Webull, a Chinese-Owned Online Brokerage, Set to Go Public on Nasdaq

Webull, a Chinese-owned online brokerage, known for its popularity during the meme stock trading frenzy in 2021, is set to go public on the Nasdaq through a merger with SK Growth Opportunities. The deal is expected to raise about $100mn, giving the company an implied enterprise valuation of $7.3bn. However, questions arise about the company's valuation, given the lack of financial statements and voting rights. Investors are advised caution as the company's governance structure and potential stock volatility raise concerns. The expansion of PFOF and the industry comparison with Robinhood further add to the complexity. With many uncertainties in play, the impending public debut of Webull warrants a closer look.