Chinese regulatory inquiry forced OPay to halt $300 million US IPO – Report

A Chinese regulatory inquiry prompted OPay Ltd. to halt its planned $300 million US initial public offering (IPO), just hours after the Nigeria-focused fintech company set the price for the listing.

According to a report by Bloomberg, citing people familiar with the matter, the inquiry came from a Chinese regulator despite OPay having no business operations or revenue in mainland China.

Its only connection to the country is through its founder, Zhou Yahui, a Chinese businessman.

This ties back to OPay’s earlier explanations that the IPO was halted due to a “regulatory inquiry involving a foreign jurisdiction.” Why Chinese authorities are examining OPay

Zhou also founded Kunlun Tech, a Chinese technology company that previously owned dating app Grindr and led a group that bought part of Norwegian technology company Opera Ltd. in 2016.

The inquiry into OPay, despite its lack of business operations in mainland China, reflects Beijing’s increasing attempts to influence global companies, according to Bloomberg.

Earlier in 2026, Chinese authorities forced Meta Platforms Inc. to unwind its $2 billion acquisition of artificial intelligence startup Manus.

The Financial Times also reported on Thursday that China had blocked SoftBank Group Corp.’s proposed $5.4 billion acquisition of ABB Ltd.’s robotics division.

OPay says IPO halt is not a reflection of its business

OPay had earlier said the suspension was linked to a regulatory inquiry from a foreign jurisdiction and should not be interpreted as a reflection of its business performance, financial condition or regulatory standing.

The company is headquartered in Singapore and conducts most of its business in Nigeria. It has approximately 50 million monthly active users and also serves customers in Egypt, Indonesia and Pakistan.

Citigroup Inc., Deutsche Bank AG and Standard Bank Group Ltd. are working on the proposed listing, after China International Capital Corp. was removed from the deal.

How OPay’s US IPO unfolded

OPay’s proposed US IPO first emerged in May 2026, when reports indicated that the fintech company was preparing to list in the United States at a valuation of approximately $4 billion.

• Nairametrics subsequently reported that Citigroup, Deutsche Bank and JPMorgan Chase had been appointed to manage the proposed offering, which was expected to take place later in the year, as detailed in its report on Standard Bank’s interest in OPay ahead of the IPO.
• In August, Nairametrics reported that OPay had processed $358 billion in gross transaction value in 2025, more than double the $166.2 billion recorded in 2024, as it prepared for the proposed listing.
• The IPO plans also attracted interest from South African financial services group Standard Bank, which was in talks to acquire a stake in OPay ahead of the listing.
• Separately, Nairametrics exclusively reported on August 27 that OPay was considering a listing on the Nigerian Exchange (NGX), giving domestic investors an opportunity to participate in its ownership.

The company subsequently filed its Form F-1 registration statement with the US Securities and Exchange Commission (SEC) on October 9, formally setting its proposed New York Stock Exchange (NYSE) listing in motion. The filing also disclosed that OPay had secured board and shareholder approval for a secondary listing on the NGX following completion of its primary US listing.

• On October 29, OPay priced 16 million American depositary shares (ADSs) at $19 each, the lower end of its proposed $19 to $21 range. The offering was expected to generate $304 million in gross proceeds and implied a valuation of approximately $4 billion. Trading was scheduled to begin on the NYSE under the ticker OPAY on October 30, with the offering expected to close on November 2.

However, OPay’s shares did not begin trading on the NYSE on October 30 as scheduled, after the exchange halted the planned debut pending further news.

Following discussions with its underwriters, the company mutually agreed with them to terminate the underwriting agreement dated October 29, meaning the offering would not be completed.