Webull: Wang Anquan reports 18.1% ownership stake

The reported position includes Class A and Class B shares, shares issuable from restricted share units, and shares subject to a Proxy Agreement.

Rhea-AI Filing Summary

Webull Corp (BULL) is the issuer for which Wang Anquan reported beneficial ownership of 97,916,398 shares, equal to 18.1% of the Class A ordinary share class. He reported sole voting power over 97,916,398 shares and sole dispositive power over 87,855,555 shares.

The reported amount includes Class A shares held by Water Castle Az Inc. and Webull Partners Limited, 58,859,005 Class B shares held by Water Castle that are convertible into an equivalent number of Class A shares, and 1,660,156 Class A shares issuable upon settlement of restricted share units granted to Water Castle that have vested and are scheduled to vest within 60 days of September 30, 2026. It also includes 10,060,843 Class A shares subject to a Proxy Agreement; the agreement provides voting rights for a portion of covered shares within a two percent limitation during any 12-month period.

Key Figures

Beneficial ownership: 97,916,398 shares Percent of class: 18.1% Sole voting power: 97,916,398 shares +4 more

7 metrics

Beneficial ownership 97,916,398 shares Reported amount across the disclosed ownership categories

Percent of class 18.1% Class A ordinary shares

Sole voting power 97,916,398 shares Reported by Wang Anquan

Sole dispositive power 87,855,555 shares Reported by Wang Anquan

Proxy Agreement shares 10,060,843 Class A ordinary shares Subject to the Proxy Agreement

Restricted share units 1,660,156 Granted to Water Castle; shares issuable upon settlement

Proxy Agreement limitation 2% Limitation during any 12-month period

Key Terms

beneficial ownership, Sole Voting Power, Sole Dispositive Power, restricted share units, +1 more

5 terms

beneficial ownership regulatory

"Amount beneficially owned"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

Sole Voting Power regulatory

"Sole Voting Power 97,916,398.00"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

Sole Dispositive Power regulatory

"Sole Dispositive Power 87,855,555.00"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

restricted share units financial

"settlement of 1,660,156 restricted share units"

Restricted share units (RSUs) are a promise from a company to give an employee or service provider actual shares or cash equal to the shares after certain conditions are met, typically staying with the company for a set time or hitting performance targets. Think of them like a time-locked gift card that becomes usable only after you’ve earned it. For investors, RSUs matter because they align employee incentives with company performance and can increase the number of shares outstanding over time, diluting existing ownership and affecting earnings per share.

Proxy Agreement regulatory

"subject to the Proxy Agreement"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many BULL shares did Wang Anquan report beneficial ownership of?

Wang Anquan reported beneficial ownership of 97,916,398 shares, equal to 18.1% of the Class A ordinary share class. The reported amount includes Class A and Class B shares, shares issuable upon settlement of restricted share units, and shares subject to a Proxy Agreement.

What voting and disposition power did Wang Anquan report for BULL?

Wang Anquan reported sole voting power over 97,916,398 shares and sole dispositive power over 87,855,555 shares.

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

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Available on EDGAR 10/02/2026 - 07:38 PM Accepted by SEC EDGAR 10/02/2026 - 07:37 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 4)

Webull Corp

(Name of Issuer)

Class A ordinary shares

(Title of Class of Securities)

G9572D103

(CUSIP Number)

09/30/2026

(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)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): G9572D103

1

Names of Reporting Persons

Wang Anquan

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

CHINA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 97,916,398.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 87,855,555.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

97,916,398.00

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)

