[SCHEDULE 13G] Webull Corporation Incentive Warrant SEC Filing

Rhea-AI Filing Summary

Hillhouse Investment Management, Ltd. filed a Schedule 13G reporting beneficial ownership of 33,080,846 Class A ordinary shares of Webull Corp (CUSIP G8192N103), representing 8.7% of the 378,563,226 outstanding Class A shares used to calculate the percentage. The shares are held through WBL Holding L.P. and WBL2 Holdings Limited, which are wholly owned by Hillhouse Focused Fund Growth V, L.P., for which Hillhouse acts as sole manager. Hillhouse reports sole voting and dispositive power over all 33,080,846 shares. The filing cites the Company’s prospectus share count as of May 9, 2025, and is signed by Audrey Woon, Chief Compliance Officer, dated August 14, 2025.

Positive

• Material stake disclosed: Reporting of 33,080,846 shares (8.7% of Class A) meets SEC transparency requirements
• Clear ownership structure: Shares held through WBL and WBL2, wholly owned by Hillhouse Focused Fund Growth V, L.P.
• Control assertions provided: Reporting person states sole voting and dispositive power over the reported shares
• Uses issuer prospectus share count: Percentage calculated using 378,563,226 Class A shares as of May 9, 2025

Negative

• None.

Insights

Financial Analyst

TL;DR: Hillhouse discloses a material passive stake of 8.7% in Webull Class A shares, reported via Schedule 13G.

The filing indicates Hillhouse Investment Management, Ltd. beneficially owns 33,080,846 Class A shares, calculated against 378,563,226 outstanding Class A shares per the issuer prospectus dated May 9, 2025. Ownership is through two holding entities wholly owned by Hillhouse's Growth Fund, and Hillhouse asserts sole voting and dispositive power over the reported shares. The Schedule 13G format signals a passive investment disclosure rather than an activist Schedule 13D. This is a material disclosure because the stake exceeds 5% and is publicly reportable.

Corporate Governance Expert

TL;DR: This is a formal beneficial-ownership disclosure showing control of voting and disposition for an 8.7% stake.

The filing clarifies ownership structure: the shares are held by WBL and WBL2, wholly owned by Hillhouse Focused Fund Growth V, L.P., with Hillhouse Investment Management acting as sole manager. The reporting person certifies sole voting and dispositive power for all reported shares. The use of Schedule 13G and the signature by the Chief Compliance Officer satisfy public disclosure and regulatory requirements for a non-activist investor exceeding the 5% threshold.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Webull Corp

(Name of Issuer)

Class A Ordinary Shares, par value $0.0001 per share

(Title of Class of Securities)

G8192N103

(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. G8192N103

1

Names of Reporting Persons

Hillhouse Investment Management, 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

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 33,080,846.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 33,080,846.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

33,080,846.00

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)

8.7 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Webull Corp
(b)	Address of issuer's principal executive offices: 200 CARILLON PARKWAY ST. PETERSBURG FL 33716
Item 2.
(a)	Name of person filing: This Schedule 13G is filed by Hillhouse Investment Management, Ltd, an exempted Cayman Islands company ("HIM" or the "Reporting Person") with respect to the class A ordinary shares, par value $0.0001 per share ("Class A Ordinary Shares"), of Webull Corp. (the "Company") held by WBL Holding L.P. ("WBL") and WBL2 Holdings Limited ("WBL2"). HIM acts as the sole management company of Hillhouse Focused Fund Growth V, L.P. ("Growth Fund"). Each of WBL and WBL2 is wholly owned by Growth Fund. HIM is hereby deemed to be the beneficial owner of, and to control the voting power of, the Class A Ordinary Shares held by WBL and WBL2.
(b)	Address or principal business office or, if none, residence: The address of the business office of the Reporting Person is Office #122, Windward 3 Building, Regatta Office Park, West Bay Road, Grand Cayman, Cayman Islands, KY1-9006.
(c)	Citizenship: Cayman Islands
(d)	Title of class of securities: Class A Ordinary Shares, par value $0.0001 per share
(e)	CUSIP No.: G8192N103
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 Item 4(a) is set forth in Row 9 of the cover page for the Reporting Person is incorporated herein by reference. The percentage set forth in this Schedule 13G is calculated based upon an aggregate of 378,563,226 Class A Ordinary Shares outstanding as of May 9, 2025, as reported in the Company's Prospectus filed pursuant to Rule 424(b)(3) with the Securities and Exchange Commission on May 9, 2025.
(b)	Percent of class: 8.7%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: The information required by Item 4(c)(i) is set forth in Row 5 of the cover page for the Reporting Person and is incorporated herein by reference.
	(ii) Shared power to vote or to direct the vote: The information required by Item 4(c)(ii) is set forth in Row 6 of the cover page for the Reporting Person and is incorporated herein by reference.
	(iii) Sole power to dispose or to direct the disposition of: The information required by Item 4(c)(iii) is set forth in Row 7 of the cover page for the Reporting Person and is incorporated herein by reference.
	(iv) Shared power to dispose or to direct the disposition of: The information required by Item 4(c)(iv) is set forth in Row 8 of the cover page for the Reporting Person and is incorporated herein 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.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. See Item 2(a). WBL has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, more than 5% of the Class A Ordinary Shares.
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.

Hillhouse Investment Management, Ltd.

Signature:	/s/ Audrey Woon
Name/Title:	Audrey Woon, Chief Compliance Officer
Date:	08/14/2025

FAQ

How many Webull (BULLZ) Class A shares does Hillhouse Investment Management report owning?

The filing reports 33,080,846 Class A ordinary shares.

What percentage of Webull Class A shares does Hillhouse's holding represent?

The reported stake represents 8.7% of the Class A shares based on 378,563,226 outstanding shares.

Through which entities does Hillhouse hold the Webull shares?

The shares are held through WBL Holding L.P. and WBL2 Holdings Limited, both wholly owned by Hillhouse Focused Fund Growth V, L.P.

Does Hillhouse claim voting or dispositive power over the shares?

Yes. The filing states Hillhouse has sole voting power and sole dispositive power over all 33,080,846 shares.

What date and signature appear on the Schedule 13G?

The Schedule 13G is signed by Audrey Woon, Chief Compliance Officer, dated 08/14/2025.