lease right-of-use assets, net	¥ 84,009	$ 11,585	¥ 23,917
Operating lease liabilities-current	41,092	5,667	16,331
Operating lease liabilities-non current	¥ 52,840	$ 7,287	¥ 6,566

Taxation (Details) - Schedule of Tax Losses of the Group Expire ¥ in Thousands	Jun. 30, 2023 CNY (¥)
Operating Loss Carryforwards [Line Items]
Loss expiring for the year ended	¥ 259,876
Tax Year 2023 [Member]
Operating Loss Carryforwards [Line Items]
Loss expiring for the year ended
Tax Year 2024 [Member]
Operating Loss Carryforwards [Line Items]
Loss expiring for the year ended
Tax Year 2025 [Member]
Operating Loss Carryforwards [Line Items]
Loss expiring for the year ended
Tax Year 2026 [Member]
Operating Loss Carryforwards [Line Items]
Loss expiring for the year ended	37,143
Tax Year 2027 [Member]
Operating Loss Carryforwards [Line Items]
Loss expiring for the year ended	68,855
Tax Year 2028 [Member]
Operating Loss Carryforwards [Line Items]
Loss expiring for the year ended
Tax Year 2029 [Member]
Operating Loss Carryforwards [Line Items]
Loss expiring for the year ended
Tax Year 2030 [Member]
Operating Loss Carryforwards [Line Items]
Loss expiring for the year ended
Tax Year 2031 [Member]
Operating Loss Carryforwards [Line Items]
Loss expiring for the year ended	68,795
Tax Year 2032 [Member]
Operating Loss Carryforwards [Line Items]
Loss expiring for the year ended	¥ 85,083

Prepayments and Other Current Assets (Details) - Schedule of Prepaid Expenses and Other Current Assets
¥ in Thousands, $ in Thousands

Jun. 30, 2023

CNY (¥)

Jun. 30, 2023

USD ($)

Jun. 30, 2022

CNY (¥)

Prepayments for promotion fees

¥ 65,832

¥ 86,686

Prepaid other service fees

^[1]

25,281

13,726

Prepayments for products procurement

^[2]

13,543

Prepaid input value-added tax

^[3]

360

690

Receivables from third party payment platforms

^[4]

22,533

9,456

Receivables from live e-commerce business platforms

1,760

Staff advance

575

192

Deposits

3,500

4,791

Interest receivable

3,297

Others

Accrued Expenses and Other Current Liabilities [Abstract]

¥ 136,681

$ 18,851

¥ 115,560

[1]	Prepaid other service fees consist of prepayment of cloud server hosting fees and others.
[2]	Prepayments for products procurement represent prepayments made to third-party suppliers for the procurement of products for the Group’s live e-commerce business.
[3]	Prepaid input value-added tax consists of VAT input that is expected to offset with VAT output tax or to be transferred out in the future.
[4]	Receivables from third party payment platforms consist of cash that has been received from course participants but held by the third-party payment platforms. The Group subsequently collected the full balance from the third-party payment platforms.

Accrued Expenses and Other Current Liabilities

12 Months Ended

Jun. 30, 2023

Accrued expenses and other current liabilities

Accrued expenses and other current liabilities

The following table summarized the Group's outstanding accrued expenses and other current liabilities as of June 30, 2022 and 2023, respectively:

	As of June 30,
	2022		2023
	RMB		RMB

Accrued employee payroll and welfare benefits		78,245		128,097
Other accrued expense		16,807		23,501
Other tax payable		12,594		18,640
Refund liability⁽ⁱ⁾		615		513
Others		331		409
Total accrued expenses and other current liabilities		108,592		171,160

(i)

Refund liability represents the estimated amounts of consideration collected by the Group which it expects to refund to its customers according to refund policy as described in Note 2(r).

Related Party Transactions (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Related Party Transactions [Abstract]
Costs and expenses		¥ 110,640	¥ 615,674
Cash consideration for disposal	¥ 2,000	¥ 20,000
Beijing Shanronghaina Network Technology Co., Ltd. [Member]
Related Party Transactions [Abstract]
Cash consideration for disposal	¥ 22,000

Commitments and Contingencies (Tables)

12 Months Ended

Jun. 30, 2023

Commitments and Contingencies [Abstract]

Schedule of Future Minimum Commitments under Non-Cancelable Agreements

As of June 30, 2023, future minimum commitments under non-cancelable agreements were as follows:

	Payment due by schedule
	Less than 1 year	1-5 years		Total

Office rentals	786		786		1,572

Accounts Receivable, Net

12 Months Ended

Jun. 30, 2023

Accounts Receivable, Net [Abstract]

Accounts receivable, net

Accounts receivable, net

The accounts receivable, net, as of June 30, 2022 and 2023, consists of the following:

	As of June 30,
	2022			2023
	RMB			RMB

Enterprise services		1,305			12,219
Others		645			91
Less: allowance for credit losses		(13	)		(59	)
Accounts receivable, net		1,937			12,251

Accounts receivable, net are mainly amounts due from insurance intermediaries and securities brokerage firms, and are non-interest bearing and generally on terms between 30 days to 90 days.

The movements in the allowance for credit losses are as follows:

	For the years ended June 30,
	2022			2023
	RMB			RMB

Balance at beginning of the year		(446	)		(13	)
(Additions)/Reversals		433			(46	)
Write-offs		-			-
Balance at end of the year		(13	)		(59	)

Accounting Policies, by Policy (Policies)

12 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Basis of presentation

(a)

Basis of presentation

The consolidated financial statements of the Group have been prepared in accordance with U.S. GAAP. Significant accounting policies followed by the Group in the preparation of the accompanying consolidated financial statements are summarized below.

Principles of consolidation

(b)

Principles of consolidation

The consolidated financial statements include the financial statements of the Company, its subsidiaries, and the consolidated VIE (including its subsidiaries).

Subsidiaries are those entities in which the Company, directly or indirectly, controls more than one half of the voting power; or has the power to govern the financial and operating policies, to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of directors.

VIE is an entity in which the Company, or its subsidiary, through contractual arrangements, has the power to direct the activities that most significantly impact the entity’s economic performance, and the right to receive benefit from the entity that could potentially be significant to the entity, and therefore the Company or its subsidiary shall be deemed to have a controlling financial interest in the entity and is the primary beneficiary of the entity.

All significant intercompany transactions and balances between the Company, its wholly owned subsidiaries and the consolidated VIE have been eliminated upon consolidation.

Use of estimates

(c)

Use of estimates

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires the Group to make estimates and assumptions that affect the reported amounts of assets and liabilities and related disclosure of contingent assets and liabilities at the balance sheet date, and the reported revenues and expense during the reporting period and disclosed in the consolidated financial statements and accompanying notes.

Significant accounting estimates reflected in the Group’s consolidated financial statements include revenue recognition based on the estimated average learning period of the learners, standalone selling price of each distinct performance obligation in revenue recognition, variable consideration in revenue recognition, provision of credit losses of receivables, fair value of short-term investments, incremental borrowing rate used in initial measurement of leases, depreciation and amortization of long-lived assets, impairment of long-lived assets, the valuation allowance of deferred tax assets, as well as the valuation and recognition of share-based compensation arrangements. Actual results could differ from those estimates and such differences may be material to the consolidated financial statements.

Foreign currency translation

(d)

Foreign currency translation

The Group’s reporting currency is Renminbi (“RMB”). The functional currency of the Company and the Group’s subsidiaries incorporated in the Cayman Islands, BVI and Hong Kong is United States dollars (“US$”). The Group’s PRC subsidiaries determined their functional currency to be RMB. The determination of the respective functional currency is based on the criteria set out by ASC 830, Foreign Currency Matters.

Transactions denominated in foreign currencies other than functional currency are translated into the functional currency at the exchange rates prevailing on the transaction dates. Assets and liabilities denominated in foreign currencies other than functional currency are remeasured into the functional currency at the exchange rates prevailing at the balance sheet date. Exchange gains or losses arising from foreign currency transactions are recorded in the consolidated statements of operations and comprehensive loss.

The financial statements of the Group’s non-PRC entities are translated from their respective functional currency into RMB. Assets and liabilities denominated in foreign currencies are translated into RMB using the applicable exchange rates at the balance sheet date. Equity accounts other than earnings generated in current period are translated into RMB at the appropriate historical rates. Revenues, expenses, gains and losses are translated into RMB using the average exchange rates for the relevant period.

The resulting foreign currency translation adjustments are recorded as a component of accumulated other comprehensive income/loss in the consolidated statement of changes in invested equity and a component of other comprehensive loss in the consolidated statement of operations and comprehensive loss.

Convenience translation

(e)

Convenience translation

Translations of the consolidated balance sheet, the consolidated statement of operations and comprehensive loss and the consolidated statement of cash flows from RMB into US$ as of and for the year ended June 30, 2023 are solely for the convenience of the readers and have been calculated at the rate of US$1.00=RMB7.2513, representing the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board on June 30, 2023. No representation is made that the RMB amounts could have been, or could be, converted, realized, or settled into US$ at that rate on June 30, 2023, or at any other rate.

Cash and cash equivalents

(f)

Cash and cash equivalents

Cash and cash equivalents consist of cash on hand, time deposits, and funds held in deposit accounts with banks, which are highly liquid and have original maturities of three months or less and are unrestricted as to withdrawal or use.

Accounts receivable

(g)

Accounts receivable

Accounts receivable is recorded at the invoiced amount and do not bear interest. Accounts receivable mainly represent marketing service fees receivable from insurance intermediaries and securities brokerage firms.

The Group’s other receivables which were recorded as a component of the prepaid expenses and other current assets and other non-current assets are within the scope of ASC Topic 326.

To estimate expected credit losses, in accordance with ASC Topic 326, the Group has identified the relevant risk characteristics of its customers and the related receivables and other receivables which include size, type of the services or the products the Group provides, or a combination of these characteristics. Receivables with similar risk characteristics have been grouped into pools. For each pool, the Group considers the past collection experience, current economic conditions, future economic conditions (external data and macroeconomic factors) and changes in the Group’s customer collection trends. This is assessed at each quarter based on the Group’s specific facts and circumstances. The allowance for credit losses and corresponding receivables were written off when they are determined to be uncollectible.

Fair value measurement

(h)

Fair value measurement

Accounting guidance defines fair value as 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 it considers assumptions that market participants would use when pricing the asset or liability.

Accounting guidance establishes a fair value hierarchy that 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. Accounting guidance establishes three levels of inputs that may be used to measure fair value:

●

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 asset 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 asset 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 amount of cash and cash equivalents, restricted cash, accounts receivable, amounts due from related parties, other receivables, accounts payables, and accrued expenses and other current liabilities approximates their fair values because of their short-term nature. Operating lease liabilities are measured at amortized cost using discounted rates reflected time value of money. The Group’s short-term investments mainly consisted of wealth management products which contain variable returns, and are measured at fair value (Note 2(i)).

Accounting guidance also describes three main approaches to measure the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset.

When available, the Group uses quoted market prices to determine the fair value of an asset or liability. If quoted market prices are not available, the Group will measure fair value using valuation techniques that use, when possible, current market-based or independently sourced market parameters, such as interest rates and currency rates.

The Group’s non-financial assets, such as property and equipment, would be measured at fair value only if they were determined to be impaired.

Short-term investments

(i)

Short-term investments

Short-term investments include (i) wealth management products with variable interest rates or principal non-guaranteed issued by certain financial institutions; (ii) investment in private fund with variable returns which is redeemable on demand after certain lock-up period; (iii) investment in structured notes with principal not protected and with variable returns referenced to performance of underlying assets issued by financial institutions. In accordance with ASC 825, Financial Instruments, for financial products with variable returns referenced to performance of underlying assets, the Group elected the fair value method at the date of initial recognition and carries these investments at fair value. Changes in the fair value of these investments are reflected in the consolidated statements of operations and comprehensive loss as investment income and included in “others, net”. Fair value is estimated based on quoted prices of similar products provided by financial institutions at the end of each reporting period.

Prepayments and other current assets

(j)

Prepayments and other current assets

Prepayments and other current assets mainly consist of prepayments for promotion fees and other service fees, prepaid input value-added tax, deposits, and receivables from third party payment platforms (see Note 5). Prepayments and other current assets are stated at the historical carrying amount net of the allowance for credit losses. The Group reviews other assets on a periodic basis and makes allowances when there is doubt as to the collectability of individual balances. Other assets are written off when they are determined to be uncollectible.

Property and equipment, net

(k)

Property and equipment, net

Property and equipment are recorded at cost, less accumulated depreciation and impairment. Depreciation of property and equipment is calculated on a straight-line basis, after consideration of expected useful lives and estimated residual values. The Group has not recorded any impairments of property and equipment for the period presented. The estimated useful lives of these assets are generally as follows:

Category		Estimated useful life

Leasehold improvement		Shorter of the lease term or estimated economic life
Computer and electronic equipment		3 years

Repairs and maintenance costs are charged to expenses as incurred, whereas the costs of renewals and betterment that extend the useful lives of property, plant and equipment are capitalized as additions to the related assets. Gains and losses from the disposal of property and equipment are included in the consolidated statements of operations and comprehensive loss.

Asset acquisition

(l)

Asset acquisition

When the Company acquires other entities, if the assets acquired and liabilities assumed do not constitute a business, the transaction is accounted for as an asset acquisition. Assets are recognized based on the cost, which generally includes the transaction costs of the asset acquisition, and no gain or loss is recognized unless the fair value of noncash assets given as consideration differs from the assets’ carrying amounts on the Company’s financial statements. The cost of a group of assets acquired in an asset acquisition is allocated to the individual assets acquired or liabilities assumed based on their relative fair value and does not give rise to goodwill.

Intangible assets

(m)

Intangible assets

Intangible assets are carried at cost, less accumulated amortization and impairment, if any. Amortization of finite-lived intangible assets is computed using the straight-line method over the estimated useful lives, which is as follows:

Category		Estimated useful life

Insurance brokerage license		52 months
Software		1 year to 2 years

Impairment of long-lived assets

(n)

Impairment of long-lived assets

Long-lived assets are evaluated for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will affect the future use of the assets) indicate that the carrying value of an asset may not be fully recoverable or that the useful life is shorter than the Group had originally estimated. When these events occur, the Group evaluates the impairment for the long-lived assets by comparing the carrying value of the assets to an estimate of future undiscounted cash flows expected to be generated from the use of the assets and their eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying value of the assets, the Group recognizes an impairment loss based on the excess of the carrying value of the assets over the fair value of the assets. No impairment charge was recognized for the years ended June 30, 2021, 2022 and 2023.

Operating Lease

(o)

Operating Lease

The Group accounts for leases in accordance with ASC 842, Leases (“ASC 842”), which requires lessees to recognize leases on the balance sheet and disclose key information about leasing arrangements.

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 the economic benefits from and has the ability to direct the use of the asset. The Group elects not to apply the recognition requirements of ASC 842 to short-term leases. Variable lease payments are the payments made by a lessee to a lessor for the right to use an underlying asset that vary because of changes in facts or circumstances occurring after the commencement date, other than the passage of time. Variable lease payments are recorded in the period in which the obligation for the payment is incurred. Other operating leases are included in operating lease right-of-use assets, operating lease liabilities, current portion, and operating lease liabilities, non-current portion on the consolidated balance sheets.

The Group uses the implicit rate when readily determinable, or its incremental borrowing rate based on the information available, at the commencement date in determining the present value of lease payments. Certain leases include renewal options and/or termination options. Renewal options are included in the lease term if the Group is reasonably certain to exercise those options while options to terminate the lease are only included in the lease term if the Group is reasonably certain not to exercise those options. Lease expenses are recorded on a straight-line basis over the lease term.

Non-controlling interests

(p)

Non-controlling interests

The Group’s consolidated financial statements include entities in which the Company has a controlling financial interest. Earnings or losses attributable to non-controlling interest shareholders of its subsidiaries and VIEs are classified separately as “non-controlling interests” in the Company’s consolidated statements of operations.

Business disposal

(q)

Business disposal

The Group accounts for its business combinations using the acquisition method of accounting in accordance with ASC 805, Business Combinations. When there is a change in ownership interests or a change in contractual arrangements that results in a loss of control of a subsidiary, the Company deconsolidates the subsidiary from the date control is lost. Any retained noncontrolling investment in the former subsidiary is measured at fair value and is included in the calculation of the gain or loss upon deconsolidation of the subsidiary. For a disposal of business under common control, the Group reports the transfer as a disposal pursuant to ASC 360-10, and any difference between the proceeds received by the transferring entity and the book value of the disposal group (after impairment included in earnings, if any) would be recognized as a capital transaction and no gain or loss would be recorded in the consolidated statements of operations and comprehensive loss.

Revenue recognition

(r)

Revenue recognition

The Group is principally engaged in the operation of an online platform to provide individual online learning services to the individual learners and enterprise services to financial intermediary enterprises in the PRC.

Under ASC 606, the Group determined revenue recognition through the following steps:

–

Identification of the contract, or contracts, with a customer;

–

Identification of the performance obligations in the contract;

–

Determination of the transaction price, including the constraint on variable consideration;

–

Allocation of the transaction price to the performance obligations in the contract;

–

Recognition of revenue when (or as) the Group satisfies a performance obligation.

Revenue is measured at the fair value of the consideration received or receivable, and represents amounts receivable for services provided, stated net of discounts, sales incentives, refunds and value-added taxes (“VAT”) collected from customers and remitted to tax authorities. Revenue is recognized when or as the control of the services is transferred to the customer. If control of the services transfers over time, revenue is recognized over the period of the contract by measuring the progress towards complete satisfaction of that performance obligation. Otherwise, revenue is recognized at a point in time when the customer obtains control of the services.

Contracts with customers may include multiple performance obligations. For such arrangements, the Group allocates transaction price to each performance obligation based on its relative standalone selling price. The Group generally determines the standalone selling prices based on the prices charged to customers. Assumptions and estimations have been made in estimating the relative selling price of each distinct performance obligation, and changes in judgments on these assumptions and estimates may impact the revenue recognition.

The Group earns its revenues primarily by providing: (i) self-operated online learning services of premium courses to learners through its own online platforms and cooperated online learning services; (ii) enterprise services, including marketing and referral services to insurance intermediaries and securities brokerage firms; and (iii) others.

(i)

Online learning services

The online learning services provided by the Group principally include online financial literacy courses and other personal interest courses.

Self-operated online learning services

The self-operated online learning services refer to online courses whereby the course contents are designed and developed by the Group. The Group is responsible for fulfilling all obligations of the online course delivery according to its sales contracts with the learners. Therefore, the Group determines that the individual learners are the Group’s customers and recognizes revenue on a gross basis.

The Group delivered the self-operated online courses through its own online platforms, including QiNiu (rebranded from KuaiCai), QianChi (rebranded from BanCai) and JiangZhen, and there are two modes of delivery, namely (i) online community-based training camps or (ii) self-study e-learnings. With respect to an online community-based training camp, it typically includes organized online interactions between the Group’s tutors and the learners in a form of training camp communities or online mentoring, online access of pre-recorded lectures designated for the training camps and certain broadcasting lectures. The Company considered that these elements in a training camp are not separately identifiable from each other, as the training camp represents the combined output for which the learners have contracted. With respect to a self-study e-learning, it is delivered in a form of pre-recorded lessons for the learners to self-study. The promise to provide access to all lessons of the self e-learnings is a series of distinct services as providing access each day is substantially the same. Therefore, each training camp and self-study e-learning is accounted for as a single performance obligation.

All contracts with the learners are billed in advance and upfront full payment of the fee by the learners is required prior to accessing any enrolled course contents. For sales of packages of training camps and self-study e-learnings of different online courses, the Company allocated the transaction price of the package to the different online courses therein based on their relative standalone selling price.

Revenues of a training camp and of a self-study e-learning are recognized over time as the learners simultaneously receives and consumes the benefits provided by the online courses as they retain access to the course contents.

