Webull Enters Next Phase of Growth in Thailand Following Pi Securities Acquisition, Targets THB 200 Billion in AUM

Webull Securities (Thailand) Co., Ltd. ("Webull Thailand"), a subsidiary of Webull Corporation (NASDAQ: BULL) , the owner of the Webull online trading platform, announced the completion of the acquisition of shares in Pi Securities Public Company Limited ("Pi Securities") on 31 August 2026 , following official approval from the Securities and Exchange Commission of Thailand (SEC).

The acquisition was carried out through a share sale and purchase agreement among Webull Holdings (Singapore) Pte. Ltd., Webull Thailand's direct parent company, Webull Corporation, Webull Thailand's ultimate parent company, Country Group Holdings Public Company Limited ("CGH"), the controlling shareholder of Pi Securities, and Pi Securities, under which Webull purchased all of the shares held by CGH, representing approximately 90.98% of the equity interest in Pi Securities, for total consideration of approximately US$90 million. Webull also separately acquired an additional approximately 8.38% equity interest in Pi Securities from another shareholder pursuant to a separate share sale and purchase agreement for consideration of US$10,000,000. Together, the two transactions resulted in Webull acquiring approximately 99.36% of Pi Securities for an aggregate consideration of approximately US$100,000,000.

The acquisition reflects Webull's confidence in the long-term growth potential of Thailand's financial and capital markets, as well as its recognition of Pi Securities' strengths built over more than 50 years. These include a strong presence in Thai equities and derivatives, consistently ranking among the top five brokers by trading volume on TFEX, as well as expertise in wealth management and as a DR issuer. Pi Securities' experienced investment consultant and research teams also provide advisory services and in-depth insights tailored to the needs of Thai investors.

Complementing these strengths, Webull brings its world-class investment platform, advanced investment technology, infrastructure and AI capabilities, along with a global network of leading partners with expertise in developing and issuing ETFs. Combined with Pi Securities' DR capabilities, this can broaden Thai investors' access to investment in the overseas-listed companies and global investment themes. Together, Webull's technology and global reach and Pi Securities' local expertise and capabilities will create a stronger foundation to build a more complete investment business in Thailand and elevate the digital investing experience for Thai investors.

Chonladet Khemarattana, Chief Executive Officer of Webull Thailand, said that one of the strongest synergies following the acquisition will be the integration of research, technology and AI. "By combining Pi Securities' local research expertise and investment specialists with Webull's technology, data and AI capabilities, we can enhance how investment insights are produced, distributed and consumed — making them more timely, scalable and accessible to Thai investors, while retaining the local expertise and investment judgment behind the research," he added.

Building on these complementary strengths, the combined capabilities of Webull and Pi Securities will further strengthen Webull's foundation for continued growth and expansion in Thailand, including through technology development, product expansion, and the expansion of its research, investment consultant, wealth management, and other specialist teams. As Webull continues to develop and invest in these businesses, it also sees new opportunities to expand its presence, particularly in the wealth management segment, and the acquisition creates an opportunity to combine Webull's regional network and technology with Pi Securities' wealth expertise and specialist teams. Beyond investment products and preferential benefits, the combined business can build a broader wealth ecosystem, including personalized investment solutions, insight...