Webull Enters Next Phase of Growth in Thailand Following Pi Securities Acquisition, Targets THB 200 Billion in AUM

Webull closes a roughly US$100 million buyout of Pi Securities and sets an ambitious THB 200 billion AUM goal for its Thai business.

Rhea-AI Summary

Webull Corporation (BULL) has completed the acquisition of approximately 99.36% of Thailand-based Pi Securities, following approval from the Securities and Exchange Commission of Thailand, as of 31 August 2026.

The transaction was executed via two share purchase agreements: Webull acquired about 90.98% of Pi Securities from Country Group Holdings for approximately US$90 million and a further 8.38% from another shareholder for US$10 million, for total consideration of roughly US$100 million. The deal is intended to leverage Pi Securities’ 50‑year track record in Thai equities, derivatives, DR issuance and wealth management, alongside Webull’s trading platform, technology, infrastructure and AI capabilities.

Webull is targeting a combined asset under management (AUM) of THB 200 billion with Pi Securities and plans to expand in Thailand across wealth management, product offerings, research and advisory. In the initial phase, Webull Thailand and Pi Securities will continue operating independently under their existing brands while integration focuses on research, technology and AI.

Positive

• Acquires 99.36% of Pi Securities for approximately US$100 million, securing near-full control
• THB 200 billion AUM target set for combined Webull–Pi Securities business in Thailand
• Regulatory approval obtained from the Securities and Exchange Commission of Thailand for the acquisition
• Strong local platform added via Pi Securities’ top-five TFEX trading volume position and DR capabilities

Negative

• None.

News Explained

The completed acquisition issued up to 12,292,419 Class A shares for possible CGH resale, with no resale proceeds returning to Webull.

The completed Pi Securities acquisition also has a holder-facing structural effect: Webull issued shares under the purchase agreement, with up to 12,292,419 Class A shares registered for resale by CGH; Webull receives no proceeds from those resales.

The registered shares equal about 2.7% of Class A shares outstanding and include 7,091,780 consideration shares plus up to 2,836,712 adjustment shares subject to a $24 million issuance cap; excess consideration must be paid in cash.

The September 1, 2026 F-3 filing is marked not effective in the supplied record, so the resale registration has not reached the effective stage.

Sources and calculations

• Webull Thailand acquisition completion release (2026-09-08)
• Webull F-3 resale registration context (2026-09-01)
• Webull Corporation Form F-3 (2026-09-01)

Market Context

The June 30 acquisition announcement was followed by a 3.41% decline; the completed transaction also...

Analysis

The June 30 acquisition announcement was followed by a 3.41% decline; the completed transaction also has an F-3 resale registration for 12,292,419 shares, with no proceeds to Webull.

Key Figures

Primary equity interest acquired: 90.98% Additional equity interest acquired: 8.38% Aggregate equity interest acquired: 99.36% +3 more

Primary equity interest acquired

90.98%

Pi Securities shares held by CGH; consideration of approximately US$90 million

Additional equity interest acquired

8.38%

Pi Securities shares acquired from another shareholder for US$10,000,000

Aggregate equity interest acquired

99.36%

Combined Pi Securities acquisition

Aggregate consideration

Approximately US$100,000,000

Combined consideration for the two transactions

AUM target

THB 200 billion

Combined Webull and Pi Securities target

Acquisition completion

31 August 2026

Completion followed approval from Thailand's SEC

Previous Acquisition Reports

1 past event · Latest: Jun 30

Same Type 1 event

1. Jun 30

   Pi Securities acquisition announcement

   24h Move

   -3.4%

   Initial Pi Securities acquisition announcement preceded regulatory approval and completed purchase.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

asset under management, share sale and purchase agreement

2 terms

asset under management financial

"Webull aims to achieve a combined Asset Under Management (AUM) target"

Total market value of all investments and cash that an investment manager, fund, or financial firm oversees on behalf of clients at a given time. It is a snapshot of the firm’s scale — like the size of a shop’s inventory — and matters to investors because it affects fee income, operational capacity, diversification options, and how easily positions can be bought or sold without moving markets.

share sale and purchase agreement financial

"The acquisition was carried out through a share sale and purchase agreement"

A share sale and purchase agreement is a legal contract that records the terms under which one party sells and another buys shares in a company, including price, number of shares, conditions, warranties and closing steps. It matters to investors because it sets the rights, obligations and risks that transfer with the shares—like a detailed receipt and rulebook for a sale—so it determines who controls the company and what protections each side has.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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BANGKOK, Sept. 8, 2026 /PRNewswire/ -- Webull Securities (Thailand) Co., Ltd. ("Webull Thailand"), a subsidiary of Webull Corporation (NASDAQ: BULL), the owner of the Webull online trading platform, announced the completion of the acquisition of shares in Pi Securities Public Company Limited ("Pi Securities") on 31 August 2026, following official approval from the Securities and Exchange Commission of Thailand (SEC).

The acquisition was carried out through a share sale and purchase agreement among Webull Holdings (Singapore) Pte. Ltd., Webull Thailand's direct parent company, Webull Corporation, Webull Thailand's ultimate parent company, Country Group Holdings Public Company Limited ("CGH"), the controlling shareholder of Pi Securities, and Pi Securities, under which Webull purchased all of the shares held by CGH, representing approximately 90.98% of the equity interest in Pi Securities, for total consideration of approximately US$90 million. Webull also separately acquired an additional approximately 8.38% equity interest in Pi Securities from another shareholder pursuant to a separate share sale and purchase agreement for consideration of US$10,000,000. Together, the two transactions resulted in Webull acquiring approximately 99.36% of Pi Securities for an aggregate consideration of approximately US$100,000,000.

