Congressional report finds Webull tied to Chinese government; stock down 30% premarket

A House Select Committee on China report released Wednesday finds Webull's technology and operations are structurally tied to the Chinese government, calling it a national security threat. The platform's back-end tech is subject to Chinese investigatory laws, and a mainland China subsidiary handles core operations. Webull stock fell roughly 30% in premarket trading. The company holds about $24.6 billion in customer assets and went public via SPAC in April 2025.