# EDGAR Filing Document

**Accession Number:** 0001446209
**File Stem:** 0001446209-25-000009
**Filing Date:** 2025-8
**Character Count:** 21904
**Document Hash:** 6c8a9971bacbcbfee83a8116d3330de5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001446209-25-000009.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0001446209-25-000009

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13G

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20250814

**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:** 251215832

**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:** SIG Asia Investment, LLLP
- **CENTRAL INDEX KEY:** 0001446209

**ORGANIZATION NAME:**
- **EIN:** 522447883
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

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

**BUSINESS ADDRESS:**
- **STREET 1:** 401 E. CITY AVENUE
- **STREET 2:** SUITE 220
- **CITY:** BALA CYNWYD
- **STATE:** PA
- **ZIP:** 19004
- **BUSINESS PHONE:** 610-617-2600

**MAIL ADDRESS:**
- **STREET 1:** 401 E. CITY AVENUE
- **STREET 2:** SUITE 220
- **CITY:** BALA CYNWYD
- **STATE:** PA
- **ZIP:** 19004

## Exhibit 24.1

**Exhibit 24**

**LIMITED POWER OF ATTORNEY**

THIS LIMITED POWER OF ATTORNEY given on the 13th day of August, 2025 by SIG Global China Fund I, LLLP (hereinafter called "the Company"), whose Registered Office is situated at 251 Little Falls Drive, Wilmington, DE 19808.

WHEREAS, by agreement dated January 2, 2018, by and between the Company and SIG Asia Investment, LLLP, the Company expressly authorized SIG Asia Investment, LLLP to enter into transactions in certain designated areas as defined in the Discretionary Investment Management Agreement attached hereto marked "Appendix 1."

NOW THIS DEED WITNESSETH that, effective from January 2, 2018, Melissa Jamaca, Treasurer of the general partner of the Company, hereby appoints on behalf of the Company the firm of SIG Asia Investment, LLLP, which through its officers, directors, and employees is hereby formally granted limited power of attorney for the purpose of entering into transactions on behalf and for the account of the Company and to take all actions on behalf of the Company as may be necessary to consummate such transactions, including but not limited to making, negotiating, signing, endorsing, executing, acknowledging, and delivering in the name of the Company all applications, contracts, agreements, notes, statements, certificates, proxies, and any other instruments of whatever kind and nature as may be necessary or proper in connection with the entering into of such transactions, instructing the transfer of funds where necessary with respect to such transactions, and performing all of the services specified under the Discretionary Investment Management Agreement with respect to such transactions.

IN WITNESS WHEREOF, the Company has caused this Limited Power of Attorney to take effect on the day and year above written from and after January 2, 2018.

THE COMMON SEAL OF

SIG Global China Fund I, LLLP

was hereunto affixed in the presence of:

SIG Global China Fund I, LLLP

By: SIG Global Investments GP, LLC, its general partner

By: <u>/s/ Melissa Jamaca</u>

Melissa Jamaca, Treasurer

## Exhibit 24.2

**Exhibit 24**

**LIMITED POWER OF ATTORNEY**

THIS LIMITED POWER OF ATTORNEY given on the 13th day of August, 2025 by SIG Asia Investment, LLLP (hereinafter called "the Company"), whose Registered Office is situated at 251 Little Falls Drive, Wilmington, DE 19808.

WHEREAS, by agreement dated September 17, 2018, by and between the Company and Heights Capital Management, Inc. ("HCMI"), the Company expressly authorized HCMI to enter into transactions in certain designated areas as defined in the Second Amended and Restated Discretionary Investment Management Agreement attached hereto marked "Appendix 1."

WHEREAS, pursuant to the terms of that certain Assignment and Assumption Agreement dated effective as of June 1, 2025, by and between HCMI and HCM Asia, Inc., HCMI transferred and assigned its rights and obligations as a service provider under such Second Amended and Restated Discretionary Investment Management Agreement to HCM Asia, Inc., which irrevocably accepted and assumed such rights and obligations.

NOW THIS DEED WITNESSETH that, effective from June 1, 2025, Melissa Jamaca, Treasurer of the Company, hereby appoints on behalf of the Company the firm of HCM Asia, Inc., which through its officers, directors and employees is hereby formally granted limited power of attorney for the purpose of entering into transactions on behalf and for the account of the Company and to take all actions on behalf of the Company as may be necessary to consummate such transactions, including but not limited to making, negotiating, signing, endorsing, executing, acknowledging, and delivering in the name of the Company all applications, contracts, agreements, notes, statements, certificates, proxies, and any other instruments of whatever kind and nature as may be necessary or proper in connection with the entering into of such transactions, instructing the transfer of funds where necessary with respect to such transactions, and performing all of the services specified under the Second Amended and Restated Discretionary Investment Management Agreement with respect to such transactions.

