# EDGAR Filing Document

**Accession Number:** 0001866364
**File Stem:** 0002078669-25-000002
**Filing Date:** 2025-8
**Character Count:** 17299
**Document Hash:** 1270c47df36f0ecd62f8c40a3a4fb5ca
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002078669-25-000002.hdr.sgml**: 20250812

**ACCESSION NUMBER**: 0002078669-25-000002

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13G

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250812

**DATE AS OF CHANGE**: 20250812

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Webull Corp
- **CENTRAL INDEX KEY:** 0001866364
- **STANDARD INDUSTRIAL CLASSIFICATION:** SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-95162
- **FILM NUMBER:** 251203957

**BUSINESS ADDRESS:**
- **STREET 1:** 200 CARILLON PARKWAY
- **CITY:** ST. PETERSBURG
- **STATE:** FL
- **ZIP:** 33716
- **BUSINESS PHONE:** 917-725-2448

**MAIL ADDRESS:**
- **STREET 1:** 200 CARILLON PARKWAY
- **CITY:** ST. PETERSBURG
- **STATE:** FL
- **ZIP:** 33716
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Tianjin Nuofeng Enterprise Management Consulting Partnership (Limited Partnership)
- **CENTRAL INDEX KEY:** 0002078669

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** F4
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** NOAH WEALTH CENTER
- **STREET 2:** NO.1226, SOUTH SHENBIN ROAD
- **CITY:** SHANGHAI
- **PROVINCE COUNTRY:** F4
- **ZIP:** 00000
- **BUSINESS PHONE:** (86)13184230016

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** NOAH WEALTH CENTER
- **STREET 2:** NO.1226, SOUTH SHENBIN ROAD
- **CITY:** SHANGHAI
- **PROVINCE COUNTRY:** F4
- **ZIP:** 00000

### Attached PDF Documents

**Attachment 1:** `agreement1.pdf`

_No text found in this document._

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13G

### Under the Securities Exchange Act of 1934

**Issuer:** Webull Corp

**Title of Class of Securities:** Class A Ordinary Shares, par value US$0.00001 per share

**CUSIP Number:** G9572D103

**Date of Event Which Requires Filing of this Statement:** 06/30/2025

**Check the appropriate box to designate the rule pursuant to which this Schedule is filed:**

- [ ] Rule 13d-1(b)

- [ ] Rule 13d-1(c)

- [x] Rule 13d-1(d)

---

| 1. | Names of Reporting Persons<br>Tianjin Nuofeng Enterprise Management Consulting Partnership (Limited Partnership) | Names of Reporting Persons<br>Tianjin Nuofeng Enterprise Management Consulting Partnership (Limited Partnership) |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>F4 | Citizenship or Place of Organization<br>F4 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>37594146.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>37594146.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>0.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>37594146.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>37594146.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>9.4% | Percent of Class Represented by Amount in Row (9)<br>9.4% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN |

**Comment for Type of Reporting Person:** Notes to Rows 5, 7, and 9: Represents 37,594,146 Class A ordinary shares held by Tianjin Nuofeng Enterprise Management Consulting Partnership (Limited Partnership). Its general partner is Gopher Asset Management Co., Ltd., which is wholly owned by Shanghai Noah Investment Management Co., Ltd. Mr. Zhe Yin serves as Executive Director of Shanghai Noah Investment Management Co. and shares voting and investment control over the shares held by Tianjin Nuofeng Enterprise Management Consulting Partnership (Limited Partnership).
Note to Row 11: Represents 9.4% of the issuer's total outstanding Class A ordinary shares, and 7.8% of the issuer's total outstanding ordinary shares. See Item 4.

---

| 1. | Names of Reporting Persons<br>Gopher Asset Management Co., Ltd. | Names of Reporting Persons<br>Gopher Asset Management Co., Ltd. |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>F4 | Citizenship or Place of Organization<br>F4 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>37594146.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>37594146.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>0.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>37594146.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>37594146.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>9.4% | Percent of Class Represented by Amount in Row (9)<br>9.4% |
| 12. | Type of Reporting Person (See Instructions)<br>CO | Type of Reporting Person (See Instructions)<br>CO |

**Comment for Type of Reporting Person:** Notes to Rows 5, 7, and 9: Represents 37,594,146 Class A ordinary shares held by Tianjin Nuofeng Enterprise Management Consulting Partnership (Limited Partnership). Its general partner is Gopher Asset Management Co., Ltd., which is wholly owned by Shanghai Noah Investment Management Co., Ltd. Mr. Zhe Yin serves as Executive Director of Shanghai Noah Investment Management Co. and shares voting and investment control over the shares held by Tianjin Nuofeng Enterprise Management Consulting Partnership (Limited Partnership).
Note to Row 11: Represents 9.4% of the issuer's total outstanding Class A ordinary shares, and 7.8% of the issuer's total outstanding ordinary shares. See Item 4.

---

| 1. | Names of Reporting Persons<br>Shanghai Noah Investment Management Co., Ltd. | Names of Reporting Persons<br>Shanghai Noah Investment Management Co., Ltd. |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>F4 | Citizenship or Place of Organization<br>F4 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>37594146.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>37594146.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>0.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>37594146.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>37594146.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>9.4% | Percent of Class Represented by Amount in Row (9)<br>9.4% |
| 12. | Type of Reporting Person (See Instructions)<br>CO | Type of Reporting Person (See Instructions)<br>CO |

**Comment for Type of Reporting Person:** Notes to Rows 5, 7, and 9: Represents 37,594,146 Class A ordinary shares held by Tianjin Nuofeng Enterprise Management Consulting Partnership (Limited Partnership). Its general partner is Gopher Asset Management Co., Ltd., which is wholly owned by Shanghai Noah Investment Management Co., Ltd. Mr. Zhe Yin serves as Executive Director of Shanghai Noah Investment Management Co. and shares voting and investment control over the shares held by Tianjin Nuofeng Enterprise Management Consulting Partnership (Limited Partnership).
Note to Row 11: Represents 9.4% of the issuer's total outstanding Class A ordinary shares, and 7.8% of the issuer's total outstanding ordinary shares. See Item 4.

