Can an Issuer Claim Breach of Contract Based on a Conditional Share Subscription Agreement That Has Not Yet Taken Effect Due to the Absence of CSRC Approval?

Where a subscriber's default prevents the issuer from obtaining securities regulatory approval for a non-public offering, can the issuer claim breach of contract under a Conditional Subscription Agreement that has not yet taken effect? — A case study of a private placement dispute of an A-share listed company