A major deal shakes the Thai securities industry as Webull, a global stock trading platform, has reached an agreement to acquire Pi Securities for 2.865 billion baht, generating significant interest among investors.
On the afternoon of 29 Jun 2026, the Stock Exchange of Thailand (SET) placed an H or trading halt symbol on the shares of Country Group Holdings Public Company Limited (CGH), the major shareholder of Pi Securities, pending further information disclosure.
Recently, CGH submitted a clarification letter to the SET stating that the transaction is still in progress and will be finalized only after approval from CGH's shareholders' meeting, completion of contractual procedures, and receipt of necessary approvals from relevant regulatory authorities as required by law. If approved and completed, Webull Holdings (Singapore) Pte. Ltd. will become the major shareholder of Pi Securities.
Back in 2023, Pi Securities Public Company Limited was established as a major rebranding of Country Group Securities under the CGH group or Country Group Holdings Public Company Limited.
The company officially announced the name change and launched the "Pi" brand to reflect its transition from a traditional brokerage to a fintech company focused on digital investment platforms.
This rebranding was not just a name change but included launching the Pi application, developed as a multi-asset investment platform supporting various assets including Thai and foreign stocks, mutual funds, bonds, and other investment products, targeting modern investors who want to manage their portfolios through a single app.
At the launch, CGH stated its goal to elevate Pi beyond a stock brokerage into a WealthTech platform combining technology with investment services, integrating data, analytics, and digital tools to help investors plan and manage portfolios efficiently.
Country Group Holdings Public Company Limited (CGH) informed the Stock Exchange of Thailand that as the major shareholder of Pi Securities, it disclosed to the SET on 29 June 2026 a resolution from its board of directors regarding the sale of all investments in subsidiaries, approval of special compensation for directors, and scheduling an extraordinary shareholders' meeting 1/2026.
The company will sell a total of 1,578,884,083 shares of Pi Securities, representing 90.98% of the issued and paid-up shares, and 885,666 shares of Top Trader Co., Ltd. (TT), representing 55.99% of TT's issued and paid-up shares, both subsidiaries, to Webull Holdings (Singapore) Pte. Ltd., which is unrelated to the company. The total value is approximately 2.865 billion baht.
The transaction is ongoing and will be finalized after approval by CGH's shareholders' meeting, completion of contractual terms, and receipt of necessary legal approvals. Upon completion, Webull Holdings (Singapore) Pte. Ltd. will become the major shareholder of Pi Securities.
Webull Holdings Singapore is part of Webull Corporation, a global investment technology provider listed on Nasdaq under the symbol "BULL." As of 31 May 2026, Webull Group had 28 million registered users and customer assets totaling over 970 billion baht, covering 16 countries across North America, Asia-Pacific, Europe, Africa, and Latin America.
Pi Securities will continue operating under the name "Pi Securities Public Company Limited" with the service concept "Digital with Human Touch," allowing customers to use all investment products continuously.
Pi Securities believes that the change in major shareholder is a significant step to enhance the company's capabilities in technology, capital, partnerships, and global business opportunities. This will support investment platform development, expand access to global investment products, elevate wealth management services, and foster financial innovation by combining global technology with expert advice to deliver better long-term investment experiences for customers.
Pi Securities reaffirms its commitment to operating transparently, with good governance, prioritizing customers' best interests, and pursuing stable and sustainable growth in the future.
Regarding payment structure, CGH will receive total compensation of approximately 2.865 billion baht, which is not final as price adjustments per contract terms may apply, divided into two parts.
The first part is cash totaling 10 million US dollars, paid in two installments of 5 million dollars each: the first upon the share purchase agreement becoming effective, and the second on the closing date.
The second part is common shares of Webull Corporation (NASDAQ: BULL) valued at 80 million US dollars, divided into payment shares worth 60 million dollars with a risk protection mechanism guaranteeing CGH will receive the full 60 million dollars in cash, and escrow shares worth 20 million dollars reserved for final purchase price adjustment.
Based on BULL's closing price of 6.82 dollars per share on 28 June 2026, CGH will receive approximately 11.73 million BULL shares, representing about 2.16–2.21% of the issued and paid-up shares. Thus, after this deal, CGH will become a shareholder of Webull Corporation on Nasdaq.
Chonladej Khemaratana, CEO of Webull Thailand, told Thairath Money that the share purchase agreement was signed successfully on 29 June. This investment is through Webull Holdings (Singapore) Pte. Ltd., a subsidiary of Nasdaq-listed Webull Corporation, acquiring over 90.98% of Pi Securities shares from Country Group Holdings Public Company Limited (CGH).
"We are not buying for the license, as we already have one. We don't need two licenses. We bought because we want the human resources and the existing large customer base," he explained.
Chonladej further noted that the two businesses have almost no overlap. Webull's strength lies in US and foreign stocks with minimal Thai stock revenue and importantly, no sales team or investment consultants (IC), focusing on a self-directed app model.
Meanwhile, Pi Securities, although with smaller foreign stock exposure, is strong in Thai stocks and TFEX, ranking among the top in the market, supported by over 300 relationship managers (RM) and ICs, along with research and Depositary Receipt (DR) teams.
"We gain over 300 RMs and ICs, a research team, a DR team, everything. We just need to manage growth, and benefit from economies of scale and shared costs to make the business profitable," he said.
After the merger is complete, Webull will become Thailand's most comprehensive brokerage, and Webull Thailand will have the largest workforce globally, surpassing even the US headquarters.
The Webull CEO emphasized the key message that customers will not be affected at all. Initially, both companies will operate separately under their two brands. Pi Securities' customers trading with advisors or self-directed will continue as usual, including maintaining the existing streaming system. The sales team, IC, and RM will receive compensation as before.
Customers will gain access to Webull's products, previously unavailable in the Thai market, plus support teams from the US and Hong Kong who will assist more frequently, backed by central funding from Webull Corporation. Major synergies will come from customer bases, product teams, marketing, and offices. Chonladej stressed that the full merger process will take years, typical for deals of this nature, so detailed integration is not yet finalized.
On business goals, Webull Thailand's CEO revealed it currently has over 400,000 account holders and assets under management (AUM) of about 20 billion baht, aiming for 40 billion baht for the year. For Pi Securities, with AUM at the hundred-billion-baht level, Webull aims to turn around losses and achieve profitability by 2026.
Chonladej added that after the deal, they will support Pi Securities' teams, such as promoting the DR business to the forefront, portfolio advisory, and connecting foreign partners with the research team, viewing synergies as a way to strengthen expertise across teams.
Asked about the impact of other foreign platforms entering the market, Chonladej sees this as raising competitive standards and providing more choices for Thai investors. He compared it to how without Webull, other players might not hasten system improvements to serve customers. He likened this business to people choosing global platforms like Facebook, Google, or iPhone, noting that some businesses must compete globally and that app-based trading has truly transformed investing.
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