Agora, Inc. ownership disclosure by Susquehanna Securities, LLC reports beneficial ownership of 24,717,032 shares of Class A ordinary shares, equal to 6,179,258 ADSs (each ADS = four shares). The filing states these shares represent 9.4% of the class, with 262,019,205 shares outstanding as of March 31, 2026. The statement lists sole and shared voting and dispositive powers of 24,717,032 each on the cover-page rows incorporated by reference. The filing is signed by Brian Sopinsky, Secretary, dated May 13, 2026.
Positive
None.
Negative
None.
Insights
Susquehanna reports a substantial passive stake in Agora at 9.4%
Susquehanna Securities, LLC states beneficial ownership of 24,717,032 shares via 6,179,258 ADSs (4-for-1 ADS ratio). The filing ties this position to documented voting and dispositive power figures on the cover page.
Ownership equals 9.4% of 262,019,205 shares outstanding as of March 31, 2026. The cash‑flow treatment and intentions regarding the stake are not disclosed in the provided excerpt.
Key Figures
Beneficial ownership:24,717,032 sharesADS count:6,179,258 ADSsPercent of class:9.4%+3 more
6 metrics
Beneficial ownership24,717,032 sharesEquivalent to 6,179,258 ADSs (4 shares per ADS)
ADS count6,179,258 ADSsEach ADS represents four (4) Shares
Percent of class9.4%Percent of class based on disclosed outstanding shares
Shares outstanding262,019,205 sharesAs of March 31, 2026
Sole voting power24,717,032Cover-page row incorporated by reference
Shared dispositive power24,717,032Cover-page row incorporated by reference
Key Terms
ADS, beneficially owned, Schedule 13G/A
3 terms
ADSfinancial
"The number of Shares reported as beneficially owned by Susquehanna Securities, LLC consists of 6,179,258 American Depositary Shares"
Ads are paid promotional messages a company places across media — online, on TV, in print, or on social platforms — to attract customers, explain products, or shape public perception. For investors, ads matter because they drive sales growth, affect how much a company must spend to win customers, and influence brand strength and long-term value. Ads can also create regulatory or reputational risk if claims are misleading, which can affect profits and stock price.
beneficially ownedregulatory
"Amount beneficially owned: The information required by this Item 4(a) is set forth in Row 9"
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
Schedule 13G/Aregulatory
"(Amendment No. 3 ) Agora, Inc. Class A ordinary shares"
A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 3)
Agora, Inc.
(Name of Issuer)
Class A ordinary shares, US$0.0001 par value per share
(Title of Class of Securities)
00851L103
(CUSIP Number)
03/31/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
00851L103
1
Names of Reporting Persons
Susquehanna Securities, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
24,717,032.00
6
Shared Voting Power
24,717,032.00
7
Sole Dispositive Power
24,717,032.00
8
Shared Dispositive Power
24,717,032.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
24,717,032.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.4 %
12
Type of Reporting Person (See Instructions)
BD, OO
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Agora, Inc.
(b)
Address of issuer's principal executive offices:
Floor 8, Building 12, Phase III of ChuangZhiTianDi, 333 Songhu Road, Yangpu District, Shanghai, 200433, People's Republic of China
Item 2.
(a)
Name of person filing:
This statement is filed by Susquehanna Securities, LLC, who is referred to herein as the "Reporting Person" with respect to the shares of Class A ordinary shares, US$0.0001 par value per share (the "Shares"), of Agora, Inc. (the "Company").
(b)
Address or principal business office or, if none, residence:
The address of the principal business office of the Reporting Person is:
401 E. City Avenue
Suite 220
Bala Cynwyd, PA 19004
(c)
Citizenship:
Citizenship is set forth in Row 4 of the cover page for the Reporting Person and is incorporated herein by reference.
(d)
Title of class of securities:
Class A ordinary shares, US$0.0001 par value per share
(e)
CUSIP No.:
00851L103
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
The information required by this Item 4(a) is set forth in Row 9 of the cover page for the Reporting Person and is incorporated herein by reference.
The number of Shares reported as beneficially owned by Susquehanna Securities, LLC consists of 6,179,258 American Depositary Shares ("ADSs"). Each ADS represents four (4) Shares.
The Company's Annual Report on Form 20-F, filed on April 15, 2026, indicates there were 262,019,205 Shares outstanding as of March 31, 2026.
(b)
Percent of class:
9.4 %
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
The information required by this Item 4(c)(i) is set forth in Row 5 of the cover page for the Reporting Person and is incorporated herein by reference.
(ii) Shared power to vote or to direct the vote:
The information required by this Item 4(c)(ii) is set forth in Row 6 of the cover page for the Reporting Person and is incorporated herein by reference.
(iii) Sole power to dispose or to direct the disposition of:
The information required by this Item 4(c)(iii) is set forth in Row 6 of the cover page for the Reporting Person and is incorporated herein by reference.
(iv) Shared power to dispose or to direct the disposition of:
The information required by this Item 4(c)(iv) is set forth in Row 6 of the cover page for the Reporting Person and is incorporated herein by reference.
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
What stake does Susquehanna Securities report in Agora (API)?
Susquehanna Securities reports beneficial ownership of 24,717,032 shares, equivalent to 6,179,258 ADSs (each ADS = four shares), representing 9.4% of the class based on the filing.
How many Agora shares were outstanding as of March 31, 2026?
The filing cites 262,019,205 shares outstanding as of March 31, 2026, a baseline used to calculate the 9.4% ownership stake reported by Susquehanna Securities.
Does the Schedule 13G/A state how Susquehanna acquired the shares?
The excerpt lists the beneficial ownership and voting/dispositive powers but does not describe acquisition method or timing; the filing does not disclose purchase details in the provided text.
Who signed the Schedule 13G/A for Susquehanna Securities?
The filing is signed by Brian Sopinsky, Secretary, with a signature date of May 13, 2026, attesting to the accuracy of the reported ownership figures.
What ADS ratio does Agora use in this filing?
The filing states each American Depositary Share represents four (4) Shares, and Susquehanna's position of 6,179,258 ADSs converts to 24,717,032 underlying shares under that ratio.