IN WITNESS WHEREOF, the Company has caused this Limited Power of Attorney to take effect on the day and year above written.

THE COMMON SEAL OF

SIG Asia Investment, LLLP

was hereunto affixed in the presence of:

SIG Asia Investment, LLLP

By: <u>/s/ Melissa Jamaca</u>

Melissa Jamaca, Treasurer

## Ex-99

**Exhibit 99**

**JOINT FILING AGREEMENT**

This will confirm the agreement by and among the undersigned that the Schedule 13G filed with the Securities and Exchange Commission on or about the date hereof with respect to the beneficial ownership by the undersigned of the Class A Ordinary Shares, $0.00001 par value per share of Webull Corporation, is being filed, and all amendments thereto will be filed, on behalf of each of the persons and entities named below in accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

Dated as of August 14, 2025

SIG GLOBAL CHINA FUND I, LLLP

By: SIG Asia Investment, LLLP,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;pursuant to a Limited Power of Attorney

By: HCM Asia, Inc.,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;pursuant to a Limited Power of Attorney

By: <u>/s/ Sarah Travis</u>

Name: Sarah Travis

Title: Authorized Signatory

SIG ASIA INVESTMENT, LLLP

By: HCM Asia, Inc.,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;pursuant to a Limited Power of Attorney

By: <u>/s/ Sarah Travis</u>

Name: Sarah Travis

Title: Authorized Signatory

HCM ASIA, INC.

By: <u>/s/ Sarah Travis</u>

Name: Sarah Travis

Title: Authorized Signatory

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

## SCHEDULE 13G

### Under the Securities Exchange Act of 1934

**Issuer:** Webull Corporation

**Title of Class of Securities:** Class A Ordinary Shares, $0.00001 par value 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>SIG Global China Fund I, LLLP | Names of Reporting Persons<br>SIG Global China Fund I, LLLP |
|:---|:---|:---|:---|
| 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>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>24152813 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>24152813 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>24152813 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>24152813 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>24152813 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>24152813 |
| 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>6.4% | Percent of Class Represented by Amount in Row (9)<br>6.4% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN |

**Comment for Type of Reporting Person:** With respect to Row 5 through Row 9 above, SIG Asia Investment, LLLP, SIG Global China Fund I, LLLP, and HCM Asia, Inc. may be deemed a group.  For purposes of this report, we have indicated that each reporting person has sole voting and dispositive power with respect to the shares beneficially owned by it and that the reporting persons have shared voting and dispositive power with respect to all shares beneficially owned by all of the reporting persons.  Each of the reporting persons disclaims beneficial ownership of shares owned directly by another reporting person. SIG Asia Investment, LLLP is the investment manager to SIG Global China Fund I, LLLP, and as such may exercise voting and dispositive power over these shares. HCM Asia, Inc. is the investment manager to SIG Asia Investment, LLLP and as such may exercise voting and dispositive power over these shares.

---

| 1. | Names of Reporting Persons<br>SIG Asia Investment, LLLP | Names of Reporting Persons<br>SIG Asia Investment, LLLP |
|:---|:---|:---|:---|
| 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>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>24152813 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>24152813 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>24152813 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>24152813 |
| 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>6.4% | Percent of Class Represented by Amount in Row (9)<br>6.4% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN |

**Comment for Type of Reporting Person:** With respect to Row 5 through Row 9 above, SIG Asia Investment, LLLP, SIG Global China Fund I, LLLP, and HCM Asia, Inc. may be deemed a group.  For purposes of this report, we have indicated that each reporting person has sole voting and dispositive power with respect to the shares beneficially owned by it and that the reporting persons have shared voting and dispositive power with respect to all shares beneficially owned by all of the reporting persons.  Each of the reporting persons disclaims beneficial ownership of shares owned directly by another reporting person. SIG Asia Investment, LLLP is the investment manager to SIG Global China Fund I, LLLP, and as such may exercise voting and dispositive power over these shares. HCM Asia, Inc. is the investment manager to SIG Asia Investment, LLLP and as such may exercise voting and dispositive power over these shares.

