Susquehanna Reports 8.3% Stake in Agora (API) via ADS Holdings

Rhea-AI Filing Summary

Susquehanna Securities, LLC reports beneficial ownership of 24,717,432 Class A ordinary shares of Agora, Inc., representing 8.3% of the outstanding class. The position is reported as sole voting and sole dispositive power for 24,717,432 shares. The holdings break down to 6,179,358 American Depositary Shares (ADSs) plus options to buy 100 ADSs, with each ADS representing four underlying Agora shares, and the filing cites 297,863,025 total shares outstanding as of March 31, 2025. The report classifies the filer as a broker-dealer (BD) and an 'OO' reporting person and indicates the securities were acquired and are held in the ordinary course of business.

Positive

• Substantial disclosed stake: Reporting Person beneficially owns 24,717,432 shares, equal to 8.3% of the class.
• Clear voting/dispositive control: Reporting Person reports sole voting power and sole dispositive power over the 24,717,432 shares.

Negative

• None.

Insights

Securities Analyst

TL;DR: Susquehanna holds a material 8.3% stake (24.7M shares) in Agora, disclosed as sole voting and dispositive power.

The filing shows a meaningful, reportable position by Susquehanna Securities totaling 24,717,432 shares, equal to 8.3% of Agora's Class A shares based on the disclosed share count. The breakdown into 6,179,358 ADSs plus options (100 ADSs) and the 4-for-1 ADS-to-share ratio is explicit and useful for converting ADS-based holdings to underlying shares. As a broker-dealer reporting under Schedule 13G/A, the filing indicates the position is held in the ordinary course of business rather than for control purposes, which frames the stake as material but not necessarily strategic.

Risk Analyst

TL;DR: The disclosed holding is material in size but presented as non-control and ordinary-course activity.

The report documents sole voting and dispositive authority over 24,717,432 shares, which constitutes a concentrated position relative to the stated 297,863,025 shares outstanding. That concentration can attract market attention; however, the certification states the securities are held in the ordinary course of business and not to influence control. The filing provides clear, auditable figures for assessing ownership concentration and converting ADS positions to underlying shares.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Agora, Inc.

(Name of Issuer)

Class A ordinary shares, US$0.0001 par value per share

(Title of Class of Securities)

00851L103

(CUSIP Number)

06/30/2025

(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)

SCHEDULE 13G

CUSIP No. 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 24,717,432.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 24,717,432.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

24,717,432.00

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)

8.3 %

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: 2804 Mission College Blvd, Santa Clara, California 95054
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 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 Susquehanna Securities, LLC 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 (i) 6,179,358 American Depositary Shares ("ADSs") and (ii) options to buy 100 ADSs. Each ADS represents four (4) Shares. The Company's Annual Report on Form 20-F, filed on April 15, 2025, indicates there were 297,863,025 Shares outstanding as of March 31, 2025.
(b)	Percent of class: 8.3 %
(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 hereto 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 7 of the cover page for the Reporting Person hereto 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 8 of the cover page for the Reporting Person hereto and is incorporated herein by reference.
Item 5.	Ownership of 5 Percent or Less of a Class.
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.

Susquehanna Securities, LLC

Signature:	/s/ Brian Sopinsky
Name/Title:	Brian Sopinsky, Secretary
Date:	08/13/2025

FAQ

Who filed the Schedule 13G/A for Agora (API)?

The filing was made by Susquehanna Securities, LLC with principal business office at 401 E. City Avenue, Suite 220, Bala Cynwyd, PA 19004.

How many Agora (API) shares does Susquehanna Securities report owning?

Susquehanna reports beneficial ownership of 24,717,432 shares, representing 8.3% of the class.

What is the composition of Susquehanna's holdings in Agora (API)?

Holdings consist of 6,179,358 ADSs and options to buy 100 ADSs, with each ADS representing 4 underlying Agora shares.

What is Agora's total share count referenced in the filing?

The filing cites 297,863,025 shares outstanding as of March 31, 2025, in the company's Annual Report on Form 20-F.

Does Susquehanna have voting power over the shares it reports?

Yes. The filing reports sole voting power of 24,717,432 shares and sole dispositive power of 24,717,432 shares, with 0 shared voting or dispositive power.