Webull Stock Crashes 19% After US House Committee Flags Secret China Engineering Ties

Webull stock plummeted 19.1% to close at $5.89 after the House Select Committee on China released a report flagging severe data security risks within the retail brokerage's underlying infrastructure. The trading platform currently holds $24.6B in assets for approximately 28M users worldwide. Despite prior claims to the committee of having no employees in mainland China, Webull's annual filings reveal its Hunan Weibu unit employs 863 people, comprising 62% of its total workforce. Company founder Anquan Wang, a Chinese citizen, retains a dominant 79.2% of voting control over the firm. The committee noted escalating concerns after October 2025, when Webull shifted to holding customer cash directly rather than routing it purely through intermediaries. "Using technology providers in mainland China and an opaque China-linked ownership structure, Webull exposes its data to our foremost adversary." — Rep. John Moolenaar