HS Investments IV Discloses 28.6M Webull Shares (BULLZ) in Schedule 13G

Rhea-AI Filing Summary

HS Investments IV Limited, together with affiliated Guernsey entities, reported beneficial ownership in Webull Class A ordinary shares representing specific single-entity and aggregate stakes. The filing shows HS Investments IV Limited holds 28,592,200 shares (7.12% of the class) in nominee form, comprised of 21,444,146 shares for HS Investments IV C L.P., 6,227,397 shares for Hedosophia Partners IV L.P., and 920,657 shares for Hedosophia Long Term Capital II L.P. HS Investments IV C L.P. reports 21,444,146 shares (5.34%), and Hedosophia Partners IV GP Limited reports 27,671,543 shares (6.89%). All reporting persons indicate zero sole voting or dispositive power and record shared voting and dispositive power for the stated amounts. The filing discloses that Hedosophia Partners IV GP Limited manages the affected partnerships and that the GP's board members disclaim beneficial ownership of portfolio securities.

Positive

• Material disclosure of ownership above 5%: Multiple reporting persons disclose holdings exceeding the 5% threshold required for Schedule 13G reporting.
• Transparent nominee breakdown: HS Investments IV Limited provides a clear breakdown of nominee-held shares by underlying partnership.

Negative

• No sole voting or dispositive power: Each reporting person reports 0 shares of sole voting or dispositive power, indicating no unilateral control.
• Concentration without control: Although holdings are material (up to 7.12%), the filing shows shared rather than sole authority over voting and disposition of the shares.

Insights

Financial Analyst

TL;DR: Hedosophia-related entities disclose a passive but material stake in Webull, reported via nominee holdings and shared voting power.

The Schedule 13G shows multiple Hedosophia-affiliated reporting persons holding single-entity positions above the 5% threshold and an aggregate nominee position of 28.6 million shares, representing 7.12% of the outstanding Class A shares based on the filer’s denominator. The structure uses nominee accounts and shared voting/dispositive power rather than sole control, and the GP asserts managerial control while individual directors disclaim beneficial ownership. For investors, this is a material ownership disclosure indicating meaningful institutional exposure without a claim of unilateral control.

Corporate Governance Expert

TL;DR: Ownership is concentrated in affiliated funds with nominee reporting and shared authority; governance control is disclaimed by individual directors.

The filing clarifies that holdings are maintained in nominee form across related partnerships and managed by Hedosophia Partners IV GP Limited. Shared voting and dispositive powers are reported for all stated shares, and the GP’s board members explicitly disclaim beneficial ownership because decisions require a board majority. This disclosure is consistent with passive investor reporting and clarifies governance lines: managerial control resides with the GP entity, not individual directors.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Webull Corp

(Name of Issuer)

Webull Class A Ordinary Shares

(Title of Class of Securities)

G9572D103

(CUSIP Number)

04/17/2025

(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

HS Investments IV Limited

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

GUERNSEY

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 28,592,200.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 28,592,200.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

28,592,200.00

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)

7.12 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: HS Investments IV Limited holds the Webull Class A Ordinary Shares (the "Shares") reported herein in nominee form, of which: (i) 21,444,146 Shares are held in nominee form for the benefit of HS Investments IV C L.P., (ii) 6,227,397 Shares are held in nominee form for the benefit of Hedosophia Partners IV L.P., and (iii) 920,657 Shares are held in nominee form for the benefit of Hedosophia Long Term Capital II L.P. Hedosophia Partners IV GP Limited manages and directly controls HS Investments IV C L.P. and Hedosophia Partners IV L.P, each as general partner, thus Hedosophia Partners IV GP Limited may be deemed to have sole power to vote and dispose of these shares held by HS Investments IV C L.P. and Hedosophia Partners IV L.P. The board of directors of Hedosophia Partners IV GP Limited comprises Rob King, Fred Hervouet and Simon Williams. Because voting and investment decisions regarding Hedosophia Partners IV GP Limited's portfolio securities are made by its board of directors comprised of at least three individuals and a voting or investment decision requires the approval of a majority of those individuals, none of the individuals is deemed a beneficial owner of Hedosophia Partners IV GP Limited's portfolio securities for purposes of Section 13(d) of the Exchange Act, and each of them disclaims beneficial ownership of such securities. The percentage reported in Row 11 above are calculated using a denominator of 401,758,855 Shares outstanding, based on information publicly filed by the Issuer.

