OPay’s decision to abandon its planned $304 million US stock market debut followed inquiries from a Chinese regulator, according to a Bloomberg report, raising fresh questions about the regulatory risks surrounding the Nigerian-focused fintech’s proposed listing.
The company had priced 16 million American depositary shares at $19 each on October 30, putting the planned offer at about $304 million and valuing OPay at roughly $4 billion. But trading never began after OPay and its underwriters mutually ended their agreement.
Brandspur Banking News Desk reports that the inquiry is significant because OPay has no operations or revenue in mainland China, according to its disclosures. Its links to the country centre largely on founder Zhou Yahui, a Chinese businessman who also established Kunlun Tech, the former owner of dating platform Grindr.
OPay is incorporated in the Cayman Islands and headquartered in Singapore, while Nigeria accounts for most of its business. It also operates in Indonesia, Egypt and Pakistan.
Before the proposed listing, OPay’s Chinese legal advisers concluded that the company did not need approval or a filing with the China Securities Regulatory Commission. The opinion, disclosed in an October 23 filing with the US Securities and Exchange Commission, cited the absence of mainland China revenue in 2025 and the location of OPay’s operating assets and activities outside the country.
The filing also pointed to the composition of its senior management, which was predominantly made up of people who were neither Chinese citizens nor domiciled in mainland China. OPay nevertheless acknowledged uncertainty over how China’s overseas listing rules might be interpreted, and said it could not guarantee that the requirements would never apply to the company.
In its October 30 statement announcing the withdrawal, OPay said the inquiry involved a jurisdiction that was immaterial to its core business. It said the decision followed discussions with underwriters and should not be taken as a reflection of its financial performance, operations, integrity or regulatory standing.
The abandoned offering came as OPay reported first-half 2026 revenue of $467.1 million and net income of $90.9 million. The company also disclosed around 50.1 million monthly active users as of July.
The planned listing would have offered international investors a route into one of Africa’s major digital financial services businesses. For now, the proposed public debut and its $4 billion valuation remain unresolved.