---

| 1. | Names of Reporting Persons<br>HCM Asia, Inc. | Names of Reporting Persons<br>HCM Asia, Inc. |
|:---|:---|:---|:---|
| 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>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>24152813 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>24152813 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>24152813 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>24152813 |
| 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>6.4% | Percent of Class Represented by Amount in Row (9)<br>6.4% |
| 12. | Type of Reporting Person (See Instructions)<br>CO | Type of Reporting Person (See Instructions)<br>CO |

**Comment for Type of Reporting Person:** With respect to Row 5 through Row 9 above, SIG Asia Investment, LLLP, SIG Global China Fund I, LLLP, and HCM Asia, Inc. may be deemed a group.  For purposes of this report, we have indicated that each reporting person has sole voting and dispositive power with respect to the shares beneficially owned by it and that the reporting persons have shared voting and dispositive power with respect to all shares beneficially owned by all of the reporting persons.  Each of the reporting persons disclaims beneficial ownership of shares owned directly by another reporting person. SIG Asia Investment, LLLP is the investment manager to SIG Global China Fund I, LLLP, and as such may exercise voting and dispositive power over these shares. HCM Asia, Inc. is the investment manager to SIG Asia Investment, LLLP and as such may exercise voting and dispositive power over these shares.

---

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

**Item 1(b). Address of Issuer's Principal Executive Offices:**
200 Carillon Parkway, St. Petersburg, FL 33716

**Item 2(a). Name of Person Filing:**
This statement is filed by the entities listed below, who are collectively referred to herein as "Reporting Persons," with respect to the Class A ordinary shares of Webull Corporation (the "Company"), $0.00001 par value per share (the "Shares").

  (i) SIG Asia Investment, LLLP
  (ii) SIG Global China Fund I, LLLP
  (iii) HCM Asia, Inc.

**Item 2(b). Address of Principal Business Office:**
The address of the principal business office of each of SIG Asia Investment, LLLP and SIG Global China Fund I, LLLP is:

251 Little Falls Drive
Wilmington, DE 19808

The address of the principal business office of HCM Asia, Inc. is:

401 E. City Avenue
Suite 220
Bala Cynwyd, PA 19004

**Item 2(c). Citizenship:**
Citizenship is set forth in Row 4 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.

**Item 2(d). Title of Class of Securities:**
Class A Ordinary Shares, $0.00001 par value 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 this Item 4(a) is set forth in Row 9 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
The Company's Prospectus (Registration No. 333-286880), filed on May 9, 2025, indicates that there were 378,563,226 Shares outstanding as of May 9, 2025.

**(b) Percent of class:**

6.4

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

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

The information required by this Item 4(c)(i) is set forth in Row 5 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.

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

The information required by this Item 4(c)(ii) is set forth in Row 6 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
SIG Asia Investment, LLLP, which serves as the investment manager to SIG Global China Fund I, LLLP, may be deemed to be the beneficial owner of all Shares owned by SIG Global China Fund I, LLLP. HCM Asia, Inc., which serves as the investment manager to SIG Asia Investment, LLLP, may be deemed to be the beneficial owner of all Shares owned by SIG Global China Fund I, LLLP. Each of the Reporting Persons hereby disclaims any beneficial ownership of any such Shares, except for their pecuniary interest therein.

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

The information required by this Item 4(c)(iii) is set forth in Row 7 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.

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

The information required by this Item 4(c)(iv) is set forth in Row 8 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
SIG Asia Investment, LLLP, which serves as the investment manager to SIG Global China Fund I, LLLP, may be deemed to be the beneficial owner of all Shares owned by SIG Global China Fund I, LLLP. HCM Asia, Inc., which serves as the investment manager to SIG Asia Investment, LLLP, may be deemed to be the beneficial owner of all Shares owned by SIG Global China Fund I, LLLP. Each of the Reporting Persons hereby disclaims any beneficial ownership of any such Shares, except for their pecuniary interest therein.

**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.

**SIG Global China Fund I, LLLP**

**Date:** 08/14/2025

**By:** /s/ Sarah Travis

**Name & Title:** Sarah Travis, Authorized Signatory of HCM Asia, Inc.

**SIG Asia Investment, LLLP**

**Date:** 08/14/2025

**By:** /s/ Sarah Travis

**Name & Title:** Sarah Travis, Authorized Signatory of HCM Asia, Inc.

**HCM Asia, Inc.**

**Date:** 08/14/2025

**By:** /s/ Sarah Travis

**Name & Title:** Sarah Travis, Authorized Signatory