A bipartisan House committee investigating China says online brokerage Webull poses a national security risk because of its corporate structure, technology operations, and ties to the People’s Republic of China.
The House Select Committee on the Chinese Communist Party found what it described as a “profound gap” between Webull’s public presentation as an American company and the structure of its operations, Investors Business Daily reported Wednesday. The committee said Webull’s ownership, technical workforce, technology infrastructure, cross-border data routing, financing and compliance systems are structurally tied to China.
Webull disputed the committee’s conclusions. A company spokesperson said the report contained “significant inaccuracies and unsupported conclusions,” Barron’s reported. The spokesperson said Webull conducts its U.S. business from St. Petersburg, Florida, and New York City and stores U.S. customer data domestically, with access to sensitive data controlled in the United States.
Webull’s own federal filings confirm that the company has substantial operations in China. The company disclosed to the Securities and Exchange Commission that Hunan Weibu Information Technology Co. Ltd., its mainland China subsidiary, provides technology support and development. Webull said the subsidiary employed 863 people, or 62% of its workforce, as of December 31, 2025. Its principal research and development center is in Changsha, China.
The company also told investors that personally identifiable information belonging to customers of its U.S. broker-dealer is stored on U.S. servers and cannot be transmitted abroad or accessed by non-U.S. employees without permission and oversight from U.S. personnel.
Founder and CEO Anquan Wang, a Chinese citizen, held 16.4% of Webull’s outstanding ordinary shares but controlled 79.2% of its voting power as of March 31, according to the company’s 2025 annual report. Webull Corporation is incorporated in the Cayman Islands.
The congressional scrutiny carries added significance because Webull now directly handles large amounts of customer money. The platform reported $24.6 billion in customer assets at the end of 2025, up 81% from a year earlier, and five million funded accounts.
Investors reacted sharply to the committee’s findings. Webull shares fell about 20% in early trading Wednesday, Barron’s reported. The stock trades on Nasdaq under the ticker BULL after Webull became publicly traded through a merger with a special-purpose acquisition company in April 2025.
Provided by Dallas Express
