A Chinese regulator appears to have stopped a Nigerian fintech from listing in New York, and OPay has no operations or revenue in China…
A Chinese regulator appears to have stopped a Nigerian fintech from listing in New York, and OPay has no operations or revenue in China at all.
The facts: OPay is Nigeria-focused and headquartered in Singapore. It has about 50 million monthly active users and also serves Egypt, Indonesia and Pakistan. On October 30 it priced 16 million ADS at $19, the bottom of its $19 to $21 range. That implied a $304 million raise and a roughly $4 billion valuation. Then OPay and its underwriters terminated the offering before it traded on the NYSE. The deal never closed and OPay received no proceeds.
OPay's SEC filing pointed to a regulatory inquiry from an unnamed foreign jurisdiction and called it "immaterial" to its business operations. The filing doesn't name the regulator or say what the inquiry covers. Bloomberg, citing people familiar with the matter, reports the inquiry came from a Chinese regulator.
The most visible China connection is the founder, Zhou Yahui. He also founded Kunlun Tech (a former Grindr owner) and was part of a group that bought into Opera in 2016. OPay's own prospectus had flagged uncertainty about whether Chinese regulators would require a filing.
My read: "immaterial" is a hard word to accept when a priced IPO was pulled before its first trade. OPay says it expects the inquiry to be resolved and that its operations are unaffected. Still, if founder ties are enough to create listing risk, anyone with a similar profile should be planning for it. There's also no new timetable for OPay's planned secondary listing in Nigeria.
Sources:
Bloomberg: https://bloomberg.com/news/articles/2026-11-04/africa-focused-opay-is-said-to-halt-us-ipo-after-china-inquiry
Business Post Nigeria: https://businesspost.ng/economy/how-opay-halted-300m-us-ipo-after-chinese-regulatory-inquiry/
Business Insider Africa: https://africa.businessinsider.com/local/markets/opays-dollar4-billion-new-york-listing-stalls-after-china-inquiry-putting-its-us-ipo/tez1zj4
Not financial advice. For informational and educational purposes only.
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