<SEC-DOCUMENT>0001446209-25-000009.txt : 20250814
<SEC-HEADER>0001446209-25-000009.hdr.sgml : 20250814
<ACCEPTANCE-DATETIME>20250814112603
ACCESSION NUMBER:		0001446209-25-000009
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20250814
DATE AS OF CHANGE:		20250814

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Webull Corp
		CENTRAL INDEX KEY:			0001866364
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
		ORGANIZATION NAME:           	09 Crypto Assets
		EIN:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-95162
		FILM NUMBER:		251215832

	BUSINESS ADDRESS:	
		STREET 1:		200 CARILLON PARKWAY
		CITY:			ST. PETERSBURG
		STATE:			FL
		ZIP:			33716
		BUSINESS PHONE:		917-725-2448

	MAIL ADDRESS:	
		STREET 1:		200 CARILLON PARKWAY
		CITY:			ST. PETERSBURG
		STATE:			FL
		ZIP:			33716

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SIG Asia Investment, LLLP
		CENTRAL INDEX KEY:			0001446209
		ORGANIZATION NAME:           	
		EIN:				522447883
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G

	BUSINESS ADDRESS:	
		STREET 1:		401 E. CITY AVENUE
		STREET 2:		SUITE 220
		CITY:			BALA CYNWYD
		STATE:			PA
		ZIP:			19004
		BUSINESS PHONE:		610-617-2600

	MAIL ADDRESS:	
		STREET 1:		401 E. CITY AVENUE
		STREET 2:		SUITE 220
		CITY:			BALA CYNWYD
		STATE:			PA
		ZIP:			19004
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>SCHEDULE 13G</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <cik>0001446209</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <securitiesClassTitle>Class A Ordinary Shares, $0.00001 par value per share</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>06/30/2025</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0001866364</issuerCik>
        <issuerName>Webull Corporation</issuerName>
        <issuerCusip>G9572D103</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <com:street1>200 Carillon Parkway</com:street1>
          <com:city>St. Petersburg</com:city>
          <com:stateOrCountry>FL</com:stateOrCountry>
          <com:zipCode>33716</com:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(d)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>SIG Global China Fund I, LLLP</reportingPersonName>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>24152813</soleVotingPower>
        <sharedVotingPower>24152813</sharedVotingPower>
        <soleDispositivePower>24152813</soleDispositivePower>
        <sharedDispositivePower>24152813</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>24152813</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>6.4</classPercent>
      <typeOfReportingPerson>PN</typeOfReportingPerson>
      <comments>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.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>SIG Asia Investment, LLLP</reportingPersonName>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0</soleVotingPower>
        <sharedVotingPower>24152813</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>24152813</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>24152813</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <classPercent>6.4</classPercent>
      <typeOfReportingPerson>PN</typeOfReportingPerson>
      <comments>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.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>HCM Asia, Inc.</reportingPersonName>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0</soleVotingPower>
        <sharedVotingPower>24152813</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>24152813</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>24152813</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <classPercent>6.4</classPercent>
      <typeOfReportingPerson>CO</typeOfReportingPerson>
      <comments>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.</comments>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>Webull Corporation</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>200 Carillon Parkway, St. Petersburg, FL 33716</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>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.
        </filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>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
        </principalBusinessOfficeOrResidenceAddress>
        <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.</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>Y</notApplicableFlag>
      </item3>
      <item4>
        <amountBeneficiallyOwned>
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.
        </amountBeneficiallyOwned>
        <classPercent>6.4</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>
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.
          </solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>
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.
          </sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>
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.
          </solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>
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.
          </sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
      </item5>
      <item6>
        <notApplicableFlag>Y</notApplicableFlag>
      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>Y</notApplicableFlag>
      </item10>
    </items>
    <exhibitInfo>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