SCHEDULE 13G

CUSIP No. G9572D103

1

Names of Reporting Persons

HS Investments IV C L.P.

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

GUERNSEY

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 21,444,146.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 21,444,146.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

21,444,146.00

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)

5.34 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: HS Investments IV Limited holds the 21,444,146 Shares in nominee form for the benefit of HS Investments IV C L.P. Hedosophia Partners IV GP Limited manages and directly controls HS Investments IV C L.P. as general partner, thus Hedosophia Partners IV GP Limited may be deemed to have sole power to vote and dispose of these shares held by HS Investments IV C L.P. and Hedosophia Partners IV L.P. The board of directors of Hedosophia Partners IV GP Limited comprises Rob King, Fred Hervouet and Simon Williams. Because voting and investment decisions regarding Hedosophia Partners IV GP Limited's portfolio securities are made by its board of directors comprised of at least three individuals and a voting or investment decision requires the approval of a majority of those individuals, none of the individuals is deemed a beneficial owner of Hedosophia Partners IV GP Limited's portfolio securities for purposes of Section 13(d) of the Exchange Act, and each of them disclaims beneficial ownership of such securities. The percentage reported in Row 11 above are calculated using a denominator of 401,758,855 Shares outstanding, based on information publicly filed by the Issuer.

SCHEDULE 13G

CUSIP No. G9572D103

1

Names of Reporting Persons

Hedosophia Partners IV GP Limited

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

GUERNSEY

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 27,671,543.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 27,671,543.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

27,671,543.00

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)

6.89 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: HS Investments IV Limited holds the Shares reported herein in nominee form, of which: (i) 21,444,146 Shares are held in nominee form for the benefit of HS Investments IV C L.P. and (ii) 6,227,397 Shares are held in nominee form for the benefit of Hedosophia Partners IV L.P. Hedosophia Partners IV GP Limited manages and directly controls HS Investments IV C L.P. and Hedosophia Partners IV L.P, each as general partner, thus Hedosophia Partners IV GP Limited may be deemed to have sole power to vote and dispose of these shares held by HS Investments IV C L.P. and Hedosophia Partners IV L.P. The board of directors of Hedosophia Partners IV GP Limited comprises Rob King, Fred Hervouet and Simon Williams. Because voting and investment decisions regarding Hedosophia Partners IV GP Limited's portfolio securities are made by its board of directors comprised of at least three individuals and a voting or investment decision requires the approval of a majority of those individuals, none of the individuals is deemed a beneficial owner of Hedosophia Partners IV GP Limited's portfolio securities for purposes of Section 13(d) of the Exchange Act, and each of them disclaims beneficial ownership of such securities. The percentage reported in Row 11 above are calculated using a denominator of 401,758,855 Shares outstanding, based on information publicly filed by the Issuer.

