The House Select Committee on the Chinese Communist Party discovered a disconnect between Webull’s marketing narrative and its underlying corporate reality. Investigators identified deep-seated dependencies involving the company’s technical workforce, proprietary technology, and financing streams that remain tethered to Chinese interests. These findings arrive as lawmakers intensify scrutiny over foreign influence in domestic financial services.

Prior to this announcement, the company had already faced headwinds, with shares declining 6.4% year to date through Tuesday’s close. While the committee’s full report is slated for public release later today, the preliminary findings have triggered a sharp market reaction. Webull representatives have not yet addressed the specific allegations regarding their operational oversight and administrative control.