Upon the expiration of the fund raising period, the infrastructure fund raising fails under any of the following circumstances: (1) The total fund share does not reach 80% of the approved registration 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.

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