# EDGAR Filing Document

**Accession Number:** 0001780785
**File Stem:** 0001477932-25-008598
**Filing Date:** 2025-11
**Character Count:** 14714
**Document Hash:** 83d48dbbfc83afcd075c677e6373f6f8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001477932-25-008598.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0001477932-25-008598

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CN ENERGY GROUP. INC.
- **CENTRAL INDEX KEY:** 0001780785
- **STANDARD INDUSTRIAL CLASSIFICATION:** INDUSTRIAL ORGANIC CHEMICALS [2860]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** D8
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-93277
- **FILM NUMBER:** 251521017

**BUSINESS ADDRESS:**
- **STREET 1:** BUILDING 2-B, ROOM 206
- **STREET 2:** NO. 268 SHINIU ROAD, LIANDU DISTRICT
- **CITY:** LISHUI CITY
- **STATE:** F4
- **ZIP:** 323010
- **BUSINESS PHONE:** (86) 571-87555823

**MAIL ADDRESS:**
- **STREET 1:** BUILDING 2-B, ROOM 206
- **STREET 2:** NO. 268 SHINIU ROAD, LIANDU DISTRICT
- **CITY:** LISHUI CITY
- **STATE:** F4
- **ZIP:** 323010

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CN ENERGY GROUP, INC.
- **DATE OF NAME CHANGE:** 20190625
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Zhang Yefang
- **CENTRAL INDEX KEY:** 0001667258

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D

**MAIL ADDRESS:**
- **STREET 1:** RM104, BLOCK 18, YIJINGHUAYUAN
- **STREET 2:** LIANDU DISTRICT
- **CITY:** LISHUI CITY, ZHEJIANG PROVINCE
- **STATE:** F4
- **ZIP:** 323000

## Ex-99

**EXHIBIT 99.1**

**JOINT FILING AGREEMENT**

In accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended, the undersigned agree to the joint filing on behalf of each of them of a Statement on Schedule 13D (including any and all amendments thereto) with respect to the Class B ordinary shares, no par value, of CN Energy Group. Inc., and further agree that this Joint Filing Agreement shall be included as an Exhibit to such joint filings.

The undersigned further agree that each party hereto is responsible for the timely filing of such Statement on Schedule 13D and any amendments thereto, and for the accuracy and completeness of the information concerning such party contained therein; provided, however, that no party is responsible for the accuracy or completeness of the information concerning any other party, unless such party knows or has reason to believe that such information is inaccurate.

This Joint Filing Agreement may be signed in counterparts with the same effect as if the signature on each counterpart were upon the same instrument.

IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the 25th day of November, 2025.

---

| | |
|:---|:---|
| **YEFANG ZHANG** | **YEFANG ZHANG** |
| **Signature:** | */s/ Yefang Zhang* |
| **Name/Title:** | Yefang Zhang |
| **Date:** | November 25, 2025 |
| **Weastfinace Group, Inc**  | **Weastfinace Group, Inc**  |
| **Signature:** | */s/ Xinyang Wang* |
| **Name/Title:** | Xinyang Wang, Director |
| **Date:** | November 25, 2025 |

---

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

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**CN ENERGY GROUP. INC.**

*(Name of Issuer)*

**Class B Ordinary Shares, no par value**

*(Title of Class of Securities)*

**000000000**

*(CUSIP Number)*

**Yefang Zhang**<br>Room 503, BLDG 14,<br>Jincheng Garden, Xihu District<br>Hangzhou City F4 NA<br>NA

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**09/16/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **000000000** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Yefang Zhang** | Name of reporting person<br>**Yefang Zhang** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**U9** | Citizenship or place of organization<br>**U9** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**635419.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**4028.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**635419.00** | Aggregate amount beneficially owned by each reporting person<br>**635419.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**100%** | Percent of class represented by amount in Row (11)<br>**100%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** (1) Note to For Rows 7-11: (i) Ms. Yefang Zhang is the sole shareholder of Global Clean Energy Limited, the record holder of the Issuer's 4,028 Class B ordinary shares, no par value ( the "Class B Ordinary Shares"); (ii) Pursuant to that certain Voting Agreement dated September 16, 2025 by and between Ms. Yefang Zhang and Weastfinace Group, Inc ("Weastfinace"), Ms. Yefang Zhang has sole voting power over the 631,391 Class B Ordinary Shares owned of record by Weastfinace and has no dispositive power with respect to such shares; and (iii) Each Class B Ordinary Share entitles the holder to 50 votes per share on all matters submitted to a vote of shareholders. Based on the 635,419 Class B Ordinary Shares issued and outstanding, the Class B Ordinary Shares represent 31,770,950 aggregate votes. 
 
 (2) Note to Row 13: This percentage is calculated based upon 635,419 Class B Ordinary Shares issued and outstanding as of October 28, 2025.

| **CUSIP No.** | **000000000** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Weastfinace Group Inc** | Name of reporting person<br>**Weastfinace Group Inc** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**631391.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**631391.00** | Aggregate amount beneficially owned by each reporting person<br>**631391.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**99.37%** | Percent of class represented by amount in Row (11)<br>**99.37%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** (1) Note to For Rows 7-11: (i) Weastfinace Group, Inc is the record holder of 631,391 Class B Ordinary Shares; (ii)  Pursuant to that certain Voting Agreement dated September 16, 2025 by and between Ms. Yefang Zhang and Weastfinace Group, Inc ("Weastfinace"), Ms. Yefang Zhang has sole voting power over the 631,391 Class B Ordinary Shares owned of record by Weastfinace; (iii) Weastfinace has sole dispositive power over the 631,391 Class B Ordinary Shares, subject to Ms. Yefang Zhang's approval under the Voting Agreement.
 