The acquisition reflects Webull's confidence in the long-term growth potential of Thailand's financial and capital markets, as well as its recognition of Pi Securities' strengths built over more than 50 years. These include a strong presence in Thai equities and derivatives, consistently ranking among the top five brokers by trading volume on TFEX, as well as expertise in wealth management and as a DR issuer. Pi Securities' experienced investment consultant and research teams also provide advisory services and in-depth insights tailored to the needs of Thai investors.

Complementing these strengths, Webull brings its world-class investment platform, advanced investment technology, infrastructure and AI capabilities, along with a global network of leading partners with expertise in developing and issuing ETFs. Combined with Pi Securities' DR capabilities, this can broaden Thai investors' access to investment in the overseas-listed companies and global investment themes. Together, Webull's technology and global reach and Pi Securities' local expertise and capabilities will create a stronger foundation to build a more complete investment business in Thailand and elevate the digital investing experience for Thai investors.

Chonladet Khemarattana, Chief Executive Officer of Webull Thailand, said that one of the strongest synergies following the acquisition will be the integration of research, technology and AI. "By combining Pi Securities' local research expertise and investment specialists with Webull's technology, data and AI capabilities, we can enhance how investment insights are produced, distributed and consumed — making them more timely, scalable and accessible to Thai investors, while retaining the local expertise and investment judgment behind the research," he added.

Building on these complementary strengths, the combined capabilities of Webull and Pi Securities will further strengthen Webull's foundation for continued growth and expansion in Thailand, including through technology development, product expansion, and the expansion of its research, investment consultant, wealth management, and other specialist teams.

As Webull continues to develop and invest in these businesses, it also sees new opportunities to expand its presence, particularly in the wealth management segment, and the acquisition creates an opportunity to combine Webull's regional network and technology with Pi Securities' wealth expertise and specialist teams. Beyond investment products and preferential benefits, the combined business can build a broader wealth ecosystem, including personalized investment solutions, insights, and cross-border networking and business-matching opportunities across Asia Pacific (APAC).

Additionally, Webull's existing and upcoming partnerships can further support this broader ecosystem while extending its technology and investment capabilities to different customer segments. For High Net Worth clients, Webull Prime program, which was launched in 2025, and partnership with Gaysorn Village can support the wealth proposition and client experience.  For the mass-affluent segment, we will partner with a bank in Thailand to leverage Webull's technology to expand access to global investment opportunities through a banking ecosystem, while the upcoming TrueMoney Mini App will demonstrate the scalability of Webull's technology in reaching a broader retail audience.

Webull aims to achieve a combined Asset Under Management (AUM) target of THB 200 billion with Pi Securities. These targets reflect the scale of Webull's ambition following the acquisition and its confidence in the combined strengths of Webull and Pi Securities to drive sustainable long-term growth in Thailand.

Going forward, Webull aims to build a comprehensive investment ecosystem that addresses the evolving needs of Thai investors. In the initial phase, Webull Thailand and Pi Securities will continue to operate independently under their respective brands, ensuring uninterrupted service for customers of both companies. Together, the two companies will build on their complementary strengths to enhance the investment experience and unlock new opportunities for Thai investors over the long term.

About Webull Thailand 

Webull Securities (Thailand) Co., Ltd. is a leading financial services provider, licensed to conduct securities business by the Ministry of Finance and regulated by the Securities and Exchange Commission Thailand (SEC). The company is also the 9^th member of the Stock Exchange of Thailand (SET). Webull Thailand provides Thai investors with seamless access to investment opportunities across the U.S., Thai, Hong Kong, and China A-Share markets, including stocks, ETFs, and options, through a secure and intuitive digital investment platform. The company is committed to delivering innovative investment solutions while upholding the highest standards of service, technology, and security for Thai investors. Learn more at www.webull.co.th

About Webull Corporation

Webull Corporation (NASDAQ: BULL) owns and operates Webull, a leading digital investment platform built on next-generation global infrastructure and AI technologies. Through its global network of licensed brokerages, Webull offers investment services in 18 markets across North America, Asia Pacific, Europe,  Africa and Latin America. Webull serves more than 28 million registered users globally, providing retail and institutional investors with 24/7 access to global financial markets. Users can put investment strategies to work by trading global stocks, ETFs, options, futures, fractional shares, and digital assets through Webull's trading platform, which seamlessly integrates market data and information, its user community, and investor education resources. Learn more at www.webullcorp.com

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SOURCE Webull Securities (Thailand) Co., Ltd.

FAQ

How is Webull’s ownership in Pi Securities structured after the transaction?

Webull acquired approximately 90.98% of Pi Securities from Country Group Holdings for about US$90 million and an additional 8.38% from another shareholder for US$10 million, resulting in total ownership of about 99.36% for roughly US$100 million in aggregate consideration.

Will Webull Thailand and Pi Securities immediately merge operations or brands?

In the initial phase, Webull Thailand and Pi Securities will continue to operate independently under their respective brands, with the aim of ensuring uninterrupted service for customers of both companies while they build on complementary strengths.

What business areas does Webull plan to expand in Thailand after the acquisition?

The company plans to expand in technology development, product offerings, research, investment consultant and wealth management teams, and to build a broader wealth ecosystem that includes personalized investment solutions, insights and cross-border networking and business-matching opportunities across Asia Pacific.

What client segments are targeted through Webull’s partnerships in Thailand?

For high net worth clients, Webull relies on its Webull Prime program and a partnership with Gaysorn Village. For the mass-affluent segment, it plans a bank partnership in Thailand to expand access to global investments, while an upcoming TrueMoney Mini App is intended to reach a broader retail audience.