Contractually, through accessing to the Group’s online platforms, the learners retain access to the training camps or self-study e-learnings they purchased for a specified course period (typically ranging from 14 calendar days to 1 year for a training camp and 60 to 90 calendar days for a self-study e-learning) since the training camp commencement date or the purchase date of the e-learnings. However, for certain courses, the Group in practice discretionally allows the learners to retain access to the course contents beyond the corresponding contractual expiry dates. Therefore, the Group recognizes online course revenue ratably over the agreed course period that it provides services to the learners, or, in the case that access beyond the contractual expiry dates is allowed in practice, over the longer of the corresponding contractual service period and the estimated average learning period (the “Average Learning Period”) of the learners, starting when the online courses can be accessed by the learners and the full-refund period expires.

The Group considers a variety of relevant data, where available, when estimating the Average Learning Period of the learners for each individual online course, including the weighted-average number of days between the learners’ first and last access to the course contents, and the weighted average total hours spent by the learners to learn the course. The Group believes that considering these factors enables it to determine the best estimation of the time period during which the learners access the online course content and therefore the service period over which the Group provides services to the learners. For the years ended June 30, 2021, 2022 and 2023, the Average Learning Period of the learners is estimated to be in the range of approximately one to three months. While the Group believes its estimates to be reasonable based on the currently available learners’ information, it may revise such estimates in the future according to the change in pattern of the learners’ learning behavior. Any adjustments arising from changes in the estimates of the Average Learning Periods is applied prospectively. Considering that the events or circumstances may change to suggest changes in the estimate made, the Group assesses the Average Learning Period for different courses on an annual basis or more frequently when there is an indicator for changes in circumstances.

Cooperated online learning services

The Group generates revenue from cooperated online learning service by providing a platform through JiangZhen, through which third party online learning service providers can offer their learning services to individual learners. The Group enters into contracts with the learners and also the third-party learning service providers. The Group is only responsible for referring the individual learners to the service provider, while the third-party learning service provider is responsible for developing the course content, delivering the online courses, providing customer support, and providing maintenance of servers allowing the users to access the contents. The Group determines that it is not the principal to the individual learners in this business and revenue is recognized on a net basis at the point in time when the referral service is completed.

(ii)

Enterprise services

Revenue from enterprise services mainly includes marketing and referral fees earned from enterprise customers including financial intermediary enterprises which consist of insurance intermediaries and securities brokerage firms, and small-to-medium entities. The Group’s online education content enables third party financial intermediary enterprises to place their sponsored links and reach learners who have desire to purchase insurance products, to open new security trading accounts, or to purchase other products or services provided by the financial intermediary enterprises and small-to-medium entities.

Performance-based online marketing service contracts are signed between the Group and enterprise customers to establish the service to be provided by the Group and relevant performance measures. The Group is responsible for referring the individual learners to the financial intermediary enterprises or referring the products provided by enterprise customers to the individual learners. No enterprise service contract is signed between the Group and the learners who click on the sponsored links.

The Group considered the enterprise customers as its customers, and recognized performance-based online marketing and referral service revenue at the point in time when the service is completed. The determination of the revenue from enterprise services is based on (i) the number of eligible leads referred to the financial intermediary enterprises and (ii) a percentage-based commission or standard unit price for each qualified lead referred. The eligible leads referred to an insurance intermediary are typically leads which successfully purchased insurance products through the insurance intermediary. The eligible leads to a securities brokerage firm are typically leads which successfully opened a brokerage account with the brokerage firm and satisfied quality requirements, including maintaining a minimum balance of average daily asset held by the referred learners in their brokerage accounts. For the variable considerations, the Group only includes estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized for such transactions will not occur.

(iii)

Others

Other revenues mainly consist of brokerage commission income from insurance brokerage services for the year ended June 30, 2022. The Group began to engage in live e-commerce business in early 2023, and other revenues are primarily derived from sales of products through live e-commerce for the year ended June 30, 2023.

The Group provides insurance brokerage services distributing various health and life insurance products on behalf of insurance companies (its customers). As an agent of the insurance company, the Group sells insurance policies on behalf of the insurance company and earns brokerage commissions determined as a percentage of premiums paid by the insured. The Group has identified its promise to sell insurance policies on behalf of an insurance company as the performance obligation in its contracts with the insurance companies. The Group’s performance obligation to the insurance company is satisfied and commission revenue is recognized at the point in time when an insurance policy becomes effective. For the variable considerations, the Group only includes estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized for such transactions will not occur. The Group no longer provides such service subsequent to the disposal of insurance brokerage services business in March 2022.

Practical expedients

The Group has used the following practical expedients as allowed under ASC 606:

(i)

The effects of a significant financing component have not been adjusted for contracts which the Group expects, at contract inception, that the period between when the Group transfers a promised good or service to the customer and when the customer pays for that good or service will be one year or less.

(ii)

The Group applied the portfolio approach in determining the learning period of the customers given that the effect of applying a portfolio approach to a group of learners’ behaviors would not differ materially from considering each one of them individually.

(iii)

The Group expenses the costs to obtain a contract as incurred when the expected amortization period is one year or less.

Contract balances

Timing of revenue recognition may differ from the timing of invoicing to customers. Accounts receivable represent amounts invoiced and revenue recognized prior to invoicing, when the Group has satisfied its performance obligations and has the unconditional right to payment.

Contract liabilities

Contract liability is related to the payments received by the Group in advance from customers for which the Group’s revenue recognition criteria have not been met.

For online learning services, the service considerations are generally collected in advance and initially recorded as advance from customers during the contractual period where the Group allows the learners to ask for a full and unconditional refund. Subsequent to the expiry of the full-refund period, the balance of the advance from customers is reclassified as a contract liability, which is an obligation to transfer services to customers, after applying the constraints on variable consideration.

Revenue recognized during the year ended June 30, 2021, 2022 and 2023 that was included in the contract liabilities balances at July 1, 2020, 2021 and 2022 amounted to approximately RMB40,514, RMB267,729 and RMB384,729, respectively.

As of June 30, 2023, the aggregate amount of transaction price allocated to unsatisfied performance obligations is RMB517,220 which includes balances of contract liabilities which will be recognized as revenue in future periods. The Group expects to recognize RMB517,213 of this balance as revenue over the next 12 months.

Refund liabilities, which is an obligation to transfer cash, represent the consideration collected by the Group which it expects to refund to its customers according to refund policy after the full refund period. Refund liabilities are estimated based on the historical refund ratio of the revenue streams. In the event that the actual amount of refund made exceeds the estimation, such excessive amount will be deducted from net revenues.

Revenue Disaggregation

The following table sets forth a breakdown of the Group’s revenues disaggregated by business line:

	For the years ended June 30,
	2021		2022		2023
	RMB		RMB		RMB
Online learning services
- Financial literacy courses - self-operated		1,563,607		2,300,434		1,874,627
- Other personal interest courses		-		193,896		860,250
- self-operated		-		163,483		860,250
- cooperated		-		30,413		-
Subtotal		1,563,607		2,494,330		2,734,877
Enterprise services		144,308		185,511		340,934
Others		52,025		188,133		5,570
Total revenues		1,759,940		2,867,974		3,081,381

Cost of revenues

(s)

Cost of revenues

Cost of revenues mainly consists of salaries and benefits (including share-based compensation expenses) of instructors and tutors who deliver premium courses, and the course content development staff who develop the premium courses, payment channel fees charged by third-party online payment providers, bandwidth costs, depreciation and amortization of properties and equipment, as well as costs of course materials. The instructors and course content development staff are all full-time employees and their compensation primarily consists of base salary and bonus. The tutors consist of both full-time tutors and part-time tutors. Tutors’ compensation primarily consists of base salary and performance-based compensations.

Sales and marketing expenses

(t)

Sales and marketing expenses

Sales and marketing expenses consist primarily of advertising and marketing promotion expenses, salaries and benefits (including share-based compensation expenses) of sales department staff who are also responsible for developing and delivering introductory courses, and other expenses incurred by the Group’s sales and marketing personnel. Advertising expenses are generally paid to the third parties for online promotion and traffic acquisition and are expensed as sales and marketing expenses when the services are received. For the years ended June 30, 2021, 2022 and 2023, advertising and marketing promotion expenses were RMB1,306,501, RMB1,590,886 and RMB1,743,473, respectively.

General and administrative expenses

(u)

General and administrative expenses

General and administrative expenses consist primarily of salaries and benefits (including share-based compensation expenses) and related expenses for employees involved in general corporate functions, including finance, legal and human resources, rental fees, and professional service fees.

Research and development expenses

(v)

Research and development expenses

Research and development expenses primarily consist of (i) salaries and benefits for research and development personnel, and (ii) office rental, general expenses and depreciation expenses associated with the research and development activities. The Group’s research and development activities primarily consist of the development and enhancement of the Group’s applications and platforms.

For internal use software, the Group expenses all costs incurred for the preliminary project stage and post implementation-operation stage of development. The amount of the Group’s research and development expenses that qualify to be capitalized during the periods presented was immaterial, and as a result all development costs incurred for development of internal used software have been expensed as incurred.

Share-based compensation expenses

(w)

Share-based compensation expenses

All share-based awards granted to the founder, management, and employees, including restricted ordinary shares and share options, are measured at fair value on grant date. Share based compensation expense is recognized using the graded-vesting method over the requisite service period, which is the vesting period. The Company accounts for share-based compensation benefits granted to grantee in accordance with ASC 718 Stock Compensation. Information relating to the plans is set out in Note 13.

Prior to the Reorganization, all the options and restricted ordinary shares were granted by Predecessors with their own underlying shares. The Predecessors have used the discounted cash flow method to determine the underlying equity fair value of the Predecessors and adopted an equity allocation model to determine the fair value of the underlying ordinary share. The determination of estimated fair value of share-based payment awards on the grant date using binomial option pricing model is affected by the fair value of Predecessors' ordinary shares as well as assumptions regarding a number of complex and subjective variables. These variables include the expected value volatility of Predecessors' shares over the expected term of the awards, actual and projected employee share option exercise behaviors, a risk-free interest rate and any expected dividends, if any.

Some awards are granted with service only conditions and some awards granted with both performance conditions and service conditions. For awards granted with performance conditions and service conditions, the Company evaluates the likelihood of performance conditions being met at each reporting period. Share-based compensation costs are recorded when the performance conditions are considered probable for the number of awards expected to vest on a graded-vesting basis, net of estimated forfeitures, over the requisite service period. The compensation cost of the awards granted with performance conditions and service conditions is measured based on the fair value of the awards when all conditions to establish the grant date have been met.

Employee benefits

(x)

Employee benefits

Full-time employees of the Group in the PRC participate in a government mandated defined contribution plan, pursuant to which certain pension benefits, medical care, employee housing fund and other welfare benefits are provided to the employees. Chinese labor regulations require that the PRC subsidiaries and the consolidated VIE of the Group make contributions to the government for these benefits based on certain percentages of the employees’ salaries, up to a maximum amount specified by the local government. The Group has no legal obligation for the benefits beyond the contributions made. Employee social security and welfare benefits included as expenses in the consolidated statements of operations and comprehensive loss amounted to RMB39,449, RMB111,698 and RMB124,922 for the years ended June 30, 2021, 2022 and 2023, respectively. The total balances of employee welfare benefits, including the accruals for estimated underpaid amounts, were approximately RMB30,974 and RMB51,645 as of June 30, 2022 and 2023 respectively.

Taxation

(y)

Taxation

Income taxes

Current income taxes are provided based on net profit (loss) for financial reporting purposes, adjusted for income and expense items which are not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions.

Deferred income taxes are recognized for temporary differences between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements, net operating loss carry forwards and credits. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all the deferred tax assets will not be realized. Current income taxes are provided in accordance with the laws of the relevant taxing authorities. Deferred tax assets and liabilities are measured using enacted rates expected to apply to taxable income in which temporary differences are expected to be reversed or settled. The effect on deferred tax assets and liabilities of changes in tax rates is recognized in the statement of comprehensive income (loss) in the period of the enactment of the change.

The Group considers positive and negative evidence when determining whether a portion or all its deferred tax assets will more likely than not be realized. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carry-forward periods, its experience with tax attributes expiring unused, and its tax planning strategies. The ultimate realization of deferred tax assets is dependent upon its ability to generate sufficient future taxable income within the carry-forward periods provided for in the tax law and during the periods in which the temporary differences become deductible. When assessing the realization of deferred tax assets, the Group has considered possible sources of taxable income including (i) future reversals of existing taxable temporary differences, (ii) future taxable income exclusive of reversing temporary differences and carry-forwards, (iii) future taxable income arising from implementing tax planning strategies, and (iv) specific known trend of profits expected to be reflected within the industry. The Group records a valuation allowance to reduce the amount of 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.

Value added Tax (“VAT”)

The Group is subject to VAT at the rate of 6% depending on whether the entity is a general taxpayer, and related surcharges on revenue generated from providing services. 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 in the line item of accrued expense and other liabilities on the face of balance sheet. The Group records revenue net of value added tax and the Group records the related surcharges as cost of revenues.

Comprehensive loss

(z)

Comprehensive loss

Comprehensive loss is defined to include all changes in equity/(deficit) of the Group during a period arising from transactions and other events and circumstances excluding transactions resulting from investments by shareholders and distributions to shareholders. Comprehensive loss includes net loss and foreign currency translation adjustments of the Group.

Segment reporting

(aa)

Segment reporting

The Group's chief operating decision maker, the Chief Executive Officer, reviews the consolidated results when making decisions about allocating resources and assessing performance of the Group as a whole and hence, the Group has only one reportable segment. The Company does not distinguish between markets or segments for the purpose of internal reporting. The Group's long-lived assets are substantially all located in the PRC and substantially all the Group's revenues are derived from within the PRC. Therefore, no geographical segments are presented.

Recently issued accounting pronouncements

(ab)

Recently issued accounting pronouncements

The Group qualifies as an “emerging growth company”, or EGC, pursuant to the Jumpstart Our Business Startups Act of 2012, as amended, or the JOBS Act. As an EGC, the Group does not need to comply with any new or revised financial accounting standards until such date that a private company is otherwise required to comply with such new or revised accounting standards.

In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes, which simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in ASC 740 and clarifies and amends existing guidance to improve consistent application. For public business entities, the amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early adoption of the amendments is permitted. The Group adopted this update for fiscal year ended June 30, 2023. The adoption did not have a material impact to the Group’s consolidated financial statements.

In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40), Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. ASU 2020-06 simplifies the accounting for convertible instruments by reducing the number of accounting models available for convertible debt instruments. This guidance also eliminates the treasury stock method to calculate diluted earnings per share for convertible instruments and requires the use of the if-converted method. The amendments in this Update are effective for public business entities that meet the definition of a Securities and Exchange Commission (SEC) filer, excluding entities eligible to be smaller reporting companies as defined by the SEC, for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted. The Group adopted this update on July 1, 2021. The impact of adopting the new standard was not material to the consolidated financial statements.

In May 2021, the FASB issued ASU No. 2021-04, Earnings Per Share (Topic 260), Debt – Modifications and Extinguishments (Subtopic 470-50), Compensation – Stock Compensation (Topic 718), and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40). The amendments in this update are effective for all entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. An entity should apply the amendments prospectively to modifications or exchanges occurring on or after the effective date of the amendments. The Group adopted this update on July 1, 2022. The impact of adopting the new standard was not material to the consolidated financial statements.

Recently issued accounting pronouncements not yet adopted

(ac)

Recently issued accounting pronouncements not yet adopted

In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (ASU 2021-08), which clarifies that an acquirer of a business should recognize and measure contract assets and contract liabilities in a business combination in accordance with Topic 606, Revenue from Contracts with Customers. The new amendments are effective for public business entities for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption of the amendments is permitted. The amendments should be applied prospectively to business combinations occurring on or after the effective date of the amendments. The Group has not determined yet to early adopt and plans to adopt the update starting from the fiscal year beginning on July 1, 2024. The Group is currently evaluating the impact of the new guidance on the consolidated financial statements.

Taxation (Details) - Schedule of The Statutory EIT Rate and the Effective Tax Rates		12 Months Ended
	Apr. 01, 2018	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2020
Schedule of the Statutory EIT Rate and the Effective Tax Rates [Abstract]
Statutory income tax rate in PRC		25.00%	25.00%	25.00%
Effect due to different tax rates applicable to HNTE entities		11.80%	0.00%	1.60%
Permanent differences		(35.50%)	(24.60%)	(8.00%)
Changes in valuation allowance		(26.20%)	(8.80%)	(18.90%)
Effective tax rate	16.50%	(24.90%)	(8.40%)	(0.30%)	15.00%

Loss Per Share (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
Loss Per Share (Details) - CNY (¥) ¥ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020	May 31, 2022
Loss Per Share [Abstract]
Ordinary shares issued					54,642,638
Ordinary shares outstanding					47,812,308
Preferred shares issued					100,843,631
Preferred shares to redemption value (in Yuan Renminbi)		¥ 22,655	¥ 17,480
Attributable dividend (in Yuan Renminbi)			¥ 197,436
Vested shares	3,318,369	2,276,065	232,930
Preferred Stock [Member]
Loss Per Share [Abstract]
Weighted average shares	58,295,907	843,631	515,100	94,269
Share-Based Payment Arrangement, Option [Member]
Loss Per Share [Abstract]
Weighted average shares	14,040,780	13,021,497	1,067,177
Restricted Stock [Member]
Loss Per Share [Abstract]
Weighted average shares	814,341	7,647,753	13,657,905

Disposal of Baichuan (Details) ¥ in Thousands	Mar. 01, 2022 CNY (¥)
Disposal of Baichuan [Abstract]
Equity percentage	100.00%
Shareholders ownership consideration amount	¥ 50,000
Reorganization amount	28,000
Recognized dividend amount	500
Proceeds disposal net carrying value	¥ 22,000

Amount after tax of income (loss) from a discontinued operation including the portion attributable to the noncontrolling interest. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Schedule of Issuances of Preferred Shares

Short-Term Investments (Details) - Schedule of Fair Value of the Investment in Private Fund ¥ in Thousands	12 Months Ended
	Jun. 30, 2023 CNY (¥)
Schedule of Fair Value of the Investment in Private Fund [Abstract]
Fair value of investment in private fund , Beginning balance
Fair value of investment in private fund ,Ending balance	58,223
Investment made	87,885
Redemption	(36,028)
Gain/(loss)	401
Exchange adjustment	¥ 5,965

Preferred Shares (Tables)

12 Months Ended

Jun. 30, 2023

Preferred Shares [Abstract]

Prior to incorporation of the Company, Witty network has issued preferred shares to certain investors. The following table summarizes the issuances of preferred shares by Witty network:

Series	Issuance Date		Shares Issued		Issue Price per share (US$)		Aggregated issuance price (US$)
WN-A		April 2017		22,000,000		0.0455		1,001
WN-B		April 2018		23,983,789		0.1800		4,317
WN-B-1		May 2018		7,913,872		0.3146		2,489
WN-C		June 2018		20,327,789		0.5686		11,559
WN-D		August 2020		11,818,754		1.1825		13,975
WN-E		November 2020		14,799,427		2.3398		34,628

Schedule of Preferred Shares Activities

The Group’s preferred shares activities for the year ended June 30, 2022 and 2023 are summarized below:

	Series A				Series B				Series B-1				Series C				Series D				Series E				Total
	Number of shares		Amount		Number of shares		Amount		Number of shares		Amount		Number of shares		Amount		Number of shares		Amount		Number of shares		Amount		Number of shares		Amount
			RMB				RMB				RMB				RMB				RMB				RMB				RMB

Balance as of July 1, 2021		-		-		-		-		-		-		-		-		-		-		-		-		-		-
Issuance of Preferred Shares upon Step 2 Reorganization		22,000,000		82,002		23,983,789		94,833		7,913,872		33,612		20,327,789		108,501		11,818,754		103,404		14,799,427		238,821		100,843,631		661,173
Accretion of preferred share redemption value		-		-		-		-		-		-		-		391		-		752		-		1,844		-		2,987

Balance as of June 30, 2022		22,000,000		82,002		23,983,789		94,833		7,913,872		33,612		20,327,789		108,892		11,818,754		104,156		14,799,427		240,665		100,843,631		664,160

