Upon the expiration of the fund raising period, under any of the following circumstances, the infrastructure fund raising fails:

(1) The total fund share does not reach 80% of the registered scale;

(2) The scale of funds raised is less than 200 million yuan, or the number of investors is less than 1 10,000;

(3) The original obligee or its related party under the same control fails to participate in the strategic placement as required;

(4) After deducting the strategic placement part, the proportion of offline issuance is lower than 70% of the number of this public offering;

(5) Other circumstances that lead to the failure of fund raising.