-Yes, appeal or file Motion to reopen/reconsideration
胜算如何?
-Depends on what the denial reasons were. If it was due to your immigration intent, you have no chance.
还是就走人?
-Not really. If your H1 I-94 is valid, you are still lawful present until the I-94 expires even if you are out of status and your change of status from H1 to F1 was denied..
Two choices:
1. Find a job as soon as possible and do H1 transfer. If your H1 transfer is approved without I-94,just go out of US to get an H1 visa to activate your h1 status.
2. Go back to China to get an F1 visa to come back to be F1 status (I do not know why they denied your change of status from h1 to F1, so I am not sure whether you can get F1 visa in China).