Note: The following does not constitute legal advice or professional legal opinions. When it comes to legal or regulatory issues, please consult qualified professionals, such as lawyers, compliance consultants or relevant regulatory agencies for specific guidance. If a fundraising project does not obtain government approval, it may face legal and regulatory risks if it continues to operate, so be careful. In general, you can consider the following steps: 1. Verify approval feedback: First, carefully study the feedback from the government or regulatory authorities on the project approval to clarify the reasons for the disapproval. It may involve issues such as project content, fund use, risk control measures, and information disclosure. 2. Communicate with regulatory authorities: Proactively contact relevant regulatory authorities for further explanation and guidance. Ask if there are remedial measures, supplementary materials or adjustment plans that can meet the approval requirements. Sometimes the regulatory authorities may recommend submitting supplementary materials or making project rectifications. 3. Consult professional opinions: Ask professional lawyers or compliance consultants to evaluate the current situation and guide you on how to adjust the project structure, improve risk control measures, or improve information disclosure in order to meet regulatory requirements and reapply for approval. Professional opinions can help you adjust the project within the scope of legality and compliance. 4. Consider suspending operations: Continuing operations before obtaining necessary approvals may violate relevant laws and regulations, increase legal risks or trigger regulatory penalties. You may need to suspend project operations and wait for problems to be resolved and formal approval to be obtained before resuming or launching the project. 5. Develop a rectification and reapplication plan: Based on regulatory feedback and professional opinions, modify the project plan, focus on core issues for rectification, and prepare relevant materials for reapplication. Ensuring that all procedures, documents and internal control systems comply with government regulations will help obtain approval. In short, directly advancing the project before obtaining government approval may lead to many risks. It is recommended to resolve problems through legal and compliant means and ensure that the project meets all legal and regulatory requirements after adjustment before operation. Once again, full communication and confirmation with relevant parties (especially legal and regulatory professionals) is a key step to protect companies from the risk of violations.