</exhibitInfo>
    <signatureInformation>
      <reportingPersonName>SIG Global China Fund I, LLLP</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Sarah Travis</signature>
        <title>Sarah Travis, Authorized Signatory of HCM Asia, Inc.</title>
        <date>08/14/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>SIG Asia Investment, LLLP</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Sarah Travis</signature>
        <title>Sarah Travis, Authorized Signatory of HCM Asia, Inc.</title>
        <date>08/14/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>HCM Asia, Inc.</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Sarah Travis</signature>
        <title>Sarah Travis, Authorized Signatory</title>
        <date>08/14/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureComments>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.</signatureComments>
  </formData>

</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-24.1
<SEQUENCE>2
<FILENAME>sc13g_ex24.1.htm
<DESCRIPTION>LIMITED POWER OF ATTORNEY FOR SIG GLOBAL CHINA FUND I, LLLP
<TEXT>
<html><body style="font: 11pt Times New Roman, Times, Serif"><p style="text-align: end"><b>Exhibit 24</b></p><p style="text-align: center"><b>LIMITED POWER OF ATTORNEY</b></p><div style="text-align: justify;"><p>THIS LIMITED POWER OF ATTORNEY given on the 13th day of August, 2025 by SIG Global China Fund I, LLLP (hereinafter called "the Company"), whose Registered Office is situated at 251 Little Falls Drive, Wilmington, DE 19808.</p><p>WHEREAS, by agreement dated January 2, 2018, by and between the Company and SIG Asia Investment, LLLP, the Company expressly authorized SIG Asia Investment, LLLP to enter into transactions in certain designated areas as defined in the Discretionary Investment Management Agreement attached hereto marked "Appendix 1."</p><p>NOW THIS DEED WITNESSETH that, effective from January 2, 2018, Melissa Jamaca, Treasurer of the general partner of the Company, hereby appoints on behalf of the Company the firm of SIG Asia Investment, LLLP, which through its officers, directors, and employees is hereby formally granted limited power of attorney for the purpose of entering into transactions on behalf and for the account of the Company and to take all actions on behalf of the Company as may be necessary to consummate such transactions, including but not limited to making, negotiating, signing, endorsing, executing, acknowledging, and delivering in the name of the Company all applications, contracts, agreements, notes, statements, certificates, proxies, and any other instruments of whatever kind and nature as may be necessary or proper in connection with the entering into of such transactions, instructing the transfer of funds where necessary with respect to such transactions, and performing all of the services specified under the Discretionary Investment Management Agreement with respect to such transactions.</p><p>IN WITNESS WHEREOF, the Company has caused this Limited Power of Attorney to take effect on the day and year above written from and after January 2, 2018.</p></div><p>&nbsp;</p><div style="margin-right: 50%"><p>THE COMMON SEAL OF</p><p>SIG Global China Fund I, LLLP</p><p>&nbsp;</p><p>was hereunto affixed in the presence of:</p></div><div style="margin-left: 50%"><p>SIG Global China Fund I, LLLP</p><p style="margin: 0">By: SIG Global Investments GP, LLC,</p style="margin: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;its general partner</p><p>&nbsp;</p><p style="margin: 0">By: <u>/s/ Melissa Jamaca</u></p><p style="margin: 0">Melissa Jamaca, Treasurer</p></div><p>&nbsp;</p><div style="border-bottom: Black 1pt solid"></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-24.2
<SEQUENCE>3
<FILENAME>sc13g_ex24.2.htm
<DESCRIPTION>LIMITED POWER OF ATTORNEY FOR SIG ASIA INVESTMENT, LLLP
<TEXT>
