Tianjin Nuofeng and Affiliates Disclose 9.4% Class A Stake in Webull (BULLZ)

Rhea-AI Filing Summary

Webull Corp disclosures show Tianjin Nuofeng Enterprise Management Consulting Partnership (LP) beneficially owns 37,594,146 Class A ordinary shares, which equals 9.4% of outstanding Class A shares and 7.8% of all ordinary shares on a single-class basis, based on the issuer’s final prospectus. The filing identifies the ownership chain: the partnership’s general partner is Gopher Asset Management Co., Ltd., which is wholly owned by Shanghai Noah Investment Management Co., Ltd., and Zhe Yin is reported to share voting and investment control over these shares.

This is a material disclosure of a concentrated stake by related entities and an individual with shared voting and disposition authority; the filing references a joint filing agreement among the reporting persons and cites the prospectus figures for total outstanding shares.

Positive

• Material disclosed stake: 37,594,146 Class A shares representing 9.4% of Class A shares, a clearly reported significant ownership position
• Transparent ownership chain: Filing identifies the partnership, its general partner, the parent investment manager, and an individual with voting and investment control, and includes a joint filing agreement

Negative

• Unclear filer category selection: The filing does not indicate which Rule 13d-1 checkbox (13d-1(b)/(c)/(d)) was selected, leaving file-type/intent ambiguous
• Concentrated governance: Ownership and control are concentrated among related entities and an individual, which centralizes influence over voting and dispositions

Insights

Financial Analyst

TL;DR: A meaningful 9.4% Class A stake is disclosed, representing concentrated insider-linked ownership that could influence shareholder voting.

The group holds 37,594,146 Class A shares, a material position relative to the 401,758,855 Class A shares reported in the issuer's final prospectus. For investors, a near-10% holder merits attention because it can affect proxy outcomes and strategic decisions even if the filing does not state any intent to act in concert beyond the joint filing agreement. The ownership is routed through a partnership, its GP, and a parent investment manager, concentrating control within a related-party structure.

Corporate Governance Expert

TL;DR: Related entities and an identified individual share voting and disposition control over a sizable stake, raising governance concentration considerations.

The filing clearly maps control: Tianjin Nuofeng (LP) holds the economic interest, Gopher Asset is the general partner, Shanghai Noah is the parent, and Zhe Yin shares voting/investment control. That chain clarifies who can direct votes and dispositions, which is important for board-level influence and shareholder engagement. The document also attaches a joint filing agreement, indicating coordinated disclosure among the reporting persons.

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)

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

Tianjin Nuofeng Enterprise Management Consulting Partnership (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 37,594,146.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 37,594,146.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

37,594,146.00

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)

9.4 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: Notes to Rows 5, 7, and 9: Represents 37,594,146 Class A ordinary shares held by Tianjin Nuofeng Enterprise Management Consulting Partnership (Limited Partnership). Its general partner is Gopher Asset Management Co., Ltd., which is wholly owned by Shanghai Noah Investment Management Co., Ltd. Mr. Zhe Yin serves as Executive Director of Shanghai Noah Investment Management Co. and shares voting and investment control over the shares held by Tianjin Nuofeng Enterprise Management Consulting Partnership (Limited Partnership). Note to Row 11: Represents 9.4% of the issuer's total outstanding Class A ordinary shares, and 7.8% of the issuer's total outstanding ordinary shares. See Item 4.

SCHEDULE 13G

CUSIP No. G9572D103

1

Names of Reporting Persons

Gopher Asset 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 37,594,146.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 37,594,146.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

37,594,146.00

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)

9.4 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: Notes to Rows 5, 7, and 9: Represents 37,594,146 Class A ordinary shares held by Tianjin Nuofeng Enterprise Management Consulting Partnership (Limited Partnership). Its general partner is Gopher Asset Management Co., Ltd., which is wholly owned by Shanghai Noah Investment Management Co., Ltd. Mr. Zhe Yin serves as Executive Director of Shanghai Noah Investment Management Co. and shares voting and investment control over the shares held by Tianjin Nuofeng Enterprise Management Consulting Partnership (Limited Partnership). Note to Row 11: Represents 9.4% of the issuer's total outstanding Class A ordinary shares, and 7.8% of the issuer's total outstanding ordinary shares. See Item 4.

SCHEDULE 13G

CUSIP No. G9572D103

1

Names of Reporting Persons

Shanghai Noah 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 37,594,146.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 37,594,146.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

37,594,146.00

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)

9.4 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: Notes to Rows 5, 7, and 9: Represents 37,594,146 Class A ordinary shares held by Tianjin Nuofeng Enterprise Management Consulting Partnership (Limited Partnership). Its general partner is Gopher Asset Management Co., Ltd., which is wholly owned by Shanghai Noah Investment Management Co., Ltd. Mr. Zhe Yin serves as Executive Director of Shanghai Noah Investment Management Co. and shares voting and investment control over the shares held by Tianjin Nuofeng Enterprise Management Consulting Partnership (Limited Partnership). Note to Row 11: Represents 9.4% of the issuer's total outstanding Class A ordinary shares, and 7.8% of the issuer's total outstanding ordinary shares. See Item 4.

