{
  "id": 18344305,
  "title": "The 2023 Chinese rule that may have stalled OPay’s US listing",
  "url": "https://urgent.news/2026/11/05/the-2023-chinese-rule-that-may-have-stalled-opays-us-listing",
  "topic": "business",
  "section": "Business",
  "published": "2026-11-05T17:22:52.000Z",
  "source": {
    "name": "TechCabal",
    "slug": "techcabal",
    "url": "https://techcabal.com/2026/11/05/opay-china-overseas-listing-rules-us-ipo/"
  },
  "original_language": "en",
  "account": "On October 9, 2023, fintech company OPay announced its intention to list on the New York Stock Exchange through an Initial Public Offering (IPO). However, a regulatory inquiry from China just before the planned $304 million public offering raised questions about OPay's understanding of Chinese securities rules. The company ultimately decided not to proceed with the IPO on October 30, 2026, citing the regulatory inquiry as the reason for its cancellation. OPay had priced 16 million American Depositary Shares (ADSs) at $19 each, valuing the company at approximately $4 billion. The IPO prospectus stated that OPay was not required to obtain approval from the China Securities Regulatory Commission (CSRC) for the US listing, as it did not generate any revenue within mainland China and its operating assets were located outside the country. However, uncertainty remains over the interpretation and implementation of the Chinese regulations, and OPay acknowledged the potential risk of not receiving clearance from the CSRC in a timely manner or at all. The company's Chinese connection, primarily through its Chinese founder, Zhou Yahui, and its incorporation in the Cayman Islands, led to it falling under the scope of China's overseas listing rules if at least 50% of its operating revenue, profit, assets, or net assets came from mainland Chinese companies and it met specified operational or management criteria. The Chinese regulatory connection also extended to OPay's underwriting arrangements, with China International Capital Corporation (CICC) Hong Kong Securities Limited named as one of the representatives of the underwriting syndicate. However, CICC was reportedly removed from the underwriting syndicate after the IPO was canceled.",
  "summary": "OPay's October 9 Initial Public Offering (IPO) prospectus suggested that the company did not expect to require approval from Chinese regulators to list on the New York Stock Exchange. But a last-minute regulatory inquiry from China, shortly before its planned $304 million public offering, has raised questions about whether the fintech company underestimated its exposure to Beijing's securities…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "BusinessDay Nigeria",
        "title": "Chinese regulatory scrutiny forces Nigeria payments firm OPay to pause listing plans",
        "url": "https://urgent.news/2026/11/05/chinese-regulatory-scrutiny-forces-nigeria-payments-firm-opay-to",
        "published": "2026-11-05T15:23:18.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}