UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Name of Issuer)

(Title of Class of Securities)

(CUSIP Number)

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

(Date of Event Which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.  ¨

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for other parties to whom copies are to be sent.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

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Introductory Note

This Schedule 13D (“Schedule 13D”) is filed with respect to Gushan Environmental Energy Limited (the “Company” or “Issuer”) by Gemino Success Limited, a company organized and existing under the laws of the British Virgin Islands, Hero Track Holdings Limited, a company organized and existing under the laws of Hong Kong, Hero Track Limited, a company organized and existing under the laws of the British Virgin Islands, and Mr. Jianqiu Yu (“Mr. Yu”, and together with Gemino Success Limited, Hero Track Holdings Limited and Hero Track Limited, the “Reporting Persons”). This Schedule 13D supersedes the Schedule 13G filed with the Securities and Exchange Commission (“SEC”) by Gemino Success Limited and Mr. Yu on February 14, 2008, as amended by Amendment No. 1 thereto filed with the SEC by Gemino Success Limited and Mr. Yu on February 9, 2009 and by Amendment No. 2 thereto filed with the SEC by the Reporting Persons on February 13, 2012.

Item 1. Security and Issuer

This statement relates to the ordinary shares, par value HK$0.00001 per share (“Ordinary Shares”), including Ordinary Shares represented by American Depositary Shares (“ADSs,” each ADS representing ten Ordinary Shares) of the Issuer. The Issuer’s principal executive office is located at No. 37, Golden Pond Road, Golden Mountain Industrial District, Fuzhou City, Fujian Province, the People’s Republic of China.

(a) This statement of beneficial ownership on Schedule 13D is being jointly filed by Gemino Success Limited, Hero Track Holdings Limited, Hero Track Limited and Mr. Yu.

The agreement among the Reporting Persons relating to the joint filing of this statement is attached hereto as Exhibit 99.1. Information with respect to each of the Reporting Persons is given solely by such Reporting Person, and no Reporting Person assumes responsibility for the accuracy or completeness of the information concerning the other Reporting Persons, except as otherwise provided in Rule 13d-1(k).

(b) The business address of each of the Reporting Persons is c/o Carling Technology Limited, Room 908, China Merchants Tower, 168-200 Connaught Road Central, Sheung Wan, Hong Kong.

(c) The principal business of each of Gemino Success Limited, Hero Track Holdings Limited and Hero Track Limited is to hold, transact or otherwise deal in the securities of the Issuer or to finance the Issuer.

The principal occupation of Mr. Yu is Principal Executive Officer, Chairman and Director of the Issuer. Additionally, Mr. Yu is the sole shareholder and the sole director of Gemino Success Limited and the sole shareholder of Hero Track Limited which in turn is the sole shareholder of Hero Track Holdings Limited. Ms. Lili Yu serves as the sole director of Hero Track Limited and the sole director of Hero Track Holdings Limited.

(d)-(e) During the last five years, none of the Reporting Persons and Ms. Lili Yu has been (A) convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or (B) a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

(f) Mr. Yu is a citizen of Hong Kong Special Administrative Region. Ms. Lili Yu is a citizen of the People’s Republic of China.

The Reporting Persons anticipate that the Proposed Transaction (as defined in Item 4) will be primarily funded by Mr. Yu’s own funds but may be supplemented by possible debt financing. The Ordinary Shares held by the Reporting Persons will be cancelled for no consideration.

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The information set forth in or incorporated by reference in Items 4 and 5 of this statement is incorporated by reference in its entirety into this Item 3.

On February 24, 2012, Mr. Yu. for himself and for other entities affiliated with him, submitted a non-binding proposal (the “Proposal”) to the Issuer’s Board of Directors related to the proposed acquisition of all of the outstanding Ordinary Shares (including Ordinary Shares represented by ADSs) of the Issuer, excluding Ordinary Shares held by the Reporting Persons for cash consideration equal to US$1.599 per ADS or US$0.1599 per Ordinary Share through an acquisition vehicle to be formed by Mr. Yu for the purpose thereof (the “Proposed Transaction”). The description of the Proposal in this Item 4 is qualified in its entirety by reference to the complete text of the Proposal, which has been filed as Exhibit 99.2 to this Schedule 13D and which is incorporated by reference in its entirety into this Item 4.

If the Proposed Transaction is completed, the ADSs would be delisted from the New York Stock Exchange, and the Issuer’s obligation to file periodic reports under the Exchange Act would terminate. Neither the Issuer nor any of the Reporting Persons is obligated to complete the Proposed Transaction, and a binding commitment with respect to the Proposed Transaction will result only from the execution of definitive agreements, and then will be on the terms provided in such documentation.

Mr. Yu reserves his right to change his plans and intentions in connection with any of the actions discussed in this Item 4. Any action taken by Mr. Yu may be effected at any time or from time to time, subject to any applicable limitations imposed thereon by any applicable laws.

Except as described above and elsewhere herein, the Reporting Persons do not have any present plan or proposal which relates to, or would result in the occurrence of, any of the events referred to in subparagraphs (a) through (j) of the instructions to Item 4 of Schedule 13D (although they reserve the right to develop such plan or proposal).

