[SCHEDULE 13G] Webull Corporation Incentive Warrant SEC Filing

Rhea-AI Filing Summary

Jun Yuan reports beneficial ownership of 29,758,301 Webull Class A ordinary shares, representing 7.4% of the class. The shares are held of record by NotNull Inc., whose voting power is fully retained by ToString Inc., which is wholly owned by Mr. Jun Yuan, giving him sole voting and dispositive power over the reported shares.

The filing is a Schedule 13G for the Class A ordinary shares (CUSIP G9572D103) and discloses the reporting person's citizenship as the People\'s Republic of China and a principal address in Changsha, Hunan, China. The document notes the filing was submitted late because EDGAR filing codes were delayed; the signature date on the Schedule is 08/18/2025 and the event date requiring the filing is 06/30/2025.

Positive

• Material disclosure of beneficial ownership: 29,758,301 shares representing 7.4% of the Class A shares are reported.
• Clear ownership chain: Shares held of record by NotNull Inc., voting power retained by ToString Inc., wholly owned by Jun Yuan, clarifying who controls the shares.
• Sole voting and dispositive power disclosed: Reporting person states sole voting power and sole dispositive power for the reported shares.

Negative

• Late filing: Schedule 13G was filed after the deadline due to delays obtaining EDGAR filing codes, noted in the explanatory note.
• No intent or transaction details provided: The filing does not state any plans regarding the holdings or any recent acquisition transactions.

Insights

Financial Analyst

TL;DR Disclosure shows a material 7.4% stake with sole voting and dispositive power, which is meaningful for shareholder composition.

The filing reports 29,758,301 Webull Class A ordinary shares held of record by NotNull Inc., attributable to Jun Yuan through a clear ownership chain. A 7.4% holding in the public float is large enough to be material to governance and potential voting outcomes. The disclosure of sole voting and dispositive power indicates Mr. Yuan can influence corporate decisions tied to Class A shares. The filing does not include any transaction details, intentions, or changes in ownership beyond the reported amounts, so market impact depends on whether this position is static or part of a trading plan.

Corporate Governance Expert

TL;DR Beneficial ownership and control chain are well-documented, but the late filing is a compliance lapse that should be noted by governance stakeholders.

The Schedule 13G discloses the control chain: NotNull Inc. holds record title, ToString Inc. retains voting power, and ToString is wholly owned by Jun Yuan. This transparent attribution satisfies beneficial ownership disclosure requirements. However, the filing was submitted late due to delayed EDGAR access codes; while the registrant explains the reason, late filings can raise procedural concerns for boards and compliance officers. No disclosure here about any voting agreements, intentions, or group affiliations was made.

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

Jun Yuan

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 29,758,301.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 29,758,301.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

29,758,301.00

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)

7.4 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: The reported amount includes 29,758,301 Webull Class A ordinary shares (the "Webull Class A Ordinary Shares") held of record by NotNull Inc. 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. Explanatory Note: This Schedule 13G is being filed late due to delays in obtaining EDGAR filing codes. The reporting person submitted an application for EDGAR access codes on August 7, 2025, but the codes were not received by the August 14 deadline. As such, this Schedule 13G is being filed promptly upon receipt of the EDGAR filing codes.

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: Jun Yuan
(b)	Address or principal business office or, if none, residence: Apt 203, Block 9, Section 2, Fenglin Lvzhou, Guanshaling, Yuelu District, Changsha, Hunan, 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, 29,758,301 Webull Class A Ordinary Shares are held of record by NotNull Inc., whose voting power is fully retained by ToString Inc. ToString Inc. is wholly-owned by Mr. Jun Yuan. Accordingly, Mr. Jun Yuan has voting and investment discretion with respect to, and may be deemed to beneficially own, the Webull Class A Ordinary Shares held of record by NotNull Inc.
(b)	Percent of class: 7.4%
(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.

Jun Yuan

Signature:	/s/ Jun Yuan
Name/Title:	Jun Yuan
Date:	08/18/2025

FAQ

How many Webull (BULLZ) Class A shares does Jun Yuan report beneficially owning?

The filing reports 29,758,301 Webull Class A ordinary shares, equal to 7.4% of the Class A shares.

What voting and disposition powers does Jun Yuan have over the reported BULLZ shares?

The Schedule 13G states Mr. Jun Yuan has sole voting power and sole dispositive power over the 29,758,301 shares.

Why was the Schedule 13G for BULLZ filed late?

The filing explains it was late because EDGAR filing codes requested on August 7, 2025 were not received by the August 14 deadline; the Schedule was filed promptly upon receipt of the codes.

Through what entities are the BULLZ shares held of record?

The shares are held of record by NotNull Inc., with voting power retained by ToString Inc., which is wholly owned by Jun Yuan.

What is the CUSIP and class for the reported security?

The reported security is Webull Class A ordinary shares with CUSIP G9572D103.