SCHEDULE: Hillhouse Investment Discloses 8.7% Stake in Webull

Hillhouse Investment Management, Ltd. has disclosed an 8.7% beneficial ownership stake in Webull Corp.'s Class A Ordinary Shares.

Summary

• Hillhouse Investment Management, Ltd. (HIM), an exempted Cayman Islands company, has filed a Schedule 13G.
• HIM is reporting beneficial ownership of 33,080,846 Class A Ordinary Shares of Webull Corp.
• This ownership represents 8.7% of Webull Corp.'s Class A Ordinary Shares outstanding.
• The shares are held by WBL Holding L.P. and WBL2 Holdings Limited, both wholly owned by Hillhouse Focused Fund Growth V, L.P., for which HIM acts as the sole management company.
• The percentage is calculated based on 378,563,226 Class A Ordinary Shares outstanding as of May 9, 2025, as reported in Webull Corp.'s Prospectus.

Sentiment

Score: 6

Explanation: The filing itself is a factual disclosure of ownership. However, the disclosure of a significant stake by a reputable investment firm like Hillhouse Investment Management can be perceived as a positive signal of confidence in Webull Corp., leading to a slightly positive sentiment.

Positives

• The disclosure of a significant stake by a prominent investment firm like Hillhouse Investment Management could signal confidence in Webull Corp.'s future prospects.

Negatives

• A Schedule 13G is a disclosure of beneficial ownership, not a financial report or operational update. It does not typically contain specific negative operational results or financial performance details.

Risks

• A Schedule 13G is a disclosure of beneficial ownership, not a financial report or operational update. It does not typically detail the issuer's risks beyond the implicit risk of ownership concentration.

Future Outlook

This Schedule 13G filing is a disclosure of current beneficial ownership and does not contain forward-looking statements or guidance regarding Webull Corp.'s future performance or Hillhouse Investment Management's future intentions beyond the ownership stake.

Industry Context

Schedule 13G filings are standard disclosures required by the SEC when an entity acquires more than 5% beneficial ownership of a company's voting class of securities, indicating a passive investment intent. The filing by Hillhouse Investment Management, a prominent global investment firm, highlights its significant stake in Webull Corp., a financial technology company, which is common for institutional investors seeking exposure to growth-oriented companies in the fintech sector.

Comparison to Industry Standards

• Institutional ownership stakes of this magnitude (8.7%) are common across publicly traded companies, particularly those with growth potential in sectors like fintech. For example, similar significant stakes are often held by large asset managers in companies like Robinhood Markets, Inc. or Charles Schwab Corporation, reflecting strategic long-term investments rather than active control.

Stakeholder Impact

• Shareholders: The disclosure informs existing and potential shareholders about a significant institutional investor's stake, which can influence market perception and liquidity.
• Investment Community: Provides transparency regarding major ownership positions, aiding analysts and investors in their due diligence.

Key Dates

Keywords

Webull Corp, Hillhouse Investment, Beneficial Ownership, Schedule 13G, Investment Management, Class A Ordinary Shares, Institutional Investor, Equity Stake