BULL$5.89▼ 19.1%One Webull paragraph: main operations in the U.S., 62% of staff at its China unit
A House committee said on Oct. 7 that Webull's China ties put investors' data at risk; Webull said the report has "significant inaccuracies." Two of the committee's key numbers come from Webull's own annual report.
KeyVex News··6 min readFact-checked against 17 public recordsKeyVex News··6 min readFact-checked against 17 public recordsBULL$5.89▼ 19.1%Close, Oct. 7. Prices from Tiingo.The short versionTap to readTap to close
- Webull's annual report, filed in April, says its main operations are in the U.S. It also says 62% of its staff work for its mainland China unit and its founder controls 79.2% of the vote.
- In the same paragraph, it lists six reasons Webull believes U.S. rules aimed at China-linked companies don't apply to it. Webull hasn't said either figure is wrong.
- One charge disputes the facts. Webull's 2025 letters disclosed a China branch closed in 2024 but said all its U.S. broker's staff were in the U.S. The committee says that "appears irreconcilable" with FINRA records.
- On Sept. 30 the founder, Anquan Wang, turned 25 million of his 20-vote shares into one-vote shares; his filings don't say why. By KeyVex's math he still holds about 73% of the vote.
- Shareholders vote Oct. 30 on new articles of association, the company's rulebook. Webull's meeting notice says they would not, by themselves, change the 20-votes-a-share structure.
The report: A House committee said on Oct. 7 that Webull, the stock-trading app, is "tied in structural ways" to China.ReportRelease The committee says that puts the data and money of Webull's American customers at risk.Report
The numbers: The report's starkest figures come from Webull itself. Its annual report for 2025 says 863 people, 62% of its staff, worked at its mainland China unit, Hunan Weibu, at year end. It says its founder and chief executive, Anquan Wang, a Chinese citizen, held 79.2% of the shareholder vote as of March 31.20-F The committee's figures match that filing.Report
Why it matters: Webull has not said those two figures are wrong, or which parts of the report it considers inaccurate. In the same paragraph that gives them, Webull's annual report lists six reasons it believes U.S. rules aimed at China-linked companies don't apply to it, among them that its main operations are in the U.S.20-F Where the committee does dispute Webull's account is over what Webull told it about where its broker's people worked.Report Webull had 5.0 million funded customer accounts at the end of 2025.20-F
The stock: Webull's shares closed at $5.89 on Oct. 7, down 19.1% from $7.28. About 81 million traded, nearly seven times the average of the previous 20 sessions.Chart dataPrices
Webull's stock since MarchDaily close, March 2 to Oct. 7, 2026 ▼ 2.5%Show chartHide chart
- 1April 9, 2026 Annual report for 2025 on file. Filed after the close on April 8: 863 of 1,396 staff at its mainland China unit; founder Anquan Wang holds 79.2% of the vote.
- 2Sept. 30, 2026 Wang converts 25 million Class B shares. Each Class B share carries 20 votes; each Class A share, into which they converted, carries one. Webull closes at $6.97.
- 3Oct. 7, 2026 The committee's report. Webull closes at $5.89, down 19.1% from $7.28, on about 81 million shares.