(a)-(b)

Mr. Yu is the sole shareholder of Gemino Success Limited, a British Virgin Islands company, which is in turn the record owner of 63,996,218 Ordinary Shares of the Issuer. Mr. Yu is the sole shareholder of Hero Track Limited, a British Virgin Islands company, which in turn is the sole shareholder of Hero Track Holdings Limited, a Hong Kong company, which in turn is the record owner of 2,446,360 Ordinary Shares of the Issuer. Pursuant to Section 13(d) of the Exchange Act, Mr. Yu may be deemed to beneficially own all of the Ordinary Shares held by Gemino Success Limited and Hero Track Holdings Limited.

By virtue of the relationship among the Reporting Persons described herein, the Reporting Persons may be deemed to constitute a “group” within the meaning of Section 13(b)(3) under the Exchange Act. As a member of a group, each Reporting Person may be deemed to beneficially own the Ordinary Shares beneficially owned by the members of the group as a whole.

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(c) To the best knowledge of each of the Reporting Persons, none of the Reporting Persons and no other person described in Item 2 hereof has effected any transactions relating to the Ordinary Shares during the past sixty (60) days.

(d) Not applicable.

(e) Not applicable.

Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Company.

The Proposal described under Item 4 of this Schedule 13D is incorporated herein by reference.

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SIGNATURE

After reasonable inquiry and to the best of our knowledge and belief, the undersigned certify that the information set forth in this Schedule 13D is true, complete and correct.

Dated: February 28, 2012

LIST OF EXHIBITS

Exhibit 99.1

Joint Filing Agreement

In accordance with Rule 13d-1(k) promulgated under the Securities Exchange Act of 1934, as amended, the undersigned hereby agree to the joint filing with all other Reporting Persons (as such term is defined in the Schedule 13D referred to below) on behalf of each of them of a statement on Schedule 13D (including amendments thereto) with respect to the ordinary shares, par value HK$0.00001 per share, of Gushan Environmental Energy Limited, a Cayman Islands company, and that this Agreement may be included as an Exhibit to such joint filing. This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument.

IN WITNESS WHEREOF, the undersigned hereby execute this Agreement as of the 28^th day of February, 2012.

Exhibit 99.2

February 24, 2012

Board of Directors

Gushan Environmental Energy Limited

No. 37, Golden Pond Road

Golden Mountain Industrial District

Fuzhou City, Fujian Province

People’s Republic of China

Dear Sirs:

I, Yu Jianqiu, am pleased to submit this preliminary non-binding proposal (the “Proposal”) to acquire the outstanding ordinary shares of Gushan Environmental Energy Limited (the “Company”) and the American Depositary Shares of the Company (“ADSs”, each ADS representing ten ordinary shares of the Company), in both cases that are not currently owned by myself and my affiliates in a going-private transaction (the “Acquisition”). The terms and conditions of the Proposal on which I contemplate to pursue the Acquisition are set forth below:

1. Buyer. I intend to form an acquisition vehicle for the purpose of pursuing the Acquisition.

2. Purchase Price. The purchase consideration payable for each ADS or ordinary share of the Company (other than those held by myself and my affiliates) will be $1.599 per ADS or $0.1599 per ordinary share, as the case may be, in cash, which represents a premium of 30.00% to the Company’s closing price on February 23, 2012 and a premium of 24.15% to the volume-weighted average closing price during the last 30 trading days. I believe that the proposed purchase price provides a very attractive and beneficial alternative to the Company’s shareholders.

3. Financing. It is currently expected that the Acquisition will be primarily financed with my own funds but may be supplemented by possible debt financing. If necessary, I would enter into discussions and negotiations, and possibly agreements, with potential sources of debt financing. At this point in time, there is no arrangement with any such potential source of debt financing in relation to the Proposal, and I do not propose to make any commitment prior to reaching agreement on the transaction terms in respect of the Acquisition with the Company.

4. Due Diligence. To the extent debt financing is required, parties providing financing will require a timely opportunity to conduct customary due diligence on the Company.

5. Definitive Agreements. I am prepared to negotiate and finalize definitive agreements (“Definitive Agreements”) providing for the Acquisition and related transactions very promptly. Such Definitive Agreements will provide for conditions and covenants typical and appropriate for transactions of this type.

6. Confidentiality. I intend promptly to file an amendment to my Schedule 13D to disclose this letter. However, I am sure you will agree that it is in all of our interests to proceed in a confidential manner, other than as required by law, until Definitive Agreements have been executed or our discussions have been terminated. If for any reason you find it necessary to make any disclosure relating to any matter discussed in this letter, please give me as much notice as possible so that I can respond appropriately.

7. Process. I believe that the Acquisition will provide superior value to the Company’s shareholders. I recognize that the Board will evaluate the proposed Acquisition independently before it can make its determination to endorse it. Given my involvement in the proposed Acquisition, I also recognize that independent members of the Board will proceed to consider the proposed Acquisition. In considering my offer, you should be aware that I am interested only in acquiring the outstanding shares of the Company that are not currently owned by myself and my affiliates, and that I do not intend to sell my stake in the Company to a third party.

8. Advisors. I have retained Sidley Austin LLP as my legal counsel in connection with the Acquisition.

9. No Binding Commitment. This letter constitutes only a preliminary indication of my interest, and does not constitute any binding commitment with respect to the Acquisition or other transaction. Any commitment will result only from the execution of Definitive Agreements, and then will be on the terms provided in such documentation.

I would like to personally express my commitment to work with the Board to consummate this Acquisition in a timely manner. Should you have any questions regarding these matters, please do not hesitate to contact me. I look forward to hearing from you.