SCHEDULE: Bojiang Entities Disclose 7.3% Stake in Webull Corp

A group of Chinese investment entities and an individual have disclosed a collective 7.3% beneficial ownership in Webull Corp's Class A Ordinary Shares.

Summary

• Lishui Bojiang Chuangfu 2nd Equity Investment Partnership (Limited Partnership) holds 11,011,948 Class A Ordinary Shares, representing 2.7% of the class.
• Anji Boye Investment Partnership (Limited Partnership) holds 11,011,948 Class A Ordinary Shares, representing 2.7% of the class.
• Changxing Boyi Equity Investment Fund Management Centre (Limited Partnership) holds 7,127,532 Class A Ordinary Shares, representing 1.8% of the class.
• Shanghai Bojiang Investment Management Co., Ltd., Bojiang Group Co., Ltd., and Tian Luo each beneficially own an aggregate of 29,151,428 Class A Ordinary Shares, representing 7.3% of the class.
• Shanghai Bojiang Investment Management Co., Ltd. serves as the General Partner for the three limited partnerships (Bojiang Capital entities).
• Shanghai Bojiang Investment Management Co., Ltd. is wholly owned by Bojiang Group Co., Ltd.
• Tian Luo controls Bojiang Group Co., Ltd. by beneficially owning 49.76% equity interest.
• Shanghai Bojiang Investment Management Co., Ltd., Bojiang Group Co., Ltd., and Tian Luo possess shared voting and dispositive power over the 29,151,428 shares held by the Bojiang Capital entities.
• The reporting persons expressly disclaim status as a group for purposes of this Schedule 13G.
• The beneficial ownership percentages are calculated based on 401,758,855 Class A ordinary shares issued and outstanding as of July 22, 2025, as reported by Webull Corp on its Form 424B3 Registration Statement filed on July 23, 2025.

Sentiment

Score: 6

Explanation: The filing is a neutral disclosure of beneficial ownership. The establishment of a significant stake by a related group of entities could be viewed as a positive signal of investor confidence, but it does not provide operational or financial performance data to assess overall sentiment.

Positives

• Increased institutional ownership by a group of related entities may signal confidence in Webull Corp's future prospects.
• The disclosure provides transparency regarding significant ownership stakes.

Negatives

• No direct negatives are apparent from a Schedule 13G filing, which is primarily a disclosure of ownership.

Risks

• The reporting persons are based in China, which could introduce geopolitical or regulatory risks associated with foreign ownership.
• The disclaimer of 'group' status, while common, might still imply coordinated influence over the shares.

Future Outlook

This filing is a disclosure of beneficial ownership and does not contain forward-looking statements or guidance regarding Webull Corp's future performance or operations.

Industry Context

This filing indicates a significant stake taken by a group of Chinese investment entities in Webull Corp, a financial technology company. Such investments reflect ongoing interest from global capital in fintech platforms, particularly those with a strong user base or growth potential. The concentration of ownership by a related group of entities could influence corporate governance or strategic direction, aligning with broader trends of institutional investors seeking influential positions in promising companies.

Stakeholder Impact

• Shareholders: The disclosure of a significant beneficial ownership stake by a group of related entities could be viewed positively, signaling institutional confidence and potentially influencing future share price stability or strategic direction. It also provides transparency regarding major holders.
• Management: The presence of a significant beneficial owner may lead to increased engagement or influence from these entities on corporate strategy and governance.

Key Dates

Keywords

Webull Corp, Beneficial Ownership, Schedule 13G, Class A Ordinary Shares, Institutional Ownership, Bojiang Capital, Tian Luo, SEC Filing, Investment Partnership