[SCHEDULE 13G] Webull Corporation Incentive Warrant SEC Filing

Rhea-AI Filing Summary

Webull Corporation's Schedule 13G discloses that SIG Global China Fund I, LLLP, SIG Asia Investment, LLLP, and HCM Asia, Inc. beneficially own 24,152,813 Class A ordinary shares, representing 6.4% of the Class A shares. The company's prospectus indicates 378,563,226 shares outstanding. SIG Global reports sole voting and dispositive power over 24,152,813 shares, while SIG Asia and HCM report shared voting and dispositive power over the same amount. The filing states SIG Asia is the investment manager to SIG Global and HCM is the investment manager to SIG Asia, and each reporting person disclaims beneficial ownership of shares owned directly by another reporting person except for pecuniary interests.

Positive

• Reporting persons beneficially own 24,152,813 Class A shares, representing a material 6.4% stake in the class

Negative

• None.

Insights

Securities Analyst

TL;DR: A coordinated reporting group holds a material 6.4% stake in Webull's Class A shares.

The filing documents a meaningful passive stake of 24,152,813 Class A shares, equal to 6.4% of the class based on the prospectus outstanding share count of 378,563,226. SIG Global reports sole voting/dispositive power for the shares it directly owns, while SIG Asia and HCM report shared voting and dispositive power across the group. The filing also clarifies manager relationships and disclaimers of direct beneficial ownership, which helps define who may exert influence.

Corporate Governance Expert

TL;DR: Manager relationships and disclaimers clarify control lines but indicate a grouped economic interest.

The disclosure describes an ownership chain: SIG Asia serves as investment manager to SIG Global, and HCM serves as manager to SIG Asia, which explains why shared voting and dispositive power are reported. Each reporting person includes disclaimers of direct beneficial ownership of shares owned by another reporting person, limiting legal attribution while acknowledging economic exposure. For governance analysis, the combined 6.4% position is material for shareholder composition but the filing presents it as non-control, passive ownership.

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, $0.00001 par value 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:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. G9572D103

1

Names of Reporting Persons

SIG Global China Fund I, LLLP

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 24,152,813.00
6	Shared Voting Power 24,152,813.00
7	Sole Dispositive Power 24,152,813.00
8	Shared Dispositive Power 24,152,813.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

24,152,813.00

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)

6.4 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: With respect to Row 5 through Row 9 above, SIG Asia Investment, LLLP, SIG Global China Fund I, LLLP, and HCM Asia, Inc. may be deemed a group. For purposes of this report, we have indicated that each reporting person has sole voting and dispositive power with respect to the shares beneficially owned by it and that the reporting persons have shared voting and dispositive power with respect to all shares beneficially owned by all of the reporting persons. Each of the reporting persons disclaims beneficial ownership of shares owned directly by another reporting person. SIG Asia Investment, LLLP is the investment manager to SIG Global China Fund I, LLLP, and as such may exercise voting and dispositive power over these shares. HCM Asia, Inc. is the investment manager to SIG Asia Investment, LLLP and as such may exercise voting and dispositive power over these shares.

SCHEDULE 13G

CUSIP No. G9572D103

1

Names of Reporting Persons

SIG Asia Investment, LLLP

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 24,152,813.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 24,152,813.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

24,152,813.00

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)

6.4 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: With respect to Row 5 through Row 9 above, SIG Asia Investment, LLLP, SIG Global China Fund I, LLLP, and HCM Asia, Inc. may be deemed a group. For purposes of this report, we have indicated that each reporting person has sole voting and dispositive power with respect to the shares beneficially owned by it and that the reporting persons have shared voting and dispositive power with respect to all shares beneficially owned by all of the reporting persons. Each of the reporting persons disclaims beneficial ownership of shares owned directly by another reporting person. SIG Asia Investment, LLLP is the investment manager to SIG Global China Fund I, LLLP, and as such may exercise voting and dispositive power over these shares. HCM Asia, Inc. is the investment manager to SIG Asia Investment, LLLP and as such may exercise voting and dispositive power over these shares.

SCHEDULE 13G

CUSIP No. G9572D103

1

Names of Reporting Persons

HCM Asia, Inc.

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 24,152,813.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 24,152,813.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

24,152,813.00

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)

