A Chinese regulator made inquiries about OPay Limited shortly before the Nigerian-focused fintech withdrew its planned $304 million initial public offering (IPO) in the US, Bloomberg has reported, citing people familiar with the matter.
The report, published on Wednesday, November 4, offers the first indication of the country behind the regulatory inquiry that forced OPay to withdraw its proposed listing on the New York Stock Exchange (NYSE).
OPay had priced 16 million American depositary shares (ADSs) at $19 each on October 30, valuing the proposed offering at approximately $304 million and the company at about $4 billion. However, the shares never commenced trading after the company and its underwriters mutually terminated their underwriting agreement following the inquiry.
As confirmed by Condia, OPay has no business operations or revenue in mainland China. Its connection to the country is primarily through its founder, Zhou Yahui, a Chinese businessman who also founded Kunlun Tech, the tech company that previously owned dating platform Grindr.
Read also: OPay withdraws planned NYSE IPO over foreign inquiry
Zhou was also part of a consortium that acquired a stake in Norwegian tech company Opera in 2016.
The reported Chinese regulatory interest is particularly notable because OPay is incorporated in the Cayman Islands, headquartered in Singapore and derives most of its revenue from Nigeria. The company also operates in Indonesia, Egypt and Pakistan.
Ahead of the IPO, OPay disclosed that its Chinese legal advisers had concluded that the company did not require approval or a filing with the China Securities Regulatory Commission (CSRC) before its proposed US listing.
The legal opinion was based on the company’s lack of no revenue from mainland China in 2025, according to its October 23 filing with the US Securities and Exchange Commission. The company also disclosed that its operating assets and business activities were located outside mainland China.
The opinion also considered the fact that its senior management was predominantly made up of people who were not Chinese citizens or domiciled in mainland China.
However, OPay acknowledged in the filing that uncertainty remained over how Chinese overseas listing rules could be interpreted and applied, and that it could not guarantee it would never become subject to those requirements.
Then, in its October 30 press statement after withdrawing the IPO, OPay described the inquiry as relating to a jurisdiction immaterial to its core business operations. The company said the decision not to proceed with the IPO followed careful consideration and discussions with its underwriters.
It also maintained that the development should not be interpreted as a reflection of its business performance, financial condition, operational integrity or regulatory standing.
The withdrawal came after OPay reported revenue of $467.1 million and net income of $90.9 million for the first half of 2026. The company had also disclosed approximately 50.1 million monthly active users as of July 2026.
The proposed listing was expected to give international investors an opportunity to acquire a stake in one of Africa’s largest digital financial services companies. Its withdrawal leaves the proposed $4 billion valuation and the company’s plans for a public market debut unresolved.
