A Chinese regulatory inquiry prompted OPay Ltd. to halt its deliberate $300 million US preliminary public providing (IPO), simply hours after the Nigeria-focused fintech firm set the value for the itemizing.
According to a report by Bloomberg, citing individuals aware of the matter, the inquiry got here from a Chinese regulator regardless of OPay having no enterprise operations or income in mainland China.
Its solely connection to the nation is thru its founder, Zhou Yahui, a Chinese businessman.
This ties again to OPay’s earlier explanations that the IPO was halted due to a “regulatory inquiry involving a foreign jurisdiction.” Why Chinese authorities are inspecting OPay
Zhou additionally based Kunlun Tech, a Chinese expertise firm that beforehand owned relationship app Grindr and led a bunch that purchased a part of Norwegian expertise firm Opera Ltd. in 2016.
The inquiry into OPay, regardless of its lack of enterprise operations in mainland China, displays Beijing’s growing makes an attempt to affect international firms, in accordance to Bloomberg.
Earlier in 2026, Chinese authorities forced Meta Platforms Inc. to unwind its $2 billion acquisition of synthetic intelligence startup Manus.
The Financial Times additionally reported on Thursday that China had blocked SmoothBank Group Corp.’s proposed $5.4 billion acquisition of ABB Ltd.’s robotics division.
OPay says IPO halt is just not a mirrored image of its enterprise
OPay had earlier mentioned the suspension was linked to a regulatory inquiry from a foreign jurisdiction and shouldn’t be interpreted as a mirrored image of its enterprise efficiency, monetary situation or regulatory standing.
The firm is headquartered in Singapore and conducts most of its enterprise in Nigeria. It has roughly 50 million month-to-month energetic customers and in addition serves prospects in Egypt, Indonesia and Pakistan.
Citigroup Inc., Deutsche Bank AG and Standard Bank Group Ltd. are engaged on the proposed itemizing, after China International Capital Corp. was faraway from the deal.
How OPay’s US IPO unfolded
OPay’s proposed US IPO first emerged in May 2026, when studies indicated that the fintech firm was getting ready to checklist within the United States at a valuation of roughly $4 billion.
The firm subsequently filed its Form F-1 registration assertion with the US Securities and Exchange Commission (SEC) on October 9, formally setting its proposed New York Stock Exchange (NYSE) listing in motion. The submitting additionally disclosed that OPay had secured board and shareholder approval for a secondary itemizing on the NGX following completion of its main US itemizing.
- On October 29, OPay priced 16 million American depositary shares (ADSs) at $19 each, the decrease finish of its proposed $19 to $21 vary. The providing was anticipated to generate $304 million in gross proceeds and implied a valuation of roughly $4 billion. Trading was scheduled to start on the NYSE underneath the ticker OPAY on October 30, with the providing anticipated to shut on November 2.
However, OPay’s shares didn’t start buying and selling on the NYSE on October 30 as scheduled, after the change halted the deliberate debut pending additional information.
Following discussions with its underwriters, the corporate mutually agreed with them to terminate the underwriting settlement dated October 29, which means the providing wouldn’t be accomplished.