<html><body style="font: 11pt Times New Roman, Times, Serif"><p style="text-align: end"><b>Exhibit 24</b></p><p style="text-align: center"><b>LIMITED POWER OF ATTORNEY</b></p><div style="text-align: justify;"><p>THIS LIMITED POWER OF ATTORNEY given on the 13th day of August, 2025 by SIG Asia Investment, LLLP (hereinafter called "the Company"), whose Registered Office is situated at 251 Little Falls Drive, Wilmington, DE 19808.</p><p>WHEREAS, by agreement dated September 17, 2018, by and between the Company and Heights Capital Management, Inc. ("HCMI"), the Company expressly authorized HCMI to enter into transactions in certain designated areas as defined in the Second Amended and Restated Discretionary Investment Management Agreement attached hereto marked "Appendix 1."</p><p>WHEREAS, pursuant to the terms of that certain Assignment and Assumption Agreement dated effective as of June 1, 2025, by and between HCMI and HCM Asia, Inc., HCMI transferred and assigned its rights and obligations as a service provider under such Second Amended and Restated Discretionary Investment Management Agreement to HCM Asia, Inc., which irrevocably accepted and assumed such rights and obligations.</p><p>NOW THIS DEED WITNESSETH that, effective from June 1, 2025, Melissa Jamaca, Treasurer of the Company, hereby appoints on behalf of the Company the firm of HCM Asia, Inc., which through its officers, directors and employees is hereby formally granted limited power of attorney for the purpose of entering into transactions on behalf and for the account of the Company and to take all actions on behalf of the Company as may be necessary to consummate such transactions, including but not limited to making, negotiating, signing, endorsing, executing, acknowledging, and delivering in the name of the Company all applications, contracts, agreements, notes, statements, certificates, proxies, and any other instruments of whatever kind and nature as may be necessary or proper in connection with the entering into of such transactions, instructing the transfer of funds where necessary with respect to such transactions, and performing all of the services specified under the Second Amended and Restated Discretionary Investment Management Agreement with respect to such transactions.</p><p>IN WITNESS WHEREOF, the Company has caused this Limited Power of Attorney to take effect on the day and year above written.</p></div><p>&nbsp;</p><div style="margin-right: 50%"><p>THE COMMON SEAL OF</p><p>SIG Asia Investment, LLLP</p><p>&nbsp;</p><p>was hereunto affixed in the presence of:</p></div><div style="margin-left: 50%"><p>SIG Asia Investment, LLLP</p><p>&nbsp;</p><p style="margin: 0">By: <u>/s/ Melissa Jamaca</u></p><p style="margin: 0">Melissa Jamaca, Treasurer</p></div><p>&nbsp;</p><div style="border-bottom: Black 1pt solid"></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>4
<FILENAME>bull_sc13g-ex99.htm
<DESCRIPTION>JOINT FILING AGREEMENT
<TEXT>
<html><head></head><body style="font: 11pt Times New Roman, Times, Serif"><p style="text-align: end"><b>Exhibit 99</b></p><p style="text-align: center"><b>JOINT FILING AGREEMENT</b></p><p>This will confirm the agreement by and among the undersigned that the Schedule 13G filed with the Securities and Exchange Commission on or about the date hereof with respect to the beneficial ownership by the undersigned of the Class A Ordinary Shares, $0.00001 par value per share of Webull Corporation, is being filed, and all amendments thereto will be filed, on behalf of each of the persons and entities named below in accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.</p><p>Dated as of August 14, 2025</p><p>SIG GLOBAL CHINA FUND I, LLLP</p><p style="margin-bottom: 0">By: SIG Asia Investment, LLLP,</p><p style="margin-top: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;pursuant to a Limited Power of Attorney</p><p style="margin-bottom: 0">By: HCM Asia, Inc.,</p><p style="margin-top: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;pursuant to a Limited Power of Attorney</p><p style="margin: 0">By: <u>/s/ Sarah Travis</u></p><p style="margin: 0">Name: Sarah Travis</p><p style="margin: 0">Title: Authorized Signatory</p><p>SIG ASIA INVESTMENT, LLLP</p><p style="margin-bottom: 0">By: HCM Asia, Inc.,</p><p style="margin-top: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;pursuant to a Limited Power of Attorney</p><p style="margin: 0">By: <u>/s/ Sarah Travis</u></p><p style="margin: 0">Name: Sarah Travis</p><p style="margin: 0">Title: Authorized Signatory</p><p>HCM ASIA, INC.</p><p style="margin: 0">By: <u>/s/ Sarah Travis</u></p><p style="margin: 0">Name: Sarah Travis</p><p style="margin: 0">Title: Authorized Signatory</p><p>&nbsp;</p><div style="border-bottom: Black 1pt solid"></div></body></html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
