Webull Shares Slide as House Report Flags China Ties
Shares of trading platform Webull fell sharply after a US House Select Committee on China report flagged the company's ties to China.
The stock dropped between 18 and 30 per cent as investors reacted to the report's findings. The company has disputed the report's claims.
The committee raised concerns about data security and ownership links. Webull said it operates independently and complies with US regulations.
The episode reflects growing Washington scrutiny of financial technology firms with Chinese connections. Lawmakers have pushed for tighter oversight of data flows.
Webull, which offers commission-free trading, has grown rapidly among retail investors. The sell-off wiped out a large chunk of its market value.
Analysts say the company's response and any regulatory follow-up will decide whether the stock recovers. The committee has not announced further action.
The report is part of wider scrutiny of apps handling Americans' financial data. Webull says it will cooperate with any official inquiries.
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