Exhibit 10.3

INSTRUMENT OF TRANSFER

PUYI INC.

(Incorporated in the Cayman Islands with limited liability)

I/We, Worldwide Success Group Limited

of OMC Chambers, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands

in consideration of the sum of Nil

paid to me/us by (name) Winter Dazzle Limited

(occupation)

of (address) Vistra Corporate Services Centre Wickhams Cay II, Road Town Tortola, VG1110, British Virgin Islands

(hereinafter “the said Transferee”) do hereby transfer to the said Transferee the - 14,400,000 -

share(s) numbered

standing in my/our name in the register of: -

PUYI INC.

to hold unto the said Transferee his Executors, Administrators or Assigns, subject to the several conditions upon which I/we hold the same at the time of execution hereof. And I/we, the said Transferee do hereby agree to take the said share(s) subject to the same conditions.

Witness our hands the 31st day of August 2018.

For and on behalf of

WORLDWIDE SUCCESS GROUP LIMITED

By: /s/ Haifeng Yu

For and on behalf of

WINTER DAZZLE LIMITED 

By: /s/ Longchang Liao