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.
Positive
None.
Negative
None.
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:
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
0.00
6
Shared Voting Power
8,258,961.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
8,258,961.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
8,258,961.00
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)
2.0 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: This Schedule 13G/A is filed by Changxing Boyi Equity Investment Fund Management Centre (Limited Partnership), Anji Boye Investment Partnership (Limited Partnership), Lishui Bojiang Chuangfu 2nd Equity Investment Partnership (Limited Partnership), Shanghai Bojiang Investment Management Co., Ltd., Bojiang Group Co., Ltd. and Tian Luo (collectively, the Reporting Persons). The Reporting Persons expressly disclaim status as a group for purposes of this Schedule 13G/A.
Calculated based on 417,957,827 Class A ordinary shares issued and outstanding as of September 30, 2025, as reported on the 6-K filed by the Issuer with the Securities and Exchange Commission on November 20, 2025.
SCHEDULE 13G
CUSIP No.
G9572D103
1
Names of Reporting Persons
Changxing Boyi Equity Investment Fund Management Centre (Limited Partnership)
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
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
5,345,649.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
5,345,649.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
5,345,649.00
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)
1.3 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: This Schedule 13G/A is filed by Changxing Boyi Equity Investment Fund Management Centre (Limited Partnership), Anji Boye Investment Partnership (Limited Partnership), Lishui Bojiang Chuangfu 2nd Equity Investment Partnership (Limited Partnership), Shanghai Bojiang Investment Management Co., Ltd., Bojiang Group Co., Ltd. and Tian Luo (collectively, the Reporting Persons). The Reporting Persons expressly disclaim status as a group for purposes of this Schedule 13G/A.
Calculated based on 417,957,827 Class A ordinary shares issued and outstanding as of September 30, 2025, as reported on the 6-K filed by the Issuer with the Securities and Exchange Commission on November 20, 2025.
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
0.00
6
Shared Voting Power
8,258,961.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
8,258,961.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
8,258,961.00
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)
2.0 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: This Schedule 13G/A is filed by Changxing Boyi Equity Investment Fund Management Centre (Limited Partnership), Anji Boye Investment Partnership (Limited Partnership), Lishui Bojiang Chuangfu 2nd Equity Investment Partnership (Limited Partnership), Shanghai Bojiang Investment Management Co., Ltd., Bojiang Group Co., Ltd. and Tian Luo (collectively, the Reporting Persons). The Reporting Persons expressly disclaim status as a group for purposes of this Schedule 13G/A.
Calculated based on 417,957,827 Class A ordinary shares issued and outstanding as of September 30, 2025, as reported on the 6-K filed by the Issuer with the Securities and Exchange Commission on November 20, 2025.
SCHEDULE 13G
CUSIP No.
G9572D103
1
Names of Reporting Persons
Shanghai Bojiang Investment Management Co., 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
CHINA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
21,863,571.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
21,863,571.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
21,863,571.00
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)
5.2 %
12
Type of Reporting Person (See Instructions)
CO
Comment for Type of Reporting Person: This Schedule 13G/A is filed by Changxing Boyi Equity Investment Fund Management Centre (Limited Partnership), Anji Boye Investment Partnership (Limited Partnership), Lishui Bojiang Chuangfu 2nd Equity Investment Partnership (Limited Partnership), Shanghai Bojiang Investment Management Co., Ltd., Bojiang Group Co., Ltd. and Tian Luo (collectively, the Reporting Persons). The Reporting Persons expressly disclaim status as a group for purposes of this Schedule 13G/A.
