According to the inquiry of Yun Xiang official website and Battery Network, Yun Xiang Juneng and Xiangyun have a cooperative relationship. Yun Xiang Juneng relies on Xiangyun Group's advantages in phosphorus chemical resources and advanced technical teams of ferric phosphate and lithium ferrous phosphate to build a 300,000-ton new energy nanomaterial circular economy project. Hubei Jin Hui Lithium Material Technology Co., Ltd., one of the shareholders of Yun Xiang Juneng, is also a wholly-owned subsidiary of Xiangyun Group. Therefore, Yun Xiang Juneng and Xiangyun have close business ties and equity relations.