Company: CNEY
Filing Date: 2025-10-29
Form Type: F-1/A
Source: 0001477932-25-007791
Chunk: 64

Company: CN ENERGY GROUP. INC.
Filing Date: 2025-10-29
Form: F-1/A
Chunk 64
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 Hong Kong project must be the beneficial owner of the relevant dividends; and (b) the Hong Kong project must directly hold no less than 25% share ownership in the PRC project during the 12 consecutive months preceding its receipt of the dividends. In current practice, a Hong Kong project must obtain a tax resident certificate from the Hong Kong tax authority to apply for the 5% lower PRC withholding tax rate. As the Hong Kong tax authority will issue such a tax resident certificate on a case-by-case basis, we cannot assure you that we will be able to obtain the tax resident certificate from the relevant Hong Kong tax authority and enjoy the preferential withholding tax rate of 5% under the Double Taxation Arrangement with respect to any dividends paid by our PRC subsidiaries to its immediate holding company, Energy Holdings. As of the date of this prospectus, we have not applied for the tax resident certificate from the relevant Hong Kong tax authority. Energy Holdings intends to apply for the tax resident certificate if and when Zhejiang CN Energy and Manzhouli CN Energy plan to declare and pay dividends to Energy Holdings. See “Risk Factors—There are significant uncertainties under the EIT Law relating to the withholding tax liabilities of our PRC subsidiaries, and dividends payable by our PRC subsidiaries to our Hong Kong subsidiary may not qualify to enjoy certain treaty benefits.”

| 40 |

<div align='center'>CAPITALIZATION</div>

The following table sets forth our capitalization as of March 31, 2025:

|                                                                                                                                                                                             |     | March 31, 2025 |             |   |     |          |             |   |
|:--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|:----|:---------------|------------:|:--|:----|:---------|------------:|:--|
|                                                                                                                                                                                             |     |                |             |   |     | As       |             |   |
|                                                                                                                                                                                             |     | Actual         |             |   |     | adjusted |             |   |
|                                                                                                                                                                                             |     | $              |             |   |     | $        |             |   |
| Shareholders' Equity:                                                                                                                                                                       |     |                |             |   |     |          |             |   |
| Class A ordinary share, no par value, unlimited number of shares authorized; 781,321 shares issued and outstanding as of March 31, 2025; 2,758,623 shares as adjusted                       |     | $              | 107,769,910 |   |