6.4 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: With respect to Row 5 through Row 9 above, SIG Asia Investment, LLLP, SIG Global China Fund I, LLLP, and HCM Asia, Inc. may be deemed a group. For purposes of this report, we have indicated that each reporting person has sole voting and dispositive power with respect to the shares beneficially owned by it and that the reporting persons have shared voting and dispositive power with respect to all shares beneficially owned by all of the reporting persons. Each of the reporting persons disclaims beneficial ownership of shares owned directly by another reporting person. SIG Asia Investment, LLLP is the investment manager to SIG Global China Fund I, LLLP, and as such may exercise voting and dispositive power over these shares. HCM Asia, Inc. is the investment manager to SIG Asia Investment, LLLP and as such may exercise voting and dispositive power over these shares.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Webull Corporation
(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 filed by the entities listed below, who are collectively referred to herein as "Reporting Persons," with respect to the Class A ordinary shares of Webull Corporation (the "Company"), $0.00001 par value per share (the "Shares"). (i) SIG Asia Investment, LLLP (ii) SIG Global China Fund I, LLLP (iii) HCM Asia, Inc.
(b)	Address or principal business office or, if none, residence: The address of the principal business office of each of SIG Asia Investment, LLLP and SIG Global China Fund I, LLLP is: 251 Little Falls Drive Wilmington, DE 19808 The address of the principal business office of HCM Asia, Inc. is: 401 E. City Avenue Suite 220 Bala Cynwyd, PA 19004
(c)	Citizenship: Citizenship is set forth in Row 4 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
(d)	Title of class of securities: Class A Ordinary Shares, $0.00001 par value 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).
Item 4.	Ownership
(a)	Amount beneficially owned: The information required by this Item 4(a) is set forth in Row 9 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person. The Company's Prospectus (Registration No. 333-286880), filed on May 9, 2025, indicates that there were 378,563,226 Shares outstanding as of May 9, 2025.
(b)	Percent of class: 6.4 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: The information required by this Item 4(c)(i) is set forth in Row 5 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
	(ii) Shared power to vote or to direct the vote: The information required by this Item 4(c)(ii) is set forth in Row 6 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person. SIG Asia Investment, LLLP, which serves as the investment manager to SIG Global China Fund I, LLLP, may be deemed to be the beneficial owner of all Shares owned by SIG Global China Fund I, LLLP. HCM Asia, Inc., which serves as the investment manager to SIG Asia Investment, LLLP, may be deemed to be the beneficial owner of all Shares owned by SIG Global China Fund I, LLLP. Each of the Reporting Persons hereby disclaims any beneficial ownership of any such Shares, except for their pecuniary interest therein.
	(iii) Sole power to dispose or to direct the disposition of: The information required by this Item 4(c)(iii) is set forth in Row 7 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
	(iv) Shared power to dispose or to direct the disposition of: The information required by this Item 4(c)(iv) is set forth in Row 8 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person. SIG Asia Investment, LLLP, which serves as the investment manager to SIG Global China Fund I, LLLP, may be deemed to be the beneficial owner of all Shares owned by SIG Global China Fund I, LLLP. HCM Asia, Inc., which serves as the investment manager to SIG Asia Investment, LLLP, may be deemed to be the beneficial owner of all Shares owned by SIG Global China Fund I, LLLP. Each of the Reporting Persons hereby disclaims any beneficial ownership of any such Shares, except for their pecuniary interest therein.
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.

SIG Global China Fund I, LLLP

Signature:	/s/ Sarah Travis
Name/Title:	Sarah Travis, Authorized Signatory of HCM Asia, Inc.
Date:	08/14/2025

SIG Asia Investment, LLLP

Signature:	/s/ Sarah Travis
Name/Title:	Sarah Travis, Authorized Signatory of HCM Asia, Inc.
Date:	08/14/2025

HCM Asia, Inc.

Signature:	/s/ Sarah Travis
Name/Title:	Sarah Travis, Authorized Signatory
Date:	08/14/2025

Comments accompanying signature: SIG Asia Investment, LLLP serves as authorized agent of SIG Global China Fund I, LLLP pursuant to a Limited Power of Attorney, a copy of which is attached as Exhibit 24.1 hereto. HCM Asia, Inc. serves as authorized agent of SIG Asia Investment, LLLP pursuant to a Limited Power of Attorney, a copy of which is attached as Exhibit 24.2 hereto.

Exhibit Information

EXHIBIT INDEX EXHIBIT DESCRIPTION ________________ 24.1 Limited Power of Attorney for SIG Global China Fund I, LLLP 24.2 Limited Power of Attorney for SIG Asia Investment, LLLP 99 Joint Filing Agreement

FAQ

Who filed the Schedule 13G for Webull (BULLZ)?

The statement was filed by SIG Global China Fund I, LLLP, SIG Asia Investment, LLLP, and HCM Asia, Inc.

How many Webull Class A shares do the reporting persons own and what percent is that of the class?

They beneficially own 24,152,813 Class A shares, representing 6.4% of the Class A shares.

How many Class A shares are outstanding according to the filing?

The prospectus referenced in the filing indicates 378,563,226 Class A shares outstanding.

What voting and dispositive power is reported by each entity?

SIG Global reports sole voting and dispositive power for 24,152,813 shares; SIG Asia and HCM Asia report shared voting and dispositive power over 24,152,813 shares.

Do the reporting persons claim to be in a group or disclaim ownership?

The filing states the entities may be deemed a group for purposes of the report but each reporting person disclaims beneficial ownership of shares owned directly by another reporting person, except for pecuniary interests.