Schedule 13G/A summary: This filing discloses beneficial ownership positions in Webull Corp Class A ordinary shares by several Bojiang-related entities and an individual. Shanghai Bojiang Investment Management Co., Ltd., Bojiang Group Co., Ltd. and Tian Luo are each reported with shared voting and dispositive power over 29,151,428 Class A ordinary shares, representing 7.3% of the class.
The filing breaks the holdings down as 11,011,948 shares held by Lishui Bojiang Chuangfu 2nd Equity Investment Partnership, 11,011,948 by Anji Boye Investment Partnership and 7,127,532 by Changxing Boyi Equity Investment Fund Management Centre. It states Shanghai Bojiang serves as general partner of those funds and that Tian Luo beneficially owns 49.76% of Bojiang Group, and that these entities "possess power to direct the voting and disposition" of the shares and "may be deemed" to have indirect beneficial ownership. Percentages are calculated using 401,758,855 Class A shares outstanding as of July 22, 2025. The Reporting Persons expressly disclaim status as a group.
Positive
Identifies a material holder: Shanghai Bojiang/Bojiang Group/Tian Luo reported with 29,151,428 Class A shares (7.3% of the class).
Clear calculation basis provided: ownership percentages calculated using 401,758,855 Class A shares outstanding as of July 22, 2025.
Negative
No sole voting or dispositive power reported for the Reporting Persons (sole power = 0), only shared power is indicated.
Reporting Persons expressly disclaim group status, which reduces clarity about any coordinated control or collective intent.
Insights
TL;DR: Bojiang-related entities report a material disclosure: 29.15M Class A shares (7.3%), clarifying ownership concentration and control lines.
The filing provides clear quantities and percentages that are material to holders: aggregate and per-entity positions are specified and a share-outstanding figure is provided for calculation. The presence of a 7.3% indirect stake (29,151,428 shares) is large enough to be noticed by investors and analysts tracking ownership concentration. The Reporting Persons' disclaimer of group status and the lack of sole voting/dispositive power are important qualifiers that limit conclusions about coordinated control.
TL;DR: Ownership structure shows indirect control mechanisms via general-partner relationships and a 49.76% equity stake in Bojiang Group.
The document explains that Shanghai Bojiang acts as general partner of the three funds holding the shares and that Tian Luo owns 49.76% of Bojiang Group, and it states these parties "possess power to direct the voting and disposition" of the reported shares. That language signals potential indirect influence over governance matters, although the Reporting Persons expressly disclaim being a group and report no sole voting or dispositive power, which constrains definitive governance conclusions from this filing alone.
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 US$0.00001 per share
(Title of Class of Securities)
G9572D103
(CUSIP Number)
06/30/2025
(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
11,011,948.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
11,011,948.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
11,011,948.00
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)
2.7 %
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 401,758,855 Class A ordinary shares issued and outstanding as of July 22, 2025 provided by the Issuer, as reported on its Form 424B3 Registration Statement filed with the Securities and Exchange Commission on July 23, 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
CHINA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
7,127,532.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
7,127,532.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
7,127,532.00
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)
1.8 %
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 401,758,855 Class A ordinary shares issued and outstanding as of July 22, 2025 provided by the Issuer, as reported on its Form 424B3 Registration Statement filed with the Securities and Exchange Commission on July 23, 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
11,011,948.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
11,011,948.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
11,011,948.00
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)
2.7 %
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 401,758,855 Class A ordinary shares issued and outstanding as of July 22, 2025 provided by the Issuer, as reported on its Form 424B3 Registration Statement filed with the Securities and Exchange Commission on July 23, 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
29,151,428.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
29,151,428.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
29,151,428.00
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)
7.3 %
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 7,127,532 Class A ordinary shares held by Changxing Boyi Equity Investment Fund Management Centre (Limited Partnership), 11,011,948 Class A ordinary shares held by Anji Boye Investment Partnership (Limited Partnership), and 11,011,948 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 401,758,855 Class A ordinary shares issued and outstanding as of July 22, 2025 provided by the Issuer, as reported on its Form 424B3 Registration Statement filed with the Securities and Exchange Commission on July 23, 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
29,151,428.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
29,151,428.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
29,151,428.00
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)
7.3 %
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 7,127,532 Class A ordinary shares held by Changxing Boyi Equity Investment Fund Management Centre (Limited Partnership), 11,011,948 Class A ordinary shares held by Anji Boye Investment Partnership (Limited Partnership), and 11,011,948 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 401,758,855 Class A ordinary shares issued and outstanding as of July 22, 2025 provided by the Issuer, as reported on its Form 424B3 Registration Statement filed with the Securities and Exchange Commission on July 23, 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
29,151,428.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
29,151,428.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
29,151,428.00
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)
7.3 %
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 7,127,532 Class A ordinary shares held by Changxing Boyi Equity Investment Fund Management Centre (Limited Partnership), 11,011,948 Class A ordinary shares held by Anji Boye Investment Partnership (Limited Partnership), and 11,011,948 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 401,758,855 Class A ordinary shares issued and outstanding as of July 22, 2025 provided by the Issuer, as reported on its Form 424B3 Registration Statement filed with the Securities and Exchange Commission on July 23, 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.
How many Class A shares of Webull (BULLZ) do Bojiang-related entities beneficially own?
The filing shows the Bojiang-related entities collectively have beneficial positions totaling 29,151,428 Class A shares, broken down as: Lishui Bojiang Chuangfu 2nd Equity Investment Partnership 11,011,948; Anji Boye Investment Partnership 11,011,948; Changxing Boyi Equity Investment Fund Management Centre 7,127,532.
What percentage of Webull (BULLZ) do those holdings represent?
Each of Shanghai Bojiang, Bojiang Group and Tian Luo is reported with 29,151,428 shares, representing 7.3% of the Class A shares outstanding.
What share count was used to calculate the percentages?
Percentages are calculated using 401,758,855 Class A ordinary shares issued and outstanding as of July 22, 2025, as stated in the filing.
Do the Reporting Persons claim to act as a group?
No. The Reporting Persons expressly disclaim status as a group in this Schedule 13G/A.
Do any Reporting Persons have sole voting or dispositive power over the reported shares?
No. The filing reports 0 sole voting power and 0 sole dispositive power for the Reporting Persons; the shares are reported under shared voting and dispositive power.