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 statement is being filed by (1) HS Investments IV Limited, a Guernsey limited company, (2) HS Investments IV C L.P , a Guernsey limited partnership, and (3) Hedosophia Partners IV GP Limited, a Guernsey limited company exempted company (collectively, the "Reporting Persons"). The responses of the Reporting Persons to rows 5 through 9 and 11 of the cover pages of this Schedule 13G are incorporated herein by reference. HS Investments IV Limited holds the Shares reported herein in nominee form, of which: (i) 21,444,146 Shares are held in nominee form for the benefit of HS Investments IV C L.P., (ii) 6,227,397 Shares are held in nominee form for the benefit of Hedosophia Partners IV L.P., and (iii) 920,657 Shares are held in nominee form for the benefit of Hedosophia Long Term Capital II L.P. Hedosophia Partners IV GP Limited manages and directly controls HS Investments IV C L.P. and Hedosophia Partners IV L.P, each as general partner, thus Hedosophia Partners IV GP Limited may be deemed to have sole power to vote and dispose of these shares held by HS Investments IV C L.P. and Hedosophia Partners IV L.P. The board of directors of Hedosophia Partners IV GP Limited comprises Rob King, Fred Hervouet and Simon Williams. Because voting and investment decisions regarding Hedosophia Partners IV GP Limited's portfolio securities are made by its board of directors comprised of at least three individuals and a voting or investment decision requires the approval of a majority of those individuals, none of the individuals is deemed a beneficial owner of Hedosophia Partners IV GP Limited's portfolio securities for purposes of Section 13(d) of the Exchange Act, and each of them disclaims beneficial ownership of such securities. Except as set forth in this Item 2, each of the Reporting Persons disclaims beneficial ownership of any Shares owned beneficially or of record by any other Reporting Person.
(b)	Address or principal business office or, if none, residence: The address of each of the Reporting Persons is 3rd Floor, Suite 5, Weighbridge House, Lower Pollet, St. Peter Port, Guernsey GY1 1WL.
(c)	Citizenship: Guernsey
(d)	Title of class of securities: Webull 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: See responses to row 9 on each cover page hereto which, together with the information set forth in Item 2 of this statement, are incorporated by reference into this Item 4.
(b)	Percent of class: See responses to row 11 on each cover page.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See responses to row 5 on each cover page.
	(ii) Shared power to vote or to direct the vote: See responses to row 6 on each cover page.
	(iii) Sole power to dispose or to direct the disposition of: See responses to row 7 on each cover page.
	(iv) Shared power to dispose or to direct the disposition of: See responses to row 8 on each cover page.
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.
	If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(K), so indicate under Item 3(k) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group. See Item 2 above.
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.

HS Investments IV Limited

Signature:	/s/ Simon Williams
Name/Title:	Simon Williams, Director
Date:	08/12/2025

HS Investments IV C L.P.

Signature:	/s/ Simon Williams
Name/Title:	Simon Williams, Director
Date:	08/12/2025

Hedosophia Partners IV GP Limited

Signature:	/s/ Simon Williams
Name/Title:	Simon Williams, Director
Date:	08/12/2025

Comments accompanying signature: HEDOSOPHIA PARTNERS IV GP LIMITED, AS GENERAL PARTNER OF HS INVESTMENTS IV C L.P.

Exhibit Information

Exhibit 1: Joint Filing Agreement

FAQ

What stake do Hedosophia-related entities hold in Webull (BULLZ)?

The filing reports an aggregate nominee holding of 28,592,200 shares (7.12%) by HS Investments IV Limited and affiliated entities; individual reports include 21,444,146 shares (5.34%) for HS Investments IV C L.P. and 27,671,543 shares (6.89%) for Hedosophia Partners IV GP Limited.

Do the reporting persons have sole voting or dispositive power over the shares?

No. Each reporting person lists 0 shares of sole voting power and 0 shares of sole dispositive power; the reported shares are recorded with shared voting and dispositive power.

How are the HS Investments IV Limited holdings allocated among underlying funds?

HS Investments IV Limited reports nominee holdings of 21,444,146 shares for HS Investments IV C L.P., 6,227,397 shares for Hedosophia Partners IV L.P., and 920,657 shares for Hedosophia Long Term Capital II L.P.

Who manages the partnerships that hold the shares?

The filing states that Hedosophia Partners IV GP Limited manages and directly controls HS Investments IV C L.P. and Hedosophia Partners IV L.P., and its board members are identified in the filing.

What denominator was used to calculate the ownership percentages?

Percentages in the filing are calculated using a denominator of 401,758,855 shares outstanding, per the information disclosed.