 (2) Note to Row 13: This percentage is calculated based upon 635,419 Class B Ordinary Shares issued and outstanding as of October 28, 2025.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Class B Ordinary Shares, no par value

**(b) Name of Issuer:**
CN ENERGY GROUP. INC.

**(c) Address of Issuer's Principal Executive Offices:**
BUILDING 2-B, ROOM 206, NO. 268, SHINIU ROAD, LIANDU DISTRICT, LISHUI CITY, F4, 323010

This statement of beneficial ownership on Schedule 13D relates to the Class B Ordinary Shares, no par value (the "Class B Ordinary Shares"), of CN Energy Group. Inc., a business company limited by shares incorporated under the laws of British Virgin Islands (the "Issuer"). The Class B Ordinary Shares are privately held, have no trading market and have not been assigned a CUSIP number.

**Item 4. Purpose of Transaction**

The information set forth in Item 1 to Item 3 of this Statement is incorporated herein by reference.
 
 The Reporting Persons acquired beneficial ownership of the Class B Ordinary Shares required herein for investment purposes, and such acquisitions were made in the Reporting Persons' ordinary course of business. 
 
 Yefang Zhang filed an initial Schedule 13G on February 18, 2022. Ms. Zhang is filing this Schedule 13D to supersede their previously filed Schedule 13G to report a change in their intentions.
 
 Voting Agreement 
 
 On September 16, 2025, Ms. Zhang and Weastfinace entered into a Voting Agreement (the "Voting Agreement"). Under the Voting Agreement, Weastfinace irrevocably appointed Ms. Zhang, and any designee of Ms. Zhang, as its proxy and attorney-in-fact to vote all 631,391 Class B ordinary shares owned by Weastfinace on all matters submitted to a vote of the Company's shareholders. The proxy is coupled with an interest and is irrevocable to the fullest extent permitted under British Virgin Islands law. Ms. Zhang may vote such shares at her sole discretion and Weastfinace agreed not to take any action that would interfere with Zhang's voting power. The Voting Agreement also provides that Weastfinace will vote its shares in accordance with Zhang's instructions and will not transfer or assign its shares unless the transferee agrees in writing to be bound by the agreement. The agreement remains in effect until terminated by Ms. Zhang on five days' written notice and cannot be unilaterally terminated by Weastfinace.
 
 The form of Voting Agreement is filed as Exhibit 99.2 hereto. The foregoing description of the terms of the Voting Agreement is qualified in its entirety by reference to such exhibit, which is incorporated by reference herein.

**Item 5. Interest in Securities of the Issuer**

**(a)**
The responses of each of the Reporting Persons with respect to Rows 11 and 13 of the cover pages of this Schedule 13D that relate to the aggregate number and percentage of Class B Ordinary Shares are incorporated herein by reference.
 
 The responses of each of the Reporting Persons with respect to Rows 7, 8, 9 and 10 of the cover pages of this Schedule 13D that relate to the number of Class B Ordinary Shares as to which such Reporting Persons have sole or shared power to vote, or to direct the vote, and sole or shared power to dispose of, or to direct the disposition, are incorporated herein by reference.

**(b)**
See (a). 
 
 Giving effect to the 50 votes per Class B Ordinary Share, Ms. Yefang Zhang has sole voting power over 31,770,950 votes (comprised of 4,028 Class B Ordinary Shares held of record by Global Clean Energy Limited and 631,391 Class B Ordinary Shares subject to the Voting Agreement), which represents approximately 100% of the Class B Ordinary Shares voting power.

**(c)**
Except as reported in Item 3 above, the Reporting Persons have not affected any transactions in the shares of Common Stock in the sixty days prior to the date hereof.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

The Reporting Persons' responses to Items 3 - 5 are incorporated by reference into this Item 6.
 
 
 Registration Rights
 
 Pursuant to the Securities Purchase Agreement dated August 1, 2025 by and between the Issuer and Weastfinace Group, Inc, the Issuer has agreed to file registration statements under the Securities Act of 1933, as amended (the "Securities Act"), with the Securities and Exchange Commission (the "SEC"), covering the resale of the shares issued pursuant to the Securities Purchase Agreement, no later than 45 days following the closing of the private placement, and to use commercial reasonable efforts to have the registration statement declared effective by the SEC as soon as reasonably practicable.
 
 The form of Securities Purchase Agreement is filed as Exhibit 99.3 hereto. The foregoing description of the terms of the Registration Rights Agreement is qualified in its entirety by reference to such exhibit, which is incorporated by reference herein.

### 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.

**Reporting Person:** Yefang Zhang

**Signature:** /s/ Yefang Zhang

**Name/Title:** Yefang Zhang

**Date:** 11/25/2025

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.

**Reporting Person:** Weastfinace Group Inc

**Signature:** /s/ Xinyang Wang

**Name/Title:** Xinyang Wang/Manager

**Date:** 11/25/2025