Webull Shares Slide After House Panel Flags China Ties

Webull shares fell sharply on October 7 after the House Select Committee on China said the online brokerage’s structural links to China pose national-security risks, prompting the company to dispute the panel’s conclusions. The reported findings center on Webull’s ownership, China-based technology operations and safeguards for U.S. customer data. They do not establish that Chinese authorities accessed customer information, and the committee’s report does not itself impose new restrictions. The panel’s concerns include Webull’s technical workforce and infrastructure in mainland China, as well as the potential implications of Chinese laws that can require companies to cooperate with government authorities. Webull’s regulatory filing said a mainland Chinese technology-support subsidiary employed 863 people at the end of 2025, equal to 62% of the company’s workforce. The subsidiary provides research, development and technical support. The company’s latest annual report also said founder Anquan Wang held 16.4% of Webull’s outstanding shares but controlled 79.2% of its voting power as of March 31, 2026, through a dual-class share structure.