Balance as of July 1, 2022		22,000,000		82,002		23,983,789		94,833		7,913,872		33,612		20,327,789		108,892		11,818,754		104,156		14,799,427		240,665		100,843,631		664,160
Accretion of preferred share redemption value		-		-		-		-		-		-		-		2,894		-		5,643		-		13,842		-		22,379
Conversion of preferred shares to ordinary shares upon the completion of the IPO		22,000,000		82,002		23,983,789		94,833		7,913,872		33,612		20,327,789		111,786		11,818,754		109,799		14,799,427		254,507		100,843,631		686,539

Balance as of June 30, 2023		-		-		-		-		-		-		-		-		-		-		-		-		-		-

Document And Entity Information	12 Months Ended
Document And Entity Information	Jun. 30, 2023 shares
Document Information Line Items
Entity Registrant Name	QuantaSing Group Limited
Document Type	20-F
Current Fiscal Year End Date	--06-30
Amendment Flag	false
Entity Central Index Key	0001932770
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, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Emerging Growth Company	true
Entity Shell Company	false
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-41590
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	2/F, Building D
Entity Address, Address Line Two	Ronsin Technology Center
Entity Address, Address Line Three	Chaoyang District
Entity Address, City or Town	Beijing
Entity Address, Postal Zip Code	100102
Entity Address, Country	CN
Entity Interactive Data Current	Yes
Document Financial Statement Error Correction [Flag]	false
Document Accounting Standard	U.S. GAAP
Auditor Firm ID	1424
Auditor Name	PricewaterhouseCoopers Zhong Tian LLP
Auditor Location	China
Business Contact
Document Information Line Items
Entity Address, Address Line One	2/F, Building D
Entity Address, Address Line Two	Ronsin Technology Center
Entity Address, Address Line Three	Chaoyang District
Entity Address, City or Town	Beijing
Entity Address, Postal Zip Code	100102
Entity Address, Country	CN
Contact Personnel Name	Dong Xie
City Area Code	+86
Local Phone Number	10 6493-7857
Contact Personnel Email Address	xie@quantasing.com
American depositary shares, each representing three Class A ordinary shares, par value US$0.0001 per share
Document Information Line Items
Trading Symbol	QSG
Title of 12(b) Security	American depositary shares, each representing three Class A ordinary shares, par value US$0.0001 per share
Security Exchange Name	NASDAQ
Class A ordinary shares, par value US$0.0001 per share
Document Information Line Items
Title of 12(b) Security	Class A ordinary shares, par value US$0.0001 per share
Class A Ordinary Shares
Document Information Line Items
Entity Common Stock, Shares Outstanding	115,759,408
Class B Ordinary Shares
Document Information Line Items
Entity Common Stock, Shares Outstanding	49,859,049

Lease (Details) - Schedule of Operating Lease Expenses and Short-Term Lease Expenses - CNY (¥) ¥ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Schedule of Operating Lease Expenses and Short Term Lease Expenses [Abstract]
Operating lease expenses	¥ 37,484	¥ 21,943	¥ 10,036
Short-term lease expenses	2,272	2,730	1,415
Cash paid for amounts included in the measurement of operating lease liabilities	25,151	20,854	11,280
Right-of-use assets obtained in exchange for operating lease obligations	¥ 95,206	¥ 28,091	¥ 22,231

Taxation (Details) - Schedule of The Component of Income Tax Expenses ¥ in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2023 CNY (¥)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 CNY (¥)	Jun. 30, 2021 CNY (¥)
Schedule of the Component of Income Tax Expenses [Abstract]
Current tax expense	¥ (23,769)		¥ (19,796)	¥ (2,303)
Deferred tax benefit	2,084		1,446	1,266
Income tax expense	¥ (21,685)	$ (2,990)	¥ (18,350)	¥ (1,037)

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

+ References + Details

Organization and Principal Activities (Details) - Schedule of Cost of Revenues, Sales and Marketing Expenses, Research and Development Expenses, and General and Administrative Expenses Allocated - Predecessor [Member] - CNY (¥) ¥ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Organization and Principal Activities (Details) - Schedule of Cost of Revenues, Sales and Marketing Expenses, Research and Development Expenses, and General and Administrative Expenses Allocated [Line Items]
Cost of revenues	¥ 11,061	¥ 175,717
Sales and marketing expenses	39,578	295,221
Research and development expenses	31,324	87,516
General and administrative expenses	28,677	57,220
Total	110,640	615,674
Share Based Compensation [Member]
Organization and Principal Activities (Details) - Schedule of Cost of Revenues, Sales and Marketing Expenses, Research and Development Expenses, and General and Administrative Expenses Allocated [Line Items]
Cost of revenues	10,984	6,277
Sales and marketing expenses	32,406	23,973
Research and development expenses	30,986	48,715
General and administrative expenses	26,612	22,865
Total	100,988	101,830
Others [Member]
Organization and Principal Activities (Details) - Schedule of Cost of Revenues, Sales and Marketing Expenses, Research and Development Expenses, and General and Administrative Expenses Allocated [Line Items]
Cost of revenues	77	169,440
Sales and marketing expenses	7,172	271,248
Research and development expenses	338	38,801
General and administrative expenses	2,065	34,355
Total	¥ 9,652	¥ 513,844

The aggregate cost of goods produced and sold and services rendered during the reporting period.

Schedule of Property and Equipment, Net Estimated Useful Lives

Organization and Principal Activities (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2023 CNY (¥)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 CNY (¥)	Jun. 30, 2021 CNY (¥)
Organization and Principal Activities [Abstract]
Beneficial interest rate	100.00%	100.00%
Total costs and expenses			¥ 110,640	¥ 615,674
Share based compensation expenses	¥ 191,632	$ 26,428	291,429	101,830
Remaining allocated expenses	¥ 2,803,491	$ 386,619	2,694,593	1,911,547
Exclusive consultancy and service agreements term	10 years	10 years
Exclusive consultancy and service agreements extended term	10 years	10 years
Paid-in capital of VIE amount
Statutory reserves	1,568
Excess cash	¥ 155,960
Predecessors [Member]
Organization and Principal Activities [Abstract]
Share based compensation expenses			100,988	101,830
Predecessors [Member]
Organization and Principal Activities [Abstract]
Remaining allocated expenses			¥ 9,652	¥ 513,844

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

The estimated useful lives of these assets are generally as follows:

Category		Estimated useful life

Leasehold improvement		Shorter of the lease term or estimated economic life
Computer and electronic equipment		3 years

Schedule of Intangible Assets Estimated Useful Lives

Category		Estimated useful life

Insurance brokerage license		52 months
Software		1 year to 2 years

Schedule of Group’s Revenues Disaggregated by Business Line

The following table sets forth a breakdown of the Group’s revenues disaggregated by business line:

	For the years ended June 30,
	2021		2022		2023
	RMB		RMB		RMB
Online learning services
- Financial literacy courses - self-operated		1,563,607		2,300,434		1,874,627
- Other personal interest courses		-		193,896		860,250
- self-operated		-		163,483		860,250
- cooperated		-		30,413		-
Subtotal		1,563,607		2,494,330		2,734,877
Enterprise services		144,308		185,511		340,934
Others		52,025		188,133		5,570
Total revenues		1,759,940		2,867,974		3,081,381

Taxation (Tables)

12 Months Ended

Jun. 30, 2023

Taxation [Abstract]

Schedule of the Component of Income Tax Expenses

The following table sets forth the component of income tax expenses of the Group for the years ended June 30, 2021, 2022 and 2023

	For the years ended June 30,
	2021			2022			2023
	RMB			RMB			RMB

Current tax expense		(2,303	)		(19,796	)		(23,769	)
Deferred tax benefit		1,266			1,446			2,084
Income tax expense		(1,037	)		(18,350	)		(21,685	)

Schedule of the Statutory EIT Rate and the Effective Tax Rates

The following table sets forth reconciliation between the statutory EIT rate and the effective tax rates:

	For the years ended June 30,
	2021			2022			2023

Statutory income tax rate in PRC		25.0	%		25.0	%		25.0	%
Effect due to different tax rates applicable to HNTE entities		1.6	%		0.0	%		11.8	%
Permanent differences		(8.0	)%		(24.6	)%		(35.5	)%
Changes in valuation allowance		(18.9	)%		(8.8	)%		(26.2	)%
Effective tax rate		(0.3	)%		(8.4	)%		(24.9	)%

Schedule of Income Tax Expenses and the Net Loss Per Share

If Beijing Feierlai did not enjoy preferential tax rate for the year ended June 30, 2021 and if the WFOE did not enjoy preferential tax rate for the years ended June 30, 2022 and 2023, the increase in income tax expenses and the net loss per share amounts would be as follows:

	For the years ended June 30,
	2021		2022		2023

Increase in income tax expenses		4,952		-		-
Basic net loss per share effect		0.12		-		-
Diluted net loss per share effect		0.12		-		-

Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities

	As of June 30,
	2022			2023
	RMB			RMB

Deferred tax assets:
Allowances of credit losses		380			790
Operating lease liabilities		-			18,611
Deductible temporary difference related to advertising expenses		35,384			44,843
Net operating tax losses carried forward		48,642			49,581
Subtotal		84,406			113,825
Less: valuation allowance		(84,406	)		(94,975	)
Total deferred tax assets, net		-			18,850

	As of June 30,
	2022		2023
	RMB		RMB

Deferred tax liabilities:
Operating lease right-of-use assets		-		16,766
Total deferred tax liabilities		-		16,766

Schedule of Tax Losses of the Group Expire

All the entity’s expiration periods for tax losses were five years, except for WFOE, of which expiration periods for tax losses were ten years. As of June 30, 2023, certain entities of the Group had net operating tax losses carried forward, which if not utilized, will expire as follows:

	2023
	RMB

Loss expiring for the year ended December 31, 2023		-
Loss expiring for the year ended December 31, 2024		-
Loss expiring for the year ended December 31, 2025		-
Loss expiring for the year ended December 31, 2026		37,143
Loss expiring for the year ended December 31, 2027		68,855
Loss expiring for the year ended December 31, 2028		-
Loss expiring for the year ended December 31, 2029		-
Loss expiring for the year ended December 31, 2030		-
Loss expiring for the year ended December 31, 2031		68,795
Loss expiring for the year ended December 31, 2032 and thereafter		85,083
Subtotal		259,876

Schedule of Changes in Valuation Allowance

Changes in valuation allowance are as follows:

	For the years ended June 30,
	2021			2022			2023
	RMB			RMB			RMB

Balance at beginning of the year		(5,693	)		(65,235	)		(84,406	)
(Additions)/Reversal		(59,542	)		(19,171	)		(10,569	)
Balance at end of the year		(65,235	)		(84,406	)		(94,975	)

Lease (Tables)

12 Months Ended

Jun. 30, 2023

Lease [Abstract]

Schedule of Operating Leases

Certain leases include rental escalation clauses, renewal options and/or termination option, which are factored into the Group’s determination of lease payments when appropriate.

	As of June 30,
	2022		2023
	RMB		RMB

Operating lease right-of-use assets, net		23,917		84,009
Operating lease liabilities-current		16,331		41,092
Operating lease liabilities-non current		6,566		52,840

Schedule of Operating Lease Expenses and Short-Term Lease Expenses

The following table provides a summary of the Group’s operating lease expenses and short-term lease expenses as of June 30, 2021, 2022 and 2023:

	For the years ended June 30,
	2021		2022		2023
	RMB		RMB		RMB

Operating lease expenses		10,036		21,943		37,484
Short-term lease expenses		1,415		2,730		2,272

	For the years ended June 30,
	2021		2022		2023
	RMB		RMB		RMB

Cash paid for amounts included in the measurement of operating lease liabilities		11,280		20,854		25,151
Right-of-use assets obtained in exchange for operating lease obligations		22,231		28,091		95,206

Schedule of Operating Lease Terms and Discount Rates

The following table provides a summary of the Group’s operating lease terms and discount rates as of June 30, 2022 and 2023:

	As of June 30,
	2022			2023

Weighted average remaining lease term (in years)		1.26			2.22
Weighted average discount rate		4.75	%		4.75	%

Schedule of Maturities of Operating Lease Liabilities

Maturities of operating lease liabilities as of June 30, 2023 were as follows:

	Amounts
	RMB

For the year ended June 30, 2024		44,599
For the year ended June 30, 2025		41,659
For the year ended June 30, 2026		13,086
Total operating lease payments		99,344
Less: imputed interest		(5,412	)
Present value of operating lease liabilities		93,932

Taxation (Details) - Schedule of Income Tax Expenses and the Net Loss Per Share - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Schedule Of Income Tax Expenses And The Net Loss Per Share Abstract
Increase in income tax expenses (in Dollars)			$ 4,952
Basic net loss per share effect			$ 0.12
Diluted net loss per share effect			$ 0.12

The amount of net income (loss) from continuing operations per each share of common stock or unit outstanding during the reporting period.

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Taxation (Details) - Schedule of Deferred Tax Assets and Liabilities ¥ in Thousands, $ in Thousands	Jun. 30, 2023 CNY (¥)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 CNY (¥)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 CNY (¥)	Jun. 30, 2020 CNY (¥)
Deferred tax assets:
Allowances of credit losses		$ 790		$ 380
Operating lease liabilities		18,611
Deductible temporary difference related to advertising expenses		44,843		35,384
Net operating tax losses carried forward		49,581		48,642
Subtotal		113,825		84,406
Less: valuation allowance	¥ (94,975)	(94,975)	¥ (84,406)	(84,406)	¥ (65,235)	¥ (5,693)
Total deferred tax assets, net		18,850
Deferred tax liabilities:
Operating lease right-of-use assets		16,766
Total deferred tax liabilities		$ 16,766

Ordinary Shares

12 Months Ended

Jun. 30, 2023

Ordinary Shares [Abstract]

Ordinary Shares

14	Ordinary Shares

Prior to incorporation of the Company, Witty network issued ordinary shares to shareholders. As of July 1, 2020, Witty network issued 55,683,082 ordinary shares to Founder Co., of which 13,920,770 ordinary shares were restricted and subject to further service condition of the Founder (Note 13(b)).

On August 13, 2020, 1,640,444 ordinary shares were repurchased by Witty network (Note 13(b)), and the remaining 54,042,638 ordinary shares (including 13,920,770 unvested restricted shares) were all re-designated as Class B ordinary shares with ten votes per share.

On November 4, 2020, 600,000 Class A ordinary shares with one vote per share were issued by Witty network to Founder Co. for nominal consideration, of which 150,000 ordinary shares were restricted and subject to further service condition of the Founder (Note 13(b)).

On May 31, 2021, 600,000 Class A ordinary shares and 54,042,638 Class B ordinary shares were issued by EW to Founder Co. to replicate the number and terms of ordinary shares originally issued by Witty network.

On February 9, 2022, the Company was incorporated in the Cayman Islands with an authorized share capital of US$50,000, divided into 500,000,000 shares with a par value of US$0.0001 each. Upon its incorporation, 1 share was allotted and issued to Founder Co. and credited as fully paid.

Upon completion of the Step 2 Reorganization, the authorized share capital of the Company is US$50,000 consisting of 500,000,000 shares of a nominal or par value of US$0.0001 each, of which:

(i)

345,113,731 are designated as class A ordinary shares of a par value of US$0.0001 each (the “Class A Ordinary Shares”),

(ii)

54,042,638 are designated as class B ordinary shares of a par value of US$0.0001 each (the “Class B Ordinary Shares”, together with the Class A Ordinary Shares, collectively the “Ordinary Shares”),

(iii)

22,000,000 are designated as convertible redeemable series A preferred shares of a par value of US$0.0001 each (the “Series A Preferred Shares”),

(iv)

23,983,789 are designated as convertible redeemable series B preferred shares of a par value of US$0.0001 each (the “Series B Preferred Shares”),

(v)

7,913,872 are designated as convertible redeemable series B-1 preferred shares of a par value of US$0.0001 each (the “Series B-1 Preferred Shares”),

(vi)

20,327,789 are designated as convertible redeemable series C preferred shares of a par value of US$0.0001 each (the “Series C Preferred Shares”),

(vii)

11,818,754 are designated as convertible redeemable series D preferred shares of a par value of US$0.0001 each (the “Series D Preferred Shares”), and

(viii)

14,799,427 are designated as convertible redeemable series E preferred shares of a par value of US$0.0001 each (the “Series E Preferred Shares”).

Holder of each of the Class A Ordinary Shares is entitled to one vote per share and holder of each of the Class B Ordinary Shares is entitled to ten votes. Class B Ordinary Shares are convertible at any time by the holder into Class A ordinary shares on a one-for-one basis, while Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. Only Class B Ordinary Shares held by the Founder and Founder Co. enjoy ten votes for every Class B Ordinary Share on a poll.

On May 31, 2022, 600,000 Class A ordinary shares and 54,042,638 Class B ordinary shares were issued to Founder Co., of which 75,000 Class A ordinary shares and 6,755,330 Class B ordinary shares were still restricted and shall vest in the remaining service period (Note 13(b)). Ordinary shares of the Company were recognized upon issuance of the shares by the Company based on their par value.

On June 1, 2022, 4,183,589 Class B ordinary shares re-designated as the same number of Class A ordinary shares, and 75,000 unvested restricted shares held by the Founder Co. were approved to be vested into Class A ordinary shares.

On January 27, 2023, the Company completed the IPO. Immediately prior to the completion of the IPO, the Company’s authorized share capital was changed into US$70,000 consisting of 700,000,000 shares, divided into: (1) 430,000,000 Class A ordinary shares of a par value of US$0.0001 each, (ii)70,000,000 Class B ordinary shares of a par value of US$0.0001 each, and (iii) 200,000,000 shares of a par value of US$0.0001 each of such class or classes (however designated) as the board of directors may determine in accordance with the Company’s post-offering memorandum and articles of association. Immediately prior to the completion of the IPO, all of the Company’s issued and outstanding preferred shares and ordinary shares were converted into, and re-designated and re-classified, as Class A ordinary shares on a one-for-one basis, except that the 49,859,049 shares beneficially owned by Mr. Peng Li continue to be Class B ordinary shares.

During the IPO, the Company issued a total of 3,250,000 ADSs, with one ADSs representing three Class A ordinary share of the Company with par value of US$0.0001 per share. The Company received a total of approximately US$37.2 million of net proceeds after deducting the underwriter commissions.

On February 16, 2023, the underwriters exercised their option to purchase 127,396 additional ADSs and the Company received a total of approximately US$1.5 million of net proceeds after deducting the underwriter commissions.

The entire disclosure for equity.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 13
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Subparagraph (d)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Related party transactions

Related Party Transactions

12 Months Ended

Jun. 30, 2023

17.

Related party transactions

The Group’s consolidated financial statements include costs and expenses allocated from the Predecessors for periods prior to the Reorganization, amounted to RMB615,674 and RMB110,640 for the years ended June 30, 2021 and 2022 respectively. In addition, the Predecessors provided cash funding support to the Group to satisfy the Listing Businesses’ working capital requirements. See Note 1(b) for more detailed information.

The Group has historically relied on the Predecessors for certain of the Group’s funding.

The table below sets forth the major related parties and their relationships with the Group as of June 30，2022 and June 30, 2023:

Name of related parties		Relationship with the Group

Mr. Peng Li		The Founder and controlling shareholder of the Company (i)
EW Technology Limited		Entity controlled by the same shareholders with the Company and significantly influenced by the Founder
Beijing Baichuan Insurance Brokerage Co., Ltd.		Entity controlled by the same shareholders with the Company and significantly influenced by the Founder
Shenzhen Shanchangshuiyuan Network Technology Co., Ltd.		Entity controlled by the same shareholders with the Company and significantly influenced by the Founder
Beijing Xingyuejiaohui Network Technology Co., Ltd.		Entity controlled by the same shareholders with the Company and significantly influenced by the Founder
Beijing Shanronghaina Network Technology Co., Ltd.		Entity controlled by the same shareholders with the Company and significantly influenced by the Founder
Beijing Baichuanxianghai Technology Co., Ltd		Entity controlled by the same shareholders with the Company and significantly influenced by the Founder
Beijing Shuidayuda Co., Ltd.		Entity controlled by the same shareholders with the Company and significantly influenced by the Founder
Shenzhen Erwan Education Technology Limited		Entity controlled by the Founder

(i)

Upon the IPO, the Founder became controlling shareholder of the Company through his majority voting right.