---

| 1. | Names of Reporting Persons<br>Zhe Yin | Names of Reporting Persons<br>Zhe Yin |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>F4 | Citizenship or Place of Organization<br>F4 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>37594146.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>37594146.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>37594146.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>37594146.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>9.4% | Percent of Class Represented by Amount in Row (9)<br>9.4% |
| 12. | Type of Reporting Person (See Instructions)<br>IN | Type of Reporting Person (See Instructions)<br>IN |

**Comment for Type of Reporting Person:** Notes to Rows 5, 7, and 9: Represents 37,594,146 Class A ordinary shares held by Tianjin Nuofeng Enterprise Management Consulting Partnership (Limited Partnership). Its general partner is Gopher Asset Management Co., Ltd., which is wholly owned by Shanghai Noah Investment Management Co., Ltd. Mr. Zhe Yin serves as Executive Director of Shanghai Noah Investment Management Co. and shares voting and investment control over the shares held by Tianjin Nuofeng Enterprise Management Consulting Partnership (Limited Partnership).
Note to Row 11: Represents 9.4% of the issuer's total outstanding Class A ordinary shares, and 7.8% of the issuer's total outstanding ordinary shares. See Item 4.

---

**Item 1(a). Name of Issuer:**
Webull Corp

**Item 1(b). Address of Issuer's Principal Executive Offices:**
200 CARILLON PARKWAY, ST. PETERSBURG, FLORIDA, 33716.

**Item 2(a). Name of Person Filing:**
Tianjin Nuofeng Enterprise Management Consulting Partnership (Limited Partnership)
Gopher Asset Management Co., Ltd.
Shanghai Noah Investment Management Co., Ltd.
Zhe Yin

**Item 2(b). Address of Principal Business Office:**
The business address of each of the Reporting Persons is Noah Wealth Center, No. 1226, South Shenbin Road, Minhang District, Shanghai, China

**Item 2(c). Citizenship:**
Tianjin Nuofeng Enterprise Management Consulting Partnership (Limited Partnership): China
Gopher Asset Management Co., Ltd.: China
Shanghai Noah Investment Management Co., Ltd.: China
Zhe Yin: China

**Item 2(d). Title of Class of Securities:**
Class A Ordinary Shares, par value US$0.00001 per share

**Item 2(e). CUSIP Number:**
G9572D103

**Item 3. If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:**

(a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).

(b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

(c) [ ] Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).

(d) [ ] Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).

(e) [ ] An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);

(f) [ ] An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);

(g) [ ] A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);

(h) [ ] A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i) [ ] A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j) [ ] A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), if filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:

(k) [ ] Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).

**Item 4. Ownership:**

**(a) Amount beneficially owned:**

The information required by Item 4(a) is set forth in Row 9 of the cover page for each Reporting Person and is incorporated herein by reference.

**(b) Percent of class:**

The information required by Item 4(b) is set forth in Row 11 of the cover page for each Reporting Person and is incorporated herein by reference. The percentage of the total outstanding Class A ordinary shares is calculated based on the 401,758,855 Class A ordinary shares outstanding as reported in the Issuer's final prospectus for the registration statement on Form F-1 filed with the SEC on July 23, 2025. The percentage of the total outstanding ordinary shares is calculated based on the 484,746,871 outstanding ordinary shares as a single class, being the sum of 401,758,855 Class A ordinary shares and 82,988,016 Class B ordinary shares outstanding as reported in the Issuer's final prospectus for the registration statement on Form F-1 filed with the SEC on July 23, 2025.

**(c) Number of shares as to which the person has:**

**(i) Sole power to vote or to direct the vote:**

The information required by Item 4(c) is set forth in Rows 5-8 of the cover page for each Reporting Person and is incorporated herein by reference.

**(ii) Shared power to vote or to direct the vote:**

The information required by Item 4(c) is set forth in Rows 5-8 of the cover page for each Reporting Person and is incorporated herein by reference.

**(iii) Sole power to dispose or to direct the disposition of:**

The information required by Item 4(c) is set forth in Rows 5-8 of the cover page for each Reporting Person and is incorporated herein by reference.

**(iv) Shared power to dispose or to direct the disposition of:**

The information required by Item 4(c) is set forth in Rows 5-8 of the cover page for each Reporting Person and is incorporated herein by reference.

**Item 5. Ownership of Five Percent or Less of a Class.**

[x] If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following.

**Item 6. Ownership of More than 5 Percent on Behalf of Another Person.**

Not Applicable

**Item 7. Identification and Classification of the Subsidiary**

Not Applicable

**Item 8. Identification and Classification of Members of the Group**

Not Applicable

**Item 9. Notice of Dissolution of Group**

Not Applicable

**Item 10. Certification:**

—

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Tianjin Nuofeng Enterprise Management Consulting Partnership (Limited Partnership)**

**Date:** 08/12/2025

**By:** /s/ Zhe Yin

**Name & Title:** Director

**Gopher Asset Management Co., Ltd.**

**Date:** 08/12/2025

**By:** /s/ Zhe Yin

**Name & Title:** Director

**Shanghai Noah Investment Management Co., Ltd.**

**Date:** 08/12/2025

**By:** /s/ Zhe Yin

**Name & Title:** Executive Director

**Zhe Yin**

**Date:** 08/12/2025

**By:** /s/ Zhe Yin

**Name & Title:** Zhe Yin