SCHEDULE 13G

CUSIP No. G9572D103

1

Names of Reporting Persons

Zhe Yin

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 37,594,146.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 37,594,146.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

37,594,146.00

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)

9.4 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: Notes to Rows 5, 7, and 9: Represents 37,594,146 Class A ordinary shares held by Tianjin Nuofeng Enterprise Management Consulting Partnership (Limited Partnership). Its general partner is Gopher Asset Management Co., Ltd., which is wholly owned by Shanghai Noah Investment Management Co., Ltd. Mr. Zhe Yin serves as Executive Director of Shanghai Noah Investment Management Co. and shares voting and investment control over the shares held by Tianjin Nuofeng Enterprise Management Consulting Partnership (Limited Partnership). Note to Row 11: Represents 9.4% of the issuer's total outstanding Class A ordinary shares, and 7.8% of the issuer's total outstanding ordinary shares. See Item 4.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Webull Corp
(b)	Address of issuer's principal executive offices: 200 CARILLON PARKWAY, ST. PETERSBURG, FLORIDA, 33716.
Item 2.
(a)	Name of person filing: Tianjin Nuofeng Enterprise Management Consulting Partnership (Limited Partnership) Gopher Asset Management Co., Ltd. Shanghai Noah Investment Management Co., Ltd. Zhe Yin
(b)	Address or principal business office or, if none, residence: The business address of each of the Reporting Persons is Noah Wealth Center, No. 1226, South Shenbin Road, Minhang District, Shanghai, China
(c)	Citizenship: Tianjin Nuofeng Enterprise Management Consulting Partnership (Limited Partnership): China Gopher Asset Management Co., Ltd.: China Shanghai Noah Investment Management Co., Ltd.: China Zhe Yin: China
(d)	Title of class of securities: Class A Ordinary Shares, par value US$0.00001 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 Item 4(a) is set forth in Row 9 of the cover page for each Reporting Person and is incorporated herein by reference.
(b)	Percent of class: The information required by Item 4(b) is set forth in Row 11 of the cover page for each Reporting Person and is incorporated herein by reference. The percentage of the total outstanding Class A ordinary shares is calculated based on the 401,758,855 Class A ordinary shares outstanding as reported in the Issuer's final prospectus for the registration statement on Form F-1 filed with the SEC on July 23, 2025. The percentage of the total outstanding ordinary shares is calculated based on the 484,746,871 outstanding ordinary shares as a single class, being the sum of 401,758,855 Class A ordinary shares and 82,988,016 Class B ordinary shares outstanding as reported in the Issuer's final prospectus for the registration statement on Form F-1 filed with the SEC on July 23, 2025.
(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) is set forth in Rows 5-8 of the cover page for each 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) is set forth in Rows 5-8 of the cover page for each 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) is set forth in Rows 5-8 of the cover page for each 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) is set forth in Rows 5-8 of the cover page for each 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.
	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.

Tianjin Nuofeng Enterprise Management Consulting Partnership (Limited Partnership)

Signature:	/s/ Zhe Yin
Name/Title:	Director
Date:	08/12/2025

Gopher Asset Management Co., Ltd.

Signature:	/s/ Zhe Yin
Name/Title:	Director
Date:	08/12/2025

Shanghai Noah Investment Management Co., Ltd.

Signature:	/s/ Zhe Yin
Name/Title:	Executive Director
Date:	08/12/2025

Zhe Yin

Signature:	/s/ Zhe Yin
Name/Title:	Zhe Yin
Date:	08/12/2025

Exhibit Information

Exhibit A* - Joint Filing Agreement dated August 12, 2025 by and among the Reporting Persons.

FAQ

How many Class A shares of Webull (BULLZ) does the reporting group own?

The reporting persons beneficially own 37,594,146 Class A ordinary shares.

What percentage of Webull (BULLZ) Class A shares does this represent?

The holdings represent 9.4% of the issuer's outstanding Class A ordinary shares as reported in the issuer's final prospectus.

What percentage of total ordinary shares does the reported stake represent?

The stake equals 7.8% of the issuer's total outstanding ordinary shares on a single-class basis, per the prospectus figures.

Who controls the reported shares?

The shares are held by Tianjin Nuofeng (a limited partnership); its general partner is Gopher Asset Management Co., Ltd., wholly owned by Shanghai Noah Investment Management Co., Ltd., with Zhe Yin reported to share voting and investment control.

Does the filing indicate coordinated action among the reporting persons?

Yes; the filing references a Joint Filing Agreement among the reporting persons, which is included as an exhibit.