Inquiries by a Chinese regulator prompted Nigeria-focused payments company OPay Ltd to halt its $300m US initial public offering just hours after setting the price, according to people familiar with the matter.
OPay has no operations in China and does not generate revenue in the country, the people said, asking not to be identified because the information is private. Its only connection is through founder Zhou Yahui, a Chinese businessman, the people said.
The sudden suspension highlights the growing reach of Chinese regulatory oversight on overseas entities linked to Chinese nationals, even when their core operational footprint remains entirely abroad. OPay, which built a massive financial technology presence across Nigeria offering mobile payments and digital banking services, had been preparing to complete its debut on the New York market.
The decision to pause the listing came after Chinese authorities raised questions regarding the transaction. Though Zhou holds Chinese citizenship, OPay operates primarily within West Africa, backed by prominent international venture capital firms.
The postponement leaves the timing of OPay’s market debut uncertain while advisers address the regulatory inquiries. The company’s decision to halt the transaction after establishing pricing underscores the potential compliance complexity facing cross-border fintech firms with multinational governance structures.
Neither OPay nor representatives for Zhou have issued formal statements regarding the status of the offering or the specific nature of the regulatory inquiries.
Athekame Kenneth is a politics, economy, and finance reporter whose work is anchored in sharp investigative storytelling. He brings analytical depth to every piece, drawing on a strong academic foundation that includes a degree in Economics, an MBA in International Trade, and a minor in Petroleum Economics from Lagos State University, Ojo. His reporting blends rigorous research with a keen eye for hidden truths, delivering stories that illuminate power, policy, and the forces shaping everyday lives.
