# EDGAR Filing Document

**Accession Number:** 0001733868
**File Stem:** 0001019056-25-000250
**Filing Date:** 2025-11
**Character Count:** 14917
**Document Hash:** 20f9f7ce304f0e08fca3ff41ec0d75d6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001019056-25-000250.hdr.sgml**: 20251114

**ACCESSION NUMBER**: 0001019056-25-000250

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13G/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20251114

**DATE AS OF CHANGE**: 20251114

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CNFinance Holdings Ltd.
- **CENTRAL INDEX KEY:** 0001733868
- **STANDARD INDUSTRIAL CLASSIFICATION:** FINANCE SERVICES [6199]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-90900
- **FILM NUMBER:** 251485250

**BUSINESS ADDRESS:**
- **STREET 1:** 22/F, SOUTH FINANCE CTR, NO. 6 WUHENG RD
- **STREET 2:** TIANHE DISTRICT, GUANGZHOU CITY
- **CITY:** GUANGDONG PROVINCE
- **STATE:** F4
- **ZIP:** 00000
- **BUSINESS PHONE:** 86-020-62316688

**MAIL ADDRESS:**
- **STREET 1:** 22/F, SOUTH FINANCE CTR, NO. 6 WUHENG RD
- **STREET 2:** TIANHE DISTRICT, GUANGZHOU CITY
- **CITY:** GUANGDONG PROVINCE
- **STATE:** F4
- **ZIP:** 00000
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GAGNON SECURITIES LLC
- **CENTRAL INDEX KEY:** 0001125725

**ORGANIZATION NAME:**
- **EIN:** 134087058
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G/A

**BUSINESS ADDRESS:**
- **STREET 1:** 1370 AVENUE OF THE AMERICAS
- **STREET 2:** 26TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 212-554-5000

**MAIL ADDRESS:**
- **STREET 1:** 1370 AVENUE OF THE AMERICAS
- **STREET 2:** 26TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13G

### Under the Securities Exchange Act of 1934

**(Amendment No. 1)**

**Issuer:** CNFinance Holdings Ltd.

**Title of Class of Securities:** Ordinary Shares

**CUSIP Number:** 18979T105

**Date of Event Which Requires Filing of this Statement:** 09/30/2025

**Check the appropriate box to designate the rule pursuant to which this Schedule is filed:**

- [ ] Rule 13d-1(b)

- [x] Rule 13d-1(c)

- [ ] Rule 13d-1(d)

---

| 1. | Names of Reporting Persons<br>Gagnon Securities LLC | Names of Reporting Persons<br>Gagnon Securities LLC |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>66679200.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>66983200.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>66983200.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>66983200.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>4.9% | Percent of Class Represented by Amount in Row (9)<br>4.9% |
| 12. | Type of Reporting Person (See Instructions)<br>BD, IA | Type of Reporting Person (See Instructions)<br>BD, IA |

**Comment for Type of Reporting Person:** These Ordinary Shares are held in the form of American Depositary Shares ("ADS"), evidenced by American Depositary Receipts, of the Issuer, which are quoted on the New York Stock Exchange under the symbol "CNF." Each ADS represents two hundred (200) Ordinary Shares. CUSIP number 18979T105 has been assigned to the ADS.

---

| 1. | Names of Reporting Persons<br>Gagnon Advisors, LLC | Names of Reporting Persons<br>Gagnon Advisors, LLC |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>16071800.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>16071800.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>16071800.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>16071800.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>1.2% | Percent of Class Represented by Amount in Row (9)<br>1.2% |
| 12. | Type of Reporting Person (See Instructions)<br>IA | Type of Reporting Person (See Instructions)<br>IA |

**Comment for Type of Reporting Person:** These Ordinary Shares are held in the form of American Depositary Shares ("ADS"), evidenced by American Depositary Receipts, of the Issuer, which are quoted on the New York Stock Exchange under the symbol "CNF." Each ADS represents two hundred (200) Ordinary Shares. CUSIP number 18979T105 has been assigned to the ADS.

---

| 1. | Names of Reporting Persons<br>Neil Gagnon | Names of Reporting Persons<br>Neil Gagnon |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>X1 | Citizenship or Place of Organization<br>X1 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>7082400.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>85692000.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>7082400.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>86227200.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>93309600.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>93309600.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>6.8% | Percent of Class Represented by Amount in Row (9)<br>6.8% |
| 12. | Type of Reporting Person (See Instructions)<br>IN | Type of Reporting Person (See Instructions)<br>IN |

**Comment for Type of Reporting Person:** These Ordinary Shares are held in the form of American Depositary Shares ("ADS"), evidenced by American Depositary Receipts, of the Issuer, which are quoted on the New York Stock Exchange under the symbol "CNF." Each ADS represents two hundred (200) Ordinary Shares. CUSIP number 18979T105 has been assigned to the ADS.

