Company:Webull

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Short description: U.S.-based financial services company
Webull
TypePrivately held company
IndustryFinancial services
FoundedMay 24, 2017; 6 years ago (2017-05-24)[1][2]
FoundersWang Anquan[3]
Headquarters
New York City , U.S.
Key people
Anthony Denier (CEO)[4]
ProductsElectronic trading platform
ServicesStockbroker
OwnerWang Anquan[5]
Xiaomi[5]
Shunwei Capital
Hongdao Capital
Bojiang Capital
Gopher Asset Management
Websitewww.webull.com

Webull Corporation is a holding company incorporated in the Cayman Islands and headquartered in New York. Its subsidiaries operate an electronic trading platform, accessible via mobile app and desktop computer, offering commission-free and low-cost trading of stocks, exchange traded funds, options, margins, and cryptocurrencies.[6][7][8][9] Its U.S.-based subsidiary, Webull Financial LLC, is a security broker registered with the U.S. Securities and Exchange Commission and a member of FINRA and SIPC, offering trading services to customers in the U.S. It also has licensed subsidiaries offering trading services in Hong Kong and Singapore.

Webull is owned by Hunan Fumi Information Technology,[10] a Chinese holding company that has received backing from Xiaomi, Shunwei Capital, and other private equity investors in China.[11][12]

History

On May 24, 2017, Webull Financial LLC was established as a Delaware limited liability company[12] by Wang Anquan, a former employee of Alibaba Group.[5][13] A year later, in May 2018, the company released its mobile app for iOS and Android.[14] In May 2020, the company received SEC approval to launch a robo-advisor on its platform.[15]

By August 2020, the platform had over 11 million registered users, and in October 2020, it had 750,000 daily active users.[16][17]

In November 2020, Webull began supporting cryptocurrency transactions.[18]

On January 28, 2021, Webull halted buy orders for stocks affected by the GameStop short squeeze,[19] but reversed course and allowed buy orders starting at 2:35 pm that day.[20] On that day, Webull recorded its highest-ever number of active daily users at 952,000.[21] That week, approximately 1.2 million people downloaded the Webull mobile app.[22]

In June 2021, Webull began talks of an initial public offering to raise up to $400 million.[23][24]

In September 2021, the Brooklyn Nets and New York Liberty entered into a global multi-year agreement with Webull and the company became the official jersey patch partner for the Nets.[25] Terms of the agreement for the jersey patch weren't announced, but people familiar with the agreement told CNBC that it is a multi-year pact that pays the Nets roughly $30 million per year.[26]

