House Panel Says Webull’s China Ties Pose National Security Risk

The House Select Committee on the Chinese Communist Party said Wednesday that Webull’s China-linked ownership, technology operations and data flows pose a national-security risk to U.S. investors.

The panel said Webull’s infrastructure, software development, financing and compliance systems remain structurally connected to China. Its findings covered Webull Corporation’s $24.6 billion in customer assets and the brokerage’s 28 million global users.

Webull’s 2025 Form 20-F shows that Hunan Weibu Information Technology Co., the company’s mainland China subsidiary, employed 863 people as of Dec. 31, 2025. That represented 62% of Webull’s global workforce.

“China-based operations put American investors and their data at risk,” committee Chairman John Moolenaar said.

The committee has previously questioned Webull about ties to Fumi Technology and Hunan Weibu, as well as protections for U.S. customer data. The available findings identify potential exposure to Chinese surveillance but do not establish that Chinese authorities accessed U.S. customer data.

Webull was founded in 2016 by Anquan Wang, who previously worked at Alibaba and Xiaomi. Webull Corporation is incorporated in the Cayman Islands, while its U.S. operations are based in St. Petersburg, Florida.