View the data (153 trading days)
| Date | Close | Day change |
|---|---|---|
| 2026-10-07 | $5.89 | −19.1% |
| 2026-10-06 | $7.28 | −1.1% |
| 2026-10-05 | $7.36 | +0.3% |
| 2026-10-02 | $7.34 | +4.4% |
| 2026-10-01 | $7.03 | +0.9% |
| 2026-09-30 | $6.97 | −2.8% |
| 2026-09-29 | $7.17 | +1.7% |
| 2026-09-28 | $7.05 | −1.9% |
| 2026-09-25 | $7.19 | −1.0% |
| 2026-09-24 | $7.26 | −5.1% |
| 2026-09-23 | $7.65 | −5.4% |
| 2026-09-22 | $8.09 | −1.9% |
| 2026-09-21 | $8.25 | 0.0% |
| 2026-09-18 | $8.25 | +7.0% |
| 2026-09-17 | $7.71 | +0.3% |
| 2026-09-16 | $7.69 | −11.2% |
| 2026-09-15 | $8.66 | −4.2% |
| 2026-09-14 | $9.04 | −2.0% |
| 2026-09-11 | $9.22 | −0.9% |
| 2026-09-10 | $9.30 | −1.3% |
| 2026-09-09 | $9.42 | −1.6% |
| 2026-09-08 | $9.57 | −1.7% |
| 2026-09-04 | $9.74 | −2.6% |
| 2026-09-03 | $10.00 | +11.1% |
| 2026-09-02 | $9.00 | −1.4% |
| 2026-09-01 | $9.13 | −3.7% |
| 2026-08-31 | $9.48 | +1.2% |
| 2026-08-28 | $9.37 | −2.1% |
| 2026-08-27 | $9.57 | +9.0% |
| 2026-08-26 | $8.78 | −1.8% |
| 2026-08-25 | $8.94 | +4.8% |
| 2026-08-24 | $8.53 | −2.8% |
| 2026-08-21 | $8.78 | −0.8% |
| 2026-08-20 | $8.85 | +2.4% |
| 2026-08-19 | $8.64 | +9.0% |
| 2026-08-18 | $7.93 | −2.8% |
| 2026-08-17 | $8.16 | +1.5% |
| 2026-08-14 | $8.04 | +1.1% |
| 2026-08-13 | $7.95 | +3.7% |
| 2026-08-12 | $7.67 | +1.3% |
| 2026-08-11 | $7.57 | +4.3% |
| 2026-08-10 | $7.26 | −0.8% |
| 2026-08-07 | $7.32 | +1.4% |
| 2026-08-06 | $7.22 | −2.2% |
| 2026-08-05 | $7.38 | −2.6% |
| 2026-08-04 | $7.58 | +4.4% |
| 2026-08-03 | $7.26 | +2.8% |
| 2026-07-31 | $7.06 | −1.3% |
| 2026-07-30 | $7.15 | +2.0% |
| 2026-07-29 | $7.01 | −3.6% |
| 2026-07-28 | $7.27 | −3.6% |
| 2026-07-27 | $7.54 | +0.7% |
| 2026-07-24 | $7.49 | −4.5% |
| 2026-07-23 | $7.84 | −3.2% |
| 2026-07-22 | $8.10 | −0.6% |
| 2026-07-21 | $8.15 | +6.0% |
| 2026-07-20 | $7.69 | +6.4% |
| 2026-07-17 | $7.23 | −3.9% |
| 2026-07-16 | $7.52 | −2.2% |
| 2026-07-15 | $7.69 | +2.1% |
| 2026-07-14 | $7.53 | +3.4% |
| 2026-07-13 | $7.28 | −1.4% |
| 2026-07-10 | $7.38 | +1.1% |
| 2026-07-09 | $7.30 | +0.8% |
| 2026-07-08 | $7.24 | −0.4% |
| 2026-07-07 | $7.27 | +0.8% |
| 2026-07-06 | $7.21 | +0.6% |
| 2026-07-02 | $7.17 | −0.1% |
| 2026-07-01 | $7.18 | +10.1% |
| 2026-06-30 | $6.52 | −3.4% |
| 2026-06-29 | $6.75 | −1.0% |
| 2026-06-26 | $6.82 | +4.8% |
| 2026-06-25 | $6.51 | −3.0% |
| 2026-06-24 | $6.71 | +1.1% |
| 2026-06-23 | $6.64 | −3.2% |
| 2026-06-22 | $6.86 | −3.1% |
| 2026-06-18 | $7.08 | −0.6% |
| 2026-06-17 | $7.12 | +6.0% |
