SCHEDULE: Bojiang Entities Disclose 5.2% Stake in Webull Corp

Multiple Bojiang-affiliated entities and Tian Luo have disclosed a collective beneficial ownership of 5.2% in Webull Corp's Class A Ordinary Shares.

Summary

• Bojiang-affiliated entities and Tian Luo collectively reported beneficial ownership of 21,863,571 Class A ordinary shares of Webull Corp.
• This represents 5.2% of the Class A ordinary shares outstanding, based on 417,957,827 shares as of September 30, 2025.
• Shanghai Bojiang Investment Management Co., Ltd., Bojiang Group Co., Ltd., and Tian Luo are deemed to have indirect beneficial ownership of these shares.
• The ownership is structured through three limited partnerships: Lishui Bojiang Chuangfu 2nd Equity Investment Partnership (2.0%), Changxing Boyi Equity Investment Fund Management Centre (1.3%), and Anji Boye Investment Partnership (2.0%).
• Shanghai Bojiang Investment Management Co., Ltd. serves as the General Partner for these three limited partnerships.
• Bojiang Group Co., Ltd. wholly owns Shanghai Bojiang Investment Management Co., Ltd.
• Tian Luo controls Bojiang Group Co., Ltd. through a 49.76% equity interest.
• The reporting persons explicitly disclaim status as a group for the purposes of this Schedule 13G/A.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a moderately positive development, as it signifies a substantial and potentially long-term investment by a group of related entities and an individual, indicating confidence in Webull Corp's future.

Positives

• Significant institutional investment from Bojiang-affiliated entities and Tian Luo, indicating confidence in Webull Corp.
• The collective 5.2% stake suggests a notable long-term interest in the company's performance.

Risks

• The concentration of ownership by a related group of entities and an individual (Tian Luo) could potentially influence corporate decisions.
• The reporting persons disclaim group status, which might obscure the true extent of coordinated influence if they were to act in concert.

Industry Context

StockSavvy.ai notes that the disclosure of a significant beneficial ownership stake by a group of related entities and an individual, particularly from China, in a U.S.-listed financial technology company like Webull Corp, highlights continued international investor interest in the digital brokerage and wealth management sector. This type of institutional backing can be a positive signal for market stability and growth prospects within the competitive fintech landscape.

Comparison to Industry Standards

• A 5.2% stake by a single beneficial owner or a closely related group is a substantial position, often seen as a vote of confidence.
• Compared to other fintech companies, institutional ownership levels vary widely, but a concentrated stake from a specific investment group like Bojiang suggests a more targeted investment thesis rather than a passive, small portfolio allocation.
• For example, major institutional investors like BlackRock or Vanguard often hold larger passive stakes across many companies, but a targeted 5.2% stake from a specific investment group like Bojiang suggests a more deliberate investment strategy.

Related Party Transactions

• Shanghai Bojiang Investment Management Co., Ltd. serves as the General Partner of Changxing Boyi Equity Investment Fund Management Centre (Limited Partnership), Anji Boye Investment Partnership (Limited Partnership), and Lishui Bojiang Chuangfu 2nd Equity Investment Partnership (Limited Partnership).
• Bojiang Group Co., Ltd. wholly owns Shanghai Bojiang Investment Management Co., Ltd.
• Tian Luo controls Bojiang Group Co., Ltd. by beneficially owning 49.76% equity interest.
• These relationships establish a clear chain of control and beneficial ownership among the reporting persons, despite their disclaimer of group status.

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional stake could be viewed positively, potentially signaling stability and long-term interest, which may support share price.
• Management: Management may need to consider the interests of this significant beneficial owner in strategic decisions.

Key Dates

Recommendation

The filing primarily provides an update on beneficial ownership, indicating a significant, albeit indirect, stake by Bojiang-affiliated entities and Tian Luo. While this suggests institutional confidence, it does not provide new operational or financial performance data to warrant a 'buy' or 'sell' recommendation. Investors should 'hold' and monitor future operational performance and any further disclosures from this significant shareholder group.

Keywords

Webull Corp, Class A Ordinary Shares, Schedule 13G, Beneficial Ownership, Institutional Investor, Bojiang, Tian Luo, SEC Filing, Equity Investment, Financial Services