18.1 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: The reported amount includes (i) 25,200,000 Class A ordinary shares, (ii) 2,136,394 Class A ordinary shares held of record by Webull Partners Limited, (iii) 58,859,005 Class A ordinary shares issuable upon conversion of an equivalent number of Class B ordinary shares, (iv) 1,660,156 Class A ordinary shares issuable upon conversion of an equivalent number of Class B ordinary shares, which are issuable upon the settlement of 1,660,156 restricted share units that have vested and are scheduled to vest within 60 days of September 30, 2026, and (v) 10,060,843 Class A ordinary shares subject to the Proxy Agreement (as defined in Item 4 of this Schedule 13G). The percent of class is based on 456,696,690 Class A ordinary shares outstanding as of September 25, 2026, as reported in the issuer's Proxy Statement furnished as Exhibit 99.1 to its Report on Form 6-K furnished to the SEC on October 1, 2026, as increased by (i) 25,000,000 Class A ordinary shares issued pursuant to the conversion of an equal number of Class B ordinary shares by the Reporting Person on September 30, 2026 (the "Conversion"), (ii) 58,859,005 Class A ordinary shares issuable upon conversion of 58,859,005 Class B ordinary shares beneficially owned by the Reporting Person following the Conversion, and (iii) 1,660,156 Class A ordinary shares issuable upon conversion of an equivalent number of Class B ordinary shares, which are issuable upon the settlement of 1,660,156 restricted share units that have vested and are scheduled to vest within 60 days of September 30, 2026.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Webull Corp
(b)	Address of issuer's principal executive offices: 200 CARILLON PARKWAY, ST. PETERSBURG, FLORIDA, 33716
Item 2.
(a)	Name of person filing: Wang Anquan
(b)	Address or principal business office or, if none, residence: 200 Carillon Parkway, St. Petersburg, Florida 33716
(c)	Citizenship: People's Republic of China
(d)	Title of class of securities: Class A ordinary shares
(e)	CUSIP No.: G9572D103
Item 4.	Ownership
(a)	Amount beneficially owned: The information required by this item with respect to the Reporting Person is set forth in Rows 5 through 9 and 11 of the cover page to this Schedule 13G. The reported securities are directly held and beneficially owned as follows: (i) 25,200,000 Class A ordinary shares are held of record by Water Castle Az Inc., whose voting power is fully retained by Pozijie Inc., which is wholly-owned by the Reporting Person; (ii) 2,136,394 Class A ordinary shares are held of record by Webull Partners Limited, which is managed by a trust (the "Trust") for the benefit of certain employees, directors and officers of the issuer. The Reporting Person is the sole member of the advisory committee of the Trust; (iii) 58,859,005 Class B ordinary shares are held of record by Water Castle Az Inc.; (iv) 1,660,156 Class A ordinary shares issuable upon conversion of an equivalent number of Class B ordinary shares, which are issuable upon the settlement of 1,660,156 restricted share units granted to Water Castle Az Inc. that have vested and are scheduled to vest within 60 days of September 30, 2026; and (v) The Reporting Person has voting control of 10,060,843 Class A ordinary shares subject to a proxy agreement, dated August 15, 2025, by and between the Reporting Person and certain shareholders of the issuer (the "Proxy Agreement"), which agreement provides the Reporting Person with voting rights for a portion of the covered shares in an amount for which the acquisition of voting rights (and beneficial ownership) would not exceed the two percent limitation set forth in Section 13(d)(6)(B) of the Exchange Act of 1934, as amended during any twelve-month period (calculated together with any other acquisitions of Class A ordinary shares by the Reporting Person during such period). The filing of this Statement 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.
(b)	Percent of class: 18.1%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Row 5 of the Reporting Person's cover page to this Schedule 13G sets forth the sole power to vote or to direct the vote of securities of the issuer beneficially owned by such Reporting Person as of the filing date of this Schedule 13G and is incorporated by reference.
	(ii) Shared power to vote or to direct the vote: Row 6 of the Reporting Person's cover page to this Schedule 13G sets forth the shared power to vote or to direct the vote of securities of the issuer beneficially owned by such Reporting Person as of the filing date of this Schedule 13G and is incorporated by reference.
	(iii) Sole power to dispose or to direct the disposition of: Row 7 of the Reporting Person's cover page to this Schedule 13G sets forth the sole power to dispose or to direct the disposition of securities of the issuer beneficially owned by such Reporting Person as of the filing date of this Schedule 13G and is incorporated by reference.
	(iv) Shared power to dispose or to direct the disposition of: Row 8 of the Reporting Person's cover page to this Schedule 13G sets forth the shared power to dispose or to direct the disposition of securities of the issuer beneficially owned by such Reporting Person as of the filing date of this Schedule 13G and is incorporated by reference.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
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.

Wang Anquan

Signature:	/s/ Wang Anquan
Name/Title:	Wang Anquan
Date:	10/02/2026