Consists of 5,345,649 Class A ordinary shares held by Changxing Boyi Equity Investment Fund Management Centre (Limited Partnership), 8,258,961 Class A ordinary shares held by Anji Boye Investment Partnership (Limited Partnership), and 8,258,961 Class A ordinary shares held by Lishui Bojiang Chuangfu 2nd Equity Investment Partnership (Limited Partnership). Shanghai Bojiang Investment Management Co., Ltd. serves as the General Partner of Changxing Boyi Equity Investment Fund Management Centre (Limited Partnership), Anji Boye Investment Partnership (Limited Partnership) and Lishui Bojiang Chuangfu 2nd Equity Investment Partnership (Limited Partnership) (Collectively referred as Bojiang Capital entities). Shanghai Bojiang Investment Management Co., Ltd. is wholly owned by Bojiang Group Co., Ltd. Tian Luo controls Bojiang Group Co., Ltd. by beneficially owning 49.76% equity interest therein. Shanghai Bojiang Investment Management Co., Ltd., Bojiang Group Co., Ltd. and Tian Luo possess power to direct the voting and disposition of the shares owned by Bojiang Capital entities and may be deemed to have indirect beneficial ownership of the shares held by Bojiang Capital entities. Shanghai Bojiang Investment Management Co., Ltd., Bojiang Group Co., Ltd. and Tian Luo own no securities of the Issuer directly.
Calculated based on 417,957,827 Class A ordinary shares issued and outstanding as of September 30, 2025, as reported on the 6-K filed by the Issuer with the Securities and Exchange Commission on November 20, 2025.
SCHEDULE 13G
CUSIP No.
G9572D103
1
Names of Reporting Persons
Bojiang Group Co., 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
CHINA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
21,863,571.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
21,863,571.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
21,863,571.00
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)
5.2 %
12
Type of Reporting Person (See Instructions)
CO
Comment for Type of Reporting Person: This Schedule 13G/A is filed by Changxing Boyi Equity Investment Fund Management Centre (Limited Partnership), Anji Boye Investment Partnership (Limited Partnership), Lishui Bojiang Chuangfu 2nd Equity Investment Partnership (Limited Partnership), Shanghai Bojiang Investment Management Co., Ltd., Bojiang Group Co., Ltd. and Tian Luo (collectively, the Reporting Persons). The Reporting Persons expressly disclaim status as a group for purposes of this Schedule 13G/A.
Consists of 5,345,649 Class A ordinary shares held by Changxing Boyi Equity Investment Fund Management Centre (Limited Partnership), 8,258,961 Class A ordinary shares held by Anji Boye Investment Partnership (Limited Partnership), and 8,258,961 Class A ordinary shares held by Lishui Bojiang Chuangfu 2nd Equity Investment Partnership (Limited Partnership). Shanghai Bojiang Investment Management Co., Ltd. serves as the General Partner of Changxing Boyi Equity Investment Fund Management Centre (Limited Partnership), Anji Boye Investment Partnership (Limited Partnership) and Lishui Bojiang Chuangfu 2nd Equity Investment Partnership (Limited Partnership) (Collectively referred as Bojiang Capital entities). Shanghai Bojiang Investment Management Co., Ltd. is wholly owned by Bojiang Group Co., Ltd. Tian Luo controls Bojiang Group Co., Ltd. by beneficially owning 49.76% equity interest therein. Shanghai Bojiang Investment Management Co., Ltd., Bojiang Group Co., Ltd. and Tian Luo possess power to direct the voting and disposition of the shares owned by Bojiang Capital entities and may be deemed to have indirect beneficial ownership of the shares held by Bojiang Capital entities. Shanghai Bojiang Investment Management Co., Ltd., Bojiang Group Co., Ltd. and Tian Luo own no securities of the Issuer directly.
Calculated based on 417,957,827 Class A ordinary shares issued and outstanding as of September 30, 2025, as reported on the 6-K filed by the Issuer with the Securities and Exchange Commission on November 20, 2025.
SCHEDULE 13G
CUSIP No.
G9572D103
1
Names of Reporting Persons
Tian Luo
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
0.00
6
Shared Voting Power
21,863,571.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
21,863,571.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
21,863,571.00
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)
5.2 %
12
Type of Reporting Person (See Instructions)
IN
Comment for Type of Reporting Person: This Schedule 13G/A is filed by Changxing Boyi Equity Investment Fund Management Centre (Limited Partnership), Anji Boye Investment Partnership (Limited Partnership), Lishui Bojiang Chuangfu 2nd Equity Investment Partnership (Limited Partnership), Shanghai Bojiang Investment Management Co., Ltd., Bojiang Group Co., Ltd. and Tian Luo (collectively, the Reporting Persons). The Reporting Persons expressly disclaim status as a group for purposes of this Schedule 13G/A.