| 2026-06-16 | $6.72 | −2.0% |
| 2026-06-15 | $6.86 | +4.9% |
| 2026-06-12 | $6.54 | −2.8% |
| 2026-06-11 | $6.73 | +10.0% |
| 2026-06-10 | $6.12 | +11.3% |
| 2026-06-09 | $5.50 | −3.0% |
| 2026-06-08 | $5.67 | +1.2% |
| 2026-06-05 | $5.60 | −8.2% |
| 2026-06-04 | $6.10 | +3.4% |
| 2026-06-03 | $5.90 | −5.0% |
| 2026-06-02 | $6.21 | −5.9% |
| 2026-06-01 | $6.60 | +3.1% |
| 2026-05-29 | $6.40 | +1.1% |
| 2026-05-28 | $6.33 | +1.8% |
| 2026-05-27 | $6.22 | −0.6% |
| 2026-05-26 | $6.26 | +1.3% |
| 2026-05-22 | $6.18 | −6.5% |
| 2026-05-21 | $6.61 | −5.4% |
| 2026-05-20 | $6.99 | −0.1% |
| 2026-05-19 | $7.00 | −0.8% |
| 2026-05-18 | $7.06 | 0.0% |
| 2026-05-15 | $7.06 | −3.3% |
| 2026-05-14 | $7.30 | +3.1% |
| 2026-05-13 | $7.08 | +0.9% |
| 2026-05-12 | $7.02 | −0.7% |
| 2026-05-11 | $7.07 | +0.6% |
| 2026-05-08 | $7.03 | −2.5% |
| 2026-05-07 | $7.21 | −1.5% |
| 2026-05-06 | $7.32 | −0.1% |
| 2026-05-05 | $7.33 | +2.2% |
| 2026-05-04 | $7.17 | +2.0% |
| 2026-05-01 | $7.03 | +2.9% |
| 2026-04-30 | $6.83 | +1.0% |
| 2026-04-29 | $6.76 | −4.8% |
| 2026-04-28 | $7.10 | −0.6% |
| 2026-04-27 | $7.14 | +3.5% |
| 2026-04-24 | $6.90 | −0.1% |
| 2026-04-23 | $6.91 | −5.0% |
| 2026-04-22 | $7.27 | +3.6% |
| 2026-04-21 | $7.02 | +0.1% |
| 2026-04-20 | $7.01 | +4.3% |
| 2026-04-17 | $6.72 | +3.7% |
| 2026-04-16 | $6.48 | +0.2% |
| 2026-04-15 | $6.47 | +11.2% |
| 2026-04-14 | $5.82 | +10.2% |
| 2026-04-13 | $5.28 | +7.1% |
| 2026-04-10 | $4.93 | −1.0% |
| 2026-04-09 | $4.98 | −2.0% |
| 2026-04-08 | $5.08 | +2.8% |
| 2026-04-07 | $4.94 | 0.0% |
| 2026-04-06 | $4.94 | +2.5% |
| 2026-04-02 | $4.82 | +1.7% |
| 2026-04-01 | $4.74 | −1.2% |
| 2026-03-31 | $4.80 | +3.7% |
| 2026-03-30 | $4.63 | −3.9% |
| 2026-03-27 | $4.82 | −4.6% |
| 2026-03-26 | $5.05 | −2.5% |
| 2026-03-25 | $5.18 | +1.0% |
| 2026-03-24 | $5.13 | −3.4% |
| 2026-03-23 | $5.31 | +3.5% |
| 2026-03-20 | $5.13 | −2.7% |
| 2026-03-19 | $5.27 | +0.8% |
| 2026-03-18 | $5.23 | −4.4% |
| 2026-03-17 | $5.47 | +3.0% |
| 2026-03-16 | $5.31 | +0.8% |
| 2026-03-13 | $5.27 | −0.4% |
| 2026-03-12 | $5.29 | −3.5% |
| 2026-03-11 | $5.48 | −0.4% |
| 2026-03-10 | $5.50 | +0.2% |
| 2026-03-09 | $5.49 | +0.7% |
| 2026-03-06 | $5.45 | −4.9% |
| 2026-03-05 | $5.73 | −5.6% |
| 2026-03-04 | $6.07 | +1.8% |
| 2026-03-03 | $5.96 | −1.3% |
| 2026-03-02 | $6.04 |
Webull closed at $4.98 on April 9, the first trading day after its annual report went on file, and at $5.89 on Oct. 7. Source: Tiingo end-of-day closes, as traded, via KeyVex.
