Chinese Regulator’s Inquiry Stalled Opay’s $304m US Listing

<blockquote>by Mathew Chima<br><br><br>A <b>Chinese regulatory inquiry prompted OPay to withdraw its planned $304 million initial public offering (IPO) in the United States</b>, days after the fintech priced its shares.<br><br>According to a Bloomberg report, sources familiar with the matter said <b>OPay has no operations or revenue in China</b>, with its only connection to the country being founder Zhou Yahui, a Chinese businessman.<br><br>Opay had listed on the New York Stock Exchange (NYSE) on October 30, with plans to commence trading after rasing $304 million through its IPO.<br><br>The Softbank-backed fintech sold 16 million American depository shares (ADS) at $19 each, the lower end of its target range of $19 – $21, giving it an implied valuation of approximately $4 billion.<br><br>However, on October 31, OPay announced its withdrawal from the exchange, citing a regulatory inquiry by a foreign jurisdiction without identifying the country involved.<br><br>The fintech had said the jurisdiction involved was “immaterial” to its core operations and that the inquiry should not be seen as a reflection of its business performance, financial condition, operational integrity or regulatory standing.<br><br>OPay said the development would not affect its operations, regulatory standing or customer service in Nigeria and its other markets.</blockquote><a rel=ugc href="https://www.thecable.ng/report-chinese-regulators-inquiry-stalled-opays-304m-us-listing/">https://www.thecable.ng/report-chinese-regulators-inquiry-stalled-opays-304m-us-listing/</a><br><br>Earlier thread:<br><br><a href="https://www.nairaland.com/8775503/opay-withdraws-304-million-nyse#141065082"><b>Opay Withdraws $304 Million NYSE IPO After Regulatory Inquiry</b></a>