How OPay Halted $300m US IPO After Chinese Regulatory Inquiry

By Adedapo Adesanya

Nigeria-focused payments company, OPay, halted its planned $304 million initial public offering (IPO) in the United States following an inquiry by the Chinese government, Bloomberg has reported.

Last week, the fintech giant reportedly withdrew its listing on the New York Stock Exchange (NYSE) following a foreign inquiry from an unnamed government, which the company said was “immaterial” to its operations.

The development occurred just hours after the company set the price for its proposed share sale, according to people familiar with the matter who spoke to the publication.

OPay has no operations or revenue in China, but its only connection to the country is through its founder, Mr Zhou Yahui, a Chinese businessman.

Mr Zhou also founded Kunlun Tech, a Chinese technology company that previously owned dating app Grindr, and was part of a consortium that acquired a stake in Norwegian technology company Opera Limited in 2016.

Talks between the parties are ongoing, although it remains unclear whether the regulatory concerns can be resolved, the sources said.

The company said the regulatory inquiry from the foreign jurisdiction should not be interpreted as a reflection of its business performance, financial condition or regulatory standing.

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

The proposed listing was expected to value the company at about $4 billion and provide a boost to Africa’s venture-backed technology sector, which has struggled with declining fundraising and subdued deal activity following the post-pandemic slowdown in private capital markets.

It is also planning a secondary listing in Nigeria, although it is not immediately clear if that plan has been put on hold.

The development also highlights China’s growing efforts to influence the activities of companies operating beyond its borders. Earlier in 2026, Chinese regulators forced Meta Platforms Inc. to reverse its $2 billion acquisition of artificial intelligence startup Manus.

Citigroup Inc., Deutsche Bank AG and Standard Bank Group Ltd. worked on OPay’s listing plans after China International Capital Corporation was removed from the transaction.