(a)

The related party transactions entered into during the years ended June 30, 2021, 2022 and 2023 were as follows:

	For the years ended June 30,
Transactions	2021			2022			2023
	RMB			RMB			RMB

(i) Transactions recorded in revenue ⁽¹⁾		-			44,710			147,921

(ii) Other transactions
—Repayment of borrowings from related parties		(36,763	)		(146,182	)		-
—Borrowings from related parties		52,711			122,833			-
—Lending to related parties		(2,448	)		(129,427	)		(2,243	)
—Repayment of lending to related parties		2,950			109,389			24,629
—Disposal of subsidiaries to related parties ⁽²⁾		-			20,000			2,000

(b)

The outstanding balance due from/to related parties as of June 30, 2022 and 2023 were as follows:

	As of June 30,
	2022		2023
	RMB		RMB

Due from related parties		47,394		29,116
Due from Beijing Baichuan Insurance Brokerage Co., Ltd. ⁽¹⁾		23,008		29,116
Other receivable from Beijing Shanronghaina Network Technology Co., Ltd. ⁽²⁾		2,000		-
Loan receivable from BaichuanXianghai Technology Co., Ltd.		11,886		-
Loan receivable from Beijing Baichuan Insurance Brokerage Co.Ltd.		10,500		-

Note:

(1)	Beijing Feierlai has been providing marketing services to Beijing Baichuan Insurance Brokerage Co., Ltd. by referring learners to purchase insurance policies and earned commissions for the service, which was recorded as revenues from related parties subsequent to the disposal of Baichuan (Note 18).

(2)	The Group disposed of ChangYou Star to Beijing Shanronghaina Network Technology Co., Ltd. at a consideration of RMB22,000 (Note 18), of which RMB20,000 and RMB2,000 was received during the year ended June 30, 2022 and 2023, respectively.

(3)	All of the loans to related parties were unsecured and with maturity of less than a year. The loans receivable as of June 30, 2022 have been fully collected during the year ended June 30, 2023.

There were no other material related party transactions occurred in the years presented.

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Paragraph 2
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Publisher FASB
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Cash and cash equivalents

Property and equipment, net (Details) - Schedule of Property and Equipment, Net ¥ in Thousands, $ in Thousands	Jun. 30, 2023 CNY (¥)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 CNY (¥)
Property, Plant and Equipment [Line Items]
Total	¥ 11,774		¥ 10,664
Less: Accumulated depreciation	(4,365)		(5,495)
Property and equipment, net	7,409	$ 1,022	5,169
Leasehold improvement [Member]
Property, Plant and Equipment [Line Items]
Total	5,423		5,891
Computer and electronic equipment [Member]
Property, Plant and Equipment [Line Items]
Total	¥ 6,351		¥ 4,773

Others, Net (Details) - Schedule of Others, Net - CNY (¥) ¥ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Schedule of Others Net [Abstract]
Government grants	¥ 415	¥ 69	¥ 3,010
Fair value changes of short-term investments	9,235	4,894	2,400
Others	11,663	14,950	9,683
Total	¥ 21,313	¥ 19,913	¥ 15,093

Consolidated Statements of Cash Flows (Parentheticals) - CNY (¥) ¥ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Statement of Cash Flows [Abstract]
Proceeds from issuance costs paid	¥ 15,917	¥ 15,917	¥ 15,917

Organization and Principal Activities (Details) - Schedule of Consolidated Financial Information - VIE [Member] - CNY (¥)
¥ in Thousands

12 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2021

Current assets:

¥ 422,076

¥ 83,449

Short-term investments

50,213

54,375

Accounts receivable, net

12,203

1,937

Amounts due from related parties

29,116

47,394

Amounts due from intra-Group companies

155,960

Prepayments and other current assets

123,734

111,790

Total current assets

637,342

454,905

Property and equipment, net

2,646

3,669

Operating lease right-of-use assets

41,654

21,437

Deferred tax assets

2,084

Other non-current assets

12,347

9,612

Total non-current assets

58,731

34,718

TOTAL ASSETS

696,073

489,623

Accounts payables

62,094

45,178

Accrued expenses and other current liabilities

124,532

77,616

Amounts due to intra-Group companies

17,000

Income tax payable

8,794

7,298

Contract liabilities, current portion

517,213

384,729

Advance from customers

144,397

151,089

Operating lease liabilities, current portion

21,425

14,875

Total current liabilities

895,455

680,785

Contract liabilities, non-current portion

8,869

Operating lease liabilities, non-current portion

23,786

6,522

Total non-current liabilities

23,793

15,391

TOTAL LIABILITIES

919,248

696,176

Revenues:

Total revenues

3,081,334

2,867,218

¥ 1,759,793

Cost of revenues and operating expenses

Total cost of revenues and operating expenses

(3,093,461)

(2,806,425)

(1,999,482)

Net (loss)/income

(15,092)

62,712

(225,042)

Cash flows from operating activities:

Net cash provided by transactions with third parties

548,728

495,719

253,874

Net cash used in transactions with intra-Group companies related to technical consulting and related service under VIE Contractual Agreements

(415,703)

(239,597)

(204,121)

Net cash provided by operating activities

133,025

256,122

49,753

Cash flows from investing activities:

Net cash (used in)/provided by transactions with third parties

9,786

(31,836)

(53,384)

Net cash (used in)/provided by transactions with related parties

24,386

(5,912)

(1,253)

Net cash (used in)/provided by transactions with intra-Group companies*

^[1]

155,960

(155,960)

Net cash (used in)/provided by investing activities

190,132

(193,708)

(54,637)

Cash flows from financing activities:

Net cash provided by/(used in) transactions with Predecessors

(3,691)

488

Net cash used in transactions with third parties

(1,530)

Net cash provided by/ (used in) transactions with intra-Group companies

17,000

Net cash provided by/ (used in) financing activities

15,470

(3,691)

488

-earned from third-party customers [Member]

Revenues:

Total revenues

2,933,413

2,822,508

1,759,793

- earned from a related party [Member]

Revenues:

Total revenues

147,921

44,710

- arising from non intra-Group transactions [Member]

Cost of revenues and operating expenses

Total cost of revenues and operating expenses

(2,701,287)

(2,576,144)

(1,814,446)

- arising from the intra-Group technical consulting and related service under VIE Contractual Agreements [Member]

Cost of revenues and operating expenses

Total cost of revenues and operating expenses

¥ (392,174)

¥ (230,281)

¥ (185,036)

[1]	During the year ended June 30, 2022, the VIE transferred RMB155,960 of its excess cash to the WFOE for cash management purpose, which have been fully collected during the year ended June 30, 2023.

Share Based Compensation Expenses (Details) - Schedule of Summary of Activities of Restricted Shares - Restricted Shares [Member] - $ / shares	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Share Based Compensation Expenses (Details) - Schedule of Summary of Activities of Restricted Shares [Line Items]
Number of shares, unvested beginning	6,755,330	13,660,660	13,920,771
Weighted- average grant date fair value, unvested beginning	$ 0.06	$ 0.07	$ 0.06
Number of shares, granted			150,000
Weighted- average grant date fair value, granted			$ 1.06
Number of shares, vested	(6,755,330)	(6,905,330)	(410,111)
Weighted- average grant date fair value, vested	$ 0.06	$ 0.08	$ 0.06
Number of shares, unvested ending		6,755,330	13,660,660
Weighted- average grant date fair value, unvested ending		$ 0.06	$ 0.07

Concentration and Risks (Tables)

12 Months Ended

Jun. 30, 2023

Concentration and Risks [Abstract]

Schedule of Net Accounts Receivable

There were no customers accounted for more than 10% of the Group’s total revenues for the years ended June 30, 2021, 2022 and 2023 respectively. There was one customer individually accounted for more than 10% of the Group’s net accounts receivable as of June 30, 2022 and 2023, respectively.

	As of June 30,
	2022			2023
Accounts receivables, net
Customer A*		92.2	%		70.4	%

Customer A is Beijing Baichuan Insurance Brokerage Co., Ltd., a related party of the Group, from which the gross accounts receivable for enterprise services were RMB23,202 and RMB29,116 as of June 30, 2022 and 2023, respectively, which were recorded in “amounts due from related parties”, and represents 92.2% and 70.4% of all accounts receivables from third parties and related parties as of June 30, 2022 and 2023, respectively.

Short-Term Investments (Tables)

12 Months Ended

Jun. 30, 2023

Short-Term Investments [Abstract]

Schedule of the Fair Value Hierarchy for the Group’s Assets and Liabilities

The following table presents the fair value hierarchy for the Group's assets and liabilities that are measured and recorded at fair value on a recurring basis as of June 30, 2022 and 2023:

June 30, 2022

Quoted Prices in
Active Market
for Identical
Assets

(Level 1)

Significant
Other
Observable
Inputs

(Level 2)

Significant
Other
Unobservable
Inputs

(Level 3)

Balance

at Fair Value

RMB

Assets

Wealth management products⁽ⁱ⁾

132,632

Total

132,632

June 30, 2023	Quoted Prices in Active Market for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)		Balance at Fair Value
	RMB		RMB		RMB		RMB
Assets
Wealth management products⁽ⁱ⁾		-		50,213		-		50,213
Investment in private fund⁽ⁱⁱ⁾		-		-		58,223		58,223
Investment in structured notes⁽ⁱⁱⁱ⁾		-		57,867		-		57,867
Total		-		108,080		58,223		166,303

(i)

The Group’s short-term investments in wealth management products were issued by financial institutions in the PRC with variable returns indexed to the performance of underlying assets. The wealth management products invested by the Group can be redeemed at any time after the respective lock-up period. To estimate the fair value of wealth management products, the Group uses the quoted net asset values published by the financial institutions or by discounting the future cash flows at the expected yield rate with reference to the expected benchmark yield rates published by the financial institutions. As there are no quoted prices in active markets for the investments. The Company classifies the valuation techniques that use these inputs as Level 2 of fair value measurement.

(ii)

The Group’s investment in private fund was issued by a private fund with variable returns indexed to the performance of underlying assets. The investment can be redeemed at any time after the specified lock-up period. Fair value is estimated according to the net asset value provided by the private fund based on the expected cash flows using the unobservable expected return. The Company classifies the valuation techniques that use these inputs as Level 3 of fair value measurement. All of the remaining balance of the investment in private fund was redeemed in July 2023.

(iii)

The Group’s investment in structured notes was issued by an asset management company with variable returns indexed to the performance of specified underlying assets. The structured notes are with original maturity of one year subsequent to the issue date, i.e. June 29, 2023, early redemption is allowed on any business day subsequent to the issue date and redemption amount shall be determined based on the price of the underlying fund. Fair value is estimated according to the structured note valuation provided by the asset management company, which are based on quoted prices for similar items in active markets including the observable quoted price of the underlying fund as at June 30, 2023. The Company classifies the valuation techniques that use these inputs as Level 2 of fair value measurement.

Schedule of Fair Value of the Investment in Private Fund

The following table summarizes the activities related to fair value of the investment in private fund:

	Amounts
	RMB

Fair value of investment in private fund as of June 30, 2022		-
Investment made		87,885
Redemption		(36,028	)
Gain/(loss)		401
Exchange adjustment		5,965
Fair value of investment in private fund as of June 30, 2023		58,223

Organization and Principal Activities (Tables)

12 Months Ended

Jun. 30, 2023

Organization and Principal Activities [Abstract]

Schedule of Subsidiaries and Consolidated VIEs of WN

Main subsidiaries and consolidated VIEs of WN included:

	Date of incorporation	Place of incorporation	Percentage of direct or indirect economic interest			Principal activities

Wholly owned subsidiaries:
Beijing Erwan Technology Limited (“Beijing Erwan”, or the “WN WFOE”)	March 27, 2017	The PRC		100	%	Investment holding

VIEs:
Feierlai (Beijing) Technology Limited (“Beijing Feierlai”, or the “VIE 1”, or the “VIE” after the Reorganization)	July 27, 2016	The PRC		100	%*	Listing Businesses
Beijing Dianfengtongdao Technology Limited (“Beijing Dianfeng”, or the “VIE 2”)	April 25, 2017	The PRC		100	%*	Listing Businesses, Old Business

WN WFOE had 100% of beneficial interests in these consolidated VIEs.

	Date of incorporation	Place of incorporation	Percentage of direct or indirect economic interest			Principal activities

Wholly owned subsidiaries (offshore):
Hundreds of Mountains Limited	March 22, 2021	The BVI		100	%	Investment holding
Witty Digital Technology Limited	March 29, 2021	Hong Kong		100	%	Investment holding
Wholly owned subsidiaries (onshore):
Beijing Liangzizhige Technology Limited (the “EW WFOE”, or the “WFOE” after the Reorganization)	March 19, 2021	The PRC		100	%	Listing Businesses
VIE:
Feierlai (Beijing) Technology Co., Ltd. (“Beijing Feierlai”, or the “VIE 1”, or the “VIE” after the Reorganization)	July 27, 2016	The PRC		100	%*	Listing Businesses
VIE’s subsidiaries:
Beijing Shijiwanhe Information Consulting Limited	August 28, 2019	The PRC		100	%*	Listing Businesses
Beijing Denggaoerge Network Technology Limited	December 24, 2020	The PRC		100	%*	Listing Businesses
Anhui Denggaoerge Network Technology Co., Ltd.	February 12, 2023	The PRC		100	%*	Listing Businesses

The WFOE has 100% of beneficial interests in the consolidated VIE (including its subsidiaries).

Schedule of Cost of Revenues, Sales and Marketing Expenses, Research and Development Expenses, and General and Administrative Expenses Allocated

The following tables set forth the cost of revenues, sales and marketing expenses, research and development expenses, and general and administrative expenses allocated from the Predecessors for the years ended June 30, 2021 and 2022:

For the year ended June 30, 2021:	Share based compensation		Others		Total
	RMB		RMB		RMB
Cost of revenues		6,277		169,440		175,717
Sales and marketing expenses		23,973		271,248		295,221
Research and development expenses		48,715		38,801		87,516
General and administrative expenses		22,865		34,355		57,220
Total		101,830		513,844		615,674

For the year ended June 30, 2022:	Share based compensation		Others		Total
	RMB		RMB		RMB

Cost of revenues		10,984		77		11,061
Sales and marketing expenses		32,406		7,172		39,578
Research and development expenses		30,986		338		31,324
General and administrative expenses		26,612		2,065		28,677
Total		100,988		9,652		110,640

Schedule of Consolidated Financial Information

The following consolidated financial information of the VIE after the elimination of inter-company transactions between the VIE and the subsidiaries of the VIE, and including the portion of Listing Businesses in the VIE 2 and its subsidiaries, was included in the accompanying consolidated financial statements of the Group as follows:

	As of June 30,
	2022		2023
	RMB		RMB

ASSETS
Current assets:
Cash and cash equivalents		83,449		422,076
Short-term investments		54,375		50,213
Accounts receivable, net		1,937		12,203
Amounts due from related parties		47,394		29,116
Amounts due from intra-Group companies		155,960		-
Prepayments and other current assets		111,790		123,734
Total current assets		454,905		637,342
Property and equipment, net		3,669		2,646
Operating lease right-of-use assets		21,437		41,654
Deferred tax assets		-		2,084
Other non-current assets		9,612		12,347
Total non-current assets		34,718		58,731
TOTAL ASSETS		489,623		696,073
Accounts payables		45,178		62,094
Accrued expenses and other current liabilities		77,616		124,532
Amounts due to intra-Group companies		-		17,000
Income tax payable		7,298		8,794
Contract liabilities, current portion		384,729		517,213
Advance from customers		151,089		144,397
Operating lease liabilities, current portion		14,875		21,425
Total current liabilities		680,785		895,455
Contract liabilities, non-current portion		8,869		7
Operating lease liabilities, non-current portion		6,522		23,786
Total non-current liabilities		15,391		23,793
TOTAL LIABILITIES		696,176		919,248

	For the years ended June 30,
	2021			2022			2023
	RMB			RMB			RMB
Revenues:
- earned from third-party customers		1,759,793			2,822,508			2,933,413
- earned from a related party		-			44,710			147,921
Total revenues		1,759,793			2,867,218			3,081,334

Cost of revenues and operating expenses
- arising from non intra-Group transactions		(1,814,446	)		(2,576,144	)		(2,701,287	)
- arising from the intra-Group technical consulting and related service under VIE Contractual Agreements		(185,036	)		(230,281	)		(392,174	)
Total cost of revenues and operating expenses		(1,999,482	)		(2,806,425	)		(3,093,461	)

Net (loss)/income		(225,042	)		62,712			(15,092	)

	For the years ended June 30,
	2021			2022			2023
	RMB			RMB			RMB
Cash flows from operating activities:
Net cash provided by transactions with third parties		253,874			495,719			548,728
Net cash used in transactions with intra-Group companies related to technical consulting and related service under VIE Contractual Agreements		(204,121	)		(239,597	)		(415,703	)
Net cash provided by operating activities		49,753			256,122			133,025

Cash flows from investing activities:
Net cash (used in)/provided by transactions with third parties		(53,384	)		(31,836	)		9,786
Net cash (used in)/provided by transactions with related parties		(1,253	)		(5,912	)		24,386
Net cash (used in)/provided by transactions with intra-Group companies*		-			(155,960	)		155,960
Net cash (used in)/provided by investing activities		(54,637	)		(193,708	)		190,132

Cash flows from financing activities:
Net cash provided by/(used in) transactions with Predecessors		488			(3,691	)		-
Net cash used in transactions with third parties		-			-			(1,530	)
Net cash provided by/ (used in) transactions with intra-Group companies		-			-			17,000
Net cash provided by/ (used in) financing activities		488			(3,691	)		15,470

During the year ended June 30, 2022, the VIE transferred RMB155,960 of its excess cash to the WFOE for cash management purpose, which have been fully collected during the year ended June 30, 2023.

Net income attributable to noncontrolling interests

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Loss Per Share (Details) - Schedule of Basic Loss Per Share and Diluted Loss Per Share
¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands

12 Months Ended

Jun. 30, 2023

CNY (¥)

¥ / shares

Jun. 30, 2023

USD ($)

$ / shares

Jun. 30, 2022

CNY (¥)

¥ / shares

Jun. 30, 2021

CNY (¥)

¥ / shares

Numerator:

Net loss

¥ (108,652)

$ (14,983)

¥ (233,426)

¥ (316,037)

115

Net (loss)/Income attributable to QuantaSing Group Limited

(108,537)

(14,967)

(233,426)

(316,037)

Allocation of accretion of Predecessors’ preferred shares

^[1]

(22,655)

(17,480)

Allocation of deemed dividends due to extinguishment of Predecessors’ preferred shares

^[2]

(197,436)

Accretion of the Company’s preferred shares subsequent to the Reorganization completion date

(22,379)

(2,987)

Net loss attributable to ordinary shareholders of QuantaSing Group Limited

¥ (130,916)

$ (18,053)

¥ (259,068)

¥ (530,953)

Weighted average number of ordinary shares outstanding — basic (in Shares) | shares

^[3]

103,948,398

49,270,950

41,206,648

Net loss per share — basic (in Yuan Renminbi per share) | (per share)

¥ (1.26)

$ (0.17)

¥ (5.26)

¥ (12.89)

[1]	The accretion of Predecessors’ preferred shares to redemption value attributable to the Listing Businesses was RMB17,480, RMB22,655 and nil for the years ended June 30, 2021, 2022 and 2023 respectively.
[2]	The impact of the inclusion of a redemption right for series of WN-A, WN-B, WN-B-1 and WN-C was assessed from both quantitative and qualitative perspectives and accounted for as extinguishment of former preferred shares. The difference between the fair value of the new preferred shares and the carrying value of former preferred shares was recognized by WN as a deemed dividend to preferred shareholders of WN. The deemed dividend attributable to the Listing Businesses was RMB197,436, nil and nil for the years ended June 30, 2021, 2022 and 2023.
[3]	Basic and diluted net loss per share are computed using the weighted average number of ordinary shares outstanding during the period, including 232,930, 2,276,065 and 3,318,369 vested options with nominal exercise price for the years ended June 30, 2021, 2022 and 2023.