What Webull's own report says
Webull went public on April 10, 2025, through a merger with a blank-check company. It files its annual report on Form 20-F, the form for foreign private issuers.20-F Its parent company is incorporated in the Cayman Islands, and its principal executive office is in Florida.6-K
We believe that we do not fall within the scope of these or other laws, rules, or regulations targeting companies with connections to China. This view is based primarily on the facts that (1) we are regulated as broker-dealers in 12 major markets globally; (2) our principal business operations are based in the U.S.;
The other four: its auditor is based in the U.S., and five of its six directors and senior managers are U.S. citizens based there. Its U.S. broker keeps customers' personal information on U.S. servers. And its work in mainland China is limited to research and development and technical support.20-F
Then the same paragraph turns. "However," it says, Wang "is a citizen of the People's Republic of China." It gives his 79.2% of the vote, then the staff count at Hunan Weibu.20-F
That count has grown. Webull had 1,194 employees at the end of 2024, 731 of them at Hunan Weibu. A year later it had 1,396, and 863 worked there. Its headcount rose by 202 in 2025, and 132 of that increase was at the China unit, by KeyVex's math.20-F20-F
View the data
Everyone else is KeyVex's math: the total minus Hunan Weibu. Source: Webull's Form 20-F annual reports for 2024 and 2025.
What the committee says Webull told it
The bipartisan committee is chaired by Rep. John Moolenaar, a Michigan Republican; Rep. Ro Khanna, a California Democrat, is its ranking member. It first wrote to Webull on Nov. 25, 2024.ReleaseLetter The report makes six findings, among them that Webull "misrepresented where key employees worked" and that its governance "is dominated by PRC-linked control."Report
Its sharpest charge concerns what Webull told it. In letters in January and February 2025, Webull said "all Firm employees are located in the United States," the report says, referring to its U.S. broker.Report Webull also told the committee it ran a branch office registered with FINRA, Wall Street's self-regulator, in mainland China from January 2020 to April 2024, supervised from the U.S., the report says.Report
FINRA gave the committee records on 35 people tied to the broker from January 2021 to December 2024, the report says. Each reported a home address outside the U.S. or a Webull office in China. The committee wrote that Webull's assurance "appears irreconcilable with the regulatory record." Webull's lawyers told it that Webull had openly disclosed the China branch, which closed in April 2024, the report says.Report
The report says how old some of its material is. It drew "in substantial part" on what Webull gave the committee in early 2025, and warns its figures should not be assumed current unless it says so.Report
It also points to money. Since October 2025, customers' cash has been held by Webull itself rather than by its clearing firm, the company that settles its trades, Webull's annual report says.20-FReport The committee recommends five legislative and regulatory changes, including putting foreign-controlled brokers under CFIUS, the federal panel that reviews foreign investments in U.S. companies for security risks.Report
Investors should heed this information when choosing who they do business with.
Khanna said Webull "should be forthright about its connections to the PRC, rather than seemingly seeking to minimize them."Release
Webull's answer
Webull said the report was published "without ever seeking clarification from Webull," Reuters reported. A spokesperson said Webull "has made every effort to cooperate with the Committee," but "did not hear from them for more than 20 months" before the report, according to Reuters. The spokesperson also said Webull stores U.S. customer data in the U.S.Reuters
It is deeply disappointing that the Select Committee published a report containing significant inaccuracies and unsupported conclusions
Analysts turned to the stock. Brian Vieten of Siebert Financial suspended his rating on Webull, Reuters reported. He said the potential regulatory and operational implications of the findings "create a level of uncertainty that we cannot reasonably incorporate into our estimates." Scotiabank's analysts said: "For now, the report will weigh on valuation rather than actual financial results," Reuters reported.Reuters
The founder's vote
Webull has two classes of shares. Each Class A share carries one vote and each Class B share carries 20, the proxy statement for its Oct. 30 shareholder meeting says. At the Sept. 25 record date, which set who may vote, there were about 456.7 million Class A shares and 83.9 million Class B shares.6-K Wang held all of the Class B shares as of March 31, the annual report says.20-F
On Sept. 30, a company he controls converted 25 million of them into Class A shares, one for one, "for no consideration," his Form 4 shows. That is the filing insiders make after most changes in their holdings.Form 4 He still held about 58.9 million Class B shares afterward, his amended Schedule 13G, a filing for holders of more than 5% of a stock, says.13G/A By KeyVex's math, that leaves him with about 73% of the vote, down from the 79.2% in the annual report. His filings don't say why he converted.
