Multiple Bojiang-related entities reported ownership positions in Webull Corp Class A ordinary shares. The filings show Changxing Boyi, Anji Boye, Lishui Bojiang Chuangfu and related Bojiang entities together hold specified beneficial interests in the issuer's Class A shares. Individual holdings listed include 11,011,948 shares for Lishui Bojiang Chuangfu 2nd Equity Investment Partnership, 7,127,532 shares for Changxing Boyi Equity Investment Fund Management Centre, and 11,011,948 shares for Anji Boye Investment Partnership. Shanghai Bojiang Investment Management Co., Ltd., Bojiang Group Co., Ltd. and Tian Luo are each reported as having beneficial interests of 29,151,428 shares.
The document states these amounts represent 7.3% of the Class A shares for Shanghai Bojiang, Bojiang Group and Tian Luo, 2.7% for Lishui Bojiang and Anji Boye, and 1.8% for Changxing Boyi, calculated using an issuer base of 401,758,855 Class A shares. The filings record shared voting and dispositive power over the reported shares and expressly state the reporting persons disclaim group status. The statements provide ownership counts, voting/dispositive allocations and organizational relationships without additional commentary or transactional detail.
Positive
Material disclosure of holdings: Reporting persons provide precise share counts and calculated percentages based on 401,758,855 Class A shares.
Clear ownership breakdown: Distinct holdings for funds and parent entities are listed (e.g., 29,151,428 shares for Shanghai Bojiang/Bojiang Group/Tian Luo).
Negative
No sole voting power reported: All reporting persons list 0 shares of sole voting power, indicating no sole control.
No sole dispositive power reported: All reporting persons list 0 shares of sole dispositive power, indicating shared disposition authority only.
Insights
TL;DR: Bojiang-related entities report meaningful minority holdings: 29,151,428 shares (7.3%) for certain Bojiang parties, plus fund-level holdings of 1.8%–2.7%.
The filings list explicit share counts and calculated percentages based on 401,758,855 Class A shares outstanding. These disclosures identify concentrated economic exposure by Bojiang-affiliated entities across several pooled vehicles while showing that voting and dispositive authority is recorded as shared. For investors, the key facts are the absolute share totals and reported percentages; the submission does not describe transactions, changes in position, or direct ownership of shares by Shanghai Bojiang, Bojiang Group or Tian Luo.
TL;DR: Report shows shared voting/dispositive power and an explicit disclaimer of group status, indicating no declared sole control.
The schedules record no sole voting or dispositive power for any reporting person and list specific shared powers by entity. The filings also state the reporting persons "expressly disclaim status as a group." Organizational relationships are disclosed—Shanghai Bojiang serves as general partner to certain funds and Tian Luo holds a stated equity interest in Bojiang Group—but the document does not assert direct share ownership by Shanghai Bojiang, Bojiang Group or Tian Luo. From a governance perspective, the filing documents material minority holdings and distributed voting/disposition arrangements without a claim of coordinated control.
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 US$0.00001 per share
(Title of Class of Securities)
G9572D129
(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 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.
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.
G9572D129
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 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.
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 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.
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.
G9572D129
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 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.
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.
G9572D129
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 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.
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.
G9572D129
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 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.
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, CHINA, 33716.
Item 2.
(a)
Name of person filing:
Lishui Bojiang Chuangfu 2nd Equity Investment Partnership (Limited Partnership)
Changxing Boyi Equity Investment Fund Management Centre (Limited Partnership)
Anji Boye 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.:
G9572D129
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) are reported by Bojiang Group and related parties?
The filing reports 29,151,428 Class A ordinary shares beneficially owned by Shanghai Bojiang Investment Management Co., Ltd., Bojiang Group Co., Ltd., and Tian Luo (each reported at that amount).
What percentage of Webull (BULLZ) Class A shares do these holdings represent?
The filings state that 29,151,428 shares represent 7.3% of the Class A ordinary shares based on an outstanding base of 401,758,855 shares.
Do any of the reporting persons claim sole voting or dispositive power over the reported shares?
No. Each reporting person lists 0 shares of sole voting power and 0 shares of sole dispositive power, while reporting shared voting and dispositive power for the stated amounts.
Do the reporting persons claim to be a group for purposes of this filing?
The filings explicitly state the reporting persons expressly disclaim status as a group for purposes of this Schedule 13G.
What entities filed the Schedule 13G for Webull (BULLZ)?
The Schedule 13G is filed by Lishui Bojiang Chuangfu 2nd Equity Investment Partnership, Changxing Boyi Equity Investment Fund Management Centre, Anji Boye Investment Partnership, Shanghai Bojiang Investment Management Co., Ltd., Bojiang Group Co., Ltd., and Tian Luo.
