Webull Shares Plunge 32% as House China Committee Flags Ties

Webull shares fell as much as 32% in premarket trading Wednesday after the House Select Committee on the Strategic Competition Between the United States and the Chinese Communist Party raised concerns about the brokerage’s China-linked ownership and operations.

The committee said Webull’s branding as an American company conflicts with connections involving its ownership, workforce, technology infrastructure, data flows, financing and compliance systems. Webull offers trading in stocks, derivatives, cryptocurrency and prediction markets and has 28 million registered users.

Hunan Weibu Information Technology Co., Webull’s mainland China subsidiary, employed 863 people as of Dec. 31, 2025, representing 62% of the company’s global workforce.

The committee also said Webull accepted custody of customer money in October 2025. Its findings characterized that move as creating structural exposure involving $24.6 billion in American capital.

Webull disputed the findings. A spokesperson said the committee published “significant inaccuracies and unsupported conclusions” without seeking clarification from the company. Webull said its U.S. business operates from Florida and New York, while U.S. customer personally identifiable information is stored on U.S. servers and requires oversight from U.S. personnel for access.

The concerns follow earlier questions about Webull’s China-linked ownership and operations. No new U.S. restriction or enforcement action was announced alongside Wednesday’s warning.

Webull went public through a merger with a blank-check company at a $7.3 billion valuation. Its market capitalization later exceeded $32 billion before falling to about $4.1 billion.

The stock reached an all-time high of $79.56 on April 14, 2025, and was trading below $5.80 on Wednesday. Webull President Anthony Denier also sold 53,846 shares Monday under a trading plan adopted in May.