Ordinary Shares (Details) - USD ($) $ / shares in Units, $ in Thousands					1 Months Ended		12 Months Ended
	Feb. 16, 2023	Jun. 01, 2022	Feb. 09, 2022	Aug. 13, 2020	Apr. 25, 2018	Apr. 25, 2017	Jun. 30, 2023	Jan. 27, 2023	May 31, 2022	May 31, 2021	Nov. 04, 2020	Jul. 01, 2020
Ordinary Shares (Details) [Line Items]
Ordinary shares		4,183,589	500,000,000	54,042,638			150,000	200,000,000				13,920,770
Repurchase ordinary shares				1,640,444
Restricted shares		75,000		13,920,770	13,036,792	63,000,200
Share capital (in Dollars)			$ 50,000
Ordinary shares par value (in Dollars per share)			$ 0.0001					$ 0.0001
Consisting of shares								700,000,000
Net proceeds (in Dollars)	$ 1,500						$ 37,200
Option to purchase additional	127,396
Founder [Member]
Ordinary Shares (Details) [Line Items]
Ordinary shares												55,683,082
IPO [Member]
Ordinary Shares (Details) [Line Items]
Ordinary shares								3,250,000
Authorized share capital (in Dollars)								$ 70,000
Class B Ordinary Shares [Member]
Ordinary Shares (Details) [Line Items]
Ordinary shares							54,042,638	70,000,000	6,755,330	54,042,638
Ordinary shares, vote							ten
Ordinary shares par value (in Dollars per share)							$ 0.0001	$ 0.0001
Class B Ordinary Shares [Member] \| Founder [Member]
Ordinary Shares (Details) [Line Items]
Ordinary shares									54,042,638
Class A Ordinary Shares [Member]
Ordinary Shares (Details) [Line Items]
Ordinary shares							345,113,731	430,000,000	75,000	600,000	600,000
Ordinary shares, vote							one
Ordinary shares par value (in Dollars per share)							$ 0.0001	$ 0.0001
Class A Ordinary Shares [Member] \| Founder [Member]
Ordinary Shares (Details) [Line Items]
Ordinary shares									600,000
Class A Ordinary Shares [Member] \| IPO [Member]
Ordinary Shares (Details) [Line Items]
Ordinary shares par value (in Dollars per share)							$ 0.0001
Ordinary Shares [Member]
Ordinary Shares (Details) [Line Items]
Ordinary shares							500,000,000
Share capital (in Dollars)							$ 50,000
Ordinary shares par value (in Dollars per share)							$ 0.0001
Convertible Redeemable Series A Preferred Shares [Member]
Ordinary Shares (Details) [Line Items]
Preferred shares designated							22,000,000
Price per share (in Dollars per share)							$ 0.0001
Convertible Redeemable Series B Preferred Shares [Member]
Ordinary Shares (Details) [Line Items]
Preferred shares designated							23,983,789
Price per share (in Dollars per share)							$ 0.0001
Convertible Redeemable Series B-1 Preferred Shares [Member]
Ordinary Shares (Details) [Line Items]
Preferred shares designated							7,913,872
Price per share (in Dollars per share)							$ 0.0001
Convertible Redeemable Series C Preferred Shares [Member]
Ordinary Shares (Details) [Line Items]
Preferred shares designated							20,327,789
Price per share (in Dollars per share)							$ 0.0001
Convertible Redeemable Series D Preferred Shares [Member]
Ordinary Shares (Details) [Line Items]
Preferred shares designated							11,818,754
Price per share (in Dollars per share)							$ 0.0001
Convertible Redeemable Series E Preferred Shares [Member]
Ordinary Shares (Details) [Line Items]
Preferred shares designated							14,799,427
Price per share (in Dollars per share)							$ 0.0001
Convertible Note [Member] \| Class B Ordinary Shares [Member]
Ordinary Shares (Details) [Line Items]
Ordinary shares, vote							ten
Convertible Note [Member] \| Class A Ordinary Shares [Member]
Ordinary Shares (Details) [Line Items]
Ordinary shares, vote							one
Mr. Peng Li [Member] \| Class B Ordinary Shares [Member]
Ordinary Shares (Details) [Line Items]
Ordinary shares								49,859,049

Summary of Significant Accounting Policies (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2023 CNY (¥)	Jun. 30, 2022 CNY (¥)	Jun. 30, 2021 CNY (¥)	Jun. 30, 2023 USD ($)	Jul. 01, 2022 USD ($)	Jul. 01, 2021 CNY (¥)	Jul. 01, 2020 CNY (¥)
Accounting Policies [Abstract]
Convenience rate	US$1.00=RMB7.2513
Contract liabilities					$ 384,729	¥ 267,729	¥ 40,514
Contract liabilities balance	¥ 517,220
Recognized revenue	517,213	¥ 384,729		$ 71,327
Advertising and marketing promotion expenses	1,743,473	1,590,886	¥ 1,306,501
Employee benefits	124,922	111,698	¥ 39,449
Accrued employee benefits	¥ 51,645	¥ 30,974
Value added tax rate	6.00%			6.00%

Preferred Shares (Details) - Schedule of Preferred Shares Activities - CNY (¥) ¥ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Preferred Shares (Details) - Schedule of Preferred Shares Activities [Line Items]
Balance (in Shares)	100,843,631
Balance	¥ 664,160
Balance (in Shares)		100,843,631
Balance		¥ 664,160
Issuance of Preferred Shares upon Step 2 Reorganization (in Shares)		100,843,631
Issuance of Preferred Shares upon Step 2 Reorganization		¥ 661,173
Accretion of preferred share redemption value	¥ 22,379	¥ 2,987
Conversion of preferred shares to ordinary shares upon the completion of the IPO (in Shares)	100,843,631
Conversion of preferred shares to ordinary shares upon the completion of the IPO	¥ 686,539
Series A [Member]
Preferred Shares (Details) - Schedule of Preferred Shares Activities [Line Items]
Balance (in Shares)	22,000,000
Balance	¥ 82,002
Balance (in Shares)		22,000,000
Balance		¥ 82,002
Issuance of Preferred Shares upon Step 2 Reorganization (in Shares)		22,000,000
Issuance of Preferred Shares upon Step 2 Reorganization		¥ 82,002
Accretion of preferred share redemption value
Conversion of preferred shares to ordinary shares upon the completion of the IPO (in Shares)	22,000,000
Conversion of preferred shares to ordinary shares upon the completion of the IPO	¥ 82,002
Series B [Member]
Preferred Shares (Details) - Schedule of Preferred Shares Activities [Line Items]
Balance (in Shares)	23,983,789
Balance	¥ 94,833
Balance (in Shares)		23,983,789
Balance		¥ 94,833
Issuance of Preferred Shares upon Step 2 Reorganization (in Shares)		23,983,789
Issuance of Preferred Shares upon Step 2 Reorganization		¥ 94,833
Accretion of preferred share redemption value
Conversion of preferred shares to ordinary shares upon the completion of the IPO (in Shares)	23,983,789
Conversion of preferred shares to ordinary shares upon the completion of the IPO	¥ 94,833
Series B-1 [Member]
Preferred Shares (Details) - Schedule of Preferred Shares Activities [Line Items]
Balance (in Shares)	7,913,872
Balance	¥ 33,612
Balance (in Shares)		7,913,872
Balance		¥ 33,612
Issuance of Preferred Shares upon Step 2 Reorganization (in Shares)		7,913,872
Issuance of Preferred Shares upon Step 2 Reorganization		¥ 33,612
Accretion of preferred share redemption value
Conversion of preferred shares to ordinary shares upon the completion of the IPO (in Shares)	7,913,872
Conversion of preferred shares to ordinary shares upon the completion of the IPO	¥ 33,612
Series C [Member]
Preferred Shares (Details) - Schedule of Preferred Shares Activities [Line Items]
Balance (in Shares)	20,327,789
Balance	¥ 108,892
Balance (in Shares)		20,327,789
Balance		¥ 108,892
Issuance of Preferred Shares upon Step 2 Reorganization (in Shares)		20,327,789
Issuance of Preferred Shares upon Step 2 Reorganization		¥ 108,501
Accretion of preferred share redemption value	¥ 2,894	¥ 391
Conversion of preferred shares to ordinary shares upon the completion of the IPO (in Shares)	20,327,789
Conversion of preferred shares to ordinary shares upon the completion of the IPO	¥ 111,786
Series D [Member]
Preferred Shares (Details) - Schedule of Preferred Shares Activities [Line Items]
Balance (in Shares)	11,818,754
Balance	¥ 104,156
Balance (in Shares)		11,818,754
Balance		¥ 104,156
Issuance of Preferred Shares upon Step 2 Reorganization (in Shares)		11,818,754
Issuance of Preferred Shares upon Step 2 Reorganization		¥ 103,404
Accretion of preferred share redemption value	¥ 5,643	¥ 752
Conversion of preferred shares to ordinary shares upon the completion of the IPO (in Shares)	11,818,754
Conversion of preferred shares to ordinary shares upon the completion of the IPO	¥ 109,799
Series E [Member]
Preferred Shares (Details) - Schedule of Preferred Shares Activities [Line Items]
Balance (in Shares)	14,799,427
Balance	¥ 240,665
Balance (in Shares)		14,799,427
Balance		¥ 240,665
Issuance of Preferred Shares upon Step 2 Reorganization (in Shares)		14,799,427
Issuance of Preferred Shares upon Step 2 Reorganization		¥ 238,821
Accretion of preferred share redemption value	¥ 13,842	¥ 1,844
Conversion of preferred shares to ordinary shares upon the completion of the IPO (in Shares)	14,799,427
Conversion of preferred shares to ordinary shares upon the completion of the IPO	¥ 254,507

Preferred Shares (Details) - Schedule of Issuances of Preferred Shares $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2023 USD ($) $ / shares shares
WN-A [Member]
Preferred Shares (Details) - Schedule of Issuances of Preferred Shares [Line Items]
Issuance Date	April 2017
Shares Issued \| shares	22,000,000
Issue Price per share \| $ / shares	$ 0.0455
Aggregated issuance price \| $	$ 1,001
WN-B [Member]
Preferred Shares (Details) - Schedule of Issuances of Preferred Shares [Line Items]
Issuance Date	April 2018
Shares Issued \| shares	23,983,789
Issue Price per share \| $ / shares	$ 0.18
Aggregated issuance price \| $	$ 4,317
WN-B-1 [Member]
Preferred Shares (Details) - Schedule of Issuances of Preferred Shares [Line Items]
Issuance Date	May 2018
Shares Issued \| shares	7,913,872
Issue Price per share \| $ / shares	$ 0.3146
Aggregated issuance price \| $	$ 2,489
WN-C [Member]
Preferred Shares (Details) - Schedule of Issuances of Preferred Shares [Line Items]
Issuance Date	June 2018
Shares Issued \| shares	20,327,789
Issue Price per share \| $ / shares	$ 0.5686
Aggregated issuance price \| $	$ 11,559
WN-D [Member]
Preferred Shares (Details) - Schedule of Issuances of Preferred Shares [Line Items]
Issuance Date	August 2020
Shares Issued \| shares	11,818,754
Issue Price per share \| $ / shares	$ 1.1825
Aggregated issuance price \| $	$ 13,975
WN-E [Member]
Preferred Shares (Details) - Schedule of Issuances of Preferred Shares [Line Items]
Issuance Date	November 2020
Shares Issued \| shares	14,799,427
Issue Price per share \| $ / shares	$ 2.3398
Aggregated issuance price \| $	$ 34,628

Disposal of Baichuan

12 Months Ended

Jun. 30, 2023

Disposal of Baichuan [Abstract]

Disposal of Baichuan

18.

Disposal of Baichuan

On March 1, 2022, 100% equity of ChangYou Star was disposed of to Beijing Shanronghaina Network Technology Co., Ltd., an entity controlled by the same group of shareholders with the Company with the same shareholder ownership percentages for a consideration of RMB50,000, of which RMB28,000 was waived upon the Step 2 Reorganization. The transaction is a transfer among entities that have a high degree of common ownership and determined to lack economic substance and is accounted for in a manner similar to a disposal under common control pursuant to ASC 360-10. Any difference between the proceeds received by the transferring entity and the book value of the disposal Group (after impairment included in earnings, if any) was recognized as a capital transaction and no gain or loss was recorded. As such, RMB500 was recognized as a dividend to the shareholders, which represents the difference between the proceeds of RMB22,000 and the disposal Group’s net carrying value. The Management does not consider the disposal is a strategic shift with major effect and determined that discontinued operations reporting is not applicable.

Share Based Compensation Expenses (Details) - Schedule of Summary of Activities of Share Options - Predecessors [Member] ¥ in Thousands	12 Months Ended
	Jun. 30, 2023 CNY (¥) shares	Jun. 30, 2023 CNY (¥) $ / shares shares	Jun. 30, 2022 CNY (¥) shares	Jun. 30, 2022 CNY (¥) $ / shares shares	Jun. 30, 2021 CNY (¥) shares	Jun. 30, 2021 CNY (¥) $ / shares shares	Jun. 30, 2023 $ / shares	Jun. 30, 2022 $ / shares	Jun. 30, 2021 $ / shares
Share Based Compensation Expenses (Details) - Schedule of Summary of Activities of Share Options [Line Items]
Options Outstanding ,Outstanding beginning balance \| shares	15,710,312		14,318,812		5,303,958
Weighted Average Exercise Price ,Outstanding beginning balance \| $ / shares		$ 0.3861		$ 0.3229		$ 0.0197
Weighted Average Remaining Contractual Life (In years) , Outstanding beginning balance	7 years 10 months 24 days		8 years 8 months 12 days		8 years 2 months 12 days
Aggregate Intrinsic Value , Outstanding beginning balance \| ¥	¥ 346,142		¥ 254,748		¥ 17,849
Options Outstanding , Granted \| shares	3,375,000		2,958,000		10,984,915
Weighted Average Exercise Price, Granted \| $ / shares		0.127		0.8		0.4259
Options Outstanding , Exercised \| shares					(600,000)
Weighted Average Exercise Price , Exercised \| $ / shares						0.0005
Options Outstanding , Forfeited \| shares	(860,061)		(1,566,500)		(1,370,061)
Weighted Average Exercise Price ,Forfeited \| $ / shares		0.5991		0.5841		0.1156
Options Outstanding ,Outstanding ending balance \| shares	18,225,251		15,710,312		14,318,812
Weighted Average Exercise Price ,Outstanding ending balance \| $ / shares		$ 0.1831		$ 0.3861		$ 0.3229
Weighted Average Remaining Contractual Life (In years) , Outstanding ending balance	9 years 3 days		7 years 10 months 24 days		8 years 8 months 12 days
Aggregate Intrinsic Value , Outstanding ending balance \| ¥	¥ 346,378		¥ 346,142		¥ 254,748
Options Outstanding ,Options vested and exercisable ending balance \| shares	10,478,605	10,478,605	7,478,922	7,478,922	4,679,469	4,679,469
Weighted Average Exercise Price ,Options vested and exercisable ending balance \| $ / shares							$ 0.1484	$ 0.2041	$ 0.0669
Weighted Average Remaining Contractual Life (In years) , Options vested and exercisable ending balance	8 years 11 months 1 day		7 years 2 months 23 days		7 years 9 months 3 days
Aggregate Intrinsic Value , Options vested and exercisable ending balance \| ¥	¥ 201,781	$ 201,781	¥ 173,915	$ 173,915	¥ 79,066	$ 79,066

Taxation

12 Months Ended

Jun. 30, 2023

Taxation [Abstract]

Taxation

11.

Taxation

Cayman Islands

Under the current laws of the Cayman Islands, the Group is not subject to tax on income or capital gain. Additionally, upon payments of dividends to the shareholders, no Cayman Islands withholding tax will be imposed.

British Virgin Islands (“BVI”)

Subsidiaries in the BVI are exempted from income tax on its foreign-derived income in the BVI. There are no withholding taxes in the BVI.

Hong Kong

Hong Kong profits tax rate is 16.5% up to April 1, 2018. When the two-tiered profits tax regime took effect on April 1, 2018, the applicable Hong Kong profits tax rate is 8.25% for assessable profits on the first HK$2 million and 16.5% for any assessable profits in excess of HK$2 million. During the years ended June 30, 2021, 2022 and 2023, Hong Kong profits tax was not provided as there were no taxable profits deriving from Hong Kong.

PRC

Under the PRC Enterprise Income Tax Law (“EIT Law”), the standard enterprise income tax rate is 25%. Entities qualifying as High and New Technology Enterprises (“HNTE”) qualify for a preferential tax rate of 15% subject to a requirement that they re-apply for HNTE status every three years. Beijing Feierlai qualified as a HNTE in the calendar year 2020 and is eligible for a preferential enterprise income tax rate of 15% as a “high and new technology enterprise” under the EIT Law in the calendar year 2020. The WFOE qualified as a HNTE in the calendar year 2022 and is eligible for a preferential enterprise income tax rate of 15% as a “high and new technology enterprise” under the EIT Law in the calendar year 2022.

The EIT Law also provides that an enterprise established under the laws of a foreign country or region but whose “de facto management body” is located in the PRC be treated as a resident enterprise for PRC tax purposes and consequently be subject to the PRC income tax at the rate of 25% for its global income. The Implementing Rules of the EIT Law merely define the location of the “de facto management body” as “the place where the exercising, in substance, of the overall management and control of the production and business operation, personnel, accounting, property, of a non-PRC company is located”. Based on a review of surrounding facts and circumstances, the Group does not believe that it is likely that its operations outside of the PRC be considered a resident enterprise for PRC tax purposes. However, due to limited guidance and implementation history of the EIT Law, should the Company be treated as a resident enterprise for PRC tax purposes, the Company will be subject to PRC income tax on worldwide income at a uniform tax rate of 25%.

Withholding tax on undistributed earnings

The EIT law also imposes a withholding income tax of 10% on dividends distributed by a foreign investment enterprise (“FIE”) to its immediate holding company outside the PRC, if such immediate holding company is considered as a non-resident enterprise without any establishment or place within the PRC or if the received dividends have no connection with the establishment or place of such immediate holding company within the PRC, unless such immediate holding company's jurisdiction of incorporation has a tax treaty with the PRC that provides for a different withholding arrangement. The Cayman Islands, where the Company is incorporated, does not have such tax treaty with the PRC. According to the arrangement between Mainland China and Hong Kong Special Administrative Region on the Avoidance of Double Taxation and Prevention of Fiscal Evasion in August 2006, dividends paid by an FIE in the PRC to its immediate holding company in Hong Kong will be subject to withholding tax at a rate of no more than 5%. As of June 30, 2021, and 2022, the Group did not record any withholding tax on undistributed earnings as the PRC entities were still in accumulated deficit position. To the extent that subsidiaries and the consolidated VIE (including its subsidiaries) of the Group have undistributed earnings, the Group will accrue appropriate expected withholding tax associated with repatriation of such undistributed earnings.

