Hillhouse discloses 1.4% Webull Corp (BULL) stake in amended 13G

Rhea-AI Filing Summary

Hillhouse Investment Management, Ltd. filed an amended Schedule 13G reporting beneficial ownership of 5,974,604 Class A Ordinary Shares of Webull Corp, representing 1.4% of the class. This percentage is based on 417,957,827 Class A shares outstanding as of September 30, 2025, as referenced from a company prospectus.

The shares are held through WBL Holding L.P. and WBL2 Holdings Limited, which are wholly owned by Hillhouse Focused Fund Growth V, L.P., for which Hillhouse acts as sole management company. Hillhouse reports sole voting and dispositive power over all 5,974,604 shares and confirms ownership of 5 percent or less of the class.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Webull Corp

(Name of Issuer)

Class A Ordinary Shares, par value $0.0001 per share

(Title of Class of Securities)

G8192N103

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. G8192N103

1

Names of Reporting Persons

Hillhouse Investment Management, Ltd.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 5,974,604.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 5,974,604.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,974,604.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

1.4 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Webull Corp
(b)	Address of issuer's principal executive offices: 200 CARILLON PARKWAY, ST. PETERSBURG, FL, 33716
Item 2.
(a)	Name of person filing: This statement is filed by: This Schedule 13G is filed by Hillhouse Investment Management, Ltd, an exempted Cayman Islands company ("HIM" or the "Reporting Person") with respect to the class A ordinary shares, par value $0.0001 per share ("Class A Ordinary Shares"), of Webull Corp. (the "Company") held by WBL Holding L.P. ("WBL") and WBL2 Holdings Limited ("WBL2"). HIM acts as the sole management company of Hillhouse Focused Fund Growth V, L.P. ("Growth Fund"). Each of WBL and WBL2 is wholly owned by Growth Fund. HIM is hereby deemed to be the beneficial owner of, and to control the voting power of, the Class A Ordinary Shares held by WBL and WBL2.
(b)	Address or principal business office or, if none, residence: The address of the business office of the Reporting Person is Office #122, Windward 3 Building, Regatta Office Park, West Bay Road, Grand Cayman, Cayman Islands, KY1-9006.
(c)	Citizenship: Cayman Islands.
(d)	Title of class of securities: Class A Ordinary Shares, par value $0.0001 per share
(e)	CUSIP No.: G8192N103
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: The information required by Item 4(a) is set forth in Row 9 of the cover page for the Reporting Person and is incorporated herein by reference. The percentage set forth in this Schedule 13G is calculated based upon an aggregate of 417,957,827 shares of Class A Ordinary Shares outstanding as of September 30, 2025 as reported in the Company's Prospectus filed pursuant to Rule 424(b)(3) with the Securities and Exchange Commission on November 20, 2025.
(b)	Percent of class: 1.4%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: The information required by Item 4(c)(i) is set forth in Row 5 of the cover page for the Reporting Person and is incorporated herein by reference.
	(ii) Shared power to vote or to direct the vote: The information required by Item 4(c)(ii) is set forth in Row 6 of the cover page for the Reporting Person and is incorporated herein by reference.
	(iii) Sole power to dispose or to direct the disposition of: The information required by Item 4(c)(iii) is set forth in Row 7 of the cover page for the Reporting Person and is incorporated herein by reference.
	(iv) Shared power to dispose or to direct the disposition of: The information required by Item 4(c)(iv) is set forth in Row 8 of the cover page for the Reporting Person and is incorporated herein by reference.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. See Item 2(a).
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.	Certifications:
	Not Applicable

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Hillhouse Investment Management, Ltd.

Signature:	/s/ Audrey Woon
Name/Title:	Audrey Woon, Chief Compliance Officer
Date:	02/17/2026

FAQ

What percentage of Webull Corp (BULL) does Hillhouse Investment Management own?

Hillhouse Investment Management reports owning 1.4% of Webull Corp’s Class A Ordinary Shares. This corresponds to 5,974,604 shares, calculated against 417,957,827 Class A shares outstanding as of September 30, 2025, as referenced from a company prospectus filed in November 2025.

How many Webull Corp (BULL) shares does Hillhouse Investment Management report holding?

Hillhouse reports beneficial ownership of 5,974,604 Class A Ordinary Shares of Webull Corp. The filing states Hillhouse has sole voting and sole dispositive power over this entire amount, held through entities WBL Holding L.P. and WBL2 Holdings Limited, which are owned by Hillhouse Focused Fund Growth V, L.P.

How did Hillhouse calculate its 1.4% ownership in Webull Corp (BULL)?

The 1.4% ownership is calculated using 417,957,827 Class A Ordinary Shares outstanding. That outstanding share figure comes from Webull Corp’s prospectus filed under Rule 424(b)(3) on November 20, 2025, and serves as the denominator for Hillhouse’s reported beneficial ownership percentage.

Which entities actually hold the Webull Corp (BULL) shares for Hillhouse?

The shares are held by WBL Holding L.P. and WBL2 Holdings Limited. Both entities are wholly owned by Hillhouse Focused Fund Growth V, L.P., for which Hillhouse Investment Management, Ltd. acts as sole management company, and Hillhouse is deemed to control voting power over those Class A shares.

Does Hillhouse have sole or shared voting power over its Webull Corp (BULL) stake?

Hillhouse reports sole voting power over 5,974,604 Webull Corp Class A Ordinary Shares. The filing also shows sole dispositive power over the same number of shares, with zero reported shared voting power and zero shared dispositive power for this ownership position.

Is Hillhouse still considered a 5% or greater holder of Webull Corp (BULL)?

No, Hillhouse indicates ownership of 5 percent or less of Webull Corp’s Class A Ordinary Shares. The Schedule 13G/A includes an item noting ownership of 5 percent or less of the class, consistent with the reported 1.4% beneficial ownership stake.