On March 3, 2023, Mr. Kangbin Zheng (“Mr. Zheng”) notified CN Energy Group. Inc. (the “Company”) of his resignation as a director, the chairman of the board of directors (the “Board”), and the Chief Executive Officer of the Company, effective as of March 3, 2023. Mr. Zheng has advised that his resignation was due to personal reasons and not a result of any disagreement with the Company on any matter related to the operations, policies, or practices of the Company.

To fill in the vacancy created by the resignation of Mr. Zheng, on March 3, 2023, the Nominating and Corporate Governance Committee of the Board recommended, and the Board appointed, Ms. Xinyang Wang to serve as a director, the chairwoman of the Board, and the Chief Executive Officer of the Company, effective March 3, 2023. Ms. Xinyang Wang, age 25, has served as the Secretary of the Board of the Company, since July 2021. Ms. Wang received a Bachelor of Arts degree in Mathematics and a Bachelor of Science degree in Computer Science from Indiana University Bloomington in May 2020.

She later received a Master of Science degree in Financial Technology from the Chinese University of Hong Kong in November 2021.