About 73% is still more than the two-thirds of votes cast that the first proposal at the Oct. 30 meeting needs to pass. The conversion came after the Sept. 25 record date, so his votes at the meeting may be counted on the earlier shares. Either way, by KeyVex's math, the founder's vote alone clears that bar if he votes for it. The proposal would adopt new articles of association. The proxy says they would not, by themselves, change the one-vote and 20-vote structure.6-K
Also in the filings
Nothing in these filings ties them to the committee's report. Webull's president, Anthony Denier, sold 53,846 shares on Oct. 5 at an average of $7.3346, under a trading plan he adopted on May 26, his Form 4 shows.Form 4 It was his fourth sale of about 53,850 shares under that plan since Aug. 25.Form 4 Insider filings are on KeyVex.
Separately, the lobbying firm Mercury Public Affairs reported $960,000 in income from Webull Technologies Inc. over six quarters, from January 2025 through June 2026. Its reports describe the work as lobbying the House, the Senate and the Office of Administration on financial technology.LD-1LD-2LD-2
The paper trail
The filings behind this story, Nov. 25, 2024, through Oct. 7, 2026, with the time EDGAR accepted each SEC filing (Eastern).
| Filed (ET) | Form | Filer | What it shows |
|---|---|---|---|
| Nov. 25, 2024 | Letter | House Select Committee on the CCP | First letter to Webull, signed by Moolenaar and then-ranking member Raja Krishnamoorthi. |
| April 25, 2025, 5:13 p.m. | 20-F | Webull Corp. | Annual report for 2024: 731 of 1,194 employees at Hunan Weibu. |
| April 8, 2026, 7:14 p.m. | 20-F | Webull Corp. | Annual report for 2025: 863 of 1,396 employees at Hunan Weibu; Wang holds 79.2% of the vote as of March 31. |
| Oct. 1, 4:30 p.m. | 6-K | Webull Corp. | Proxy for the Oct. 30 shareholder meeting; share counts at the Sept. 25 record date. |
| Oct. 2, 7:07 p.m. | 4 | Anquan Wang | Converted 25,000,000 Class B shares into Class A on Sept. 30. |
| Oct. 2, 7:37 p.m. | 13G/A | Anquan Wang | Holds 58,859,005 Class B shares after the conversion. |
| Oct. 5, 9:42 p.m. | 4 | Anthony Denier | Sold 53,846 shares on Oct. 5 under a plan adopted May 26. |
| Oct. 7 | Report | House Select Committee on the CCP | "Free Trades, Hidden Ties: Exposing Webull's China Links," six findings and five recommendations. |
What to watch
Webull's general meeting votes on new articles of association and a 2026 employee share purchase plan.
The last of Wang's 5.4 million restricted Class B units, shares granted as pay that vest monthly, are due to vest, his Form 4 says.
