The Changsha, Hunan-based company is working with Goldman Sachs Group Inc. to prepare for the share sale, which could take place as soon as this year, said anonymous insiders.
The Chinese brokerage could follow its peers including Futu Holdings Ltd. and Up Fintech Holdings Ltd., the company behind Tiger Brokers, in pursuing a U.S. listing. Snowball Finance Beijing Internet Information Technology Co., an online financial information portal which counts Ant Group Co. among its backers, is also mulling a U.S. IPO, Bloomberg News reported last month. Webull, founded by Alibaba Group Holding Ltd. alum Wang Anquan, runs one of the fastest-growing retail trading platforms in the U.S. It doesn’t charge trading commissions and offers free real-time stock quotes, according to its website. Wang left Alibaba to help run the finance unit at Chinese tech giant Xiaomi Corp. before setting up Webull’s parent company, Fumi Technology, in 2016. The firm raised $150 million in a funding round that values it at more than $1 billion, Bloomberg News reported in February.