If the fund raising period expires and the conditions for the fund contract to take effect are not met, or the fund contract cannot take effect due to force majeure during the fund raising period, the fund raising fails. Fund filing conditions:

1. Upon the expiration of the fund raising period, the fund manager shall hire a statutory capital verification institution to conduct capital verification within 10 days from the expiration of the fund raising period and submit the capital verification report to the China Securities Regulatory Commission within 10 days from the date of receiving the capital verification report. Since the date of written confirmation by China Securities Regulatory Commission, the fund filing procedures have been completed and the fund contract has come into effect.