SCHEDULE: Webull Corp: Anquan Wang Boosts Stake to 20.8%

Anquan Wang, a key figure at Webull Corp, has reported beneficial ownership of 20.8% of the company's Class A ordinary shares through various holdings and a proxy agreement.

Summary

• Anquan Wang beneficially owns 103,194,966 Class A ordinary shares of Webull Corp, representing 20.8% of the class.
• This ownership includes 10,831,292 Class A ordinary shares held of record by Webull Partners Limited, where Wang is the sole member of the advisory committee of the managing trust.
• It also includes 83,859,005 Class A ordinary shares issuable upon conversion of an equivalent number of Class B ordinary shares, held by Water Castle Az Inc., whose voting power is fully retained by Pozijie Inc., which is wholly-owned by Wang.
• Additionally, Wang has voting control over 8,504,665 Class A ordinary shares through a proxy agreement dated August 15, 2025, with certain shareholders of the issuer.
• The percentage of class is calculated based on 411,508,855 outstanding Class A ordinary shares, as reported in the issuer's final prospectus filed on September 11, 2025, increased by 1,805,479 Class A ordinary shares issued in connection with the Webull Pay Transaction, and the 83,859,005 Class A ordinary shares issuable upon conversion of Class B ordinary shares beneficially owned by Wang.

Sentiment

Score: 7

Explanation: The significant beneficial ownership by Anquan Wang, a key figure, suggests strong insider confidence in Webull Corp's future. However, the complex structure involving various entities and a proxy agreement, along with a disclaimer regarding beneficial ownership, introduces some complexity and potential for future scrutiny.

Positives

• Increased beneficial ownership by a key individual (Anquan Wang) may signal strong confidence in the company's future prospects and strategic direction.
• The significant stake provides Anquan Wang with substantial voting power, aligning his interests with long-term company performance and stability.

Negatives

• The complex ownership structure involving trusts, wholly-owned entities, and a proxy agreement could potentially obscure direct accountability or create governance complexities.
• The proxy agreement's limitation to not exceed the 2% acquisition rule under Section 13(d)(6)(B) suggests a careful structuring to avoid certain regulatory thresholds, which might be viewed with scrutiny.

Risks

• The reliance on a proxy agreement for a portion of voting control introduces a potential point of contention or future renegotiation risk with the underlying shareholders.
• The disclaimer that the filing "shall not be deemed an admission by the Reporting Person of beneficial ownership of any of the reported securities for purposes of Section 13(d) or Section 13(g) or for any other purpose" highlights potential legal interpretations or disputes regarding beneficial ownership.

Industry Context

This filing reflects a significant ownership stake by a key individual in Webull Corp, a financial technology company. Such concentrated ownership by founders or key executives is common in the fintech sector, where control often remains with those who drive innovation and strategy. The structure, including convertible shares and proxy agreements, is a common mechanism for founders to maintain control while navigating public market regulations.

Corporate Governance

Related Party Transactions

• The proxy agreement dated August 15, 2025, between Anquan Wang and certain shareholders of the issuer, granting Wang voting rights over 8,504,665 Class A ordinary shares, constitutes a related party arrangement impacting corporate governance.

Stakeholder Impact

• Shareholders: Increased concentration of voting power with Anquan Wang may reduce the influence of other shareholders on corporate decisions.
• Management: Anquan Wang's significant stake and voting control reinforce his position and influence over the company's strategic direction.

Key Dates

Recommendation

The filing indicates a substantial and consolidated ownership stake by a key insider, Anquan Wang, which generally signals confidence. However, a Schedule 13G primarily reports ownership and does not provide financial performance data or strategic updates that would warrant a 'buy' or 'sell' recommendation. The complex ownership structure and the proxy agreement, while consolidating control, also introduce elements that require careful monitoring. Therefore, a 'hold' recommendation is appropriate, advising investors to maintain their current position while awaiting further financial and operational disclosures to assess the company's performance and strategic direction.

Keywords

Webull Corp, Anquan Wang, Schedule 13G, beneficial ownership, Class A ordinary shares, Class B ordinary shares, proxy agreement, voting power, SEC filing, insider ownership