The following table sets forth the component of income tax expenses of the Group for the years ended June 30, 2021, 2022 and 2023

	For the years ended June 30,
	2021			2022			2023
	RMB			RMB			RMB

Current tax expense		(2,303	)		(19,796	)		(23,769	)
Deferred tax benefit		1,266			1,446			2,084
Income tax expense		(1,037	)		(18,350	)		(21,685	)

The following table sets forth reconciliation between the statutory EIT rate and the effective tax rates:

	For the years ended June 30,
	2021			2022			2023

Statutory income tax rate in PRC		25.0	%		25.0	%		25.0	%
Effect due to different tax rates applicable to HNTE entities		1.6	%		0.0	%		11.8	%
Permanent differences		(8.0	)%		(24.6	)%		(35.5	)%
Changes in valuation allowance		(18.9	)%		(8.8	)%		(26.2	)%
Effective tax rate		(0.3	)%		(8.4	)%		(24.9	)%

	For the years ended June 30,
	2021		2022		2023

Increase in income tax expenses		4,952		-		-
Basic net loss per share effect		0.12		-		-
Diluted net loss per share effect		0.12		-		-

Deferred tax assets and liabilities

	As of June 30,
	2022			2023
	RMB			RMB

Deferred tax assets:
Allowances of credit losses		380			790
Operating lease liabilities		-			18,611
Deductible temporary difference related to advertising expenses		35,384			44,843
Net operating tax losses carried forward		48,642			49,581
Subtotal		84,406			113,825
Less: valuation allowance		(84,406	)		(94,975	)
Total deferred tax assets, net		-			18,850

	As of June 30,
	2022		2023
	RMB		RMB

Deferred tax liabilities:
Operating lease right-of-use assets		-		16,766
Total deferred tax liabilities		-		16,766

The tax losses of the Group expire over different time intervals depending on the local jurisdiction. All the entity’s expiration periods for tax losses were five years, except for WFOE, of which expiration periods for tax losses were ten years. As of June 30, 2023, certain entities of the Group had net operating tax losses carried forward, which if not utilized, will expire as follows:

	2023
	RMB

Loss expiring for the year ended December 31, 2023		-
Loss expiring for the year ended December 31, 2024		-
Loss expiring for the year ended December 31, 2025		-
Loss expiring for the year ended December 31, 2026		37,143
Loss expiring for the year ended December 31, 2027		68,855
Loss expiring for the year ended December 31, 2028		-
Loss expiring for the year ended December 31, 2029		-
Loss expiring for the year ended December 31, 2030		-
Loss expiring for the year ended December 31, 2031		68,795
Loss expiring for the year ended December 31, 2032 and thereafter		85,083
Subtotal		259,876

A valuation allowance is provided against deferred tax assets when the Group determines that it is more likely than not that the deferred tax assets will not be utilized in the future. In making such determination, the Group evaluates a variety of factors including the Group's operating history, accumulated equity, existence of taxable temporary differences and reversal periods.

Changes in valuation allowance are as follows:

	For the years ended June 30,
	2021			2022			2023
	RMB			RMB			RMB

Balance at beginning of the year		(5,693	)		(65,235	)		(84,406	)
(Additions)/Reversal		(59,542	)		(19,171	)		(10,569	)
Balance at end of the year		(65,235	)		(84,406	)		(94,975	)

The major jurisdiction in which the Group is subject to potential examination is the PRC. In general, the PRC tax authorities have up to five years and in certain cases up to ten years to conduct examinations of the tax filings of the Group. All these related tax years remain subject to examination by the PRC tax authorities potentially.

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.

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Organization and Principal Activities [Abstract]

Others, Net

12 Months Ended

Jun. 30, 2023

Others, Net [Abstract]

Others, net

12.

Others, net

	For the years ended June 30,
	2021		2022		2023
	RMB		RMB		RMB

Government grants		3,010		69		415
Fair value changes of short-term investments		2,400		4,894		9,235
Others		9,683		14,950		11,663
Total		15,093		19,913		21,313

Summary of Significant Accounting Policies (Details) - Schedule of Intangible Assets Estimated Useful Lives	Jun. 30, 2023
Insurance brokerage license [Member]
Summary of Significant Accounting Policies (Details) - Schedule of Intangible Assets Estimated Useful Lives [Line Items]
Estimated useful life	52 months
Software [Member] \| Minimum [Member]
Summary of Significant Accounting Policies (Details) - Schedule of Intangible Assets Estimated Useful Lives [Line Items]
Estimated useful life	1 year
Software [Member] \| Maximum [Member]
Summary of Significant Accounting Policies (Details) - Schedule of Intangible Assets Estimated Useful Lives [Line Items]
Estimated useful life	2 years

Organization and Principal Activities

12 Months Ended

Jun. 30, 2023

Organization and principal activities

Organization and principal activities

(a)

Nature of operations

QuantaSing Group Limited (the “Company” or “QuantaSing”) was incorporated in the Cayman Islands on February 9, 2022 as an exempted company with limited liability.

The Company’s predecessors were Witty network Limited (“Witty network”, or “WN”), and EW Technology Limited (“EW”) (collectively referred to as the “Predecessors”), both of which were incorporated in the Cayman Islands. The Company (and its Predecessors prior to the reorganization), through its subsidiaries and the consolidated variable interest entities (“VIEs”) for which the Company (and its Predecessors) has a controlling financial interest and is the primary beneficiary (together, the “Group”), is principally engaged in the operation of an online platform to provide individual online learning services to the individual learners and enterprise services to financial intermediary enterprises (the “Listing Businesses”) in the People’s Republic of China (the “PRC”, references to “PRC” are to the People’s Republic of China, excluding, for the purposes of the financial statements only, Taiwan, Hong Kong and Macau).

The Company became the ultimate holding company of the subsidiaries and ultimate beneficial owner of the VIE comprising the Group upon the completion of the reorganization as described in Note 1 (b).

(b)

Reorganization

In preparation for the initial listing of the Company’s shares (the “Listing”), a group reorganization was undertaken pursuant to which the Listing Businesses were transferred to a new holding structure under the Company (the “Reorganization”).

Step 1 Reorganization

WN was incorporated on January 13, 2017 and undertook a series of financing activities by issuing preferred shares to institutional investors and granted share options to its employees. WN operated its business in the PRC through its subsidiaries and the consolidated VIEs (collectively, the “WN Group”). WN Group operated certain non-listing businesses (the “Old Business”) which was discontinued by the end of June 2019. Since July 2019, WN Group shifted its business strategy and started to operate the Listing Businesses.

Main subsidiaries and consolidated VIEs of WN included:

	Date of incorporation	Place of incorporation	Percentage of direct or indirect economic interest			Principal activities

Wholly owned subsidiaries:
Beijing Erwan Technology Limited (“Beijing Erwan”, or the “WN WFOE”)	March 27, 2017	The PRC		100	%	Investment holding

VIEs:
Feierlai (Beijing) Technology Limited (“Beijing Feierlai”, or the “VIE 1”, or the “VIE” after the Reorganization)	July 27, 2016	The PRC		100	%*	Listing Businesses
Beijing Dianfengtongdao Technology Limited (“Beijing Dianfeng”, or the “VIE 2”)	April 25, 2017	The PRC		100	%*	Listing Businesses, Old Business

WN WFOE had 100% of beneficial interests in these consolidated VIEs.

EW was incorporated on April 15, 2021. EW, together with its subsidiaries and the consolidated VIE (collectively, the “EW Group”) are established to enable a reorganization, through which they assumed the Listing Businesses previously operated by WN Group (the “Step 1 Reorganization”).

To effect the Step 1 Reorganization, the following steps were undertaken:

(a)

During the period from February to May 2021, EW, through its subsidiaries in the BVI and Hong Kong, created a subsidiary, Beijing Liangzizhige Technology Limited (“Beijing Liangzi”, or the “EW WFOE”, or the “WFOE”) in the PRC.

(b)

On May 20, 2021, the EW WFOE, VIE 1, and legal shareholder of VIE 1, which is an entity controlled by Mr. Peng Li, the founder of the Group (the “Founder”), entered into a series of new contractual arrangements, which enables EW WFOE to consolidate VIE 1.

(c)

Certain key employees, contracts, operating assets and liabilities of the WN WFOE, VIE 2 and its subsidiaries related to Listing Businesses were transferred to EW WFOE and VIE 1. However, there continued to have small amount of Listing Businesses in WN Group after May 2021.

(d)

EW issued ordinary shares and preferred shares on May 31, 2021 to mirror the number and terms of ordinary shares and preferred shares originally issued by WN. EW also issued share options to mirror the number of the share options originally granted by WN (Refer to Note 13 for the modification of the vesting terms of the share options).

The Step 1 Reorganization was completed on May 31, 2021.

After the Step 1 Reorganization, EW Group developed insurance brokerage business (the “Brokerage Business”) in addition to the Listing Businesses. Brokerage Business was conducted through Beijing ChangYou Star Network Technology Co., Ltd. (“Changyou Star”), a subsidiary of VIE 1 established for investment holding, and its subsidiary Beijing Baichuan Insurance Brokerage Co., Ltd. (collectively referred to as “Baichuan”).

Step 2 Reorganization

On February 9, 2022, the Company was incorporated in the Cayman Islands. The Company was established to enable another reorganization, through which it assumed the Listing Businesses previously operated by EW Group and WN Group (the “Step 2 Reorganization”).

To effect the Step 2 Reorganization, the following steps were undertaken:

(a)

On March 1, 2022, the VIE 1 disposed of its interest in Baichuan to an entity controlled by the Founder, who in turn was holding the interest in this subsidiary on behalf of all shareholders of the Company.

(b)

On May 16, 2022, EW transferred all equity interest in its BVI subsidiary, which holds EW WFOE and controlling financial interest in VIE 1 and its subsidiaries, to the Company. As a result, the Company in return became the ultimate holding company of the subsidiaries and the consolidated VIE conducing the Listing Businesses.

(c)

The portion of the Listing Businesses remained in WN Group (including those operated through WN WFOE, VIE 2 and its subsidiaries) was also transferred to the Company’s subsidiaries and the consolidated VIE (including its subsidiaries).

(d)

On May 31, 2022, certain ordinary shares and preferred shares of the Company were issued in connection with the Step 2 Reorganization to mirror the number and terms of ordinary shares and preferred shares originally issued by EW. The share options of the Company were also issued in connection with the Step 2 Reorganization to mirror the number and vesting terms of the share options originally granted by EW.

The Step 2 Reorganization was completed on May 31, 2022.

As of June 30, 2023, the Company’s major subsidiaries, the VIE and VIE’s subsidiaries are as follows:

	Date of incorporation	Place of incorporation	Percentage of direct or indirect economic interest			Principal activities

Wholly owned subsidiaries (offshore):
Hundreds of Mountains Limited	March 22, 2021	The BVI		100	%	Investment holding
Witty Digital Technology Limited	March 29, 2021	Hong Kong		100	%	Investment holding
Wholly owned subsidiaries (onshore):
Beijing Liangzizhige Technology Limited (the “EW WFOE”, or the “WFOE” after the Reorganization)	March 19, 2021	The PRC		100	%	Listing Businesses
VIE:
Feierlai (Beijing) Technology Co., Ltd. (“Beijing Feierlai”, or the “VIE 1”, or the “VIE” after the Reorganization)	July 27, 2016	The PRC		100	%*	Listing Businesses
VIE’s subsidiaries:
Beijing Shijiwanhe Information Consulting Limited	August 28, 2019	The PRC		100	%*	Listing Businesses
Beijing Denggaoerge Network Technology Limited	December 24, 2020	The PRC		100	%*	Listing Businesses
Anhui Denggaoerge Network Technology Co., Ltd.	February 12, 2023	The PRC		100	%*	Listing Businesses

The WFOE has 100% of beneficial interests in the consolidated VIE (including its subsidiaries).

Basis of Presentation for the Reorganization

The Reorganization consists of transferring the Listing Businesses to the Group, which is owned by the same group of shareholders (collectively referred to as the “Parent Company”) of the Company and the Predecessors immediately before and after the Reorganization. Both Step 1 Reorganization and Step 2 Reorganization are considered as a non-substantive capital transaction of the Listing Businesses, as the shareholder ownership percentages immediately before and after these two steps of the Reorganizations were the same. Accordingly, the Reorganization is accounted for in a manner similar to a common control transaction because it is determined that the transfers lack economic substance. Therefore, the accompanying consolidated financial statements of the Group include the assets, liabilities, revenue, expenses, and cash flows that are directly attributable to the Listing Businesses for the periods presented and are prepared as if the corporate structure of the Company after the Reorganization had been in existence throughout the periods presented.

The assets and liabilities are generally stated at historical carrying amounts. Those assets and liabilities that are specifically related to the Listing Businesses are included in the Group’s consolidated balance sheets. Income tax payable is calculated on a separate return basis as if the Group had filed separate tax returns. The Group’s statement of operations and comprehensive loss consists of all the revenues, costs, and expenses of the Listing Businesses, including allocations to the cost of revenues, sales and marketing expenses, research and development expenses, and general and administrative expenses, which were incurred by the Predecessors but related to the Listing Businesses. These allocated costs and expenses are primarily related to office rental expenses, office utilities, information technology support and certain corporate functions, including senior management, finance, legal and human resources, as well as share-based compensation expenses.

Generally, the costs and expenses identified as relating to the Listing Businesses were allocated to the Group; the costs of shared employees were allocated to the Group based on the Group’s headcount as a proportion of total headcount in the Predecessors group; share based compensation expenses were allocated to the Group based on the compensation expenses attributable to employees of the Listing Businesses. These allocations are made on a basis considered reasonable by management. Such presentation may not necessarily reflect the results of operations, financial position and cash flows of the Group had it existed on a stand-alone basis during the period presented.

For the year ended June 30, 2021:	Share based compensation		Others		Total
	RMB		RMB		RMB
Cost of revenues		6,277		169,440		175,717
Sales and marketing expenses		23,973		271,248		295,221
Research and development expenses		48,715		38,801		87,516
General and administrative expenses		22,865		34,355		57,220
Total		101,830		513,844		615,674

Out of the total costs and expenses of RMB615,674 allocated from the Predecessors for the year ended June 30, 2021, RMB101,830 is for share based compensation expenses which are recorded as a contribution from the Predecessors. The remaining allocated expenses of RMB513,844 were deemed to be a contribution from the Predecessors as they were agreed to be waived by Predecessors.

For the year ended June 30, 2022:	Share based compensation		Others		Total
	RMB		RMB		RMB

Cost of revenues		10,984		77		11,061
Sales and marketing expenses		32,406		7,172		39,578
Research and development expenses		30,986		338		31,324
General and administrative expenses		26,612		2,065		28,677
Total		100,988		9,652		110,640

Out of the total costs and expenses of RMB110,640 allocated from the Predecessors for the year ended June 30, 2022, RMB100,988 is for share based compensation expenses which are recorded as a contribution from the Predecessors. The remaining allocated expenses of RMB9,652 were deemed to be a contribution from the Predecessors as they were agreed to be waived by Predecessors.

As the Reorganization qualifies as a non-substantive transaction with high degree of common ownership, the carrying value of the equity of the Listing Businesses immediately before the Step 2 Reorganization was carried forward to the total equity of the Company immediately after the Reorganization. Considering that a material part of the Listing Businesses was a carve-out business of a larger entity, the Company has determined it was most appropriate not to retrospectively adjust the equity structure for periods before the Step 2 Reorganization completion date, and that the Company’s equity other than accumulated other comprehensive income/(loss) was presented as a single financial statement line item as “Parent Company’s investment” in the balance sheets, and the contribution from or distribution to Predecessors were presented as “Parent Company’s contribution” or “Distribution to Parent Company” in the statements of changes in invested deficit. The Company did not record any ordinary shares or preferred shares on its balance sheet before the Step 2 Reorganization completion.

Upon the date of completion of the Step 2 Reorganization, the following equity line items were initially recognized as follows: (i) ordinary shares based on par value of the shares; (ii) preferred shares based on the portion of the historical carrying value of the Predecessors’ preferred shares attributable to the Listing Businesses using a relative fair value method; (iii) the accumulated deficit was presented based on Listing Businesses’ historical earnings or losses; and (iv) with the amounts allocated to ordinary shares and preferred shares, the debit was recorded in the accumulated deficit. Refer to Note 14 and Note 15 for details of ordinary shares and preferred shares.

In computing basic and diluted loss per share for all of the periods presented, the Reorganization was accounted for in a manner similar to a stock split or stock dividend. Thus, the number of the ordinary shares and preferred shares newly issued by the Company was retrospectively included since the beginning of the earliest period presented or the original issuance date of particular classes of shares by Predecessors, whichever is later, for the purpose of calculating the loss per ordinary share for the period before completion of the Reorganization. Accretion and deemed dividend incurred by Predecessors’ preferred shares were allocated to the Listing Businesses based on the relative fair value of the Listing Businesses and the Predecessors group. Refer to Note 16 for details.

For purposes of presentation in the consolidated statements of cash flows, the cash flow from Predecessors to support the Listing Businesses is presented as contribution from Predecessors or Proceeds from loans from Predecessors depending on whether they were agreed to be waived by Predecessors, which is included in cash flows from financing activities.

(c)

Variable interest entity (including the portion of Listing Businesses in the VIE 2 before the Reorganization)

(1)

Summary of the VIE contractual arrangements (the “VIE Contractual Agreements”)

The Company’s subsidiary Beijing Liangzizhige Technology Limited, or the WFOE, has entered into contractual arrangements with the VIE and its shareholder described below, which are referred to as the VIE Contractual Agreements. Through the VIE Contractual Agreements, the Company is able to consolidate the financial statements of the VIE and receives substantially all its economic benefits and residual returns. The VIE Contractual Agreements was effective on May 20, 2021. Prior to the VIE Contractual Agreements, the WN WFOE also entered into similar contractual arrangements with the VIE 1 and VIE 2, and their shareholders, the terms of which are substantially the same as the VIE Contractual Agreements. The contractual agreements among WN WFOE, VIE 1 and its shareholder were terminated immediately before the effectiveness of the VIE Contractual Agreements.

Voting Rights Proxy Agreement

Pursuant to the voting rights proxy agreement entered into by and among the WFOE, the VIE and its shareholder, the shareholder of the VIE irrevocably appointed and authorized the WFOE or its designee(s) to act on its behalf as exclusive agent and attorney, to the extent permitted by PRC law, with respect to all matters concerning all equity interests held by such shareholder in the VIE, including but not limited to the power to (1) attend shareholders’ meetings, (2) exercise all shareholder’s rights and shareholder’s voting rights that it is entitled under relevant PRC laws and regulations and the articles of association of the VIE, including but not limited to the right to sell, transfer, pledge or dispose of all the equity interests held in part or in whole, and (3) designate and appoint on its behalf the legal representative, directors, supervisors, chief executive officer and other senior management members of the VIE. The voting rights proxy agreement is irrevocable and continuously effective from the execution date until the entire equity interests in the VIE have been transferred to the WFOE or its designee pursuant to the exclusive option agreement or unless otherwise agreed to with written consent by all parties.

Exclusive consultancy and service agreement

Pursuant to the exclusive consultancy and service agreement entered into by and between the WFOE and the VIE, the WFOE has the exclusive right, during the term of the exclusive consultancy and service agreement, to provide or designate its affiliates to provide complete business support and technical and consulting services to the VIE. In exchange, the VIE shall pay the WFOE in an amount equals to the VIE’s revenues minus any turnover tax, total costs incurred by the VIE, any provisions for statutory reserves and retained earnings, which should be paid on a quarterly basis. The retained earnings should be zero unless the WFOE agrees in writing for any other amount. The WFOE has the right to adjust the above service fee at its sole discretion without prior consent of the VIE. The WFOE shall have exclusive and proprietary rights and interests in all rights, ownership, interests and intellectual properties arising out of or created during the performance of the agreement. The exclusive consultancy and service agreements shall remain effective for ten years from the execution date and shall be extended for another ten years unless confirmed otherwise in writing by the WFOE within three months prior to the expiration date.

Exclusive option agreement

Under the exclusive option agreement entered into by and between the WFOE, the VIE and its shareholder, the shareholder of the VIE irrevocably granted the WFOE an exclusive right to purchase, or designate any third-party to purchase, all of its equity interests in the VIE at any time in part or in whole at the sole and absolute discretion of the WFOE to the extent permitted by PRC law and at a purchase price equal to the lowest price permitted by the then-applicable PRC law and regulations at the time of exercise of the options. The shareholder of the VIE shall give all considerations it received within 10 days from the exercise of the options to the WFOE or its designee(s). Without the prior written consent of the WFOE, the VIE and/or its shareholder shall not, among others (1) transfer or otherwise dispose of any equity, assets or business of the VIE, or create any pledge or encumbrance on any equity, assets or business of the VIE, (2) increase or decrease the VIE’s registered capital or change its structure of registered capital, (3) sell, transfer, mortgage, or dispose of in any other manner outside of ordinary course of business any assets of the VIE or any legal or beneficial interests in the material business or revenues of the VIE, or allow any encumbrances thereon of any security interests, (4) enter into any major contracts or terminate any material contracts to which the VIE is a party, or enter into any other contract that may result in any conflicts with the VIE’s existing materials contacts, (5) carry out any transactions that may substantially affect the VIE’s assets, business operations, shareholding structure, or equity investment in third-party entities, (6) appointment or replacement of any director, supervisor, or any management who could be appointed or dismissed by shareholder of the VIE, (7) declare or distribute dividends, (8) dissolute or liquate or terminate the VIE, (9) amend the VIE’s articles of association, or (10) allow the VIE to incur any borrowings or loans. This agreement shall remain in effect until all equity interests in the VIE have been transferred to the WFOE and/or its designee(s) pursuant to this agreement.

