LAGOS, Nov 4 – OPay Ltd., the Singapore-headquartered payments company whose business is concentrated in Nigeria, has suspended its planned $304 million initial public offering in the United States following inquiries by a Chinese regulator, Bloomberg News reported on Wednesday, citing people familiar with the matter.
The intervention came just hours after the company set the price for its proposed share sale, the people said, asking not to be identified because the information is private.
OPay has no business operations or revenue in China. Its only connection to the country is through its founder, Chinese businessman Zhou Yahui, according to the sources.
Zhou also founded Kunlun Tech, a Chinese technology company that previously owned dating platform Grindr. He was also part of a consortium that acquired a stake in Norwegian technology company Opera Ltd. in 2016.
Discussions between the parties remain ongoing, although it is unclear whether the regulatory concerns can be resolved and the listing revived, the people said.
An OPay representative declined to comment, while the China Securities Regulatory Commission did not immediately respond to a request for comment.
OPay said the suspension was linked to a regulatory inquiry from a foreign jurisdiction and should not be interpreted as a reflection of its business performance, financial condition or regulatory standing.
The development highlights the potential reach of Chinese regulatory oversight into companies operating internationally, including businesses without direct commercial activities in mainland China. Earlier in 2026, Chinese authorities forced Meta Platforms Inc. to unwind its $2 billion acquisition of artificial intelligence startup Manus.
For OPay, the suspension puts a proposed valuation of approximately $4 billion at stake. The IPO had also been viewed as a potential milestone for Africa’s venture-backed technology sector, which has faced weaker fundraising activity and subdued dealmaking since the slowdown in private capital markets following the pandemic.
Headquartered in Singapore, OPay conducts most of its operations in Nigeria and serves approximately 50 million monthly active users. The company also has customers in Egypt, Indonesia and Pakistan.
The proposed listing was being handled by Citigroup Inc., Deutsche Bank AG and Standard Bank Group Ltd., following the removal of China International Capital Corp. from the transaction.
The suspension leaves uncertainty over the timing and prospects of OPay’s US market debut, as discussions continue around the regulatory inquiry and its implications for the offering.
