[SCHEDULE 13G] Webull Corporation Incentive Warrant SEC Filing

Rhea-AI Filing Summary

Report summary: This Schedule 13G discloses that Anquan Wang beneficially owns 93,251,500 Webull Corporation Class A ordinary shares, representing 19.2% of the Class A shares on the basis described in the filing. The reported holdings include 82,988,016 Class A shares issuable upon conversion of Class B shares held of record by Water Castle Az Inc. and 10,263,484 Class A shares held of record by Webull Partners Limited (WPL).

Control and disposition: The filing states Mr. Wang retains voting and investment discretion over the convertible Class B shares through Water Castle and Pozijie Inc., and has voting/dispositive control over the WPL-held shares as sole member of the advisory committee to the related trust. Sole voting and dispositive power are reported as 93,251,500 shares, with shared voting and dispositive power reported as 0.

Positive

• Material ownership disclosed: Beneficial ownership of 93,251,500 shares (19.2%) is clearly reported
• Clear control chain: Filing explains conversion rights and the record holders (Water Castle Az Inc. and Webull Partners Limited), clarifying who holds voting/dispositive authority

Negative

• None.

Insights

Securities Analyst

TL;DR: Disclosure shows a material 19.2% economic stake with conversion rights and direct voting/dispositive control, a routine but material ownership filing.

The filing reports a non-insignificant 93,251,500-share beneficial position in Webull Class A shares, equivalent to 19.2% on the stated basis. Key features are the large block of Class B shares that are convertible into Class A shares and are held through Water Castle Az Inc., and a separate block held of record by Webull Partners Limited. For investors, this clarifies ownership concentration and the identities that exercise voting and disposition authority, which can affect governance and shareholder outcomes.

Corporate Governance Expert

TL;DR: Filing documents concentrated voting and dispositive authority in a single individual via an ownership chain and trust advisory control.

The statement details that Mr. Wang effectively controls both the convertible Class B shares held by Water Castle (through Pozijie Inc.) and the Class A shares held of record by WPL, where he is the sole member of the advisory committee. The reporting shows sole voting and dispositive power over 93,251,500 shares and no shared power, making the governance implications clear: a single individual has unilateral voting and disposition authority over a sizable stake which may influence corporate decisions and board-level matters.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Webull Corporation

(Name of Issuer)

Class A ordinary shares

(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:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. G9572D103

1

Names of Reporting Persons

Anquan Wang

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 93,251,500.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 93,251,500.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

93,251,500.00

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)

19.2 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: The reported amount includes (i) 82,988,016 Webull Class A ordinary shares (the "Webull Class A Ordinary Shares") issuable upon conversion of 82,988,016 Webull Class B ordinary shares (the "Webull Class B Ordinary Shares"), which are held of record by Water Castle Az Inc. ("Water Castle") and which may be converted into Webull Class A Ordinary Shares at the option of the reporting person and (ii) 10,263,484 Webull Class A Ordinary Shares held of record by Webull Partners Limited ("WPL"). The percent of class is based on 401,758,855 Webull Class A Ordinary Shares, as reported in the issuer's final prospectus, dated July 22, 2025 and filed pursuant to Rule 424(b)(3) (Registration No. 333-288787) with the U.S. Securities and Exchange Commission on July 23, 2025 (the "Final Prospectus"), as increased by the 82,988,016 Webull Class A Ordinary Shares issuable upon conversion of 82,988,016 Webull Class B Ordinary Shares beneficially owned by the reporting person.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Webull Corporation
(b)	Address of issuer's principal executive offices: 200 Carillon Parkway, St. Petersburg, Florida 33716
Item 2.
(a)	Name of person filing: Anquan Wang
(b)	Address or principal business office or, if none, residence: Building 4, Fund Town, 188 Binjiang Road, Yuelu District, Changsha, Hunan, People's Republic of China
(c)	Citizenship: People's Republic of China
(d)	Title of class of securities: Class A ordinary shares
(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).
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. As reported herein, 82,988,016 Webull Class B Ordinary Shares are held of record by Water Castle, whose voting power is fully retained by Pozijie Inc. ("Pozijie"). Pozijie is wholly-owned by Mr. Anquan Wang. Accordingly, Mr. Anquan Wang has voting and investment discretion with respect to, and may be deemed to beneficially own, any Webull Class A Ordinary Shares issuable upon conversion of the Webull Class B Ordinary Shares held of record by Water Castle. Further, Mr. Anquan Wang is the sole member of the advisory committee of a trust, on behalf of which WPL is the record holder of 10,263,484 Webull Class A Ordinary Shares awarded or to be awarded to certain employees, directors and officers of the issuer, and, accordingly, Mr. Anquan Wang has voting and dispositive control over 10,263,484 Webull Class A Ordinary Shares.
(b)	Percent of class: 19.2%
(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 5.	Ownership of 5 Percent or Less of a Class.
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.

Anquan Wang

Signature:	/s/ Anquan Wang
Name/Title:	Anquan Wang
Date:	08/14/2025

FAQ

How many Webull (BULLZ) Class A shares does Anquan Wang beneficially own?

The filing reports 93,251,500 Class A ordinary shares beneficially owned by Anquan Wang.

What percentage of Webull Class A shares does this position represent?

The reported position represents 19.2% of the Class A shares on the basis described in the filing.

How is the 93,251,500-share figure composed?

It includes 82,988,016 Class A shares issuable upon conversion of Class B shares held by Water Castle Az Inc. and 10,263,484 Class A shares held of record by Webull Partners Limited.

Does Mr. Wang have shared voting power over these shares?

No. The filing reports shared voting power: 0 and shared dispositive power: 0.

What entities give Mr. Wang control over the shares?

The filing states control arises through Water Castle Az Inc. (record holder of convertible Class B shares), Pozijie Inc. (which retains voting power over Water Castle), and Mr. Wang's role as sole member of the advisory committee for the trust of which WPL is record holder.