This paper deals with a degenerate diffusion Patlak–Keller–Segel system in $n\geq 3$ dimension. The main difference between the current work and many other recent studies on the same model is that we study the diffusion exponent $m=2n/(n+2)$, which is smaller than the usual exponent $m^{*}=2-2/n$ used in other studies. With the exponent $m=2n/(n+2)$, the associated free energy is conformal invariant, and there is a family of stationary solutions $U_{\lambda,x_0}(x)=C(\frac{\lambda} {\lambda^2+|x-x_0|^2})^{\frac{n+2}{2}}$ $\forall \lambda>0$, $x_0\in {\mathbb R}^n$. For radially symmetric solutions, we prove that if the initial data are strictly below $U_{\lambda,0}(x)$ for some $\lambda$, then the solution vanishes in $L^1_{loc}$ as $t\to\infty$; if the initial data are strictly above $U_{\lambda,0}(x)$ for some $\lambda$, then the solution either blows up at a finite time or has a mass concentration at $r=0$ as time goes to infinity. For general initial data, we prove that there is a global weak solution provided that the $L^m$ norm of initial density is less than a universal constant, and the weak solution vanishes as time goes to infinity. We also prove a finite time blow-up of the solution if the $L^m$ norm for initial data is larger than the $L^m$ norm of $U_{\lambda,x_0}(x)$, which is constant independent of $\lambda$ and $x_0$, and the free energy of initial data is smaller than that of $U_{\lambda,x_0}(x)$.