Consists of 5,345,649 Class A ordinary shares held by Changxing Boyi Equity Investment Fund Management Centre (Limited Partnership), 8,258,961 Class A ordinary shares held by Anji Boye Investment Partnership (Limited Partnership), and 8,258,961 Class A ordinary shares held by Lishui Bojiang Chuangfu 2nd Equity Investment Partnership (Limited Partnership). Shanghai Bojiang Investment Management Co., Ltd. serves as the General Partner of Changxing Boyi Equity Investment Fund Management Centre (Limited Partnership), Anji Boye Investment Partnership (Limited Partnership) and Lishui Bojiang Chuangfu 2nd Equity Investment Partnership (Limited Partnership) (Collectively referred as Bojiang Capital entities). Shanghai Bojiang Investment Management Co., Ltd. is wholly owned by Bojiang Group Co., Ltd. Tian Luo controls Bojiang Group Co., Ltd. by beneficially owning 49.76% equity interest therein. Shanghai Bojiang Investment Management Co., Ltd., Bojiang Group Co., Ltd. and Tian Luo possess power to direct the voting and disposition of the shares owned by Bojiang Capital entities and may be deemed to have indirect beneficial ownership of the shares held by Bojiang Capital entities. Shanghai Bojiang Investment Management Co., Ltd., Bojiang Group Co., Ltd. and Tian Luo own no securities of the Issuer directly.
Calculated based on 417,957,827 Class A ordinary shares issued and outstanding as of September 30, 2025, as reported on the 6-K filed by the Issuer with the Securities and Exchange Commission on November 20, 2025.
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:
Changxing Boyi Equity Investment Fund Management Centre (Limited Partnership)
Anji Boye Investment Partnership (Limited Partnership)
Lishui Bojiang Chuangfu 2nd Equity Investment Partnership (Limited Partnership)
Shanghai Bojiang Investment Management Co., Ltd.
Bojiang Group Co., Ltd.
Tian Luo
(b)
Address or principal business office or, if none, residence:
The address of Lishui Bojiang Chuangfu 2nd Equity Investment Partnership (Limited Partnership) is Room 3119, Building #1, No. 16 Tongyuan Road, Da Gang Tou, Liandu District, Lishui City,Zhejiang Province, China.
The address of Changxing Boyi Equity Investment Fund Management Centre (Limited Partnership) is No. 668 Lvzhou Avenue, Bailian Village, Sian Town, Changxing County, Huzhou City, Zhejiang Province, China.
The address of Anji Boye Investment Partnership (Limited Partnership) is Room 217, Building #1, Lingfeng Village, Lingfeng Street, Anji County, Huzhou City, Zhejiang Province, China.
The address of Shanghai Bojiang Investment Management Co., Ltd. is 35F, Huafeng International No. 200 Xingye St., Qianjiang CBD, Hangzhou, China.
The address of Bojiang Group Co., Ltd. is 35F, Huafeng International No. 200 Xingye St., Qianjiang CBD, Hangzhou, China.
The address of Tian Luo is 35F, Huafeng International No. 200 Xingye St., Qianjiang CBD, Hangzhou, China.
(c)
Citizenship:
Lishui Bojiang Chuangfu 2nd Equity Investment Partnership (Limited Partnership) - China
Changxing Boyi Equity Investment Fund Management Centre (Limited Partnership) - China
Anji Boye Investment Partnership (Limited Partnership) - China
Shanghai Bojiang Investment Management Co., Ltd. - China
Bojiang Group Co., Ltd. - China
Tian Luo - China
(d)
Title of class of securities:
Class A Ordinary Shares, par value US$0.00001 per share
(e)
CUSIP No.:
G9572D103
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).
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.
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.
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.
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.
