OPay’s planned $304 million initial public offering (IPO) in the United States was reportedly halted following a regulatory inquiry by Chinese authorities, just hours after the Nigerian-focused fintech company priced its shares.
According to Bloomberg, which cited people familiar with the matter, the inquiry came from a Chinese regulator despite OPay having no business operations or revenue in mainland China.
The company’s only reported connection to China is through its founder, Zhou Yahui, a Chinese businessman.
The development provides further context to OPay’s earlier explanation that the suspension of its IPO followed a regulatory inquiry involving a foreign jurisdiction.
Why Chinese Authorities Are Investigating OPay
Zhou Yahui also founded Kunlun Tech, a Chinese technology company that previously owned dating app Grindr and led a consortium that acquired a stake in Norwegian technology company Opera Ltd. in 2016.
Bloomberg reported that the inquiry into OPay reflects China’s growing efforts to exercise regulatory influence over companies with international operations and connections.
The development comes amid other reported interventions by Chinese authorities involving international business transactions.
Earlier in 2026, Chinese authorities reportedly forced Meta Platforms to reverse its $2 billion acquisition of artificial intelligence startup Manus.
The Financial Times also reported on Thursday that China had blocked SoftBank Group’s proposed $5.4 billion acquisition of ABB’s robotics division.
OPay Says IPO Suspension Does Not Reflect Business Performance
OPay had previously stated that the suspension was connected to a regulatory inquiry involving a foreign jurisdiction.
The company maintained that the development should not be interpreted as a reflection of its business performance, financial condition or regulatory standing.
Headquartered in Singapore, OPay conducts most of its operations in Nigeria and has approximately 50 million monthly active users.
The fintech company also operates in Egypt, Indonesia and Pakistan.
Citigroup, Deutsche Bank and Standard Bank Group are among the financial institutions involved in the proposed listing, following the removal of China International Capital Corporation from the transaction.
How OPay’s US IPO Plans Unfolded
- OPay’s proposed US listing first emerged in May 2026, when reports indicated that the fintech company was targeting a valuation of approximately $4 billion.
- The company subsequently appointed Citigroup, Deutsche Bank and JPMorgan Chase to work on the proposed offering, which was expected to take place later in the year.
- In August, OPay disclosed that it processed $358 billion in gross transaction value in 2025, more than double the $166.2 billion recorded in 2024.
- The proposed IPO also attracted interest from South African financial services group Standard Bank, which was reportedly in discussions to acquire a stake in the company ahead of the listing.
- Separately, OPay was considering a listing on the Nigerian Exchange (NGX), potentially giving domestic investors an opportunity to participate in its ownership.
- On October 9, the company filed its Form F-1 registration statement with the US Securities and Exchange Commission (SEC), formally advancing its proposed New York Stock Exchange listing.
- The filing also disclosed that OPay had secured board and shareholder approval for a secondary listing on the NGX after completing its primary US listing.
On October 29, OPay priced 16 million American Depositary Shares (ADSs) at $19 each, the lower end of its proposed price range of $19 to $21.
The offering was expected to generate approximately $304 million in gross proceeds and give the company an implied valuation of about $4 billion.
Trading was scheduled to begin on the New York Stock Exchange under the ticker symbol OPAY on October 30, with the offering expected to close on November 2.
However, the shares did not begin trading as scheduled after the planned debut was halted pending further developments.
Following discussions with its underwriters, OPay subsequently agreed to terminate the underwriting agreement dated October 29, effectively bringing the proposed offering to an end.
The reported Chinese regulatory inquiry now adds another layer to the suspension of the fintech company’s highly anticipated US listing, which had attracted significant interest from international investors.