Equity pledge agreement

Under the equity pledge agreement entered into by and among the WFOE, the VIE and its shareholder, the shareholder of the VIE agrees to pledge all of its equity interests in the VIE to the WFOE as security for performance of the respective obligations of the VIE and its shareholder hereunder and under the exclusive option agreement, the voting rights proxy agreement and the exclusive consultancy and service agreement, and for payment of all the losses and losses of anticipated profits suffered by the WFOE as a result of the VIE or its shareholder’s defaults. If any of the VIE or its shareholder breach its contractual obligations, such WFOE, as the pledgees, may, upon issuing written notice, exercise certain remedy measures, including but not limited to being paid in priority with all pledged equity interests based on monetary evaluation or from the proceeds from auction or sale. The shareholder of the VIE agrees that, without the WFOE’s prior written consent, the shareholder of the VIE shall not transfer the pledged equity interests or place or permit the existence of any security interests or other encumbrances over the pledged equity interest. The WFOE may assign all or any of its rights and obligations under the share pledge agreement to its designee(s) at any time. The equity pledge agreement pledge will become effective on the date thereof and will remain in effect until the fulfillment of all the obligations hereunder and under the exclusive option agreement, the voting rights proxy agreement and the exclusive consultancy and service agreement and the full payment of all the losses and losses of anticipated profits suffered by the relevant WFOE as a result the VIE or its shareholder’s default.

(2)

Risks in relation to the VIE structure

The Group’s business is conducted through the VIE (including its subsidiaries, and including the portion of Listing Businesses in the VIE 2 and its subsidiaries) of the Group, of which the Company (and its Predecessors before the Reorganization) is the ultimate primary beneficiary. The Company has concluded that (i) the ownership structure of the VIE is not in violation of any applicable PRC laws or regulations currently in effect and (ii) each of the VIE Contractual Agreements is valid, binding, and enforceable in accordance with their terms and applicable PRC laws or regulations currently in effect. However, uncertainties in the PRC legal system could cause the relevant regulatory authorities to find the current VIE Contractual Agreements and the legal structure to be in violation of any existing or future PRC laws or regulations.

On March 15, 2019, the National People’s Congress adopted the Foreign Investment Law of the PRC, which became effective on January 1, 2020, together with their implementation rules and ancillary regulations. The Foreign Investment Law does not explicitly classify contractual arrangements as a form of foreign investment, but it contains a catch-all provision under the definition of “foreign investment”, which includes investments made by foreign investors through means stipulated in laws or administrative regulations or other methods prescribed by the State Council. It is unclear whether the Group’s corporate structure will be seen as violating the foreign investment rules as the Group is currently leveraging the contractual arrangements to operate certain business in which foreign investors are prohibited from or restricted to investing. If variable interest entities fall within the definition of foreign investment entities, the Group’s ability to use the contractual arrangements with the VIE and the Group’s ability to conduct business through the VIE could be severely limited.

In addition, if the Group’s corporate structure and the contractual arrangements with the VIE through which the Group conducts its business in the PRC were found to be in violation of any existing or future PRC laws and regulations, the Group’s relevant PRC regulatory authorities could:

●

revoke the business licenses and/or operating licenses of the Group’s PRC entities;

●

impose fines;

●

confiscate any income that they deem to be obtained through illegal operations, or impose other requirements with which the Group may not be able to comply;

●

discontinue or place restrictions or onerous conditions on the Group’s operations;

●

place restrictions on the right to collect revenues;

●

shut down the Group’s servers or block the Group’s mobile app;

●

require the Group to restructure ownership structure or operations, including terminating the contractual arrangements with the VIE and deregistering the equity pledges of the VIE, which in turn would affect the ability to consolidate, derive economic interests from the VIE and their subsidiaries;

●

restrict or prohibit the use of the proceeds from financing activities to finance the business and operations of the VIE and their subsidiaries; or

●

take other regulatory or enforcement actions that could be harmful to the Group’s business.

The imposition of any of these penalties may result in a material and adverse effect on the Group’s ability to conduct the Group’s business. In addition, if the imposition of any of these penalties causes the Group to lose the rights to direct the activities of the VIE or the right to receive its economic benefits, the Group would no longer be able to consolidate the VIE. The management believes that the likelihood for the Group to lose such ability is remote based on current facts and circumstances. However, the interpretation and implementation of the laws and regulations in the PRC and their application to an effect on the legality, binding effect and enforceability of contracts are subject to the discretion of competent PRC authorities, and therefore there is no assurance that relevant PRC authorities will take the same position as the Group herein in respect of the legality, binding effect, and enforceability of each of the contractual arrangements. Meanwhile, since the PRC legal system continues to rapidly evolve, it may lead to changes in PRC laws, regulations, and policies or in the interpretation and application of existing laws, regulations, and policies, which may limit legal protections available to the Group to enforce the contractual arrangements should the VIE or the shareholder of the VIE fail to perform their obligations under those arrangements. In addition, shareholder of the VIE is a PRC holding entity beneficially owned by the Founder, chairman of the board of directors and chief executive officer of the Company. The enforceability, and therefore the benefits, of the contractual agreements between the Company and the VIE depend on shareholder enforcing the contracts. There is a risk that shareholder of VIE, who in some cases is also shareholder of the Company may have conflict of interests with the Company in the future or fails to perform their contractual obligations. Given the significance and importance of the VIE, there would be a significant negative impact to the Company if these contracts were not enforced.

The Group’s operations depend on the VIE to honor their contractual agreements with the Group and the enforceability, and therefore the benefits, of the contractual agreements also depends on the authorization by the shareholder of the VIE to exercise voting rights on all matters requiring shareholder approval in the VIE. The Company believes that the agreements on authorization to exercise shareholder’s voting power are enforceable against each party thereto in accordance with their terms and applicable PRC laws or regulations currently in effect and the possibility that it will no longer be able to be the primary beneficiary and consolidate the VIE as a result of the aforementioned risks and uncertainties is remote.

In accordance with VIE Contractual Agreements, the Company (1) could exercise all shareholder’s rights of the VIE and has power to direct the activities that most significantly affects the economic performance of the VIE, and (2) receive the economic benefits of the VIE that could be significant to the VIE. Accordingly, the Company is considered as the ultimate primary beneficiary of the VIE and has consolidated the VIE’s financial results of operations, assets, and liabilities in the Company’s consolidated financial statements. Therefore, the Company considers that there are no assets in the VIE that can be used only to settle obligations of the VIE, except for the paid-in capital of the VIE amounting to approximately nil and nil as of June 30, 2022 and 2023, as well as certain non-distributable statutory reserves amounting to approximately nil and RMB1,568 as of June 30, 2022 and 2023. As the VIE are incorporated as limited liability companies under the PRC Company Law, creditors do not have recourse to the general credit of the Company for the liabilities of the VIE. There is currently no contractual arrangement that would require the Company to provide additional financial support to the VIE. As the Group is conducting certain business in the PRC through the VIE, the Group may provide additional financial support on a discretionary basis in the future, which could expose the Group to a loss.

The VIE holds assets with no carrying value in the consolidated balance sheet that are important to the Company’s ability to produce revenue (referred to as unrecognized revenue-producing assets). Unrecognized revenue-producing assets held by the VIE include self-developed App named QiNiu (rebranded from KuaiCai), QianChi (rebranded from BanCai) and JiangZhen, self-developed courses.

	As of June 30,
	2022		2023
	RMB		RMB

ASSETS
Current assets:
Cash and cash equivalents		83,449		422,076
Short-term investments		54,375		50,213
Accounts receivable, net		1,937		12,203
Amounts due from related parties		47,394		29,116
Amounts due from intra-Group companies		155,960		-
Prepayments and other current assets		111,790		123,734
Total current assets		454,905		637,342
Property and equipment, net		3,669		2,646
Operating lease right-of-use assets		21,437		41,654
Deferred tax assets		-		2,084
Other non-current assets		9,612		12,347
Total non-current assets		34,718		58,731
TOTAL ASSETS		489,623		696,073
Accounts payables		45,178		62,094
Accrued expenses and other current liabilities		77,616		124,532
Amounts due to intra-Group companies		-		17,000
Income tax payable		7,298		8,794
Contract liabilities, current portion		384,729		517,213
Advance from customers		151,089		144,397
Operating lease liabilities, current portion		14,875		21,425
Total current liabilities		680,785		895,455
Contract liabilities, non-current portion		8,869		7
Operating lease liabilities, non-current portion		6,522		23,786
Total non-current liabilities		15,391		23,793
TOTAL LIABILITIES		696,176		919,248

	For the years ended June 30,
	2021			2022			2023
	RMB			RMB			RMB
Revenues:
- earned from third-party customers		1,759,793			2,822,508			2,933,413
- earned from a related party		-			44,710			147,921
Total revenues		1,759,793			2,867,218			3,081,334

Cost of revenues and operating expenses
- arising from non intra-Group transactions		(1,814,446	)		(2,576,144	)		(2,701,287	)
- arising from the intra-Group technical consulting and related service under VIE Contractual Agreements		(185,036	)		(230,281	)		(392,174	)
Total cost of revenues and operating expenses		(1,999,482	)		(2,806,425	)		(3,093,461	)

Net (loss)/income		(225,042	)		62,712			(15,092	)

	For the years ended June 30,
	2021			2022			2023
	RMB			RMB			RMB
Cash flows from operating activities:
Net cash provided by transactions with third parties		253,874			495,719			548,728
Net cash used in transactions with intra-Group companies related to technical consulting and related service under VIE Contractual Agreements		(204,121	)		(239,597	)		(415,703	)
Net cash provided by operating activities		49,753			256,122			133,025

Cash flows from investing activities:
Net cash (used in)/provided by transactions with third parties		(53,384	)		(31,836	)		9,786
Net cash (used in)/provided by transactions with related parties		(1,253	)		(5,912	)		24,386
Net cash (used in)/provided by transactions with intra-Group companies*		-			(155,960	)		155,960
Net cash (used in)/provided by investing activities		(54,637	)		(193,708	)		190,132

Cash flows from financing activities:
Net cash provided by/(used in) transactions with Predecessors		488			(3,691	)		-
Net cash used in transactions with third parties		-			-			(1,530	)
Net cash provided by/ (used in) transactions with intra-Group companies		-			-			17,000
Net cash provided by/ (used in) financing activities		488			(3,691	)		15,470

During the year ended June 30, 2022, the VIE transferred RMB155,960 of its excess cash to the WFOE for cash management purpose, which have been fully collected during the year ended June 30, 2023.

Property and equipment, net (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2023 CNY (¥)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 CNY (¥)	Jun. 30, 2021 CNY (¥)
Property and Equipment, Net [Abstract]
Depreciation expenses	¥ 3,714	$ 512	¥ 4,016	¥ 1,397

Accounts Payables

12 Months Ended

Jun. 30, 2023

Accounts Payables [Abstract]

Accounts payables

Accounts payables

These amounts represent liabilities for services provided to the Group prior to the end of financial year which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. Accounts payables are mainly comprised of marketing promotion expenses payables to third parties as of June 30, 2022 and 2023.

Share Based Compensation Expenses (Details) - Schedule of Share Based Compensation Expenses - CNY (¥) ¥ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Schedule of share based compensation expenses [Abstract]
Share based compensation expenses	¥ 191,632	¥ 291,429	¥ 101,830
Share options issued by Predecessors to employees [Member]
Schedule of share based compensation expenses [Abstract]
Share based compensation expenses		100,629	91,907
Share options issued by Share options issued by Company to employees [Member]
Schedule of share based compensation expenses [Abstract]
Share based compensation expenses	191,583	190,370
Restriction of ordinary shares held by the Founder [Member]
Schedule of share based compensation expenses [Abstract]
Share based compensation expenses	¥ 49	¥ 430	¥ 9,923

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Prepayments and Other Current Assets [Abstract]

Lease (Details) - Schedule of Operating Lease Terms and Discount Rates	Jun. 30, 2023	Jun. 30, 2022
Schedule of Operating Lease Terms and Discount Rates [Abstract]
Weighted average remaining lease term (in years)	2 years 2 months 19 days	1 year 3 months 3 days
Weighted average discount rate	4.75%	4.75%

Short-Term Investments

12 Months Ended

Jun. 30, 2023

Short-Term Investments [Abstract]

Short-term investments

10.

Short-term investments

The following table presents the fair value hierarchy for the Group's assets and liabilities that are measured and recorded at fair value on a recurring basis as of June 30, 2022 and 2023:

June 30, 2022

Quoted Prices in
Active Market
for Identical
Assets

(Level 1)

Significant
Other
Observable
Inputs

(Level 2)

Significant
Other
Unobservable
Inputs

(Level 3)

Balance

at Fair Value

RMB

Assets

Wealth management products⁽ⁱ⁾

132,632

Total

132,632

June 30, 2023	Quoted Prices in Active Market for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)		Balance at Fair Value
	RMB		RMB		RMB		RMB
Assets
Wealth management products⁽ⁱ⁾		-		50,213		-		50,213
Investment in private fund⁽ⁱⁱ⁾		-		-		58,223		58,223
Investment in structured notes⁽ⁱⁱⁱ⁾		-		57,867		-		57,867
Total		-		108,080		58,223		166,303

(i)

(ii)

The following table summarizes the activities related to fair value of the investment in private fund:

	Amounts
	RMB

Fair value of investment in private fund as of June 30, 2022		-
Investment made		87,885
Redemption		(36,028	)
Gain/(loss)		401
Exchange adjustment		5,965
Fair value of investment in private fund as of June 30, 2023		58,223

(iii)

For the years ended June 30, 2021, 2022 and 2023, the Company recorded gains or losses resulting from changes in the fair values of short-term investments in the line item “others, net” in the consolidated statements of operations and comprehensive loss. As of June 30, 2022 and 2023, none of these short-term investments were frozen, guaranteed or subject to other restrictions.

Subsequent Events (Details) $ in Thousands, $ in Millions	Sep. 14, 2023 HKD ($)	Oct. 18, 2023 shares	Jun. 09, 2023 USD ($)
Subsequent Events (Details) [Line Items]
Authorized to share repurchase (in Dollars)			$ 20
Forecast [Member]
Subsequent Events (Details) [Line Items]
Stock repurchased (in Shares) \| shares		1,249,563
Consideration	$ 2,000
Kelly’s Education Limited [Member] \| Forecast [Member]
Subsequent Events (Details) [Line Items]
Capital acquisition	$ 10,000

Subsequent Events

12 Months Ended

Jun. 30, 2023

Subsequent Events [Abstract]

Subsequent events

20.

Subsequent events

On June 9, 2023, QuantaSing Group Limited’s board of directors authorized the repurchase of up to US$20 million of the Company’s common shares in the form of American depositary shares in open market transactions for a period not to exceed 12 months beginning on June 9, 2023. As of June 30, 2023, none ADSs had been repurchased yet under this program. As of October 18, 2023, an aggregate of 1,249,563 ADSs had been repurchased under this program.

On September 14, 2023, the Company signed an agreement with a third party to acquire all the equity interests in Kelly’s Education Limited, an online language education platform headquartered in Hong Kong. Total consideration is HK$2,000. The acquisition was completed on September 28, 2023. The Company also undertakes that after the completion of the acquisition, the Group shall subsequently inject capital of HK$10,000 into Kelly’s Education Limited.

The Group has evaluated subsequent events through October 27 2023, which is the date the consolidated financial statements are issued, with no other material events or transactions identified that should have been recorded or disclosed in the consolidated financial statements.

Summary of Significant Accounting Policies (Details) - Schedule of Property and Equipment, Net Estimated Useful Lives	12 Months Ended
	Jun. 30, 2023
Schedule of Property and Equipment Net Estimated Useful Lives [Abstract]
Leasehold improvement	Shorter of the lease term or estimated economic life
Computer and electronic equipment	3 years

Prepayments and Other Current Assets

12 Months Ended

Jun. 30, 2023

Prepayments and other current assets

Prepayments and other current assets

Prepaid expenses and other current assets as of June 30, 2022 and 2023, consist of the following:

	As of June 30,
	2022		2023
	RMB		RMB

Prepayments for promotion fees		86,686		65,832
Prepaid other service fees⁽ⁱ⁾		13,726		25,281
Prepayments for products procurement⁽ⁱⁱ⁾		-		13,543
Prepaid input value-added tax⁽ⁱⁱⁱ⁾		690		360
Receivables from third party payment platforms ^(iv)		9,456		22,533
Receivables from live e-commerce business platforms		-		1,760
Staff advance		192		575
Deposits		4,791		3,500
Interest receivable		-		3,297
Others		19		-
Total		115,560		136,681

(i)

Prepaid other service fees consist of prepayment of cloud server hosting fees and others.

(ii)

Prepayments for products procurement represent prepayments made to third-party suppliers for the procurement of products for the Group’s live e-commerce business.

(iii)

Prepaid input value-added tax consists of VAT input that is expected to offset with VAT output tax or to be transferred out in the future.

(iv)

Receivables from third party payment platforms consist of cash that has been received from course participants but held by the third-party payment platforms. The Group subsequently collected the full balance from the third-party payment platforms.