References

  1. ↑ "GameStop, AMC Trades to Resume at Chinese Online Brokers". Bloomberg News. January 29, 2021. https://www.bloomberg.com/news/articles/2021-01-29/gamestop-trades-restricted-at-tencent-backed-chinese-broker-futu. 
  2. ↑ Wursthorn, Michael; Choi, Euirim (August 20, 2020). "Does Robinhood Make It Too Easy to Trade? From Free Stocks to Confetti". The Wall Street Journal. https://www.wsj.com/articles/confetti-free-stocks-does-robinhoods-design-make-trading-too-easy-11597915801. 
  3. ↑ Massa, Annie (December 10, 2020). "Webull is winning over traders from US rival". Australian Financial Review. https://www.afr.com/wealth/investing/china-s-robinhood-is-winning-over-traders-from-us-rival-20201210-p56m8b. 
  4. ↑ Noto, Anthony (August 22, 2019). "No Bull! Broker-dealer Webull says commission-free is the way to be". American City Business Journals. https://www.bizjournals.com/newyork/news/2019/08/22/webull-likes-commission-free.html. 
  5. ↑ 5.0 5.1 5.2 Massa, Annie (December 8, 2020). "Robinhood Is Losing Thousands of Traders to a China-Owned Rival". Bloomberg News. https://www.bloomberg.com/news/articles/2020-12-08/robinhood-is-losing-thousands-of-day-traders-to-china-owned-webull. 
  6. ↑ Frankel, Matt (December 1, 2020). "Investing Apps That Let You Invest For Free". The Motley Fool. https://www.fool.com/the-ascent/buying-stocks/webull-brokerage-review/. 
  7. ↑ Chang, Ellen (August 19, 2020). "Why Investors Could Add Some Active Investing to a Portfolio". WTOP News. https://wtop.com/news/2020/08/why-investors-could-add-some-active-investing-to-a-portfolio/. 
  8. ↑ Houston, Rickie (March 8, 2021). "Webull investing review: Commission-free investments, margin accounts, and cryptocurrencies for active traders" (in en-US). https://www.businessinsider.com/personal-finance/webull-investing-review. 
  9. ↑ "Webull securities trading options in hong kong". January 21, 2022. https://couponhk.net/webull. 
  10. ↑ Zeldin, Lee (13 July 2023). "Biden's financial regulators give China-backed brokers a hand, but who is surprised?". The Washington Times. https://www.washingtontimes.com/news/2023/jul/13/bidens-financial-regulators-give-china-backed-brok/. 
  11. ↑ McGregor, Grady (February 2, 2021). "The Robinhood revolt was good for Webull, China's little-known trading app" (in en). https://fortune.com/2021/02/02/robinhood-stock-trader-revolt-webull-alternative-china-app/. 
  12. ↑ 12.0 12.1 "Webull Financial LLC". https://icis.corp.delaware.gov/ecorp/entitysearch/NameSearch.aspx. 
  13. ↑ "Form ADV - CRD #: 304881". January 12, 2021. https://sec.report/AdviserInfo/Firms/304881/Form-ADV-304881.pdf. 
  14. ↑ "Webull Financial Launches Comprehensive Commission-free Stock Trading App". PR Newswire. May 30, 2018. https://www.prnewswire.com/news-releases/webull-financial-launches-comprehensive-commission-free-stock-trading-app-300656353.html. 
  15. ↑ Capelj, Renato (May 6, 2020). "Webull Leverages Crisis To Spur Innovation, Financial Wellness". MarketWatch. https://www.marketwatch.com/story/webull-leverages-crisis-to-spur-innovation-financial-wellness-2020-05-06. 
  16. ↑ Graw, Michael (August 20, 2020). "Commission-free brokerage Webull launches desktop platform". TechRadar. https://www.techradar.com/news/commission-free-brokerage-webull-launches-a-new-desktop-platform. 
  17. ↑ Osipovich, Alexander (October 16, 2020). "Individual-Investing Boom Fuels Trading in Low-Price Stocks". The Wall Street Journal. https://www.wsj.com/articles/individual-investing-boom-fuels-trading-in-low-price-stocks-11602840602. 
  18. ↑ Vigna, Paul (December 16, 2020). "Bitcoin Tops $20,000 for First Time". The Wall Street Journal. https://www.wsj.com/articles/bitcoin-climbs-above-20-000-to-record-11608130696. 
  19. ↑ Crowley, James (January 28, 2021). "Webull follows Robinhood in blocking GameStop, AMC trades after being suggested as alternate trading platform". https://www.newsweek.com/webull-blocks-gamestop-amc-transactions-stock-market-robinhood-1565172. 
  20. ↑ "Update: GME, AMC, and KOSS are no longer restricted.". January 28, 2020. https://twitter.com/WebullGlobal/status/1354875836810342400. 
  21. ↑ Perez, Sarah (January 28, 2021). "Robinhood and Reddit top the App Store, as trading apps surge following gamestop mania". TechCrunch. https://techcrunch.com/2021/01/28/robinhood-and-reddit-top-the-app-store-as-trading-apps-surge-following-gamestop-mania/. 
  22. ↑ Vanian, Jonathan (February 2, 2021). "Robinhood, Webull, and Fidelity apps soar amid GameStop controversy". Fortune. https://fortune.com/2021/02/02/robinhood-webull-fidelity-apps-soar-gamestop-amc-reddit/. 
  23. ↑ "Online Broker Webull Considers $400 Million U.S. IPO". June 8, 2021. https://www.bloomberg.com/news/articles/2021-06-09/online-broker-webull-is-said-to-consider-400-million-u-s-ipo. 
  24. ↑ Dayal, Nikhil (2021-06-10). "Webull In Talks To File For IPO Later This Year: Report" (in English). https://www.benzinga.com/fintech/21/06/21517405/webull-in-talks-to-file-for-ipo-later-this-year-report. 
  25. ↑ "Brooklyn Nets and New York Liberty form Global Multi-year Partnership with Webull" (in en). https://www.nba.com/nets/news/2021/09/27/brooklyn-nets-and-new-york-liberty-form-global-multi-year-partnership-webull. 
  26. ↑ Young, Jabari (2021-09-27). "Brooklyn Nets land $30 million per year jersey deal with brokerage platform Webull" (in en). https://www.cnbc.com/2021/09/27/brooklyn-nets-land-30-million-per-year-jersey-deal-with-webull-.html. 

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