Sources
20 sources, 17 of them public records
Public records
- House Select Committee on the CCP, "Free Trades, Hidden Ties: Exposing Webull's China Links"U.S. House of Representatives · Oct. 7, 2026
- Select Committee press release, "Examining Webull's China Links"U.S. House of Representatives · Oct. 7, 2026
- Letter from Reps. Moolenaar and Krishnamoorthi to Anthony Denier, Webull FinancialU.S. House of Representatives · Nov. 25, 2024
- Webull Corp., Form 20-F annual report for 2025SEC EDGAR · April 9, 2026
- Webull Corp., Form 20-F annual report for 2024SEC EDGAR · April 25, 2025
- Webull Corp., Form 6-K, Exhibit 99.1: notice of 2026 general meeting and proxy statementSEC EDGAR · Oct. 1, 2026
- Form 4, Anquan Wang (conversion of Sept. 30, 2026)SEC EDGAR · Oct. 2, 2026
- Schedule 13G/A (Amendment No. 4), Anquan WangSEC EDGAR · Oct. 2, 2026
- Form 4, Anthony Denier (sale of Oct. 5, 2026)SEC EDGAR · Oct. 5, 2026
- Form 4, Anthony Denier (sale of Aug. 25, 2026)SEC EDGAR · Aug. 26, 2026
- Lobbying registration (LD-1), Mercury Public Affairs for Webull Technologies Inc.Senate Office of Public Records / House Clerk (lda.gov) · Jan. 30, 2025
- Lobbying report (LD-2), Q1 2025: $200,000lda.gov · April 16, 2025
- Lobbying report (LD-2), Q2 2025: $140,000lda.gov · July 14, 2025
- Lobbying report (LD-2), Q3 2025: $110,000lda.gov · Oct. 14, 2025
- Lobbying report (LD-2), Q4 2025: $110,000lda.gov · Jan. 15, 2026
- Lobbying report (LD-2), Q1 2026: $200,000lda.gov · April 16, 2026
- Lobbying report (LD-2), Q2 2026: $200,000lda.gov · July 16, 2026
Reporting
- Reuters, "Webull sinks after US House panel report flags China ties" (as syndicated by WIXX)Reuters · Oct. 7, 2026
Data
- End-of-day prices and volume for BULL, and for SPY and QQQ on the chart (Tiingo)KeyVex · through Oct. 7, 2026
- The chart's Filings layer: KeyVex's insider trade and other filing records for BULLKeyVex · through Oct. 7, 2026
How we got these numbers
- Prices are end-of-day closes as traded on Nasdaq, through Oct. 7, 2026, the last close in KeyVex when this story was written. The Nasdaq 100 and S&P 500 lines follow QQQ and SPY, also as traded, rebased to Webull's close at the start of the range shown. The Filings switch shows the filing markers from KeyVex's Webull page, a selection of insider trades and other filings: not every filing, and not only those tied to this story.
- The one-day fall is ($7.28 - $5.89) / $7.28 = 19.09%. Volume on Oct. 7 was 80,844,991 shares; the average of the 20 sessions from Sept. 9 to Oct. 6 was 11,992,325, a ratio of 6.7. At the 540,555,695 Class A and Class B shares outstanding at the Sept. 25 record date, the $1.39 fall comes to about $751 million of market value.
- Wang's share of the vote after Sept. 30 is KeyVex's math from his Schedule 13G/A and the proxy: his votes are 58,859,005 Class B shares times 20, plus 25,200,000 Class A shares held through Water Castle Az Inc., 2,136,394 held by Webull Partners Limited and 10,060,843 under a proxy agreement, or 1,214,577,337 votes. All votes are the 481,696,690 Class A shares (the 456,696,690 at the record date plus the 25,000,000 converted) plus 58,859,005 times 20, or 1,658,876,790. That is 73.2%. It assumes no other change in share counts since Sept. 25 and leaves out restricted Class B units not yet issued. The same method applied to the record-date counts gives 79.2%, matching the annual report's figure, though the annual report counts shares slightly differently (it includes restricted units and leaves out the proxy-agreement shares); on its method the post-conversion figure is also about 73%.
- "Everyone else" in the staff chart is total employees minus Hunan Weibu's: 1,194 - 731 = 463 for 2024 and 1,396 - 863 = 533 for 2025. Webull's annual reports round the China share to 61% and 62%.
- Lobbying: the six quarterly LD-2 reports Mercury Public Affairs filed for Webull Technologies Inc. for the first quarter of 2025 through the second quarter of 2026 report income of $200,000, $140,000, $110,000, $110,000, $200,000 and $200,000, a total of $960,000.