Consolidated Balance Sheets ¥ in Thousands, $ in Thousands	Jun. 30, 2023 CNY (¥)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 CNY (¥)
Current assets:
Cash and cash equivalents	¥ 764,281	$ 105,399	¥ 266,427
Short-term investments	166,303	22,934	132,632
Accounts receivable, net	12,251	1,689	1,937
Prepayments and other current assets	136,681	18,851	115,560
Total current assets	1,108,632	152,888	563,950
Non-current assets:
Property and equipment, net	7,409	1,022	5,169
Operating lease right-of-use assets	84,009	11,585	23,917
Deferred tax assets	2,084	287
Other non-current assets	21,296	2,937	10,430
Total non-current assets	114,798	15,831	39,516
TOTAL ASSETS	1,223,430	168,719	603,466
Current liabilities:
Accounts payables (including amounts of the consolidated VIE without recourse to the primary beneficiary of RMB45,178 and RMB62,094 as of June 30, 2022 and 2023, respectively)	62,094	8,563	45,178
Accrued expenses and other current liabilities (including amounts of the consolidated VIE without recourse to the primary beneficiary of RMB77,616 and RMB124,532 as of June 30,2022 and 2023, respectively)	171,160	23,604	108,592
Income tax payable (including amounts of the consolidated VIE without recourse to the primary beneficiary of RMB7,298 and RMB8,794 as of June 30, 2022 and 2023, respectively)	8,794	1,213	7,298
Contract liabilities, current portion (including amounts of the consolidated VIE without recourse to the primary beneficiary of RMB384,729 and RMB517,213 as of June 30, 2022 and 2023, respectively)	517,213	71,327	384,729
Advance from customers (including amounts of the consolidated VIE without recourse to the primary beneficiary of RMB151,089 and RMB144,397 as of June 30, 2022 and 2023, respectively)	144,397	19,913	151,089
Operating lease liabilities, current portion (including amounts of the consolidated VIE without recourse to the primary beneficiary of RMB14,875 and RMB21,425 as of June 30, 2022 and 2023, respectively)	41,092	5,667	16,331
Total current liabilities	944,750	130,287	713,217
Non-current liabilities:
Contract liabilities, non-current portion (including amounts of the consolidated VIE without recourse to the primary beneficiary of RMB8,869 and RMB7 as of June 30, 2022 and 2023, respectively)	7	1	8,869
Operating lease liabilities, non-current portion (including amounts of the consolidated VIE without recourse to the primary beneficiary of RMB6,522 and RMB23,786 as of June 30, 2022 and 2023, respectively)	52,840	7,287	6,566
Total non-current liabilities	52,847	7,288	15,435
TOTAL LIABILITIES	997,597	137,575	728,652
Commitments and contingencies
MEZZANINE EQUITY
TOTAL MEZZANINE EQUITY			664,160
SHAREHOLDERS’ (DEFICIT)/EQUITY
Additional paid-in capital	1,171,092	161,501	69,934
Accumulated other comprehensive income	22,182	3,059	1,839
Accumulative deficit	(969,688)	(133,726)	(861,151)
TOTAL QUANTASING GROUP LIMITED SHAREHOLDERS’ (DEFICIT)/EQUITY	223,698	30,850	(789,346)
Non-controlling interests	2,135	294
TOTAL SHAREHOLDERS’ (DEFICIT)/EQUITY	225,833	31,144	(789,346)
TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ (DEFICIT)/EQUITY	1,223,430	168,719	603,466
Series A Convertible Redeemable Preferred Shares
MEZZANINE EQUITY
Series convertible redeemable preferred shares			82,002
Series B Convertible Redeemable Preferred Shares
MEZZANINE EQUITY
Series convertible redeemable preferred shares			94,833
Series B-1 Convertible Redeemable Preferred Shares
MEZZANINE EQUITY
Series convertible redeemable preferred shares			33,612
Series C Convertible Redeemable Preferred Shares
MEZZANINE EQUITY
Series convertible redeemable preferred shares			108,892
Series D Convertible Redeemable Preferred Shares
MEZZANINE EQUITY
Series convertible redeemable preferred shares			104,156
Series E Convertible Redeemable Preferred Shares
MEZZANINE EQUITY
Series convertible redeemable preferred shares			240,665
Class A Ordinary Shares
SHAREHOLDERS’ (DEFICIT)/EQUITY
Ordinary shares	78	11	3
Class B Ordinary Shares
SHAREHOLDERS’ (DEFICIT)/EQUITY
Ordinary shares	34	5	29
Related Party
Current assets:
Amounts due from related parties	¥ 29,116	$ 4,015	¥ 47,394

Preferred Shares

12 Months Ended

Jun. 30, 2023

Preferred Shares [Abstract]

Preferred Shares

15	Preferred Shares

Predecessors’ preferred shares

Prior to incorporation of the Company, Witty network has issued preferred shares to certain investors. The following table summarizes the issuances of preferred shares by Witty network:

Series	Issuance Date		Shares Issued		Issue Price per share (US$)		Aggregated issuance price (US$)
WN-A		April 2017		22,000,000		0.0455		1,001
WN-B		April 2018		23,983,789		0.1800		4,317
WN-B-1		May 2018		7,913,872		0.3146		2,489
WN-C		June 2018		20,327,789		0.5686		11,559
WN-D		August 2020		11,818,754		1.1825		13,975
WN-E		November 2020		14,799,427		2.3398		34,628

In August 2020, in connection with the issuance of series WN-D preferred shares, terms of series WN-A, WN-B, WN-B-1, and WN-C preferred shares were modified to include a redemption right.

On May 31, 2021, preferred shares were issued by EW in connection with the Step 1 Reorganization to replicate the number and terms of preferred shares originally issued by Witty network.

On May 31, 2022, preferred shares were issued the Company in connection with the Step 2 Reorganization to replicate the number and terms of preferred shares originally issued by EW.

Upon the completion of the IPO in January 2023, all of issued and outstanding Preferred Shares automatically converted into ordinary shares on a one-for-one basis.

Preferred shares of the Company

The key terms of the preferred shares of the Company are as follows:

Conversion Rights

Unless converted earlier pursuant to Automatic Conversion below, each holder of preferred shares shall have the right, at such holder’s sole discretion, to convert all or any portion of the preferred shares into Class A ordinary shares at any time.

Automatic Conversion: Each preferred share shall automatically be converted into Class A Ordinary Shares, at the then applicable conversion price (i) upon the closing of a qualified initial public offering (“QIPO”), and (ii) upon the prior written approval of the holders of a majority of the outstanding preferred shares of each class with respect to conversion of each class.

The initial conversion ratio of preferred shares to ordinary shares shall be 1:1, and shall be subject to adjustments in the event of issuance or deemed issuance of additional ordinary shares below the preferred share conversion price, or share dividends, subdivisions, combinations or consolidations of ordinary shares, other distributions, or reclassification, exchange and substitution.

Redemption Rights

The preferred shareholders shall have redemption rights upon the occurrence of any of the following events: (i) the Company fails to complete QIPO or a trade sale within four (4) years after the closing date of the issuance of Series E preferred shares of Witty network; (ii) a material breach by the Group or the Founder or the Founder Co., (iii) the termination of the Founder’s employment/services contract with the Group due to the voluntary termination by the Founder, or (iv) the time when any material adverse change occurs, under which circumstance the captive structure of the Group companies which is established through the VIE Contractual Agreements becomes, or has become invalid, illegal or unenforceable (each a “Redemption Event”); then each preferred share shall be redeemable upon the request of any preferred shareholder.

The redemption price for each outstanding preferred share shall be equal to the product of (x) the applicable deemed preferred share issue price as set forth in the Company’s Memorandum of Association, and (y) (1+8%*N), where N equals to a fraction, (A) the numerator of which is the number of calendar days between the applicable original issue date (as defined in the Company’s Memorandum of Association) and the date on which the relevant redemption price is paid in full and (B) the denominator of which is 365, plus any declared but unpaid dividends.

Liquidation preference

In the event of any liquidation, dissolution or winding up of the Company, either voluntary or involuntary, the holders of the Series E Preferred Shares shall be entitled to receive, prior to any distribution to the holders of any other class or series of shares then outstanding, an amount per Series E Preferred Share equal to (i) one hundred and twenty five percent (125%) of the applicable Series E deemed preferred share issue price, plus (ii) all accrued or declared but unpaid dividends. The holders of other series of Preferred Shares shall be entitled to receive an amount per share equal to (i) one hundred percent (100%) of the respective deemed preferred share issue price, plus (ii) all accrued or declared but unpaid dividends.

Unless waived in writing by the majority of the outstanding preferred shares of each class, (i) the acquisition of the Company (whether by a sale of equity, merger or consolidation) in which in excess of 50% of the Company’s voting power outstanding before such transaction is transferred, (ii) the exclusive licensing of all or substantially all of the Company’s proprietary rights; or (iii) a sale, transfer or other disposition of all or substantially all the Company’s assets, shall be deemed a liquidation, dissolution or winding up of the Company.

Dividend Rights

Holders of the preferred shares shall be entitled to receive any cash or non-cash dividends declared by the Board (including the approval of each investor director) on an as-converted basis.

Voting Rights

Each preferred share shall carry a number of votes equal to the number of Class A Ordinary Shares then issuable upon its conversion into Class A Ordinary Shares at the record date for determination of the shareholders entitled to vote on such matters, or, if no such record date is established, at the date such vote is taken or any written consent of shareholders is solicited.

Accounting for preferred shares

The Company classified the preferred shares in the mezzanine equity of the consolidated balance sheets as they are contingently redeemable at the options of the holders. The Company also determined that the embedded conversion features and the redemption features do not require bifurcation as they either are clearly and closely related to the preferred shares or do not meet the definition of a derivative.

Preferred shares of the Company were recognized upon the issuance of the shares by the Company on the completion date of the Reorganization and measured based on portion of carrying value of the Predecessors’ preferred shares attributable to the Listing Businesses using the relative fair value method. The preferred shares were subsequently accreted to its redemption value (if higher than the fair value at issue date). The Company records accretion on the preferred shares, where applicable, to the redemption value from the issuance date to the earliest redemption dates. The accretion calculated using the effective interest method, is recorded against retained earnings, or in the absence of retained earnings, by charging against additional paid-in capital. Once additional paid-in capital has been exhausted, additional charges are recorded by increasing the accumulated deficit. The issuance costs for Preferred Shares were nil for the years presented.

The Group’s preferred shares activities for the year ended June 30, 2022 and 2023 are summarized below:

	Series A				Series B				Series B-1				Series C				Series D				Series E				Total
	Number of shares		Amount		Number of shares		Amount		Number of shares		Amount		Number of shares		Amount		Number of shares		Amount		Number of shares		Amount		Number of shares		Amount
			RMB				RMB				RMB				RMB				RMB				RMB				RMB

Balance as of July 1, 2021		-		-		-		-		-		-		-		-		-		-		-		-		-		-
Issuance of Preferred Shares upon Step 2 Reorganization		22,000,000		82,002		23,983,789		94,833		7,913,872		33,612		20,327,789		108,501		11,818,754		103,404		14,799,427		238,821		100,843,631		661,173
Accretion of preferred share redemption value		-		-		-		-		-		-		-		391		-		752		-		1,844		-		2,987

Balance as of June 30, 2022		22,000,000		82,002		23,983,789		94,833		7,913,872		33,612		20,327,789		108,892		11,818,754		104,156		14,799,427		240,665		100,843,631		664,160

Balance as of July 1, 2022		22,000,000		82,002		23,983,789		94,833		7,913,872		33,612		20,327,789		108,892		11,818,754		104,156		14,799,427		240,665		100,843,631		664,160
Accretion of preferred share redemption value		-		-		-		-		-		-		-		2,894		-		5,643		-		13,842		-		22,379
Conversion of preferred shares to ordinary shares upon the completion of the IPO		22,000,000		82,002		23,983,789		94,833		7,913,872		33,612		20,327,789		111,786		11,818,754		109,799		14,799,427		254,507		100,843,631		686,539

Balance as of June 30, 2023		-		-		-		-		-		-		-		-		-		-		-		-		-		-

Prepayments and Other Current Assets (Tables)

12 Months Ended

Jun. 30, 2023

Prepayments and Other Current Assets [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets as of June 30, 2022 and 2023, consist of the following:

	As of June 30,
	2022		2023
	RMB		RMB

Prepayments for promotion fees		86,686		65,832
Prepaid other service fees⁽ⁱ⁾		13,726		25,281
Prepayments for products procurement⁽ⁱⁱ⁾		-		13,543
Prepaid input value-added tax⁽ⁱⁱⁱ⁾		690		360
Receivables from third party payment platforms ^(iv)		9,456		22,533
Receivables from live e-commerce business platforms		-		1,760
Staff advance		192		575
Deposits		4,791		3,500
Interest receivable		-		3,297
Others		19		-
Total		115,560		136,681

(i)

Prepaid other service fees consist of prepayment of cloud server hosting fees and others.

(ii)

Prepayments for products procurement represent prepayments made to third-party suppliers for the procurement of products for the Group’s live e-commerce business.

(iii)

Prepaid input value-added tax consists of VAT input that is expected to offset with VAT output tax or to be transferred out in the future.

(iv)

Taxation (Details) - Schedule of Changes in Valuation Allowance ¥ in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2023 CNY (¥)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 CNY (¥)	Jun. 30, 2021 CNY (¥)
Schedule of Changes in Valuation Allowance [Abstract]
Balance at beginning of the year	¥ (84,406)	$ (84,406)	¥ (65,235)	¥ (5,693)
(Additions)/Reversal	(10,569)		(19,171)	(59,542)
Balance at end of the year	¥ (94,975)	$ (94,975)	¥ (84,406)	¥ (65,235)

Preferred Shares (Details)	12 Months Ended
Preferred Shares (Details)	Jun. 30, 2023
Preferred Shares [Abstract]
Deemed preferred share issue price, percentage	100.00%
Voting power outstanding	50.00%
Series E Preferred Stock [Member]
Preferred Shares [Abstract]
Deemed preferred share issue price, percentage	125.00%

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Jun. 30, 2023

Accrued Expenses and Other Current Liabilities [Abstract]

Schedule of Outstanding Accrued Expenses and Other Current Liabilities

The following table summarized the Group's outstanding accrued expenses and other current liabilities as of June 30, 2022 and 2023, respectively:

	As of June 30,
	2022		2023
	RMB		RMB

Accrued employee payroll and welfare benefits		78,245		128,097
Other accrued expense		16,807		23,501
Other tax payable		12,594		18,640
Refund liability⁽ⁱ⁾		615		513
Others		331		409
Total accrued expenses and other current liabilities		108,592		171,160

(i)

Refund liability represents the estimated amounts of consideration collected by the Group which it expects to refund to its customers according to refund policy as described in Note 2(r).

Share Based Compensation Expenses (Details) - Schedule of Estimated Fair Value of Each Option Grant - $ / shares	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Share Based Compensation Expenses (Details) - Schedule of Estimated Fair Value of Each Option Grant [Line Items]
Expected dividend yield	0.00%	0.00%	0.00%
Expected term (in years)	10 years	10 years	10 years
Minimum [Member]
Share Based Compensation Expenses (Details) - Schedule of Estimated Fair Value of Each Option Grant [Line Items]
Expected volatility	46.00%	44.04%	44.00%
Risk-free interest rate (per annum)	3.15%	1.48%	0.69%
Fair value of the underlying shares on the date of option grants (US$) (in Dollars per share)	$ 3.8	$ 3.08	$ 0.5
Maximum [Member]
Share Based Compensation Expenses (Details) - Schedule of Estimated Fair Value of Each Option Grant [Line Items]
Expected volatility	48.00%	45.32%	52.18%
Risk-free interest rate (per annum)	3.80%	2.39%	1.69%
Fair value of the underlying shares on the date of option grants (US$) (in Dollars per share)	$ 3.93	$ 3.87	$ 2.8

Others, Net (Tables)

12 Months Ended

Jun. 30, 2023

Others, Net [Abstract]

Schedule of Others, Net

	For the years ended June 30,
	2021		2022		2023
	RMB		RMB		RMB

Government grants		3,010		69		415
Fair value changes of short-term investments		2,400		4,894		9,235
Others		9,683		14,950		11,663
Total		15,093		19,913		21,313

Summary of Significant Accounting Policies

12 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Summary of significant accounting policies

2.	Summary of significant accounting policies

(a)

Basis of presentation

(b)

Principles of consolidation

The consolidated financial statements include the financial statements of the Company, its subsidiaries, and the consolidated VIE (including its subsidiaries).

All significant intercompany transactions and balances between the Company, its wholly owned subsidiaries and the consolidated VIE have been eliminated upon consolidation.

(c)

Use of estimates

(d)

Foreign currency translation

(e)

Convenience translation

(f)

Cash and cash equivalents

(g)

Accounts receivable

The Group’s other receivables which were recorded as a component of the prepaid expenses and other current assets and other non-current assets are within the scope of ASC Topic 326.

(h)

Fair value measurement

●

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

●

Level 3 applies to asset 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 Group’s non-financial assets, such as property and equipment, would be measured at fair value only if they were determined to be impaired.

(i)

Short-term investments

(j)

Prepayments and other current assets

(k)

Property and equipment, net

Category		Estimated useful life

Leasehold improvement		Shorter of the lease term or estimated economic life
Computer and electronic equipment		3 years

(l)

Asset acquisition

(m)

Intangible assets

Category		Estimated useful life

Insurance brokerage license		52 months
Software		1 year to 2 years

(n)

Impairment of long-lived assets

(o)

Operating Lease

(p)

Non-controlling interests

(q)

Business disposal

(r)

Revenue recognition

Under ASC 606, the Group determined revenue recognition through the following steps:

–

Identification of the contract, or contracts, with a customer;

–

Identification of the performance obligations in the contract;

–

Determination of the transaction price, including the constraint on variable consideration;

–

Allocation of the transaction price to the performance obligations in the contract;

–

Recognition of revenue when (or as) the Group satisfies a performance obligation.

(i)

Online learning services

The online learning services provided by the Group principally include online financial literacy courses and other personal interest courses.

Self-operated online learning services

Cooperated online learning services

(ii)

Enterprise services

(iii)

Others

Practical expedients

The Group has used the following practical expedients as allowed under ASC 606:

(i)

(ii)

(iii)

The Group expenses the costs to obtain a contract as incurred when the expected amortization period is one year or less.

Contract balances

Contract liabilities

Contract liability is related to the payments received by the Group in advance from customers for which the Group’s revenue recognition criteria have not been met.

Revenue Disaggregation

The following table sets forth a breakdown of the Group’s revenues disaggregated by business line:

	For the years ended June 30,
	2021		2022		2023
	RMB		RMB		RMB
Online learning services
- Financial literacy courses - self-operated		1,563,607		2,300,434		1,874,627
- Other personal interest courses		-		193,896		860,250
- self-operated		-		163,483		860,250
- cooperated		-		30,413		-
Subtotal		1,563,607		2,494,330		2,734,877
Enterprise services		144,308		185,511		340,934
Others		52,025		188,133		5,570
Total revenues		1,759,940		2,867,974		3,081,381

(s)

Cost of revenues

(t)

Sales and marketing expenses

(u)

General and administrative expenses

(v)

Research and development expenses

(w)

Share-based compensation expenses

(x)

Employee benefits

(y)

Taxation

Income taxes

Value added Tax (“VAT”)

(z)

Comprehensive loss

(aa)

Segment reporting

(ab)

Recently issued accounting pronouncements

(ac)

Recently issued accounting pronouncements not yet adopted

Property and equipment, net

12 Months Ended

Jun. 30, 2023

Property and Equipment, Net [Abstract]

Property and equipment, net

Property and equipment, net

Property and equipment, net as of June 30, 2022 and 2023 consist of the following:

	As of June 30,
	2022			2023
	RMB			RMB

Leasehold improvement		5,891			5,423
Computer and electronic equipment		4,773			6,351
Total		10,664			11,774
Less: Accumulated depreciation		(5,495	)		(4,365	)
Property and equipment, net		5,169			7,409

Depreciation expenses for the years ended June 30, 2021, 2022 and 2023 were RMB1,397, RMB4,016 and RMB3,714 respectively.

Accounts Receivable, Net (Tables)

12 Months Ended

Jun. 30, 2023

Accounts Receivable, Net [Abstract]

Schedule of Accounts Receivable , Net

The accounts receivable, net, as of June 30, 2022 and 2023, consists of the following:

	As of June 30,
	2022			2023
	RMB			RMB

Enterprise services		1,305			12,219
Others		645			91
Less: allowance for credit losses		(13	)		(59	)
Accounts receivable, net		1,937			12,251

Schedule of Allowance for Credit Losses

The movements in the allowance for credit losses are as follows:

	For the years ended June 30,
	2022			2023
	RMB			RMB

Balance at beginning of the year		(446	)		(13	)
(Additions)/Reversals		433			(46	)
Write-offs		-			-
Balance at end of the year		(13	)		(59	)

Loss Per Share (Details) - Schedule of Basic Loss Per Share and Diluted Loss Per Share (Parentheticals)	12 Months Ended
	Jun. 30, 2023 $ / shares shares	Jun. 30, 2023 ¥ / shares shares	Jun. 30, 2022 ¥ / shares shares	Jun. 30, 2021 ¥ / shares shares
Schedule Of Basic Loss Per Share And Diluted Loss Per Share Abstract
Weighted average number of ordinary shares outstanding — diluted	103,948,398	103,948,398	49,270,950	41,206,648
Net loss per share — diluted \| (per share)	$ (0.17)	¥ (1.26)	¥ (5.26)	¥ (12.89)

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
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Schedule of Outstanding Balance Due from/to Related Parties [Line Items]

Related Party Transactions (Details) - Schedule of Outstanding Balance Due from/to Related Parties - CNY (¥)
¥ in Thousands

Jun. 30, 2023

Jun. 30, 2022

Due from Beijing Baichuan Insurance Brokerage Co., Ltd. [Member]

¥ 29,116

¥ 47,394

Schedule of Outstanding Balance Due from/to Related Parties [Line Items]

Other receivable from Beijing Shanronghaina Network Technology Co., Ltd. [Member]

^[1]

29,116

23,008

Schedule of Outstanding Balance Due from/to Related Parties [Line Items]

Loan receivable from BaichuanXianghai Technology Co., Ltd. [Member]

^[2]

2,000

Schedule of Outstanding Balance Due from/to Related Parties [Line Items]

Loan receivable from Beijing Baichuan Insurance Brokerage Co. Ltd. [Member]

11,886

Schedule of Outstanding Balance Due from/to Related Parties [Line Items]