---

**Item 1(a). Name of Issuer:**
CNFinance Holdings Ltd.

**Item 1(b). Address of Issuer's Principal Executive Offices:**
22/F South Finance CTR, No. 6 Wuheng Road, Tianhe District, Guangzhou City, China 00000

**Item 2(a). Name of Person Filing:**
Neil Gagnon has sole voting and dispositive power over 7,082,400 shares of the Issuer's Ordinary Shares (the "Ordinary Shares").  In addition, Mr. Gagnon has shared voting power over 85,692,000 shares of Ordinary Shares and shared dispositive power over 86,227,200 shares of Ordinary Shares.

Mr. Gagnon is the managing member and principal owner of Gagnon Securities LLC ("GS"), an investment adviser registered with the U.S. Securities and Exchange Commission ("SEC") under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), and a registered broker-dealer, in its role as investment manager to several customer accounts, foundations, partnerships and trusts (collectively, the "Accounts") to which it furnishes investment advice. GS and Mr. Gagnon may be deemed to share voting power with respect to 66,679,200 shares of Ordinary Shares held in the Accounts and dispositive power with respect to 66,983,200 shares of Ordinary Shares held in the Accounts. GS and Mr. Gagnon expressly disclaim beneficial ownership of all securities held in the Accounts.

Mr. Gagnon is also the Chief Executive Officer of Gagnon Advisors, LLC ("Gagnon Advisors"), an investment adviser registered with the SEC under the Advisers Act. Mr. Gagnon and Gagnon Advisors, in its role as investment manager to Gagnon Investment Associates, LLC ("GIA"), a private investment fund, may be deemed to share voting and dispositive power with respect to the 16,071,800 shares of Ordinary Shares held by GIA. Gagnon Advisors and Mr. Gagnon expressly disclaim beneficial ownership of all securities held by GIA.

**Item 2(b). Address of Principal Business Office:**
1370 Ave. of Americas, 26th Floor, New York, NY 10019

**Item 2(c). Citizenship:**
Gagnon Securities LLC    Delaware limited liability company

Gagnon Advisors, LLC     Delaware limited liability company

Neil Gagnon                     USA

**Item 2(d). Title of Class of Securities:**
Ordinary Shares

**Item 2(e). CUSIP Number:**
18979T105

**Item 3. If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:**

(a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).

(b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

(c) [ ] Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).

(d) [ ] Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).

(e) [ ] An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);

(f) [ ] An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);

(g) [ ] A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);

(h) [ ] A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i) [ ] A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j) [ ] A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), if filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:

(k) [ ] Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).

**Item 4. Ownership:**

**(a) Amount beneficially owned:**

Gagnon Securities LLC   66,983,200
Gagnon Advisors, LLC    16,071,800
Neil Gagnon                    93,309,600

**(b) Percent of class:**

Gagnon Securities LLC   4.9%
Gagnon Advisors, LLC    1.2%
Neil Gagnon                    6.8%
Calculation of percentage of beneficial ownership is based on 1,371,643,240 Ordinary Shares outstanding as of June 30, 2025, based on the Issuer's Form 6-K filed with the Securities and Exchange Commission on August 28, 2025.

**(c) Number of shares as to which the person has:**

**(i) Sole power to vote or to direct the vote:**

Gagnon Securities LLC   0
Gagnon Advisors, LLC    0
Neil Gagnon                   7,082,400

**(ii) Shared power to vote or to direct the vote:**

Gagnon Securities LLC    66,679,200
Gagnon Advisors, LLC    16,071,800
Neil Gagnon                    85,692,000

**(iii) Sole power to dispose or to direct the disposition of:**

Gagnon Securities LLC   0
Gagnon Advisors, LLC    0
Neil Gagnon                    7,082,400

**(iv) Shared power to dispose or to direct the disposition of:**

Gagnon Securities LLC   66,983,200
Gagnon Advisors, LLC    16,071,800
Neil Gagnon                    86,227,200

**Item 5. Ownership of Five Percent or Less of a Class.**

[x] If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following.

**Item 6. Ownership of More than 5 Percent on Behalf of Another Person.**

The Accounts described above in Item 2 have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, securities held in their respective accounts. To the knowledge of the Reporting Persons, the interest in any such account does not exceed 5% of the class of securities. Except to the extent described herein, the Reporting Person disclaims beneficial ownership of all such securities.

**Item 7. Identification and Classification of the Subsidiary**

Not Applicable

**Item 8. Identification and Classification of Members of the Group**

Not Applicable

**Item 9. Notice of Dissolution of Group**

Not Applicable

**Item 10. Certification:**

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Gagnon Securities LLC**

**Date:** 11/14/2025

**By:** /s/ Neil Gagnon

**Name & Title:** Neil Gagnon/Managing Member

**Gagnon Advisors, LLC**

**Date:** 11/14/2025

**By:** /s/ Neil Gagnon

**Name & Title:** Neil Gagnon/Chief Executive Officer

**Neil Gagnon**

**Date:** 11/14/2025

**By:** /s/ Neil Gagnon

**Name & Title:** Neil Gagnon