Which Bojiang-related entities hold Webull Corp (BULL) shares and how many?

Three Bojiang-capital entities hold Webull shares: Lishui Bojiang Chuangfu 2nd and Anji Boye each hold 8,258,961 shares, while Changxing Boyi holds 5,345,649 shares. These positions underlie the 5.2% indirect beneficial ownership reported by Shanghai Bojiang, Bojiang Group and Tian Luo.

Bojiang entities and Tian Luo report 5.2% Webull (BULL) Class A stake

Q: How is the 5.2% beneficial ownership in Webull Corp (BULL) calculated?

The 5.2% figure is calculated using 21,863,571 beneficially owned Class A shares divided by 417,957,827 Class A ordinary shares outstanding. The outstanding share count is taken from Webull’s Form 6-K, which reported shares outstanding as of September 30, 2025 .

Q: Who ultimately controls the Bojiang entities holding Webull Corp (BULL) shares?

The filing states that Shanghai Bojiang Investment Management is general partner of the Bojiang capital funds and is wholly owned by Bojiang Group , which is controlled by Tian Luo through a 49.76% equity interest. This chain supports their reported indirect beneficial ownership of Webull shares.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

SCHEDULE 13G/A

Rhea-AI Filing Summary

Webull Corp received an updated ownership report showing several China-based Bojiang-affiliated investment entities and individual Tian Luo as significant holders of its Class A ordinary shares. The event date triggering the filing is December 31, 2025.

Lishui Bojiang Chuangfu 2nd Equity Investment Partnership and Anji Boye Investment Partnership each report beneficial ownership of 8,258,961 Class A shares, or 2.0% of the class. Changxing Boyi Equity Investment Fund Management Centre reports 5,345,649 shares, or 1.3%.

Through their roles as general partner and controlling owner of these funds, Shanghai Bojiang Investment Management Co., Ltd., Bojiang Group Co., Ltd. and Tian Luo each report indirect beneficial ownership of 21,863,571 Class A shares, representing 5.2% of the outstanding class, based on 417,957,827 Class A shares outstanding as of September 30, 2025. The reporting persons state they expressly disclaim status as a group for this amendment.

02/13/2026 - 09:45 PM

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Webull Corp

(Name of Issuer)

Class A Ordinary Shares, par value US$0.00001 per share

(Title of Class of Securities)

G9572D103

(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)

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.

Lishui Bojiang Chuangfu 2nd Equity Investment Partnership (Limited Partnership)

Signature:	/s/ Tian Luo
Name/Title:	Authorized Signatory
Date:	02/13/2026

Changxing Boyi Equity Investment Fund Management Centre (Limited Partnership)

Signature:	/s/ Tian Luo
Name/Title:	Authorized Signatory
Date:	02/13/2026

Anji Boye Investment Partnership (Limited Partnership)

Signature:	/s/ Tian Luo
Name/Title:	Authorized Signatory
Date:	02/13/2026

Shanghai Bojiang Investment Management Co., Ltd.

Signature:	/s/ Tian Luo
Name/Title:	Authorized Signatory
Date:	02/13/2026

Bojiang Group Co., Ltd.

Signature:	/s/ Tian Luo
Name/Title:	Authorized Signatory
Date:	02/13/2026

Tian Luo

Signature:	/s/ Tian Luo
Name/Title:	Tian Luo
Date:	02/13/2026

Exhibit Information

Exhibit* - Joint Filing Agreement dated February 13, 2026 by and among the Reporting Persons

Source: View Original Filing on SEC EDGAR

FAQ

What ownership stake in Webull Corp (BULL) is reported in this Schedule 13G/A?

The filing reports that Shanghai Bojiang Investment Management, Bojiang Group and Tian Luo each beneficially own 21,863,571 Webull Class A shares, or 5.2% of the class. This is based on 417,957,827 Class A shares outstanding as of September 30, 2025.

How is the 5.2% beneficial ownership in Webull Corp (BULL) calculated?

The 5.2% figure is calculated using 21,863,571 beneficially owned Class A shares divided by 417,957,827 Class A ordinary shares outstanding. The outstanding share count is taken from Webull’s Form 6-K, which reported shares outstanding as of September 30, 2025.

Who ultimately controls the Bojiang entities holding Webull Corp (BULL) shares?

The filing states that Shanghai Bojiang Investment Management is general partner of the Bojiang capital funds and is wholly owned by Bojiang Group, which is controlled by Tian Luo through a 49.76% equity interest. This chain supports their reported indirect beneficial ownership of Webull shares.

Do the Webull Corp (BULL) reporting persons act as a group in this Schedule 13G/A?

The filing identifies six reporting persons but states they “expressly disclaim status as a group” for this amendment. They nonetheless report shared voting and dispositive power over the same 21,863,571 Class A shares through the Bojiang capital entities they manage or control.

What voting and dispositive power is reported over Webull Corp (BULL) shares?

Each Bojiang fund reports 0 sole voting and dispositive power and shared power over its Webull shares. Shanghai Bojiang, Bojiang Group and Tian Luo each report shared power to vote and dispose of 21,863,571 Class A shares, with no direct holdings in Webull.