Legal analysis: No, the shareholders have not breached the contract. Where a shareholder fails to pay the capital contribution in accordance with the provisions of the preceding paragraph, he shall be liable for breach of contract to the shareholder who has paid the capital contribution in full and on time. If the promoters and shareholders of a company make false capital contributions and fail to deliver or deliver monetary or non-monetary property as capital contributions on schedule, the company registration authority shall order them to make corrections and impose a fine of more than 5% 15% of the amount of false capital contributions.

Legal basis: Article 92 of People's Republic of China (PRC) Securities Investment Fund Law shall conclude and sign a fund contract for a non-public offering of funds. A fund contract shall include the following contents: (1) the rights and obligations of the fund share holders, fund managers and fund custodians; (2) the mode of operation of the fund; (3) The method, amount and subscription period of the fund; (4) The investment scope, investment strategy and investment restrictions of the fund. (5) Principles and implementation methods of fund income distribution; (six) the relevant expenses borne by the fund; (7) Contents and methods of providing fund information. (8) Procedures and methods for subscription, redemption or transfer of fund shares; (nine) the reasons and procedures for the change, dissolution and termination of the fund contract; (10) the liquidation method of the fund property. (eleven) other matters agreed by both parties. Where a fund share holder transfers a fund share, it shall comply with the provisions of Articles 87 and 91 of this Law.