OPay Ltd. has suspended its planned $300 million initial public offering in the United States, just hours after the Nigeria-focused fintech company priced the listing, following an inquiry by a Chinese regulator.
Bloomberg, citing people familiar with the matter, reported that the inquiry came from a Chinese regulator even though OPay has no business operations or revenue in mainland China.
The company’s only link to the country is its founder, Zhou Yahui, a Chinese businessman.
This is consistent with OPay’s earlier explanation that the IPO was halted because of a regulatory inquiry involving a foreign jurisdiction.
Talks between OPay and the authorities are continuing, but it is unclear whether the matter can be resolved.
The development puts the company’s proposed $4 billion valuation at stake.
Zhou also founded Kunlun Tech, a Chinese technology company that once owned the dating app Grindr and led a group that bought part of Norwegian technology company Opera Ltd. in 2016.
According to Bloomberg, the inquiry into OPay, despite its lack of operations in mainland China, reflects Beijing’s growing attempts to influence global companies.
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 had earlier said the suspension was tied to a regulatory inquiry from a foreign jurisdiction and should not be read as a reflection of its business performance, financial condition or regulatory standing.
The company is headquartered in Singapore and does most of its business in Nigeria.
It has about 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.
OPay’s proposed US IPO first surfaced in May 2026, when reports indicated that the fintech company was preparing to list in the United States at a valuation of about $4 billion.
Citigroup, Deutsche Bank and JPMorgan Chase had been appointed to manage the offering, which was expected to take place later in the year.
In August, it emerged that OPay 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 drew interest from South African financial services group Standard Bank, which was in talks to acquire a stake in OPay ahead of the listing.
On August 27, OPay considered a listing on the Nigerian Exchange, which would give domestic investors an opportunity to share in its ownership.
The company then filed its Form F-1 registration statement with the US Securities and Exchange Commission on October 9, formally setting its proposed New York Stock Exchange listing in motion.
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 range of $19 to $21.
The offering was expected to generate $304 million in gross proceeds and implied a valuation of about $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 will not be completed.
